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> This is currently the main use case for Bitcoin. While this is a reasonable possibility, there is very little hard data to confirm that the use of Bitcoin be
by drcode 10y ago
> This is currently the main use case for Bitcoin.
While this is a reasonable possibility, there is very little hard data to confirm that the use of Bitcoin being used in a significant way to circumvent Chinese capital controls... the evidence for this is very circumstantial.
- modeless 10y agoAdditionally, news reports so far, and actions taken by exchanges, suggest that PBOC's main concerns have been fraud risks, security, leveraged trading, and volatility due to zero-fee trading. No mention of capital controls. It's certainly possible that they are concerned about circumvention of capital controls too but that is speculation not supported by any evidence yet (e.g. public statements by PBOC or the exchanges they met with).
- Animats 10y agoForbes says it's being used that way.[1] [1] http://www.forbes.com/sites/laurashin/2017/01/05/the-2-factors-that-drove-bitcoins-20-overnight-price-plunge/#7a61f91f563c http://www.forbes.com/sites/laurashin/2017/01/05/the-2-facto...
- random_rr 10y agoWell... Lauren Shin says it's being used that way. Please note that she is a Forbes Contributor - a blogger, in other words. > Opinions expressed by Forbes Contributors are their own.
- moomin 10y agoI'll observe that the number of capital control circumvention mechanisms for which there is hard evidence can be counted in zeros. If you can prove it, so can the government, and then they can either sue, lock you up or legislate, depending on mood. And then you're back to zero again.