How many of you guys 'know' things about China's relation to BTC?
It seems there have been some kidnappings lately again, hefty sums of cash are demanded in BTC in order to release the kidnapped family members.
I don't have exact numbers, but from what I understand these are large (!) numbers - and they're being paid without the blink of an eye.
So, question:
In what kind of factor do these kidnappings play a role in the rise of BTC/$?
its a good pretext for china to ban bitcoins and insert their own government controlled crypto Chingcoins. If people are doing it for illegal things (ie: kidnap ransom).. there might be a crackdown if it gets too rampant, which could be bad for bitcoin
>>1322743
True, but how can they possibly crack it down?
>>1322758
they cant, but they can close the exchanges, which will definately make it harder for the average chinaman to buy, reducing the global demand for it, possibly affecting the prices
>>1322765
I see, interesting.
Anyone else got an opinion on this matter?
>>1322737
>Chinese
>"Blink of an eye"
Good one..
>>1322743
Chingcoin???
Son, you just gave me a name for my new altcoin.
Keep on the lookout for CHING, a revolutionary new cryptocurrency!
>>1322802
Jesus fuck
>mfw I realize someone else may actually do this.
>>1322758
>>1322765
i am in China and have been regularly buying bitcoins. the exchange i was using used to offer a way to pay with debit card as you would on Amazon etc, then they stopped that, no announcement. i used their bitcoin voucher system which was like buying with escrow from a 3rd party, then they stopped that.
the only way i can buy bitcoins now with CNY is a bank transfer from my bank to the exchanges.
there has been no announcements that i can find as to why this happens, beside brief remarks about 'Chinese Peoples Banks decision".
i don't know if you could call bitcoins in China unregulated, because the exchanges could disappear and the ability of them to move money could vanish instantly.
>>1322813
thank you based chinaman.. my theories have been validated.. im sorry to hear that tho.. your government is too heavy handed
>>1322813
That's what you get for being communist.
>>1322802
i will invest with full force
>>1322813
But they're maffia with shitloads of money...
Wouldn't it be easier for them to accomplish such tasks?
>>1322820
>>1322819
i'm not chinese, i'm just in china.
>>1322928
i don't know if you're saying the government are like the mafia, or it is the mafia who control the exchanges, but i think that the 'non-official economy' has a large part to play in the size of chinese interest in bitcoins.
obvioulsy i have no proof, it is just anecdotal. outside the major branches of bans in each city there are groups of money changers, who will take your CNY and then withdraw foreign currency from their foreign currency accounts and give it to you at whatever the banks exchange rate is, no commision, no fees. i thought at first that this was a way to launder money from overseas chinese triads to the mainland gangs, which it may be, but i think it also functions as an easy, private off-the-books money transfer system for legit chinese.
the capital limits are inconvenient for me as a westerner, so they must be for the chinese too.
my point is bitcoin allows for the quick trading of CNY to BTC and then move the BTC to wherever, as well as american chinese to change USD to BTC and send the BTC to china and someone can withdraw it. i think that this is a major source of chinese bitcoin action.
the chinese mafia isn't like The New York Mafia of the movies, just like chinese corruption isn't like western corruption. it's a part of their culture that is difficult to explain. those who control the btc exchanges will be paying people to get what they need, but there is always someone higher with a different agenda that might mess it up.
