Re:China to Shut Bitcoin Exchanges?
by teknologist on Monday September 11, 2017 @12:57AM
(#15216035)
Isn't this a bit contradictory? If the government really wanted to protect people from harm they wouldn't allow ponzi schemes that urge people to invest in boxes of ants to advertise on state television. Oh, and:
> “The company was endorsed by Chinese government officials, and Wang, now the chief executive, was photographed with the former Minister of Commerce of the People's Republic of China, Bo Xilai.”
Re:China to Shut Bitcoin Exchanges?
by factorialboy on Monday September 11, 2017 @01:41AM
(#15216209)
> In Chinese society, the citizens expect the government to protect them from harm
Mao would disagree.
In Chinese society, the citizens expect the government to protect them from harm, whether the government is responsible for them or not. On the other hand, the government values stability above everything else, in order to maintain their regime. Now, there's this ICO thing, which has the potential to scam millions of Chinese (and trust me, it will happen), who will inevitably protest until their money is returned, you wonder what's gonna happen…
People have received DEATH SENTENCE before for scamming investors[1]. Let that sink in.
edit: someone mentioned capital control. While I agree this is probably one of the reasons, I doubt it's the biggest. Sure, having money flowing out of the country gives the government headache, compared to having thousands of people on the street holding signs, it seems like a rather minor one. Plus, if you want to move millions of dollars, you probably won't trust whatever-coin to do the job. There are tons of ways of doing that, and the government has bigger fish to fry.
[1] https://en.m.wikipedia.org/wiki/Yilishen_Tianxi_Group