#33kByJuly3018Moku //not_giving_away_ETH\\ - @CarpeNoctom3 months ago
RT @CoinDesk: NEW: Thousands of cryptocurrency OTC merchants and their clients may have been affected as police in China freeze bank accounts over crypto and fiat assets tainted by illicit activity.
Report by @WolfieZhaohttps://t.co/LdzA9AevtP
tempMonero123Platinum | QC: XMR 1029, CC 959, CM 25 | TraderSub3 months ago
It's because they're essentially not private. Zcash will not have private-by-default transactions, meaning that most of the private transactions can be unmasked due to the 99% that don't use best privacy practices. The "exact same techniques that can be used to analyse CoinJoin transactions performed using Bitcoin can be used on Dash." - Chainalysis.
If China gives the green light for those two coins, it means they can track them. China does not like privacy.
China is a dictatorship that will never allow anything else than a currency they have 100% control over, so it’s a bit difficult to compare them with the west and what’s going on over here.
Btc/crypto will never be legal in China under the current regime.
You do realize that capital control is used by even countries with free markets (especially after financial crisis of 97). It’s just that China is on the cutting edge when it comes to “digital money”.
The US on the other hand already has FATCA and imposes it on all non-US financial institutions globally to ensure we are taxed regardless of where we are.
If, or when, China imposes their own FATCA globally, 1. we will call them out for being dictatorial (despite us already doing it), 2. they will have less reason to limit capital flight.
You have to understand that their current measure is to prevent corrupted officials or tax evaders to move and hide their wealth offshore.
Part of their measures is to gain more control over their citizens, other part is because a few years ago a lot of money was moved out of their economy, which in turn destabilized it greatly.
The reason why the rich moves money out are not the reasons you listed above. It’s because as long as they remain in China, their money and own safety is not in their own control. Whatever reason China gives officially can never be trusted.
Have you ever tried to exchange Yuan in your local bank? You can’t. The currency is fixed within China. China is so far away from a FATCA as they can be at this point.
I do realize democratic countries are not free, but at this point you would do better to compare China with North Korea than a western country.
Actually, I can and I have. I travelled extensively throughout APAC pre-Covid for work and have no issues changing RMB to local currencies at banks in Malaysia, Thailand, Korea, Singapore etc and vice versa.
Also, you do realise that you can’t take in/out more than US$10k from the US without declaring right? It is a chargeable offense. For China, you can’t take in/out more than RMB 20k (iirc) without getting permission. Capital controls.
I get why people are distrusting of what China says but it doesn’t mean everything they say is false. People take money out from their home countries for a multitude of reasons - why do you think there are tax havens like Seychelles, BVI, Switzerland etc?
It does make sense that you can exchange a small amount in APAC countries. It would be bad for Chinese to lose face when they won’t take your money haha.
Yes, I do realize there are capital controls, but that’s for cash mostly. You can transfer larger sums through a bank.
No need, we got DEX's around, which completely solves this government control. Blocknet pioneered with their DEX in early 2018, and while the volume on their exchange isn't "impressing", it's worth saying that the volume has 10x'ed the past year, and is likely to increase even more as they make thei DEX itself easily avaliable through a Litewallet, which you can use to store multiple coins in, and trade as you want from the same place!
This is what happens when technologies like Private Send are left to rot while chain analysis companies continue to develop their weapons of de-anonymization. Some coins are more worthy / valuable than others, this is not fungibility.
For sure. Before they could at least smuggle some Yuan over to Hong Kong and trade it for dollar (at a price of course). Now they can’t even do that. Once the digital Yuan comes and no cash it will be brutal.
What’s left then? Smuggle gold, Macau, international companies and btc perhaps.
BTC is easily traceable unless you jump through a bunch of technical hoops to hide it. Even then I would still be worried. The FBI has made several high profile arrests that where open and shut cases bc all the evidence is "written in stone" on the blockchain.