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> 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 h

> 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.

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.