Quote from: jl2012 on April 10, 2014, 04:37:55 AM

Quote from: Edward50 on April 10, 2014, 04:28:42 AM

You fail to take into account that these loopholes will be hard to move serious money into bitcoin.

You do know Chinese people are buying real estate in London, Canada, and Australia like crazy, don't you? Please tell me how could they do it if each Chinese citizen is only allowed to wire 50000USD out of the country each year. Please also explain how buying bitcoin could become more difficult than buying a house in Vancouver.

The rich Chinese (even the poor!) have many relatives, (much like the Mexicans who buy/rent a house for their "family" which the average American thinks, 2-3 kids, wife, husband, dog but the house ends up with 20 people there Wink

each and everyone related), not to be racist or anything but even with the "2 children" limit in China (is that still in effect?) the families are huge. Many aunts, uncles, cousins and so on, each one of those people transfer their 50k limit, that is how the rich Chinese get their money out. It's easy enough to just give each family member that helps a few grand and they are more than happy to "help". Most of the time with such large families some one some where in there is going to end up making a lot of money in their life time. Sometimes, almost every person in the next generation of a family lucks out and gets to climb the ladder or gets willed "old money" more than enough to start their own business enterprise.

Especially considering that there is a lot of "old money" and "new money" plus "general" higher educational standards and a drive to "live a better life" for themselves and their children is evident even in the government, allowing Hong Kong to be "one country, with two rules", clearly recognizing the economic policy of mostly self regulating business with minimal government "interference/regulation" has made Hong Kong a part of the "Dragons" in just a short time (relative to even the age of the USA) and wanting to keep that structure as it has made everyone a lot of money, including the government.

So, even though China may not truly rank as high in education in proportion to other countries, I believe the majority of the population is more likely to at least graduate high school, probably more so than the people here in the US, they HAVE TO work harder there to keep up with being the largest "race" in the world at over 1.35 billion population, just so that they can even have the skill and knowledge to even be able to work at a factory as technology advances so does the need for skilled workers. http://en.wikipedia.org/wiki/China

IMHO, there may be people in the political system there that want to keep their money locked in there but at the same time they are the ones that own most of our Bonds, that allow us to have this humungous national debt. I'm not sure but I would guess that proportionately we have more debt than most other countries in the world, we don't own our own country anymore, everyone else does. We started the country in debt as the US didn't have the resources to fight the English so borrowed money from the French, IIRC, that or the Spanish, in both cases we were in their debt from the start, now just a "short" about 300 years we now have many TRILLIONS in debt. So much so that there is not enough gold to make the US dollar worth a dollar, the exact reason that there are federal laws to "limit" to how much gold an individual can purchase and have.

So, what does the government do? Spend more money on the military industrial complex to make sure that if any country wants to cash in a majority of their Bonds we'll just declare war or call them terrorists. 9/11 was just a perfect time to enact all these "illegal" laws and turn our country more and more into a totalitarian government with an "illusion" of freedom.

Now, technology has put the governments and banks in a bind, like the internet did to share information and help educate more of the world. They are scared but don't want us to see that and will do what they can to make it like they "allow" us to have our freedom but isn't that already an oxymoron? If you have freedom then why must someone else tell you that you can have it?

Anyway, IMHO Bitcoins are at a point where it is almost too big to fail, so many companies have invested in the structure of bitcoins that they will lobby to keep it around. Finally, once there are some good and easily accessible distributed method to buy and spend bitcoins it will take off. If just 1% of the Chinese population buy just 1 btc that is 13,500,000 bitcoins, there is not enough in circulation to even meet that demand. Correct me if my math is wrong but in any case from the amount of money already invested in a singular thing such as bitcoins it will not likely easily go away.

It's like Bill Gates said, "Who is going to need more than 4mb of memory anyway?"...