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Anyone foolish enough to put 64 billion dollars into cryptocurrencies does not need to be in charge of 64 billion dollars.

by halviti 11y ago

reitanqild 11y ago
I'd just assume they move a limited amount at a time and wait for it to be exchanged for "real" money on the other side before they "send" the next transfer.
iheartmemcache 11y ago
Yeah. Cryptocurrencies are not on the radar of anyone transacting even a few orders of magnitude less than this. I'm not sure why the Party chose to expose this ring right now but someone up-to-date on PRC politics certainly will be able to fill us in on what triggered this event. Undoubtedly, this has been going on for a long, long time. My friends wife made a ton of money selling "old money" houses to the Chinese-New-Rich in affluent suburbs of New England. I'm sure those on the West Coast heard similar stories re: Vancouver and it's property boom as a result of the same demographic. This is just like any 'raiding the coffers' situation by an incumbent power. A destabilizing event occurs (the fall of the USSR, the laxer economic policies within the PRC, the overthrow of the Shah, the US profiteering off cocaine for arms, etc). The fall of the USSR led to a few, well-connected dozen families getting rich off the oil money to the point of casually buying UK football teams. You can be 100% assured that there will be some scapegoats taking a fall, a fewer number of people in the party will be asked to fall on the sword. I'd bet money that this is just another orchestrated sacrifice to business-as-usual. We'd have to get access to all those MNC-bank records to really figure out how much expatriated yuan left for other markets. For the time being, they'll just effectively tender IOUs until the dust settles[1]. It's been happening since before the modern economies emerged (Dutch coffee shops and Lloyds Underwriting ship insurance is arguably that point). Investment banks still trade amongst themselves in a similar fashion. [1]https://en.wikipedia.org/wiki/Hawala https://en.wikipedia.org/wiki/Hawala
- derefr 11y ago
  Maybe a TPP side-deal with one of the places the money is being moved to?

Anyone foolish enough to put 64 billion dollars into cryptocurrencies does not need to be in charge of 64 billion dollars.

by halviti 11y ago

Anyone foolish enough to put 64 billion dollars into cryptocurrencies does not need to be in charge of 64 billion dollars.

reitanqild 11y ago

I'd just assume they move a limited amount at a time and wait for it to be exchanged for "real" money on the other side before they "send" the next transfer.

iheartmemcache 11y ago

Yeah. Cryptocurrencies are not on the radar of anyone transacting even a few orders of magnitude less than this. I'm not sure why the Party chose to expose this ring right now but someone up-to-date on PRC politics certainly will be able to fill us in on what triggered this event. Undoubtedly, this has been going on for a long, long time. My friends wife made a ton of money selling "old money" houses to the Chinese-New-Rich in affluent suburbs of New England. I'm sure those on the West Coast heard similar stories re: Vancouver and it's property boom as a result of the same demographic. This is just like any 'raiding the coffers' situation by an incumbent power. A destabilizing event occurs (the fall of the USSR, the laxer economic policies within the PRC, the overthrow of the Shah, the US profiteering off cocaine for arms, etc). The fall of the USSR led to a few, well-connected dozen families getting rich off the oil money to the point of casually buying UK football teams. You can be 100% assured that there will be some scapegoats taking a fall, a fewer number of people in the party will be asked to fall on the sword. I'd bet money that this is just another orchestrated sacrifice to business-as-usual. We'd have to get access to all those MNC-bank records to really figure out how much expatriated yuan left for other markets. For the time being, they'll just effectively tender IOUs until the dust settles[1]. It's been happening since before the modern economies emerged (Dutch coffee shops and Lloyds Underwriting ship insurance is arguably that point). Investment banks still trade amongst themselves in a similar fashion. [1]https://en.wikipedia.org/wiki/Hawala https://en.wikipedia.org/wiki/Hawala

derefr 11y ago
Maybe a TPP side-deal with one of the places the money is being moved to?