Bitcoin Forum

Just want to get everyone's input and theories about the restrictiveness of BTC in China and Russia.

My guess after reading the article of Nakamoto really identity. Is the US Gov contracted and movers of BTC because of hoarding that Chinese and Russians have been doing by restricting currency outflow to the US and EU.

We all know that everything is made in China or oil/gas is from Russia. I hope BTC will change playing field because we are getting hit hard with trade imbalances.

Because both countries are afraid of what they do not understand.

They are planning to oust the USD as the reserve currency - and its replacement they are not planning on being BTC ?

According to official response from Department of Monetary Policy, Bitcoin isn't restricted in the Russian Federation.

https://bitcointalk.org/index.php?topic=500263.msg5615953#msg5615953

God is on BITCOIN's side. God Bless Bitcoins!

China government want CNY to replace US$, so they don't want to use bitcoin.

Since Bitcoin's market cap is laughable at best, I don't think "commercial reasons" like circumventing capital controls and tax evasion can be a big issue so far.
There are other established and more reliable (institutionalized) methods to achieve that with far higher amounts of money.

Since everything concerning cryptocurrency development AFAIK came from the west (USA), eastern nations are naturally very wary about the true origins, concepts and goals these were intended to achieve.

The big unknown factor is what eastern intelligence knows about possible negative impacts of these new currency concepts, if that's a topic in their analysis at all in the 1st place.

The so-inclined populace just saw its potential benefits and happily adopted it like a brand new toy or an opportunity to make a quick buck. Only few tried to dig deeper into its origins and to date, we still don't know for sure who truly created it and absolutely have no clue why it was truly created except the "nice official story". Everything is speculation, for most typically ending in "believing" whatever suits their motives.

Since alot of details i.e. in Bitcoin point to surprising mismatches or downright contradiction with the proclaimed decentralized, anonymous currency philosophy, I see a good chance the western hemisphere central banks (or its tools like government agencies) were either involved - or if not are at least actively considering the potential of using it as a vehicle to aid their strategies.
The changes in lead development and the critizised Foundation's role point to some kind change in the course bitcoin was taking (although I lack in-depth knowledge to pinpoint anything particular).
It's more like what the macro picture looks like vs. that would be expected when considering the very original goals and principles.
On the other side, that would also match the US massive and unprecedented attempts to achieve total dominance over the internet data flows, backdoors and spyholes in every single commercial OS (desktop computers and mobile devices) and all communication elements. Creating crypto and breaking it was always and is their prime domain. Technically speaking, the US is at all-out war with the entire rest of internet participants.
In exactly the same timeframe, the IMF and Council of Foreign Relations documented whitepapers for a completely restructured, global currency. IMHO these puzzle pieces fit too well together and such drastically new concepts don't randomly pop up all at the same time.

Since the days of the US Dollar in its present form as a world reserve currency won't last forever (only the US military might and extremely aggressive interventionist foreign policy keeps it in its place), the battle for a successor (= global control & power) certainly will be a fierce one. A very fierce, dirty and deadly one I might add.

I fully understand that China/Russia won't quite embrace a new currency for which some western agency may have a masterkey or even a selective killswitch (no matter how remote the chances, the risk potential would be too high to ignore this scenario).

Oppressive, authoritarian governments like these thrive on control of the economy. Bitcoin gives control of the economy to the people.

second try: read https://bitcointalk.org/index.php?topic=500263.msg5615953#msg5615953  ;)
Although I have noticed that people here do not read other people's comments  :'(

JesusCoin?

Sorry, I lost all interest in BTC just now...

Russia need contrast drugs from China and Afghanistan, and other Money transfer.
In Italy is banned Euro to pay cash, over 1000.

Because both countries China and Russia want their currency’s to rule!

the simple answer is probably the right one. They want control of their own money.

Russia - They don't want their population to flee into bitcoin or any other currency for that matter.

China - Because they are waiting for the fall of the dollar. When the dollar starts falling and IF the population can buy into bitcoin they will, and when 5-10% of population have started they are never going to accept it being banned by US government. If China were to buy Bitcoin right now it would probably skyrocket with no end in sight thus forcing the US population to back up the dollar and the current world economical and political systems.

Both China and Russia want their currency to replace the US Dollar. So that is why they are making it so hard for people to get into Bitcoin.

In both China and Russia, the trade involving Bitcoin is mostly conducted through the local currency. Such as BTC-CNY and BTC-RUR. So the governments had nothing to worry there.

Haha, I see that topic about unexistent restrictions is still alive :D

No, Russia, Kazahstan and Belarus return to discussions of creation of common currency, Altyn, by 2025:
http://www.aif.ru/money/economy/1147145
Kirgizija, Armenija an Tadzhikistan might join the financial union.

Well... Russia and Belarus already formed a Union State:

http://en.wikipedia.org/wiki/Union_State

So, new currency is an obvious step in the development.

What sort of a lame name that is? Why can't they keep Ruble as the common currency? Anyway Kazakhstan is having a population of only 17 million, although growing rapidly due to its Muslim majority. But why give any importance to them?

The word "altyn" means "gold". It was the name of some golden and silver coins in Russian Empire.

A silver altyn, from Peter I times:

http://upload.wikimedia.org/wikipedia/ru/5/54/Altyn_1704_001.jpg

1 silver altyn was equal to 3/100 of rouble.

I have Googled it a bit. It is derived from the Tatar language. Another stunning example of Muslim appeasement from Putin.

You mean that Peter I was pro-muslim? Seriously, I doubt that. :D

This name doesn't matter anyway, because it's just a code name. Real name of common currency is unknown yet...

I thought it's obvious that they're just defending their centralized ponzi currency. :)

I wonder when will the house of cards fall.

Another message from guy who didn't spent some time reading the topic properly. ;)

Well, because Bitcoin is U.S. centric, from the Bitcoin Foundation to Github where the source code is hosted.

because they mined litecoin  ???

Why can't they simply name it as the Ruble? And I am not very excited with the idea of granting 12 million Kazakh Muslims free access to Russia without any restrictions.

Because a name of common currency is supposed to be neutral... Name of the old imperial coins is neutral because all these territories were parts of the Empire in the past. Stupid political correctness, yep. ::)

They already have this opportunity thanks to the Treaty of the CIS... Just like in USSR, without local registration they can spend up to 90 days on Russian territory.

ussrcoin  :o

Not a good sign, if we are already talking about political correctness. And the currency has yet to come out.  ;D

They don't want rich people and retain wealth levels of individuals; because, duh?!.. Also, ussrcoin sounds about right. They seem to be "missing" the old days.

https://bitcointalk.org/index.php?topic=504462.msg6160506#msg6160506
https://bitcointalk.org/index.php?topic=504462.msg5632098#msg5632098

You seem to be another guy who incapable to read the topic. :D

How is it irrelevant? Are you sure you are capable of reading and writing? :D My comment wasn't only about Bitcoin. Watch some news maybe?

I doubt whether you are capable of reading and understanding English. Check the links given by him. That directly contradicts to your initial post.

I'm not sure about Russia, but I have my theories about China: I think it is a conspiracy to buy cheap coins. I bet they're scaring the world into selling and when they have bought up enough coins they will revamp and say, "ok, exchange is on again"

Interesting. Because I've never even realized that it was contradicting up until you mentioned it. sigh...

In the long run, you can't change a governments general policy by linking to some good news. How nice would that be. This isn't FUD. This is being realistic and not actually against BTC if all you care is that - which seems to be so. Screw the world as far as your coins retain their value.

So thick...

The problem with the theory of cheap coins if few of them gov elites do decide to buy boat loads of BTC in China and Russia. Then turn the laws around. The supply and demand theory of the market regardless will go up because a group or someone out there will be buying up the supply.

My belief is that China and Russia believe its ploy from the West to get more capital to flow out of those countries and back to the West. A lot of people I know in China would rather have USD instead RMB because USD is the world currency at this point. USD will be accepted anywhere. I am not saying RMB is not worth anything, but the fact is USD is world currency. So everything that needs to be purchase will have to be in USD. Whoever holds the world's currency stats always benefits because its forced notion that you have to purchase everything with USD on the market.

UP

http://rt.com/news/218019-bill-ban-bitcoin-russia/

It seems that attempt to pass this bill has been failed due to sharp criticism by Ministry of Economic Development.

Because both of them are not democracy country.
They are afraid people own the free will.

They still lack of the security (got hacked for example)
 so both of them doesn't want to let their people got suffer because of it

You seriously think Bitcoin has been restricted because these governments don't want their people to suffer?  ;D

One fool said something and then crowd acts as echo repeater... This kind of behavior reminds me of something.  :D

Guys, do you really capable to read only the topic title? ??? C'mon, it's getting boring.

I'd say they want control over their people.  If you limit what people can use for money to something only you control, that increases your power.

Totalitarian regimes suppress their citizens, use of bitcoin is simply one example.

both countries want to help their own currency not make a bunch of Americans and Europeans richer.

Nah, it's coz Russia & China are even more fucked up than the other countries & coz Russian gov want to hold all its cattle managed! :D

I think Russia gets more accomplished politically (internally as in making new bills and such) than the U.S does.