3 ms·

Notably, this is a coin used by a lot of cryptominers, many of whom are Chinese who fled the ban in China on crypto mining and also to export their wealth in a

Notably, this is a coin used by a lot of cryptominers, many of whom are Chinese who fled the ban in China on crypto mining and also to export their wealth in a way they can't otherwise because China doesn't allow transfer of currency out of the country. Example: https://www.nytimes.com/2023/12/25/technology/bitrush-bitcoin-cryptocurrency-china.html https://www.nytimes.com/2023/12/25/technology/bitrush-bitcoi... ...so now gigawatts of electricity are being used here to generate more wealth for chinese billionaire playboys who are so stingy they can't even pay rural local electricians. Must be because of how expensive his tuition is...

SV_BubbleTime 3y ago
Real estate is how China allows their citizens to move money out of country. If the money is at all legitimate, there is a vehicle. I’ve been around the world, and I’ve been as much Chinese real estate as I’ve seen, makes me think there is very little legitimate money in crypto for this application.
- Supermancho 3y ago
  You're not the only one to have seen the Chinese real estate, from the Alberta coast to Florida. If you want to move money, ofc you can[1]. There is commerce with China. If you want to avoid controls (including punitive ones), real estate is not a preferred choice. This "vehicle" took a huge hit around 2016ish[2], which is why Chinese transfers fell dramatically crashing a number of luxury markets (US locales) with it. This is still recent memory and taken into commensurate consideration. [1] https://hrone.com/blog/expats-can-get-earned-money-china-legally/ https://hrone.com/blog/expats-can-get-earned-money-china-leg... [2] https://www.wsj.com/articles/china-issuing-strict-controls-on-overseas-investment-1480071529 https://www.wsj.com/articles/china-issuing-strict-controls-o...
  - tz18 3y ago
    The Alberta coast??
    - CPLX 3y ago
      Hey man with climate change anything is possible.
- Jerrrry 3y ago
  Crypto has three legitimate uses and a few less than legit ones: Drugs, money laundering (from China) / tax evasion, csam, ransomware, and soon, common crime.

SV_BubbleTime 3y ago

Real estate is how China allows their citizens to move money out of country. If the money is at all legitimate, there is a vehicle. I’ve been around the world, and I’ve been as much Chinese real estate as I’ve seen, makes me think there is very little legitimate money in crypto for this application.

Supermancho 3y ago
You're not the only one to have seen the Chinese real estate, from the Alberta coast to Florida. If you want to move money, ofc you can[1]. There is commerce with China. If you want to avoid controls (including punitive ones), real estate is not a preferred choice. This "vehicle" took a huge hit around 2016ish[2], which is why Chinese transfers fell dramatically crashing a number of luxury markets (US locales) with it. This is still recent memory and taken into commensurate consideration. [1] https://hrone.com/blog/expats-can-get-earned-money-china-legally/ https://hrone.com/blog/expats-can-get-earned-money-china-leg... [2] https://www.wsj.com/articles/china-issuing-strict-controls-on-overseas-investment-1480071529 https://www.wsj.com/articles/china-issuing-strict-controls-o...
- tz18 3y ago
  The Alberta coast??
  - CPLX 3y ago
    Hey man with climate change anything is possible.
Jerrrry 3y ago
Crypto has three legitimate uses and a few less than legit ones: Drugs, money laundering (from China) / tax evasion, csam, ransomware, and soon, common crime.