Don't overestimate the bureaucrats in Beijing, and don't underestimate the adventurers in Shenzhen.
What's going on in Shenzhen ?
Well, it's a general analogy actually, but yeah, I seem to recall Roger Ver settle with his business partners in Shenzhen using bitcoins from time to time, not to say most of the ASICs are manufactured there.
This quartz article, I believe, is spot on. I have been saying for months Chinese people will be interested in bitcoin as a medium of exchange for buying things oversea, all we need is the American/European merchants to wake up to this profiting opportunity and start accepting bitcoins, it is good to see finally some first-world people catching up with the idea.
I totally agree that bitcoin is a great thing that would suite Chinese people very very fell. I do however feel that due to the internet/news censorship out here that it will be hard if not nearly impossible for bitcoin ever to really get a strong foothold in China. Also I believe if it does that the government would act quickly, if there's every a government that would be fearful bitcoin China's government would be near the top of that list, no?
Will be interesting to see what happens though.
The government hates us for doing many things, like oversea purchasing itself, like browsing "reactionary" websites, most of our businesses need to play this "cat-and-mouse" game with the authorities on a daily basis, it's just part of our life, sounds incredible?
If you live in China you need to get used to it.
Besides, why should the Party go totally crazy on Bitcoin if they finally can wrap their rotten brain around it? The government is consisted of a bunch of vested interest groups, and some of them happen to want to...surprise, make money, and for some of those who want to move their money to a foreign bank account, this could really help....and yeah, yeah, comrades, what happen to the resolution of challenging U.S financial hegemony? Did you all forget so soon?
The worst that can happen, I think, is the propaganda bullhorn will max out its volume, and those who can not live without getting brainwashed will shy away from bitcoins, which is, after all, what happened every single day after 1949.
