China the only country with the cajones to crack down on Bitcoin (2013, real estate)

[Red3311]

Glad someone stepped upto the plate and wouldnt you know it was China of all places.

Bitcoin Tanks On Report That China's Cracking Down Further On Use - Forbes

[Bideshi]

That's going to hurt. Just when I learned how to make bitcoins on my Commodore 64...

[Hoonose]

China has very heavy capital controls. So Chinese wanting to move money out of the country could do it relatively easily with BC.

You might call it macho, but it's simply central command economic repression.

[cpg35223]

Meanwhile, China has a mind-bogglingly huge shadow banking system of its own that is going to collapse their economy. So really, what's going on is that China's shadow banking didn't want a competitive system.

[Hoonose]

Originally Posted by cpg35223

Meanwhile, China has a mind-bogglingly huge shadow banking system of its own that is going to collapse their economy. So really, what's going on is that China's shadow banking didn't want a competitive system.

This doesn't quite compute with me. Why wouldn't all those people of money and power want some system where they export their money in such an emergency?

[texdav]

Because they already have other means? Just look at the investments in real estate made by the rich constantly in western countries in news constantly.China has had shadow banking system for decades which is largely only available to many non-state owned companies to borrow from.

[Hoonose]

Originally Posted by texdav

Because they already have other means? Just look at the investments in real estate made by the rich constantly in western countries in news constantly.China has had shadow banking system for decades which is largely only available to many non-state owned companies to borrow from.

If so, they must have some way to bypass Gov't and get currency out of the country. So far the investments have been via mainly state owned industry or agencies.

[mateo45]

Yup, where else is the money is coming from for "investing" in all those infamous "ghost cities" the chinese have been building?

[GregW]

Chinese businessmen and bureaucrats mastered the fine art of protecting wealth and profits several millennia ago. I am fairly certain the financial elites have remembered how to bypass annoyances like governments and currency regulators. Even if China acts like a mutated hybrid of General Motors and General Dynamics becoming the "One Big Corporation" there are quite a few Chinese non believers getting and staying very, very wealthy.

[cocaseco]

Why does this take Cajones? Its a move based in fear. There is no reason to clamp down on them. Its just one more freedom removed from their citizens in order to keep them isolated and repressed.