Comment by numbers_guy
18 hours ago
Back in 2011 I remember a lot of people talking about how the Chinese oligarchs were using it to evade currency controls and funnel their wealth out of China.
18 hours ago
Back in 2011 I remember a lot of people talking about how the Chinese oligarchs were using it to evade currency controls and funnel their wealth out of China.
Yes but we should be reminded that this also allows people to be protected from government overreach.
If you say something the Chinese government does not agree with they can choose to take all your money and control of your company instantly. Not just oligarchs although those are the bigger targets due to the high value.
Even a small business owner could THEORETICALLY have their assets and equity seized for saying something which goes against the current ruling party, and this is not specific to China it could happen in any modern country.
Crypto allow someone to distribute their wealth in a way where they can be free to speak their mind and still protected even if the country which their business is based out of decides to take action against them.
> Crypto allow someone to distribute their wealth in a way where they can be free to speak their mind and still protected even if the country which their business is based out of decides to take action against them.
Transferring money between people internationally has been around for centuries:
* https://en.wikipedia.org/wiki/Hawala
You transfer X units of value from you to someone else in the network locally, and an equivalent amount is transferred to you in a remote location.
How is diversification unique to crypto? They could have bought us dollars or gold or a lot of other things even before Bitcoin. And the day that Trump decides to make Bitcoin illegal, its worldwide value still plummets. Besides which, crypto is not keeping anyone out of physical jail. China does not stop at seizing your bank accounts.
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I like to live in a world were companies have to follow the law and pay taxes though. Crypto is one step in the direction of Cyberpunk corporations.