4 ms·

I was assuming the US/EU governments did not care much about money laundering through cryptos, cause it was mostly Chinese money leaving China and getting funne

I was assuming the US/EU governments did not care much about money laundering through cryptos, cause it was mostly Chinese money leaving China and getting funneled into the West. So has the flow of Chinese money stopped?

anewaccount2021 6y ago
The US is about to embark on a substantial weakening of the dollar even more dramatic than 2020. They're preemptively heading off the tech elites who think they're immune to it because of their alternative "currency". I mean, storming the Capitol will be punished with scorn, but storming the Federal Reserve earns you a death sentence. That makes sense - the Federal Reserve is the real center of American power.
paganel 6y ago
> Chinese money leaving China and getting funneled into the West. Not that I don't believe you, because that looks very plausible to me, but do you happen to have any source/article on that would go into more details?
- orange_tee 6y ago
  There is a lot of collaborative evidence: https://news.bitcoin.com/65-of-global-bitcoin-hashrate-concentrated-in-china/ https://news.bitcoin.com/65-of-global-bitcoin-hashrate-conce... https://www.forbes.com/sites/rogerhuang/2021/12/29/the-chinese-mining-centralization-of-bitcoin-and-ethereum/ https://www.forbes.com/sites/rogerhuang/2021/12/29/the-chine... And more direct proof: https://asia.nikkei.com/Spotlight/Caixin/How-illegal-online-gambling-launders-150bn-from-China https://asia.nikkei.com/Spotlight/Caixin/How-illegal-online-... https://www.thehindu.com/news/national/ed-arrests-cryptocurrency-trader-in-online-betting-case/article33311311.ece https://www.thehindu.com/news/national/ed-arrests-cryptocurr... https://www.forbes.com/sites/bryanrich/2019/05/14/bitcoin-is-all-about-chinese-capital-flight/ https://www.forbes.com/sites/bryanrich/2019/05/14/bitcoin-is... -------- From what I understand, there's two reasons Bitcoin money is popular in China. 1. Corrupt oligarchs with access to subsidized electricity can setup mining farms and basically print money. 2. Corrupt oligarchs with their money stuck in China can setup clandestine mining farms, and thereby exchange their yuans -> electricity/equipment -> BTC -> Vancouver/Sydney/London/...etc apartments.
- dumbfoundded 6y ago
  Here's a report that found $50B in crypto moved out of China: https://cnb.cx/34htT7O https://cnb.cx/34htT7O
- antonvs 6y ago
  https://news.bitcoin.com/crypto-facilitates-money-transfer-for-restricted-china/ https://news.bitcoin.com/crypto-facilitates-money-transfer-f... I don't know if there are any good analyses of the volume of this trade, but the general assumption is that it's huge, the reason being that it's a relatively easy way around government restrictions.

anewaccount2021 6y ago

The US is about to embark on a substantial weakening of the dollar even more dramatic than 2020. They're preemptively heading off the tech elites who think they're immune to it because of their alternative "currency". I mean, storming the Capitol will be punished with scorn, but storming the Federal Reserve earns you a death sentence. That makes sense - the Federal Reserve is the real center of American power.

paganel 6y ago

> Chinese money leaving China and getting funneled into the West. Not that I don't believe you, because that looks very plausible to me, but do you happen to have any source/article on that would go into more details?

orange_tee 6y ago
There is a lot of collaborative evidence: https://news.bitcoin.com/65-of-global-bitcoin-hashrate-concentrated-in-china/ https://news.bitcoin.com/65-of-global-bitcoin-hashrate-conce... https://www.forbes.com/sites/rogerhuang/2021/12/29/the-chinese-mining-centralization-of-bitcoin-and-ethereum/ https://www.forbes.com/sites/rogerhuang/2021/12/29/the-chine... And more direct proof: https://asia.nikkei.com/Spotlight/Caixin/How-illegal-online-gambling-launders-150bn-from-China https://asia.nikkei.com/Spotlight/Caixin/How-illegal-online-... https://www.thehindu.com/news/national/ed-arrests-cryptocurrency-trader-in-online-betting-case/article33311311.ece https://www.thehindu.com/news/national/ed-arrests-cryptocurr... https://www.forbes.com/sites/bryanrich/2019/05/14/bitcoin-is-all-about-chinese-capital-flight/ https://www.forbes.com/sites/bryanrich/2019/05/14/bitcoin-is... -------- From what I understand, there's two reasons Bitcoin money is popular in China. 1. Corrupt oligarchs with access to subsidized electricity can setup mining farms and basically print money. 2. Corrupt oligarchs with their money stuck in China can setup clandestine mining farms, and thereby exchange their yuans -> electricity/equipment -> BTC -> Vancouver/Sydney/London/...etc apartments.
dumbfoundded 6y ago
Here's a report that found $50B in crypto moved out of China: https://cnb.cx/34htT7O https://cnb.cx/34htT7O
antonvs 6y ago
https://news.bitcoin.com/crypto-facilitates-money-transfer-for-restricted-china/ https://news.bitcoin.com/crypto-facilitates-money-transfer-f... I don't know if there are any good analyses of the volume of this trade, but the general assumption is that it's huge, the reason being that it's a relatively easy way around government restrictions.