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Author Topic: [2019-09-19] China Bans Bitcoin Executives From Leaving the Country  (Read 4956 times)
cr1776
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September 20, 2017, 07:30:49 PM
 #21

I guess they are setting an example for their citizen.  I am not sure whether this is a psychological warfare against the bitcoin supporter in China and give fear to them. But this kind of strategy is really effective especially to those who do not want to be compromised of whatever stuff and go against their country.  This might be the first step of neutralizing bitcoin supporter in China.  Or probably there are criminal cases charged on these people and China needs to stop them from leaving their country.  I hope they do not ban them in living in their country Smiley

It is about control of their people. If the Chinese people have money that is outside of Communist Party control, the government of China loses control. 

Isn't Bitcoin just about that?  Wink
What you wrote does not simply apply to China but to every country/government. Bitcoin is a decentralized protocol. As I've been saying over and over again we are not going MySpace or Napster here. We control cryptographic keys and not Bitcoin. Good luck to them to find about mine. Or theirs, it does not matter.
When the mining is spread across many machines, no one machine is telling others what to do.

Agreed, that was why China is finally waking up to the fact that it will undermine their power.  I won't be surprised to see mining banned too.  (Although it might suit their goals better to maintain a huge mining presence in order to destabilize bitcoin as much as possible with various proposals for forks etc).



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September 20, 2017, 07:34:56 PM
 #22

Chinese government do whatever they want, there's no restrictions for them. Better let them out of the Bitcoin so in the future they can't do more damage.

Such measures are usually applied to criminals. No one has to restrict the freedom of movement of a person. This violation of fundamental rights and freedoms

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September 20, 2017, 11:13:30 PM
 #23

https://qz.com/1059179/huobi-and-okcoin-chinas-two-biggest-bitcoin-btc-exchanges-were-themselves-to-150-million-in-idle-client-funds/

https://twitter.com/bitcom21/status/910579598588391424

I think this is a largely forgotten but large factor in this. Huobi and OKcoin were gambling parked customer funds in dodgy wealth schemes without telling them.

They're going to get nailed to the wall for this among other things.

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September 21, 2017, 06:07:37 AM
 #24

https://qz.com/1059179/huobi-and-okcoin-chinas-two-biggest-bitcoin-btc-exchanges-were-themselves-to-150-million-in-idle-client-funds/

https://twitter.com/bitcom21/status/910579598588391424

I think this is a largely forgotten but large factor in this. Huobi and OKcoin were gambling parked customer funds in dodgy wealth schemes without telling them.

They're going to get nailed to the wall for this among other things.
Interesting news. I think most of us remember those ugly "zero fees" days where leading chinese exchanges had totally fake bitcoin trading volumes. In those days they could have done all sort of crap with customer funds. And now we now they did. Bitcoin is not about that, it's good if they will get nailed to the wall.

I am not interested in preserving the status quo; I want to overthrow it. Niccolò Machiavelli
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September 21, 2017, 06:43:40 AM
 #25

What's going on in there, maybe there was some illegal activities using bitcoin in China, so they bans all exchange executives from leaving the country. But, the most important thing is huge mining pools in there, how they will pay their expenses without convert bitcoin into fiat currency since China government even prohibit over the counter trading. Hopefully it will not affect the market once again and let other miners all over the world to take their place to process bitcoin transactions.
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September 21, 2017, 11:17:27 AM
 #26

https://qz.com/1059179/huobi-and-okcoin-chinas-two-biggest-bitcoin-btc-exchanges-were-themselves-to-150-million-in-idle-client-funds/

https://twitter.com/bitcom21/status/910579598588391424

I think this is a largely forgotten but large factor in this. Huobi and OKcoin were gambling parked customer funds in dodgy wealth schemes without telling them.

They're going to get nailed to the wall for this among other things.
Interesting news. I think most of us remember those ugly "zero fees" days where leading chinese exchanges had totally fake bitcoin trading volumes. In those days they could have done all sort of crap with customer funds. And now we now they did. Bitcoin is not about that, it's good if they will get nailed to the wall.


Yeah, I was lurker back then but I still remember those fake volumes with "zero fees" that raises the eyebrow" of PBoC causing them to really investigate and see how in the world they can afford "zero fees". Later on finding out that they are doing fake volumes and ballooning the trading. Suspensions and regulations was put into place. But the picture is now getting clearer. I think those executives is the brain child of all of this and rightly should face the music.

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