Re:Beyond Bitcoin – Part II: Blockchain-based systems withou...
by joosters on Tuesday August 09, 2016 @04:33PM
(#12257504)
A majority, you say? Where's your evidence of this, or are you making stuff up?
Bitcoin is certainly one way to get money out of China, but there has never been a shortage of ways to do that:
http://ftalphaville.ft.com/files/2016/03/Screen-Shot-2016-03...
Re:Beyond Bitcoin – Part II: Blockchain-based systems withou...
by api on Tuesday August 09, 2016 @04:31PM
(#12257492)
Chinese capital controls seem to be distorting all kinds of markets. Around here (SoCal) I've heard of Chinese "investors" buying houses at 5-10% over asking sight unseen and not caring about possible depreciation because it's a way to get money out of China. Losses as high as 25% are apparently acceptable to some people looking to get past capital controls.
This is true in a sense, but a majority of the mining is done by Chinese pools which do sell at a loss to the electricity costs even there. The losses are acceptable because it is used as a way to get currency out of the country.