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Title: Anyone in US have BTC China account? Strategy Post by: KenJackson on March 27, 2014, 04:38:50 AM I'm contemplating a scheme or strategy for when the dollar falls dramatically.
I'm thinking of opening a BTC China (https://vip.btcchina.com/) account, buying bitcoins elsewhere with dollars, transferring them to my BTC China account for yuan, which I'll just sit on while the dollar falls. As I need dollars, I can go in reverse. Of course, bitcoin itself may prove a better safe haven (and gold etc.), but I'm trying to look at all options. Has any non-Chinese-reading US citizen here opened BTC China account? I clicked a few buttons, but all the legal fine print came up in Chinese. I'm leery of agreeing to what I can't read. Is this a good plan? Title: Re: Anyone in US have BTC China account? Strategy Post by: bl4kjaguar on March 27, 2014, 04:47:29 AM China has huge reserves of USD FX and US Treasuries; the yuan is likely to fall with the dollar; in fact, all fiat currencies are going to eventually collapse.
A better bet would be to store your wealth in Euros. But I will give you an even better idea. Instead, why not use your bitcoin to buy gold? Not physical gold, but a very cost-effective instrument tied to the gold price and denominated in bitcoin. You can even use leverage of up to 20x. Trade gold and silver CFDs with minimal spreads; only bitcoin accepted (https://1broker.com) [referreral removed] Title: Re: Anyone in US have BTC China account? Strategy Post by: KenJackson on March 27, 2014, 11:22:15 AM ...; the yuan is likely to fall with the dollar; in fact, all fiat currencies are going to eventually collapse. Quite possible, even likely. But there's a story floating around that says China is the world's number one producer of gold and is the number one importer of gold and has outlawed the export of gold. The story is that China has now amassed almost enough to put its currency on the gold standard and make a bid for replacing the dollar as the world's reserve currency. If that's true and it happens, it won't fall with the dollar but will be the bully that shoves the dollar into free-fall. Title: Re: Anyone in US have BTC China account? Strategy Post by: Kenshin on March 27, 2014, 11:38:21 AM ...; the yuan is likely to fall with the dollar; in fact, all fiat currencies are going to eventually collapse. Quite possible, even likely. But there's a story floating around that says China is the world's number one producer of gold and is the number one importer of gold and has outlawed the export of gold. The story is that China has now amassed almost enough to put its currency on the gold standard and make a bid for replacing the dollar as the world's reserve currency. If that's true and it happens, it won't fall with the dollar but will be the bully that shoves the dollar into free-fall. That is what I have read in many article too. |