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China Orders Bitcoin Exchanges In Capital City To Close (bbc.com)
An anonymous reader quotes a report from BBC: China is moving forward with plans to shut down Bitcoin exchanges in the country, starting with trading platforms in key cities. All Bitcoin exchanges in Beijing and Shanghai have been ordered to submit plans for winding down their operations by 20 September. The move follows the Chinese central bank's decision to ban initial coin offerings in early September. Top exchange BTCC said it would stop trading at the end of the month. Chinese authorities decided to ban digital currencies as part of a plan for reducing the country's financial risks. All exchanges are required to send regulators a detailed "risk-free" plan of how they intend to exit the market before 18:30 local time on Wednesday 20 September. The regulator also ordered the exchanges to submit DVDs containing all user trading and holding data to the local authorities. Shareholders, controllers, executives, and core financial and technical staff of exchanges are also required to remain in Beijing during the shutdown and to co-operate fully with authorities.
"It's different this time!"
*pop*
oh
I'm a minority race. Save your vitriol for white people.
Will be interesting how long the current artificial highs that were a direct result of Chinese investment will hold for. realistically this "should" send the price back to sub $1000 region, however the rapid climb has attracted a lot of other latecomers so who knows.
nt
Even goatse.cx is launching a coin now called goatse coin
and we are into the 'then they fight you' stage
What does this mean for bitcoin farms in China? Would they have to close down operations as well?
Corrupt Chinese businessmen already have a great money laundering scheme for getting money out of the country.
Have a look at property prices in Australia and New Zealand, (there are probably other places too).
Added bonus (in NZ anyway), no capital gains tax.
Another added bonus, make friends with the right people, and you can be a citizen.
Nothing suspicious about that though, oh no.
Another added bonus, make friends with the right people, and you can be a citizen.
Nothing suspicious about that though, oh no.
In the US, we don't even make you know the right people. Invest $1 million in a new business (or $500K if it is in "targetted employment area") and you get an EB-5 visa. Of course, if you also "know" Jared Kushner, that helps too.
Submit a bitcoin miner on dvd to the local authorities... :P
[($)]
So I can buy.
and now I have another reason to dislike them. They don't do much for society do they.
Fuck check out the west coast in the US or Vancouver CA they even made crazy taxes if you weren't living in the house as your main property to stop people from driving it up to a point of unlivable place which only cooled it down for a month before going back up like crazy again. Everyone in china wants to make a cash grab and then get the fuck out.
Sounds like that poor man has suffered far more than he should have to get a citizenship.
many of them are being caught out with that and being forced to sell and/or jailed in China. The smarter ones are doing it through casino's, bitcoin and other avenues that are much harder for them to track. Property purchases by Chinese businessmen are barely a blip on the Australian market, overhyped by those that have a poor understanding of the Australian market.
The corporate tax rate for domestic and foreign companies is 25%. Small companies pay 20% corporate tax in certain cases. Hi-tech companies pay 15% corporate tax.
Source?
Here is a pro property bubble website claiming that Chinese investment into Australia is about 31 billion per year.
An additional 31 billion into a finite resource increases prices across the board. What is your logic for claiming it has no effect?
My source.
Considering Bitcoin's ENTIRE market cap is equal to only two years worth of Chinese offshore investment in Australia must say something, just not sure what exactly.
You know that they buy the bitcoin and then sell it again to buy the houses right...
What part of that do you think increases the market cap lol
BC Canada has felt the impact of CHINA money laundering......MASSIVE amounts of property being snapped up by CHINA buyers. 500% increase in property values. Same situ happening in Toronto and Aus and everywhere.
CHINA IS A CANCER
Invest $1 million in a new business (or $500K if it is in "targetted employment area") and you get an EB-5 visa.
This is smart policy. We send money to China in exchange for containers full of Walmart merchandise, and then the money flows back into America as investments by Chinese who then become American residents. Win win.
you do realise the Australian property market is a multi trillion dollar industry at this point, 31 billion is nothing.
31 billion is tiny in the overall scheme of the Australian market. Even the Article claims the expected drop of $16 billion from the DECLINING chinese investment is unlikely to have much impact
The Australian residential property market has a total capitalisation of about 6 trillion. However, on average, properties are held for 10 years (Source), so a good estimate for the yearly turnover is 600 billion. 31 billion (excluding money channelled through tax havens) is 5% of total turnover, which is concentrated in Sydney and Melbourne.
If you add an extra 5% in demand, it will absolutely push prices up by more than that 5%, because people will bid higher to purchase houses.
I chose that link because the source (Fairfax) has a vested interest in keeping property prices high and downplaying the impact of Chinese investment (their only profitable division is Domain, their real estate group). Fairfax have a vested interest in downplaying the role of Chinese investment as their business model benefits from high property prices - population pressures in major cities are causing increasing levels of racism in Australia right now, and blowback against Chinese investment could reduce their slice of the money flowing through the property market.
As I posted elsewhere, the Australian residential property market has a total capitalisation of about 6 trillion, and properties are held for an average of 10 years (Source), so a good estimate for the yearly turnover is 600 billion. 31 billion (excluding money channelled through tax havens) is 5% of total turnover, which is concentrated in Sydney and Melbourne. The decline they are projecting is a wild-ass guess given statistics for the year aren't available yet.
If you add an extra 5% in demand for a finite resource, it will absolutely make a difference to prices, because people will bid higher to purchase houses. Do you have any evidence that it won't; or are you going off gut feel?
Chinese are forced to only buy new properties when purchasing for investment. It has very little impact on the market, especially as they are heavily focused on the million+ property price range.
Australian market is closer to 8 trillion, it was 6 trillion back in 2015. Chinese investors also are only permitted to buy new properties so they have fuck all influence on the market except for the cost of building new.
One government entity may now soon be in control of the majority of the bitcoin hashrate. By appearances it looks like over 60% is located within china. Let that sink in for moment...
...is man made.
8 trillion. 6 trillion is a couple of years out of date, so just under 4%, basically insignificant in the scheme of things especially when other factors like government limited land release, low interest rates, high immigration rates are having far greater effect. Also remember the chinese investors aren't buying low and middle priced houses, they are investing in new apartment blocks and new multi million dollar houses, they aren't allowed to buy houses that aren't new.
The Chinese own a supermajority of the hashing rate on the Bitcoin network. Which means that not long after this crackdown on exchanges happens, we will see the same thing happen to miners, if it isn't already in progress. And that gets complicated when it turns out China isn't shutting down the miners, but rather having them come under government regulation and control, perhaps leading to modified mining software that the Party can use to artificially imbalance the worldwide bitcoin network. This could be done to literally destroy the currency; disrupt the network for purposes of value manipulation, whether rewriting transaction logs, double spending coins, etc.
There are a lot of far more insidious long term purposes to the Chinese crackdown on BTC, but the real concern is that the West is going to follow, at which point virtual currencies will only make sense via dark networks, likely ones that are not using commercial network infrastructure (since it is all monitored now.)
Corrupt Chinese businessmen already have a great money laundering scheme for getting money out of the country. Have a look at property prices in Australia and New Zealand, (there are probably other places too).
They've definitely gone up in Hong Kong too, to the detriment of locals. Hong Kong was already a challenging place to live in due to sky high property prices before mainlanders started messing with the local property market. It's gotten much worse in recent years, which some didn't think was possible.
The first rule of a fiat currency is that you must compel people to use it. Even if that means shutting down access to other currencies (china today) or making trading in precious metals illegal (USA, 1933). Bonus points from making the world use your fiat currency (USA 1947), and by the way, you may have to invade other countries of start a few coups along the way to ensure they continue to use your fiat currency.
Really, nothing to see here......
31 billion includes commercial as well as residential property so that is not 31 billion out of the 600 billion spent on houses, it is a much lower percentage