New China Policies

[insider news]

China will continue to block bitcoin as well as any similar exchange system. Policy changes following the change in government party control began about 1 year ago and additional major economic regulations are set to take place in one more year following the second year of a two year grace period, that is designed to prevent large sums of money being transferred out of China. This information is first hand from a good friend high in the Shanghai bank orginization, China is serious about the economic changes. The grace period was necessary to gain support among long standing party leaders and corporate executives. The new policies will put in place very strict economic accounting controls in an effort to stop any and all government corruption. Bitcoin and similar exchange systems are in direct opposition to China's new economic policies. Part of the change we have seen in the US is the improvement in real estate values. A big factor in this change is cash in the trillions of dollars flowing from wealthy Chinese investors into what is seen as a safe investment in the US markets.

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[BTCisthefuture]

I'll wait to hear it from the dragons mouth first,  not much weight in a new/anonymous poster with a "friend".

With that said, it wouldn't shock me if China took this approach one day. Only time will tell.

[insider news]

You don't have to take my word for it and this information isn't a big secret. Do a little checking and you will find related information, "Money" did an article last year on predictions to the real estate market from this flow of cash.

[franky1]

that is designed to prevent large sums of money being transferred out of China.

i laugh at this part.

take localbitcoins for instance
2 people meet up one has bitcoins, the other has chinese FIAT. they swap.. no chinese FIAT leaves the country, it only swaps hands

take bank transfers
US bank has a chinese bank account to hold chinese fiat. and of course a US bank account. same for the chinese counterparty. the chinese bank puts chinese fiat into the chinese bank account owned by the US. the chinese bank receives dollars in its US bank account... although the funds are deemed as being owned by america now.. the chinese FIAT is still binary numbers stored on a chinese government owned bank... and we all know that behind the scheme chinese authorities get to play with peoples funds (coz thats how banks get to give interest on peoples savings). so the chinese never lose out

so when swapping bitcoins to eventually become chinese FIAT or vice versa, the fiat stays in the country. seriously it just makes me laugh.

the only exception to this is "cash in the mail" where funds truly do disappear out of the country

[jubalix]

China will continue to block bitcoin as well as any similar exchange system. Policy changes following the change in government party control began about 1 year ago and additional major economic regulations are set to take place in one more year following the second year of a two year grace period, that is designed to prevent large sums of money being transferred out of China. This information is first hand from a good friend high in the Shanghai bank orginization, China is serious about the economic changes. The grace period was necessary to gain support among long standing party leaders and corporate executives. The new policies will put in place very strict economic accounting controls in an effort to stop any and all government corruption. Bitcoin and similar exchange systems are in direct opposition to China's new economic policies. Part of the change we have seen in the US is the improvement in real estate values. A big factor in this change is cash in the trillions of dollars flowing from wealthy Chinese investors into what is seen as a safe investment in the US markets.

China will continue to block bit coin

and how will they even do that.

bitcoin is unblock able until you turn your power stations off, and maybe not even then

[shorena]

-snip-
and how will they even do that.
bitcoin is unblock able until you turn your power stations off, and maybe not even then

Its just another kind of data transered over the internet. Of course it can be blocked. The great firewall is very capable of Blocking stuff.

[DubFX]

Oh, so you found these forums and made account today just to tell us this?

[2Kool4Skewl]

Nxt + I2P > great firewall of china

[tvbcof]

Nxt + I2P > great firewall of china

labor camp > Nxt + I2P

[BTCisthefuture]

-snip-
and how will they even do that.
bitcoin is unblock able until you turn your power stations off, and maybe not even then

Its just another kind of data transered over the internet. Of course it can be blocked. The great firewall is very capable of Blocking stuff.

The great firewall isn't very capable at all.  Anything blocked in China is easily accessible through a vpn, nothing more.

[insider news]

...clearly, you have spent considerable time in China and and seem to have all the answers, good luck with that!

[FeedbackLoop]

-snip-
and how will they even do that.
bitcoin is unblock able until you turn your power stations off, and maybe not even then

Its just another kind of data transered over the internet. Of course it can be blocked. The great firewall is very capable of Blocking stuff.

The great firewall isn't very capable at all. Anything blocked in China is easily accessible through a vpn, nothing more.

Aren't both things true?

My understanding is that not too much effort is put into really blocking everything as that would hinder business.

It's enough to block a few things from 90% of the masses (and even then they seem to do it in a non-consistent way perhaps to make the wall look soft? As in first search for tank man gives images but not the second and things like that).

The ones who care to get informed will always get the information anyway.
 
I wonder if with Bitcoin they will have a similar approach. Afterall, party officials also have their international money transfer needs!    Unless OP is right I guess? But then if they seriously deal with systemic corruption then they wouldn't need to block Bitcoin as the Renminbi would be a sound currency and exchanges with Bitcoin and whatever other currency wouldn't need blocking and they could regulate the exchanges as any other exchange.

A much bigger issue is the shadow banking issue... can't let any money flow out of that hungry black hole! Nor in Bitcoin nor in euros nor in USD nor in anything...


 

[shorena]

-snip-
and how will they even do that.
bitcoin is unblock able until you turn your power stations off, and maybe not even then

Its just another kind of data transered over the internet. Of course it can be blocked. The great firewall is very capable of Blocking stuff.

The great firewall isn't very capable at all.  Anything blocked in China is easily accessible through a vpn, nothing more.

Most known VPNs are blocked, they even take messures to block TOR and probably I2P.
My arguement is not that BTC is currently blocked, but that its possible to block a protocol like BTC if you have the infastructure for it. The great firewall is a good example.

As FeedbackLoop allready pointed out, China is probably not going to the full potential.