What people in china need to do is to set up VPNs and use exchanges in the west. Anything bitcoin related located in China is still under the iron fist of the communist regime.
Trying to circumvent the laws of China within China itself will just case more FUD and more bubble bursting. The fundation of bitcoin needs to be build on something strong.
Topic: Would this work for the Chinese exchanges? (Read 443 times)
So, the Chinese banks are afraid of Bitcoin. So they are banning all transactions between banks and bitcoin exchanges.
But what if exchanges started accepting products for money, like a huge list of everyday items that people would otherwise buy. They set up a "store" with all of these items, you buy 1000 CNY worth of goods. Then turn around and "sell" those goods to an exchange for 1000 CNY.
The exchange is not even touching the banks. Any products they buy are put back for "sale" on the website. No inventory required unless they want to give people the option of having a product delivered, then just mark up the prices and make money from that business as well.
Chinese banks can't ban the purchase of every day products. And they cannot ban people from selling things online.
But what if exchanges started accepting products for money, like a huge list of everyday items that people would otherwise buy. They set up a "store" with all of these items, you buy 1000 CNY worth of goods. Then turn around and "sell" those goods to an exchange for 1000 CNY.
The exchange is not even touching the banks. Any products they buy are put back for "sale" on the website. No inventory required unless they want to give people the option of having a product delivered, then just mark up the prices and make money from that business as well.
Chinese banks can't ban the purchase of every day products. And they cannot ban people from selling things online.
It is difficult to operate exchange with tangible products unless their is an on paper value, e.g. Gold ETF. Otherwise they have to deal with virtual products, but virtual products loose its exchange value with no. of exchanges, e.g. a music video or a PDF book.
So, the Chinese banks are afraid of Bitcoin. So they are banning all transactions between banks and bitcoin exchanges.
But what if exchanges started accepting products for money, like a huge list of everyday items that people would otherwise buy. They set up a "store" with all of these items, you buy 1000 CNY worth of goods. Then turn around and "sell" those goods to an exchange for 1000 CNY.
The exchange is not even touching the banks. Any products they buy are put back for "sale" on the website. No inventory required unless they want to give people the option of having a product delivered, then just mark up the prices and make money from that business as well.
Chinese banks can't ban the purchase of every day products. And they cannot ban people from selling things online.
But what if exchanges started accepting products for money, like a huge list of everyday items that people would otherwise buy. They set up a "store" with all of these items, you buy 1000 CNY worth of goods. Then turn around and "sell" those goods to an exchange for 1000 CNY.
The exchange is not even touching the banks. Any products they buy are put back for "sale" on the website. No inventory required unless they want to give people the option of having a product delivered, then just mark up the prices and make money from that business as well.
Chinese banks can't ban the purchase of every day products. And they cannot ban people from selling things online.
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