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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

True it can't be a 100% switch until you can use it to pay taxes, but you can start to use it now in place of bartering. Regardless, the more people are pushed into a corner the more they will re-evaluate their priorities. Banned or not, crypto currency provides an option to protect some of your worth from tyrannical control...there will be a threshold at which each person will say "it's worth giving it a try".

The BTC/USD price is still volatile, yes, so there is an added layer of risk if BTC is used for payment of things that are priced in USD. The entire market is down right now, even though BTC is down more, because of the recession we're now in. BTC also goes higher than the market during the growth period. Regardless, this entire layer can be bypassed for now by keeping your money in several stable coins that are pegged to the price of USD. Then you can convert it to another cryptocurrency as you buy something, and the price of that currency at that moment won't matter...since everyone would still be pricing in USD.

Needless to mention the other scandals such as mtgox and vanishing coins...

What's the difference between a vanishing coin and a permanently frozen deposit?

...average man is tech dumb

This, for good or bad, will be the next test of "survival of the fittest". Those that take the time to learn this tech will survive the next phase, the others will remain trapped like a slave. But even this is on a gradient scale: you don't need to be a crypto developer to pay for your McDonald's meal in BTC using your phone.

[–] • 0 pt (edited )

What's the difference between a vanishing coin and a permanently frozen deposit?

Nothing says it's going to be permanent, and a bankrun is only a problem with bills/cash, not with digits... Hence why they're going to move to a govcoin, how convenient...

Vanished coins are vanished, there's no way to get them back, it's as if they never existed, it's not like you can sue an entity here, it's gone, poof

This, for good or bad, will be the next test of "survival of the fittest". Those that take the time to learn this tech will survive the next phase, the others will remain trapped like a slave. But even this is on a gradient scale: you don't need to be a crypto developer to pay for your McDonald's meal in BTC using your phone.

I don't believe this one bit, anything can be confiscated and/or criminalized, starting wiht gold ownership for instance, bitcoin is no different, there's no safe haven

[–] • 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.

Vanished coins are vanished, there's no way to get them back, it's as if they never existed, it's not like you can sue an entity here, it's gone, poof

Are you using "vanish" to mean stolen? ERC-20 coins on the Etherium chain (or side chain) don't just disappear unless they are authorized by the coin holder to be burned by the underlying contract script, and even then this is specific to the coin's design and is controlled not random. 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.

anything can be confiscated and/or criminalized, starting wiht gold ownership for instance, bitcoin is no different, there's no safe haven

right, and from this context you can properly deal with the question "what ways can I protect my wealth and freedom from being taken away by others?"

Whether it's cash under the mattress, your house, farm animals, a digital record in a central bank or exchange, or a digital record in a globally distributed blockchain, you have to recognize there are pros and cons to each of these forms. If you only look at this one risk of cryptocurrency and ignore everything else, then you're cheating yourself of the larger view point when considering how to protect your wealth.

[–] • 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