Guido (OP)
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October 07, 2015, 05:51:17 PM |
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Just had this thought. because chinese have such hard probelsm taking money out of their closed system, and new regs meant individuals can buy btc on chinese exchanges but banks can't del with transactions etc, that stopped the last bubble, along with mtgox and karpeles screwing up...
now that Winklevii have gemini ready to officially launch tomorrow and they have jumped through all regulatory hoops, they want to attract institutional investors, does that mean Chinese can invest in bitcoin via Gemini if big boys and using platofrm as an institutional investment. ie via shell companies?
just wondering as Chinese money often has to buy overpriced real estate to get cash out country, they don't want to be in chinese stocks, so if this was a way for the, we could see moon?
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I am Bonkers BTW Crypto OG + Digital Artist
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intristin
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October 07, 2015, 05:56:20 PM |
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They would have to funnel the money through a US bank account as only US residents in about half the states will be able to trade on the exchange when it goes live.
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BTC : 1mGWN5sXaTrWcfDt7zwq4o6R2LiJKKFGH | DGCS : DU1U2ocTUodyHJTgBLBMfSprjquFCUraf8 Digital Credits : http://dcredits.com
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Guido (OP)
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October 07, 2015, 06:04:31 PM |
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I'm thinking a Chinese owned company of a US company registered in US. could do this via their US bank account legally
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I am Bonkers BTW Crypto OG + Digital Artist
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HI-TEC99
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October 07, 2015, 06:34:15 PM |
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We only get to hear about the loopholes they use after they have been closed down. They had a way of funneling money through vouchers they could swap for credit on exchanges, but I only found out after it had been stopped. Later they were funneling money through Macau because their debit cards let them send as much as they wanted to it. Again I only found out after it had been stopped. Whatever loophole they are using today will probably remain a mystery until after it gets stopped. As you say, considering the volume on their exchanges there must be gaping loopholes in their system.
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gentlemand
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October 07, 2015, 06:37:04 PM |
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Whatever loophole they are using today will probably remain a mystery until after it gets stopped. As you say, considering the volume on their exchanges there must be gaping loopholes in their system.
How can it remain a secret if people are sticking money on there? I've no idea what the present loophole is but you need to get an idea of what it is to be able to deposit.
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HI-TEC99
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October 07, 2015, 06:56:57 PM |
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Whatever loophole they are using today will probably remain a mystery until after it gets stopped. As you say, considering the volume on their exchanges there must be gaping loopholes in their system.
How can it remain a secret if people are sticking money on there? I've no idea what the present loophole is but you need to get an idea of what it is to be able to deposit. The Chinese bitcointalk members could be reluctant to talk about it, partly because bitcointalk is banned in China, and partly because they don't want another loophole closing. It's sometimes complicated explaining some loopholes. I understood the voucher one straight away, but the Macau one was harder to understand. They had to visit Macau, then make a fake purchase of a expensive jewelry, or watches using a union pay debit card because there was no limit on purchases they could make with it in Macau. The shop keeper then deducted his fee, and handed them a bundle of cash. After that they could buy Bitcoins through one of the Macau Bitcoin ATMs. Whatever loophole they use now could be even more complicated than the Macau one.
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gentlemand
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October 07, 2015, 07:10:43 PM |
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It's sometimes complicated explaining some loopholes. I understood the voucher one straight away, but the Macau one was harder to understand. They had to visit Macau, then make a fake purchase of a expensive jewelry, or watches using a union pay debit card because there was no limit on purchases they could make with it in Macau. The shop keeper then deducted his fee, and handed them a bundle of cash. After that they could buy Bitcoins through one of the Macau Bitcoin ATMs.
That doesn't sound like it has anything to do with depositing on exchanges. Maybe one customer in ten thousand would take several days out of their lives to buy shit jewelry in remote places. The rest will move on.
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HI-TEC99
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October 07, 2015, 08:05:28 PM Last edit: December 26, 2015, 12:22:48 AM by HI-TEC99 |
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It's sometimes complicated explaining some loopholes. I understood the voucher one straight away, but the Macau one was harder to understand. They had to visit Macau, then make a fake purchase of a expensive jewelry, or watches using a union pay debit card because there was no limit on purchases they could make with it in Macau. The shop keeper then deducted his fee, and handed them a bundle of cash. After that they could buy Bitcoins through one of the Macau Bitcoin ATMs.
That doesn't sound like it has anything to do with depositing on exchanges. Maybe one customer in ten thousand would take several days out of their lives to buy shit jewelry in remote places. The rest will move on. It wasn't shit jewelry, it was rolex watches, and jewelry of a comparable price range. The Macau/union pay loophole amounted to $16.77 billion between January and April of 2012, and 90% of that was in luxury watches, and jewelry. The Chinese who bought Bitcoins in Macau could have made big profits taking them back to the mainland to sell for a premium, or used them to smuggle money out of China.
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gentlemand
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October 07, 2015, 08:08:01 PM |
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It wasn't shit jewelry, it was rolex watches, and jewelry of a comparable price range. The Macau/union pay loophole amounted to $16.77 billion between January and April of 2012, and 90% of that was in luxury watches, and jewelry. The Chinese who brought Bitcoins in Macau could have made big profits taking them back to the mainland to sell for a premium, or used them to smuggle money out of China.
Fair enough, but I don't see how this relates to depositing or withdrawing on Chinese exchanges. There must be a straightforward option of some sort or the exchanges would be an irrelevance.
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1Referee
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October 07, 2015, 10:31:44 PM |
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Just had this thought. because chinese have such hard probelsm taking money out of their closed system, and new regs meant individuals can buy btc on chinese exchanges but banks can't del with transactions etc, that stopped the last bubble, along with mtgox and karpeles screwing up...
now that Winklevii have gemini ready to officially launch tomorrow and they have jumped through all regulatory hoops, they want to attract institutional investors, does that mean Chinese can invest in bitcoin via Gemini if big boys and using platofrm as an institutional investment. ie via shell companies?
just wondering as Chinese money often has to buy overpriced real estate to get cash out country, they don't want to be in chinese stocks, so if this was a way for the, we could see moon?
Wealthy Chinese investors have better ways of getting a certain amount of their fortune out of their country. They don't really need to use Bitcoin for that. Having that said, If they do use Gemini for that purpose, I don't think it will affect the price too much as smart traders know they can't simply buy huge loads of Bitcoins without bumping up the price considerably.
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Febo
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October 08, 2015, 02:09:47 PM |
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Just had this thought. because chinese have such hard probelsm taking money out of their closed system, and new regs meant individuals can buy btc on chinese exchanges but banks can't del with transactions etc, that stopped the last bubble, along with mtgox and karpeles screwing up...
now that Winklevii have gemini ready to officially launch tomorrow and they have jumped through all regulatory hoops, they want to attract institutional investors, does that mean Chinese can invest in bitcoin via Gemini if big boys and using platofrm as an institutional investment. ie via shell companies?
just wondering as Chinese money often has to buy overpriced real estate to get cash out country, they don't want to be in chinese stocks, so if this was a way for the, we could see moon?
I dont think so. someone said, that to register account there you need a USA phone number. Gemini will be USA exchange. Here: https://bitcointalk.org/index.php?topic=1201174.msg12632907#msg12632907
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Snorek
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October 08, 2015, 07:02:13 PM |
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Gemini was created as US only exchange I am quite sure you can't use it even if you register yourself using US phone number, your other credentials need match US citizen status. With BitLicense in play there is simply no way for different approach.
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zby
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October 08, 2015, 07:22:50 PM |
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Just had this thought. because chinese have such hard probelsm taking money out of their closed system, and new regs meant individuals can buy btc on chinese exchanges but banks can't del with transactions etc, that stopped the last bubble, along with mtgox and karpeles screwing up...
now that Winklevii have gemini ready to officially launch tomorrow and they have jumped through all regulatory hoops, they want to attract institutional investors, does that mean Chinese can invest in bitcoin via Gemini if big boys and using platofrm as an institutional investment. ie via shell companies?
just wondering as Chinese money often has to buy overpriced real estate to get cash out country, they don't want to be in chinese stocks, so if this was a way for the, we could see moon?
So you say that they have problem with moving money out of China. Then you speculate that they would be able to trade on Gemini - because it is regulated? How exactly this would help in the problem with moving money out of China? Do you realize that Gemini is in the USA and that USA means outside of China?
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Mickeyb
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October 08, 2015, 08:51:43 PM |
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We only get to hear about the loopholes they use after they have been closed down. They had a way of funneling money through vouchers they could swap for credit on exchanges, but I only found out after it had been stopped. Later they were funneling money through Macau because their debit cards let them send as much as they wanted to it. Again I only found out after it had been stopped. Whatever loophole they are using today will probably remain a mystery until after it gets stopped. As you say, considering the volume on their exchanges there must be gaping loopholes in their system. Yes I wonder how the hell are they funding their accounts on the exchanges as well after apparently all the bank account connections were stopped since April. Thanks for shedding some light on how they actually are doing it. I am afraid though that all of their loopholes could be shortly lived and terminated very fast.
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