02 Dec '13, 4pm

I'm not changing my mind about Bitcoin—it's for crooks and cranks:

I'm not changing my mind about Bitcoin—it's for crooks and cranks:

properties aren't particularly impressive. It is being used right now by Chinese people as a means of evading that country's exchange-rate controls. That's clever. But it's really something that only works if the Chinese government keeps tolerating it. And there are any number of loopholes that work as long as they're tolerated. Perhaps the most famous one is that you can use RMB to buy chips at a casino in Macao and then after gambling a bit you can cash those chips in for Macao money that isn't subject to exchange rate controls.* I heard in Hong Kong that some wealthy Chinese people are using Hong Kong real estate as a kind of loophole. My guess is that China probably won't crack down on these loopholes too hard because the Chinese government is in the process of liberalizing the exchange rate controls and lax enforcement of loopholes is part of that process. But eventua...

Full article: http://www.slate.com/blogs/moneybox/2013/12/02/bitcoin_my...

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I'm Changing My Mind About Bitcoin

I'm Changing My Mind About Bitcoin

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