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It's an excellent way to circumvent capital controls. For example if you're a millionaire in China you can set up a mining operation in RMB and get BTC/USD out
by aianus 10y ago
It's an excellent way to circumvent capital controls. For example if you're a millionaire in China you can set up a mining operation in RMB and get BTC/USD out the other end.
It's also the cheapest method to exchange and/or remit small amounts of money internationally. I frequently made a profit doing so vs paying 1.4% to 8% for traditional fiat to fiat methods. I wrote bots that did it for me, but even doing it manually is cheaper and faster than traditional methods.
Oh, and of course, it's great for buying drugs and gambling and whatnot.
- elastic_church 10y agoand raising capital, and returning capital, and being an infallible datastore for arbitrary data
- ddebernardy 10y agoOk, you spelling out that capital control thing made my day. It now makes a lot more sense why the thing is going through the roof, in light of all the RMB wanting to go out of China. Or for that matter why a lot of mining goes on in China itself. Thank you.