BTC East (again) II

The world isn’t cooperating with those who want to think about one thing at a time:

In a report out today from Goldman Sachs about the future of money, the bank points out that 80% of bitcoin volume is now exchanged into and out of Chinese yuan. The second-highest trading currency is the US dollar, followed by smaller denominations in yen and euros.

The fate of Bitcoin is inextricable from that of the global monetary order, and coming at it from that direction is increasingly unavoidable.

ADDED: Cryptocoins News comments.

3 thoughts on “BTC East (again) II

  1. I think you might be misinterpreting this.

    1) Crypto Coin News is not a very reliable source of information

    2) the trend has been historically to pump up public perceptions of BTC(or in some cases blame shortcomings) on Chinese actors primary because this data cannot be validated in any simple way by the standard Bitcoin dupe.

    3) there is a degree of crypto activity in China that I tend to think is CCP party members embezzling money. Some of the most corrupt exchanges are Chinese-Based(eg. BTER).

    cheers.

    • “… there is a degree of crypto activity in China that I tend to think is CCP party members embezzling money.” — You’re not suggesting that’s a small thing?

      • It’s difficult to measure exactly.

        There are clear indicators that China is used as a way to inflate perceptions on Bitcoin markets. The Chinese exchanges have virtually no regulatory requirements, thus the numbers can be easily manipulated. BTER is a good example of the corrupt Bitcoin exchanges. There are consistent reports of OKCoin pulling sleazy moves on it’s Options customers.

        How big is Chinese Bitcoin embezzlement? Hard to say. I know that there has been several incidents where the Chinese govt. declared Bitcoin illegal, but no action was taken- probably as a move to placate the population as it’s widely recognized as a way officially move money out of the country.

        I should make myself clear- Bitcoin is mostly a ponzi scheme at this point. It’s hardly a tool for subversion.

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