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Great way for Chinese buyers to go straight from electricity bill to Canadian/Australian/Californian real estate without even moving any currency. Money launder

• jenga22 9y ago
  I don't see this comment as helpful. Bitcoin, and other crypto currencies, is akin to the internet when it was first introduced. It has the potential to disrupt the value business which is controlled by governments at the moment. Worse, a lot our value system is controlled by corporations that have fees littered throughout every single transaction we do today. Crypto-Currencies have a chance to disrupt a system that is increasingly not good for the common person. Secondly, Chinese buyers area already visiting the US and buying property and they pay cold hard cash. So not seeing what your point is here.
  • solaarphunk 9y ago
    You can move the cash straight from Mainland, instead of having to get around the 50k/p.p. capital control. This is huge as there are many more people who have money inside of China than in HK bank accounts.
  • tabeth 9y ago
    What are a few things you can do with Bitcoin that you couldn't do without it?
    • itsamoreh 9y ago
      Well for one you can transfer money to anyone anywhere without any intermediates.
      • tabeth 9y ago
        Why would you want that? What happens if you have a fraudulent transaction? How is it reversed? What about coercion? Blackmail, etc. By the way, you can transfer cash without any intermediaries. You literally just hand it over. I think blockchain in general has value, however I'm skeptical of cryptocurrencies vs. a trusted intermediary and the current setup.
        • lightbyte 9y ago
          >By the way, you can transfer cash without any intermediaries. You literally just hand it over. Why would you want that? What happens if you have a fraudulent transaction? How is it reversed? What about coercion? Blackmail, etc.
          • tabeth 9y ago
            Yeah, that's why you use escrow, or an intermediary service. By the way, I never claimed you should use cash. In fact, most of the criticism I have towards Bitcoin also applies to cash, as you've sarcastically pointed out.
        • alexanat 9y ago
          This is one of the growing pains of bitcoin that will have to be worked out. You can send bitcoin to addresses that nobody holds the private keys to and those coins will be gone forever. There are likely already several hundred thousand or millions of bitcoin lost this way. There is no reversal of a transaction, the ledger is immutable. With all of that said, bitcoin was not created to solve crime.
      • madeofpalk 9y ago
        I don't think that's actually true. How does the sender convert fiat to bitcoin, and then the bitcoin back to fiat? There's still intermediaries involved and they're not exactly simple to use.
        • alexanat 9y ago
    • alexanat 9y ago
      Near instant worldwide transfer of funds with low fees is a big one that comes to mind. I'm invested in bitcoin and it takes, on average, an hour to move around with around $10 in fees. Of course the fees are still high but I imagine they will come down if bitcoin wants to see mass adoption. Immutable, anonymous, and decentralized ledger. Those are attributes of blockchain technology rather than bitcoin itself though. It's possible another cryptocurrency (litecoin anyone?) will dethrone bitcoin as the 'currency' and bitcoin will remain a store of value.
      • BoorishBears 9y ago
        >Near instant worldwide transfer of funds with low fees >Of course the fees are still high
        • jabberbyte 9y ago
          He is comparing to traditional wiring. > 7 days, $50-$100 in fees. So it's still faster.
          • BoorishBears 9y ago
            There are middle grounds between traditional transfers and Bitcoin transfers: https://www.worldremit.com/en/help/sending-money https://www.worldremit.com/en/help/sending-money Most methods of receiving mentions are instant
            • jabberbyte 9y ago
              Fair point but the blockchain eliminates the need for middle man and their fees due to its nature of being a Trust Protocol.
• dmix 9y ago
  Are you suggesting the massive paper trail of buying a house could be circumvented single-handily by pseudonymous cryptocurrencies? Money laundering is a favourite catchall term law enforcement likes to use to label something as bad while ignoring all the context around the action. There are plenty of ways to catch tax evasion and other crimes without centrally controlled currencies. This is probably one of the worst examples to support the cryptocurrency = opening the floodgates to crime narrative...