Bitcoin full page on one of South China's most read weekly newspapers.

[billyjoeallen]

Chinese currency policy is doomed, just like every other mercantilist/neomercantilist policy has been for 300 years. You may be too young to remember the 1980s, but I do. Everyone was concerned that Japan would overtake the U.S. as the world's largest economy. Movies like Rising Sun and Gung Ho were popular. Japan imploded when their artificial suppression of the Yes unwound. The same will happen to China.

The only way China can maintain its trade surplus is buy weakening it's own currency thereby making it's products cheaper.  To do this, they MUST buy dollars or U.S. Treasuries. America is trading worthless IOUs to China for REAL GOODS. China is getting screwed and they are backing into the big American dick.

This will end in disaster, as all central plans do.

Yep.

You can alredy see the cracks in the chinese economy, specially in the energy and housing sectors.

I meant to say "artificial suppression of the YEN."    I'd be stocking up on Renmimbi, if I could. When that R/E bubble pops, it'll be the POP heard 'round the world.

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[eyal]

the thing to keep in mind about china - which hasn't been mentioned on this thread, so far - is that they're no different than any other nation as regards the law.  there are enough laws on the books that any time they want you, they've got you.

in china it's against the law to use cryptography without a nationally issued license.  i recall reading that there are only a few thousand such licenses that have been issued.

that's really the major stumbling block for the success of Bitcoin in china:  you're breaking the law just by installing the client.  and once the client includes wallet encryption by default, it'll make folks in china just that much more wary of Bitcoin.  and make the government that much more wary, as well.

but - that said - they're just reg'lar folks, as Nefario points out.  they'll take their risks for wealth like anybody else.

best of luck to them all, and happy mining.

what about SSL? illegal as well? and Mybitcoin.com ?

[Jaime Frontero]

the thing to keep in mind about china - which hasn't been mentioned on this thread, so far - is that they're no different than any other nation as regards the law.  there are enough laws on the books that any time they want you, they've got you.

in china it's against the law to use cryptography without a nationally issued license.  i recall reading that there are only a few thousand such licenses that have been issued.

that's really the major stumbling block for the success of Bitcoin in china:  you're breaking the law just by installing the client.  and once the client includes wallet encryption by default, it'll make folks in china just that much more wary of Bitcoin.  and make the government that much more wary, as well.

but - that said - they're just reg'lar folks, as Nefario points out.  they'll take their risks for wealth like anybody else.

best of luck to them all, and happy mining.

what about SSL? illegal as well? and Mybitcoin.com ?

i dunno about SSL.  secure banking comes to mind.  but SSL can't encrypt files on your computer, and it isn't unbreakable by governments, so i suppose they use it - but i don't know for sure.

[billyjoeallen]

the thing to keep in mind about china - which hasn't been mentioned on this thread, so far - is that they're no different than any other nation as regards the law.  there are enough laws on the books that any time they want you, they've got you.

in china it's against the law to use cryptography without a nationally issued license.  i recall reading that there are only a few thousand such licenses that have been issued.

that's really the major stumbling block for the success of Bitcoin in china:  you're breaking the law just by installing the client.  and once the client includes wallet encryption by default, it'll make folks in china just that much more wary of Bitcoin.  and make the government that much more wary, as well.

but - that said - they're just reg'lar folks, as Nefario points out.  they'll take their risks for wealth like anybody else.

best of luck to them all, and happy mining.

what about SSL? illegal as well? and Mybitcoin.com ?

IMHO, VPNs are the most obvious way to circumvent the Great Firewall of China. 

i dunno about SSL.  secure banking comes to mind.  but SSL can't encrypt files on your computer, and it isn't unbreakable by governments, so i suppose they use it - but i don't know for sure.

[Bigpiggy01]

Encryption is fully legal here all the biggies like HP, IBM Accenture etc use it hell even Tencent is issuing stuff with the capability to encrypt (admittedly to a SHITTY standard). That cryptography thingy you're referring to is when it's applied to "illicit" activities atm Bitcoin can't be classified as such. 

[kloinko1n]

[snip>
This could be a good chance for someone to make a BTC or two by doing a Chinese language GUI for GUIMINER or something similar.

 

Or do something useful for himself: learn Chinese! 

[billyjoeallen]

VPNS are an obvious way to circumvent the Great Firewall of China.

[oOoOo]

most Chinese are human

LAWL 

[netrin]

in china it's against the law to use cryptography without a nationally issued license.

Do you happen to know if cryptographically secure hashes fall under the legal definition of cryptography?

[Sandoz]

Question: isn't anything appearing in "Southern China's most Read weekly newspaper" inherently approved by the government?

[Nefario]

Question: isn't anything appearing in "Southern China's most Read weekly newspaper" inherently approved by the government?

Yes and no.

Yes in that anything printed must be given the OK by the party censors, so that means nothing about human rights etc.

No in the sense that they (the government, party whatever) don't have an opinion on it.

Allowing it to be printed in a paper is not an admission of endorsement.