Entirely curious: has he posted that he is American before? Where are you getting that from, are are you generalizing about all Americans and not talking about the poster above?
Re:Baidu now accepts Bitcoin
by fennecfoxen on Wednesday October 16, 2013 @08:10PM
(#6562887)
Yes, I'm American. I'm also generalizing and simplifying because an in-depth analysis of the China scam is the proper subject of a Ph.D. thesis and not a HN comment. As lionspaw has noted, there are complicating factors like the property boom (/bubble) and the grey market for inflation-resistant currencies. These hamper the current capital controls but do not render them entirely useless.
Re:Baidu now accepts Bitcoin
by grinnbearit on Tuesday October 15, 2013 @11:59PM
(#6557935)
But that leads to the monetization of houses which skews the market to produce way more houses than required eventually leading to a bubble.
http://www.news.com.au/travel/travel-ideas/inside-china8217s...
Also, there is no practical limit to how much dollar you can get with yuan, it's called the grey market.
It's pretty astounding to me how Americans can still have such simplistic and misplaced views of how things works in other countries.