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China Cracks Down On Bitcoin, Cuts Off Exchanges' Bank Access

Posted by timothy on from the state-is-still-not-your-friend dept.

jfruh (300774) writes "Bitcoin has made many governments and regulators uncomfortable, and the Chinese government is responding to the challenge it poses with its usual lack of subtlety. Two Chinese bitcoin exchanges have found themselves cut off from the money economy, as Chinese banks, under pressure from the government, refuse to do business with them."

3 of 100 comments (clear)

  1. Re:As they should... by michelcolman · · Score: 5, Informative

    Bitcoin is more traceable than cash. The bitcoin chain contains a record of every bitcoin transaction ever made, anywhere. There are some randomizing anonymizer services which take money from lots of people and return it randomly so nobody knows exactly which amount came from which source, but that kind of services exists for other currencies as well.

  2. Re:Chinese getting uncomfortable... by PRMan · · Score: 3, Informative

    Sure. When people are spending all their money building fake malls and fake cities, that's "totally working". [Thumbs up!]

    --
    Peter predicted that you would "deliberately forget" creation 2000 years ago...
  3. Do you know what CAPITALISM is ? by Taco+Cowboy · · Score: 4, Informative

    Communist economies are fake economies.

    And just as often, Capitalist economies are as well.

    Because Asset Backed Paper Commodities were basically a giant Ponzi scheme where garbage debt was laundered and passed off to other suckers by the very banks who gave out credit like it was candy.

    Your example does NOT fit the "Capitalism" moniker.

    True Capiltalism abhors ponzi schemes.

    True Capitalism does not create money out of thin air.

    True Capitalism does not engage in Quantitative Easing.

    What America practices is very far from True Capitalism.

    --
    Muchas Gracias, Señor Edward Snowden !