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>"They did not say they would beat us if we refused to leave. They just used the loudspeaker to say that we were breaking the law by petitioning. That's ridiculous. It's the banks that are breaking the law."

...

"This is huge. Don't know how this will end. Henan bank is NOT the only one that is having problems with liquidity. All four Chinese banks are having the same issue. Some depositors found they can save and can NOT withdraw money with their bank cards. " https://twitter.com/jenniferatntd/status/1546168180388806656

...

The banks, which include the Yuzhou Xinminsheng Village Bank and the Shangcai Huimin Country Bank, are under investigation by the authorities for illegal fundraising, the state-run Global Times reported.

The protesters were eventually bused to various sites where Zhang said they were forced to sign a letter guaranteeing they would not gather anymore. Late Sunday, Henan banking regulators posted a short notice on their website saying that authorities are speeding up the verification of customer funds in four of the banks and the formulation of a plan to resolve the situation to protect the rights and interests of the public.

More than 1,000 depositors from across the country had planned to gather in Zhengzhou last month to try to withdraw their money but they were unable to when their COVID-19 health codes, which determine if one can travel, switched to a "no travel" status.

>>"They did not say they would beat us if we refused to leave. They just used the loudspeaker to say that we were breaking the law by petitioning. That's ridiculous. It's the banks that are breaking the law." ... "This is huge. Don't know how this will end. Henan bank is NOT the only one that is having problems with liquidity. All four Chinese banks are having the same issue. Some depositors found they can save and can NOT withdraw money with their bank cards. " https://twitter.com/jenniferatntd/status/1546168180388806656 ... The banks, which include the Yuzhou Xinminsheng Village Bank and the Shangcai Huimin Country Bank, are under investigation by the authorities for illegal fundraising, the state-run Global Times reported. The protesters were eventually bused to various sites where Zhang said they were forced to sign a letter guaranteeing they would not gather anymore. Late Sunday, Henan banking regulators posted a short notice on their website saying that authorities are speeding up the verification of customer funds in four of the banks and the formulation of a plan to resolve the situation to protect the rights and interests of the public. More than 1,000 depositors from across the country had planned to gather in Zhengzhou last month to try to withdraw their money but they were unable to when their COVID-19 health codes, which determine if one can travel, switched to a "no travel" status.

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[–] • 0 pt (edited )

There's currently no set date for unfreezing the deposits either, so it's still a risk. Ignoring for a moment that it could take days or months to get the funds back, the fact that access to the funds have been taken away simply because of a violation of trust is the larger concern here. China's social credit score system that also interferes with your fund access is another example.

Yeah but I don't see how bitcoin or any crypto not controlled by the chinese gov will be of any help in that context if they decide to ban bitcoin or any other coin, those coins are as good as crack then. Sure crack has a street value, who wants to be a criminal in china? You are reasoning in a democratic context, not a totalitarian one. And the democratic shouldn't be taken for granted, especially if shit hits the fan, courts and constitutions are suspended in case of martial law.

I mean, if we're talking about SHTF scenarios, like every other currency and the world goes mad max, where are you going with your bitcoin? I mean at least with a silver coin you can use it with any random grunt who knows what's precious metal, without machine, without network, without electricity... And even then I'm not convinced silver coins have value in madmax world

Food, clean water, weapons yeah, blades, tools, yeah those still have value, but the rest...

If you are referring to theft by a crypto exchange company, meaning funds in their wallet that were allocated to you are no longer accessible, then there is an entity to sue.

Yeah I'm referring to disposable lame ass companies, with the owner at large, as opposed to banks with massive head quarters and so much ties to .gov the boss can't just run away with the money, there's a difference in terms of exposure

[–] • 0 pt

Just cause it's outlawed doesn't mean it's impossible to use, just means it's more risky/costly to use. Crack is outlawed and is still bought in the streets, while sending BTC is even easier to do than physically handing over crack.

In SHTF cases, yeah crypto is worthless w/o power & network, but global society is too reliant on these for it to simply go away overnight. Anyone paying attention to real red flags would have time to get their worth out of a sinking ship before it's sunk. Besides, the wealthier you are, the more diversified you should be to protect that wealth.

Trading physical coins like silver has its own risks. Do you know how to verify the purity of a silver coin to ensure it's not just a silver-looking alloy? Gonna trust the minted imprint in place of a purity test? There's a reason society moved on from those days.

[–] • 0 pt (edited )

Just cause it's outlawed doesn't mean it's impossible to use, just means it's more risky/costly to use.

Yeah... Like trafficking counterfeit money, the penalty is just above manslaughter, but you can do it, why don't you do it? We know why, and it's not because of the technical difficulty

The day they realize that any given eCoin poses an existential threat to their monopoly, you can bet your ass they'll go as far as necessary. I mean they already confiscated gold a couple of decades ago, because "this time it's different", the sky is the limit. So yeah, they inevitably go full govcoin at some point

Anyone paying attention to real red flags would have time to get their worth out of a sinking ship before it's sunk

It creeps slowly for years, and then all of a sudden. And last time I checked a bitcoin transaction wasn't particularly fast, and to buy what? Gold? Ah... Delays... Deliveries... Supply chains... Taxation... Embargo...

It's not that simple, especially for big numbers

Trading physical coins like silver has its own risks. Do you know how to verify the purity of a silver coin to ensure it's not just a silver-looking alloy? Gonna trust the minted imprint in place of a purity test? There's a reason society moved on from those days.

That's not the reason why society moved away from PMs, we're talking about a system as old as antiquity that was still in place 2 centuries ago

Nitric acid