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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."

6 of 100 comments (clear)

  1. Re:Chinese getting uncomfortable... by i+kan+reed · · Score: 4, Insightful

    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.

  2. Idiots: by mythosaz · · Score: 4, Insightful

    Anyone keeping coins in an exchange for any longer than necessary to exchange them is an idiot.

  3. 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.

  4. Sink or swim moment by Lost+Race · · Score: 4, Interesting

    Well, this is it -- an early test of whether Bitcoin can stand on its own as an underground currency. The crutch of traditional currency exchange has been kicked out from under it. Will the bitcoins currently in China be abandoned? smuggled out? or actually used as money like Satoshi intended?

  5. Unsubtle how? by St.Creed · · Score: 4, Interesting

    If the Chinese government had been unsubtle, the police would have arrested the owners and they'd be doing hard labour in a punishment camp in Tibet right now. Telling banks to stop doing business with them is a very very moderate slap on the wrist for people who've been slightly naughty.

    --
    Therefore, by the (faulty) logic you're using, you're just a cow with a keyboard - osu-neko (2604)
  6. 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 !