China: Bitcoin a hedge against confiscation of wealth?

[davis196]

The billionaires have more than 90% of their wealth distributed in stocks and other not-so-liquid and heavily regulated assets.Do you know how difficult it is to sell stocks worth millions or billions of USD and then buy Bitcoins?The buying fees will be really high,and the rapid BTC price growth will cause losses to the guy,who wants to buy lots of BTC.The crypto whales usually buy small portions of BTC,but they do it consistently.
Jack Ma is probably in some secret Chinese prison or maybe he is dead.

[dothebeats]

Offshore bank accounts also help in the crackdown of Chinese billionaires that contests what the CCP imposes on China. Ma’s stance against certain policies of China made the government angry, thus coming after him and his companies, ensuring that they will comply and will do what China says. As for the case of normal individuals, the governments will know if they are buying bitcoins secretly or not, so I don’t know if bitcoin really does help in avoiding wealth confiscation at all. Nonetheless, it’s a good workaround against the oppression that the governments are continuously pressing against its citizens that have opposing views against them.

[lifeforcepools]

It is unlikely that China will use bitcoin for this, because there is already a digital yuan.

[jostorres]

https://www.forbes.com/sites/kenrapoza/2021/01/10/does-china-have-a-role-in-bitcoins--rise/?sh=6bf595a64965

This also touches on how Argentinians are buying Bitcoin after the government's crackdown on holding dollars.

Ultimately, these are cases that echo some of the original objectives for Bitcoin, rather than as a get rich quick scheme. Although no harm in getting rich in the process

You can only prevent the government from confiscating your cryptocurrency assets if you have kept it a secret from the start. As long as the government knows about it, especially in countries like China where there is a communist party that does whatever they like, they are going to force you to know where you stored the cryptocurrency and they are going confiscate it once they get the information from you.

That’s why it’s good to always keep it a secret when you’re investing your money in things like this, and also not to make use of custodial wallets. That way the government wouldn’t know about it and if they confiscate what you have, you will still have our bitcoins cooling off in whatsoever place you have hidden it.

[teosanru]

Here is a fascinating Forbes article about how the potential for confiscation of wealth by the authoritarian regime in China may be boosting Bitcoin, inspired by the mysterious disappearance of businessman Jack Ma.

"One can almost see Chinese billionaires buying up Bitcoin, just in case Beijing comes for their wealth. Lord knows the dollar is in decline, and they probably already own a ton of stocks."

https://www.forbes.com/sites/kenrapoza/2021/01/10/does-china-have-a-role-in-bitcoins--rise/?sh=6bf595a64965

This also touches on how Argentinians are buying Bitcoin after the government's crackdown on holding dollars.

Ultimately, these are cases that echo some of the original objectives for Bitcoin, rather than as a get rich quick scheme. Although no harm in getting rich in the process

I think this is nothing but more of a conspiracy theory. I can understand that disappearance of Jack ma has raised a lot eyebrows but a theory that he might be stacking up bitcoin during this time looks like a strange theory. But what I think that billionaires like these have the capacity to overturn even the biggest empires and government. They have tons of money to create dissent among people. And they would have already stacked up loads of bitcoin in it's bearish phase. A billionaire who can control the market fiercely won't wait for such high prices to buy Bitcoin.

[xcaret]

I first bought bitcoin by walking into a gold dealer in Europe who also traded in bit coin. I wasn't buying over $10,000 which would have to be reported when leaving or entering US or many other countries.

While selling 3 ounces of gold and buying bitcoin with the amount received ,the dealer told me some of the benefits of owning bit coin.
The one he stressed besides that bit coin was probably going way up in value, was that you could take it anywhere in the world and not report it .
Back then it was anonymous who bought or sold it .

A year later I walked in a bitcoin exchange in Toronto and sold it for cash . Neither the Dealer in Europe or the one in Toronto asked for my name . No ID required.
Last week I decided to sell a partial bit coin that I had since the crash of 2018 . I contacted at least 15 online exchanges to try and sell it . Every one wanted me to verify my ID. ( as you all know it is required now days) .

In my search for an exchange that I could join with only being on my pc,( I have no smart cell phone), I ran into another problem.
It was that Canadian Banks don't deal with crypto exchanges . I phoned my banks ( CIBS, and TD ) ,both refused to deal with crypto exchanges and advised  me not to deal in crypto coin, One even suggested I invest in their mutual funds .

Anyway The post I'm commenting on is " Bitcoin a hedge against confiscation of wealth? "
If the governments around the world can so easily pass rules for banks and crypto exchanges to follow.( and they all do) ,just how easy will it be for some government to pass a law that no banks or financial institution deal in it either?
Yes peer to peer would probably sill work, but lets say our hopes materialize and our bitcoin holdings go to $300,000 ,what could we buy?
For myself I'm not worried because i can't afford to have more than $5,000 tied up ,and if things did go bad, I could continue with out it .
Just a thought . Especially with our leaders speaking against it ,maybe it could become a possibility .

[Saltius]

Don't be stupid. Chinese who believe bitcoin as a SOV have already bought it since years ago.
Those Chinese who don't believe it till rightnow would go for shitcoins/gbtc after seeing bitcoin's surge.

And since most of you guys can't read Chinese. I could tell you Jack Ma attended a tycoon's funeral in HongKong days ago.
CCP is aiming his business complex and data stored, but has no interest upon his life or personal freedom which is of little importance to the regime.

[Adamini]

China has always been very nervous about digital currency. It is true that the transfer of property to the guilty will do harm to the people of the country, but the right to free speech is strictly controlled

[BigBoy89]

Here is a fascinating Forbes article about how the potential for confiscation of wealth by the authoritarian regime in China may be boosting Bitcoin, inspired by the mysterious disappearance of businessman Jack Ma.

"One can almost see Chinese billionaires buying up Bitcoin, just in case Beijing comes for their wealth. Lord knows the dollar is in decline, and they probably already own a ton of stocks."

https://www.forbes.com/sites/kenrapoza/2021/01/10/does-china-have-a-role-in-bitcoins--rise/?sh=6bf595a64965

This also touches on how Argentinians are buying Bitcoin after the government's crackdown on holding dollars.

Ultimately, these are cases that echo some of the original objectives for Bitcoin, rather than as a get rich quick scheme. Although no harm in getting rich in the process

This sounds plausible. And it's not a bad idea at all, especially after the official start of the Chinese Social Rating System.

If Jack Ma can disappear, imagine what could happen to the ordinary people.

[cr1776]

Here is a fascinating Forbes article about how the potential for confiscation of wealth by the authoritarian regime in China may be boosting Bitcoin, inspired by the mysterious disappearance of businessman Jack Ma.

"One can almost see Chinese billionaires buying up Bitcoin, just in case Beijing comes for their wealth. Lord knows the dollar is in decline, and they probably already own a ton of stocks."

https://www.forbes.com/sites/kenrapoza/2021/01/10/does-china-have-a-role-in-bitcoins--rise/?sh=6bf595a64965

This also touches on how Argentinians are buying Bitcoin after the government's crackdown on holding dollars.

Ultimately, these are cases that echo some of the original objectives for Bitcoin, rather than as a get rich quick scheme. Although no harm in getting rich in the process

Hong Kong, etc too. Pretty much anywhere where it could happen people should own some bitcoin.  If the President of the US who has billions can be blocked by Stripe for payments, Facebook, Twitter, YouTube etc, then no one is safe anywhere. The fascists are having corporations do their bidding to cancel anyone who dares object.

Digital Chinese or other state backed cryptos are worthless since they are centralize and can be frozen.

[Saltius]

Here is a fascinating Forbes article about how the potential for confiscation of wealth by the authoritarian regime in China may be boosting Bitcoin, inspired by the mysterious disappearance of businessman Jack Ma.

"One can almost see Chinese billionaires buying up Bitcoin, just in case Beijing comes for their wealth. Lord knows the dollar is in decline, and they probably already own a ton of stocks."

https://www.forbes.com/sites/kenrapoza/2021/01/10/does-china-have-a-role-in-bitcoins--rise/?sh=6bf595a64965

This also touches on how Argentinians are buying Bitcoin after the government's crackdown on holding dollars.

Ultimately, these are cases that echo some of the original objectives for Bitcoin, rather than as a get rich quick scheme. Although no harm in getting rich in the process

Hong Kong, etc too. Pretty much anywhere where it could happen people should own some bitcoin.  If the President of the US who has billions can be blocked by Stripe for payments, Facebook, Twitter, YouTube etc, then no one is safe anywhere. The fascists are having corporations do their bidding to cancel anyone who dares object.

Digital Chinese or other state backed cryptos are worthless since they are centralize and can be frozen.

Those anti-CCP HongKongese won't embrace bitcoin.
If possible, they would just choose a currency giving them freedom while freezing CCP and pro-CCP HongKongese's wealth.
Net neutrality means nothing to them.
They begged another regime(which deprives Assange's freedom) to free them from CCP. How ironic.

[Ucy]

Here is a fascinating Forbes article about how the potential for confiscation of wealth by the authoritarian regime in China may be boosting Bitcoin, inspired by the mysterious disappearance of businessman Jack Ma.

"One can almost see Chinese billionaires buying up Bitcoin, just in case Beijing comes for their wealth. Lord knows the dollar is in decline, and they probably already own a ton of stocks."

https://www.forbes.com/sites/kenrapoza/2021/01/10/does-china-have-a-role-in-bitcoins--rise/?sh=6bf595a64965

This also touches on how Argentinians are buying Bitcoin after the government's crackdown on holding dollars.

Ultimately, these are cases that echo some of the original objectives for Bitcoin, rather than as a get rich quick scheme. Although no harm in getting rich in the process

I think this is nothing but more of a conspiracy theory. I can understand that disappearance of Jack ma has raised a lot eyebrows but a theory that he might be stacking up bitcoin during this time looks like a strange theory. But what I think that billionaires like these have the capacity to overturn even the biggest empires and government. They have tons of money to create dissent among people. And they would have already stacked up loads of bitcoin in it's bearish phase. A billionaire who can control the market fiercely won't wait for such high prices to buy Bitcoin.

The bolded is possible if you allow the will of the people rather than Just Law to rule over a nation.
It's also possible that crafty people will use the law to commit evil without breaking it but when you consider what the law was created to achieve, you will most likely discover alot of their trespasses against national laws(especially the fundamental ones)
If you have committed law enforcement people and a population who understand the importance of justice and enforcement of Just Laws, it will be difficult for their enemies or people who hate their values to overrun them

[posi]

This is China we are talking about, they can secretly detain anyone and torture them until they reveal whatever information China is after.

You are totally correct due to the communist level and political abuse of power. However, they understand the potential of Bitcoin but their political/communist ambitions wont let then directly support Bitcoin but what they dont understand is that their habit towards Bitcoin directly/indirectly help Bitcoin gain more surge and awareness. An example is when their construction bank sells $3 billion worth of bonds through a centralized exchange.
With that been said, there are many ways to Chinese can buy and invest in Bitcoin anonymously.