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Interesting, thanks for keeping us up to date. Istr reading that they're banning/stopping cash trading or something like that?
@waxwing yup they sure have. sucks.
@waxwing To be honest i don't think its going to stop people in industry from p2p cash exchanges. its just going to drive it further underground or elsewhere. i hear paxful and hodlhodl might be picking up where it was lost on lbc.
@waxwing Further to this point, p2p and otc have been serving the onramp from fiat to crypto, with Tether being traded in largest volume in Asia. For large volumes this is easier to negotiate than highly volatile btc.
Don't discount tether its at $3bn circulation and turn over can be 500% or more daily. All the other stable coins are desperate to catch it and its adoption in Russia/China is so massive there's just no way at this point
@waxwing Large amounts of supply chain settlements handled by Tether in Asia. They just don't want to do USD wires because its slow as eff : T+2, fees and the hours are off (NY Fed hrs)
If you ask me, this is fuel for Russia/China/Africa to circumvent the trade wars and tariffs now in play. Its just going to drive both Tether and BTC adoption to the moon.
Not sure btc part follows. Maybe.
@waxwing BTC trade volumes in asia are huge because people recognize it as a store of value and a means to exit the shaky gov't fiat system
@waxwing Further, in my view, Hong Kong is ground zero for the US-China Trade War.
What a lot of people don't know is the democracy and economics in HK is mostly controlled by the West.
Re: tether, heard this from a (well connected) Chinese friend a long while ago.
The HKD is its own currency, and has NO CAPITAL CONTROLS. Its also backed 100% by the USD. There is No central bank issuer in HK, there are 3 banks which print the HKD and peg it floating to the USD. Its a western super libertarian economy driven wholly by finance markets.
Without finance and liberal trade policies and human rights there is no HK
There's no need to shout, I'm well aware of the facts :)
Speaking as someone who lived in the region for a long time, I think the war for hong kong was lost a long time ago. The CCP's 'agreements' with foreign powers are 100% worthless.
Only the end of the CCP would reverse the loss of sovereignty.
@waxwing @christinabahk HK has been down a slippering rope since 97, it could have slowly fall but CCP is trying very hard to wake up people :)
Talking about recent events with a chinese friend, he told me that 10 years ago there was virtually no HK independentist, but today it is becoming a quite common political stance especially among the youth.
Of course there's still the chance for CCP going full retard and sending tanks at some point, even if it would be a disaster