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Violating Chinese currency controls generally results in spending one's life in a tiny prison cell. As for bank transfers, at my previous company we had to sen

Violating Chinese currency controls generally results in spending one's life in a tiny prison cell. As for bank transfers, at my previous company we had to send hundreds of international payments each year and all of the transfers were finished within minutes of initiation. And Paypal and other companies have made it possible to donate to charities without a credit card for almost 2 decades.

cwkoss 6y ago
The housing market (and luxury vehicle market) on the Pacific coast of America would beg to differ
- gamblor956 6y ago
  The housing market in California is direct proof of the success of China's capital controls. Capital outflow from China to the West Coast dropped over 90% after Xi introduced capital controls. When I was still in consulting, I had dozens of clients whose projects were killed when their Chinese investors could no longer get their money out of China to invest. A billion building sits unfinished across the street from Staples Center in LA (and has, for 3 years) because the developer can't get its money out of China to finish the building. Thousands of local buyers are able to buy houses and condos in LA these past 3 years because they don't have to compete with all-cash foreign buyers any longer.
  - happyconcepts 6y ago
    >Capital outflow from China to the West Coast dropped over 90% after Xi introduced capital controls. Big claim. Source? Its non-Chinese foreigners getting deals in LA now that China is sandbagged. If you don't see all the other foreign money buying LA then I am not surprised you are no longer a consultant. Lastly what do you think of US capital controls such as OFAC?
imtringued 6y ago
> Violating Chinese currency controls generally results in spending one's life in a tiny prison cell. I sure as hell wouldn't want to be associated with a cryptocurrency that has a public ledger then if that's the type of punishment I am trying to avoid. You're just one exchange leak or hack away from being imprisoned.

cwkoss 6y ago

The housing market (and luxury vehicle market) on the Pacific coast of America would beg to differ

gamblor956 6y ago
The housing market in California is direct proof of the success of China's capital controls. Capital outflow from China to the West Coast dropped over 90% after Xi introduced capital controls. When I was still in consulting, I had dozens of clients whose projects were killed when their Chinese investors could no longer get their money out of China to invest. A billion building sits unfinished across the street from Staples Center in LA (and has, for 3 years) because the developer can't get its money out of China to finish the building. Thousands of local buyers are able to buy houses and condos in LA these past 3 years because they don't have to compete with all-cash foreign buyers any longer.
- happyconcepts 6y ago
  >Capital outflow from China to the West Coast dropped over 90% after Xi introduced capital controls. Big claim. Source? Its non-Chinese foreigners getting deals in LA now that China is sandbagged. If you don't see all the other foreign money buying LA then I am not surprised you are no longer a consultant. Lastly what do you think of US capital controls such as OFAC?

imtringued 6y ago

> Violating Chinese currency controls generally results in spending one's life in a tiny prison cell. I sure as hell wouldn't want to be associated with a cryptocurrency that has a public ledger then if that's the type of punishment I am trying to avoid. You're just one exchange leak or hack away from being imprisoned.