Bitcoin Forum

If I was Chinese I'd be paranoid about getting my money out. I would never wait until the banks got completely shut down. I'd sell and get my cash back as soon as I could. That's the problem. The run on the bank didn't happen over night. That's going to take a little time.

How could someone in Shanghai with plenty of RMB in BTC China just leave it there? Hope is not a strategy.

Your right, I would buy Bitcoins with it and withdraw my Bitcoins to paper wallet.

I read from chinese news, BTC 3rd party payment have to close BTC related business, before chinese new year. that is before jan 31 2014.
they have an month to withdraw those money.
 

Yeah that's a good point. Same thing with goes Mt Gox I suppose. You can still get your BTC out. Nevertheless, I can understand the panic over there and I have a hard time thinking that its over.

And then do what with those bitcoin? Bitcoins are banned in China.

Will be interesting if withdrawing Bitcoins is allowed.



Hold for better times or sell in person at a premium to move wealth out of China easily

So maybe the new arbitrage opportunity is to buy a ticket to Shanghai, buy coins from bitcoin locals then fly back to your home country and sell them for cash. Rinse and repeat. At least you'd get a lot of frequent flyer miles.

There is an irony in selling digital currencies in person and it is usually an option only for small quantities.
As for better times they can buy back when and if those times come...