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China Cracks Down On Bitcoin, Cuts Off Exchanges' Bank Access
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."
Or you know, a well known totalitarian government stamping out a black market currency, you know, to control their citizens, like they've been doing forever.
Or you know, a well known totalitarian government stamping out a black market currency, you know, to control their citizens, like they've been doing forever.
Funny how they can be all quiet on things like this, then go at them like a rancor beast.
Fear is a great motivator. Anything they can't control makes their fearful.
A feeling of having made the same mistake before: Deja Foobar
Anyone keeping coins in an exchange for any longer than necessary to exchange them is an idiot.
Communist economies are fake economies. Always. In the bad days of the USSR, you couldn't buy anything you really wanted with Rubles, but of course anything else was quite illegal. China today isn't nearly as bad, and they have a mix of genuine capitalist (owned by individuals, not the government) business and government business, so you can buy some stuff with the yuan. But they still have too much fake economy to allow people to legally buy and sell as they wish, and the black market is still a big deal and threatens government control.
Contrast that to the US, where the only large black market is for drugs, and it's arguable whether anything significant would change if the popular drugs were legalized. It certainly wouldn't bring down the government.
Socialism: a lie told by totalitarians and believed by fools.