Re:Bitcoin Tumbles as PBOC Declares Initial Coin Offerings I...
by IIAOPSW on Tuesday September 05, 2017 @05:58AM
(#15173763)
>Because Bitcoin and ICO are the main mechanism to get money out of China
No bitcoin and ICO's are a mechanism to get money out of China. Shady HK pawn shops, "family" vacations with strangers (the limit on money moved is per person) and straight up smuggling in bodily crevices are still far more popular. Right now China makes more on bitcoin than it loses because 70% of mining happens in China. So long as this remains true China will not ban bitcoin. Everything else is just noise and FUD.
No bitcoin and ICO's are a mechanism to get money out of China. Shady HK pawn shops, "family" vacations with strangers (the limit on money moved is per person) and straight up smuggling in bodily crevices are still far more popular. Right now China makes more on bitcoin than it loses because 70% of mining happens in China. So long as this remains true China will not ban bitcoin. Everything else is just noise and FUD.