China Cracks Down On Bitcoin, Cuts Off Exchanges' Bank Access 100
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."
Re:As they should... (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.
Re:Chinese getting uncomfortable... (Score:4, Informative)
Do you know what CAPITALISM is ? (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.