Topic: Why Did The Chinese Government Crack Down On Bitcoin? (Read 1412 times)
I am definitely sure Chinese Government will be carrying on strict currency regulations.
Watching trading closely with the BTCChina.com price movement, and knowing Chinese culture, where corruption and well positioned networks taking care of theselves isn't really considered corrupt like we in the West think, I think there is little doubt that the very Government officials who banned deposits onto the exchanges are themselves getting Yuan on the exchanges. Even if they aren't getting their own deposits on right now, the Chinese population assumes that's what's happening. It's just the accepted way their economy and culture works, it's considered normal.
BTC made a $120 move in under 48 hours centering on Christmas day when all Western banks are closed. This move was clearly led by China. How do they do that when no new money is allowed on the exchange?
There is $15 Trillion in new money created in China over the last 5 years. You can see that it hasn't been too hard to get the money out if you go to my cities of Sydney and Vancouver. But surely there are many more billion$ to get out of China, enter bitcoin. They will be buying for a long time to come, and will be a big part of the run to $5000 and beyond.
BTC made a $120 move in under 48 hours centering on Christmas day when all Western banks are closed. This move was clearly led by China. How do they do that when no new money is allowed on the exchange?
There is $15 Trillion in new money created in China over the last 5 years. You can see that it hasn't been too hard to get the money out if you go to my cities of Sydney and Vancouver. But surely there are many more billion$ to get out of China, enter bitcoin. They will be buying for a long time to come, and will be a big part of the run to $5000 and beyond.
What you say makes a lot of sense; cronyism and tribalism will never be eliminated and this is why we need to limit the power of government -- to minimize the pernicious effects of the misuse of state power.
Watching trading closely with the BTCChina.com price movement, and knowing Chinese culture, where corruption and well positioned networks taking care of theselves isn't really considered corrupt like we in the West think, I think there is little doubt that the very Government officials who banned deposits onto the exchanges are themselves getting Yuan on the exchanges. Even if they aren't getting their own deposits on right now, the Chinese population assumes that's what's happening. It's just the accepted way their economy and culture works, it's considered normal.
BTC made a $120 move in under 48 hours centering on Christmas day when all Western banks are closed. This move was clearly led by China. How do they do that when no new money is allowed on the exchange?
There is $15 Trillion in new money created in China over the last 5 years. You can see that it hasn't been too hard to get the money out if you go to my cities of Sydney and Vancouver. But surely there are many more billion$ to get out of China, enter bitcoin. They will be buying for a long time to come, and will be a big part of the run to $5000 and beyond.
BTC made a $120 move in under 48 hours centering on Christmas day when all Western banks are closed. This move was clearly led by China. How do they do that when no new money is allowed on the exchange?
There is $15 Trillion in new money created in China over the last 5 years. You can see that it hasn't been too hard to get the money out if you go to my cities of Sydney and Vancouver. But surely there are many more billion$ to get out of China, enter bitcoin. They will be buying for a long time to come, and will be a big part of the run to $5000 and beyond.
A politicians son had to "invent the first exchange"duh
If this is true (and I'm not saying it is) but if true why would the Chinese government crack down on bitcoin?
Because all countries of the world are controlled by the elite who control commerce and the creation of money in those countries.
I have no idea why you neophytes think China is somehow different in this respect.
On the more conspiratorial level, the globalists are working together to bring us a technocracy where they collect and control data on all transactions. This is for example what Smart residential electric meters are about, they monitor all activity in the household. Soon all your appliances will have a chip that must communicate with the meter in order to receive power.
China is very much the technocracy and as its rises to the world's financial power, it will be the model under which the world goes to hell.
I for one am doing everything in my technical capability to destroy this. But I am not getting very much cooperation from you neophytes. You seem to be like frogs boiling in the pot. You don't get it.
China can't stop a truly anonymous cryptocurrency. No one can. Be ready to support it when it comes out.
far too simplistic a rendering of a country with over 1000 languages, dude...
China might be having 1,000 ethnic groups and each will be speaking a language of its own... but only one group (Han) holds the power. The other groups are marginalized (Tibetans, Mongols.etc).
Ah yes we can't have a discussion about China without bringing up that stick westerners use to beat China with - Tibet!
I am not a westerner. I am an Asian. And I'll stick to my stand that the regime in China is one of the most oppressive of its kind in the entire world.
So basicly they aren't much worse than other nations...
I understand reasons of tax avoidance and such...
I understand reasons of tax avoidance and such...
far too simplistic a rendering of a country with over 1000 languages, dude...
China might be having 1,000 ethnic groups and each will be speaking a language of its own... but only one group (Han) holds the power. The other groups are marginalized (Tibetans, Mongols.etc).
Ah yes we can't have a discussion about China without bringing up that stick westerners use to beat China with - Tibet!
far too simplistic a rendering of a country with over 1000 languages, dude...
China might be having 1,000 ethnic groups and each will be speaking a language of its own... but only one group (Han) holds the power. The other groups are marginalized (Tibetans, Mongols.etc).
....
Dude have a look here :-)
http://en.wikipedia.org/wiki/Freedom_of_speech_by_country#People.27s_Republic_of_China_.28mainland.29
There is a long, long history of the Chinese people having their money systems screwed around with and made worthless. Introduction of paper money when the norm was silver. There is a popular culture that prizes gold as a store of value, and which is comfortable with cash transactions. Many of these attitudes survived virtually intact through the Mao regime. Now anyone can own property, and pass it to their heirs. Capitalism is encouraged within constraints and with proper bribes and so forth. Etc, etc.Dude have a look here :-)
http://en.wikipedia.org/wiki/Freedom_of_speech_by_country#People.27s_Republic_of_China_.28mainland.29
You can be around Chinese for decades and not be knowledgeable enough to talk as a 'China watcher'. The culture and the people are far more than their current government.
Others here, from the mainland, can weigh in if they want.
google "Capital control in china "
they dont want to give away control of the economy by having alternative options
like btc for people to buy /sell /move /store their wealth/ avoid taxes or anything else
that they dont have full control over
they dont want to give away control of the economy by having alternative options
like btc for people to buy /sell /move /store their wealth/ avoid taxes or anything else
that they dont have full control over
You can apply this to almost every government is this world.
China applied some very strict rules but people can still buy it somehow and I guess they already do.
China is not a democratic country. It is a communist dictatorship....
far too simplistic a rendering of a country with over 1000 languages, dude...It's not simplistic, it's the truth. I agree with bryant.coleman
We are controlled by our govts with money, how much we earn and how much we spend to survive.
Remove the control over money and people will be free to do whatever they want with their life.
For example, private property rights have been recognized in China for some time.
That's NOT communism, is it?
Yeah, it's a weird warp of a couple of things, but that was kind of my point...
Dude have a look here :-)
http://en.wikipedia.org/wiki/Freedom_of_speech_by_country#People.27s_Republic_of_China_.28mainland.29
The ban is on financial institutions - an individual can still own bitcoins
China has it's own banking crisis and the official statements were that "while the computer-generated currency does not yet pose a threat to China's financial system, it carries risks. It did not, however, curtail the use of bitcoin by individuals."
http://www.reuters.com/article/2013/12/05/china-bitcoin-idUSL4N0JK1KZ20131205
I would also agree with the post above.
China has it's own banking crisis and the official statements were that "while the computer-generated currency does not yet pose a threat to China's financial system, it carries risks. It did not, however, curtail the use of bitcoin by individuals."
http://www.reuters.com/article/2013/12/05/china-bitcoin-idUSL4N0JK1KZ20131205
I would also agree with the post above.
google "Capital control in china "
they dont want to give away control of the economy by having alternative options
like btc for people to buy /sell /move /store their wealth/ avoid taxes or anything else
that they dont have full control over
they dont want to give away control of the economy by having alternative options
like btc for people to buy /sell /move /store their wealth/ avoid taxes or anything else
that they dont have full control over
China is not a democratic country. It is a communist dictatorship....
far too simplistic a rendering of a country with over 1000 languages, dude...It's not simplistic, it's the truth. I agree with bryant.coleman
We are controlled by our govts with money, how much we earn and how much we spend to survive.
Remove the control over money and people will be free to do whatever they want with their life.
For example, private property rights have been recognized in China for some time.
That's NOT communism, is it?
Yeah, it's a weird warp of a couple of things, but that was kind of my point...
China is not a democratic country. It is a communist dictatorship....
far too simplistic a rendering of a country with over 1000 languages, dude...It's not simplistic, it's the truth. I agree with bryant.coleman
We are controlled by our govts with money, how much we earn and how much we spend to survive.
Remove the control over money and people will be free to do whatever they want with their life.
China is not a democratic country. It is a communist dictatorship, whose power lies in the absolute loyalty of its subjects, a la North Korea. If Bitcoins spread among the common Chinese population, it won't be easy for the dictatorship to trace the financial transactions of its subjects. Probably they cracked down the BTC after taking this in to effect.
this one seems legit 
China is not a democratic country. It is a communist dictatorship....
far too simplistic a rendering of a country with over 1000 languages, dude...
China is not a democratic country. It is a communist dictatorship, whose power lies in the absolute loyalty of its subjects, a la North Korea. If Bitcoins spread among the common Chinese population, it won't be easy for the dictatorship to trace the financial transactions of its subjects. Probably they cracked down the BTC after taking this in to effect.
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