Chinese using Bitcoin to launder money so they can buy gold

Since its inception, Bitcoin has been a lightening rod for many different factions… including those who see the crypto-currency as a way to achieve financial salvation, or those who see it as a threat to their fiat monetary system.  And amongst all the propaganda, rhetoric, and attempted gambits to either expand or kill the fledgling currency, the bottom line is that like all forms of money, it can allow people to do both good or evil based on the agendas given individuals choose to engage in.
And in a most ironic turn of events, the fear that governments have in Bitcoin has now become the same salvation for hundreds of not thousands of Chinese citizens and investors as the use of Bitcoin has become a way of laundering money… not just for drug cartels, but as a means of overcoming capital control strictures imposed on a people by a scared and paranoid government.

In August, bitcoin fell to a low for 2015 near $200 amid turmoil in the Chinese and global stock markets.  But bitcoin transaction volume has been growing. Blockchain.info data shows that unique bitcoin wallet addresses—which are how users manage and trade bitcoin—are at an all-time high.

Some have multiple bitcoin addresses, but such a spike suggests there are new users as well.

Most bitcoin experts once again see Chinese demand as key.  As China has been devaluing its currency, the yuan, throughout the year and the Chinese are aware of the growing risks posed to the yuan and indeed the dollar and other fiat currencies.

Also, their recent experience of the stock market crash has made bitcoin and, of course, gold more attractive again. Hence the surge in demand for gold in China again. China’s gold buying rose 7.83% year on year to 814 tons in the first three quarters, industry data from the China Gold Association (CGA) showed yesterday.

Bitcoin is an easy way for people to swap out of yuan. Goldman Sachs analysts estimated earlier this year that 80% of bitcoin volume is exchanged in and out of the Chinese yuan. Once converted to bitcoin, the owners can then swap back into other fiat currencies and indeed, physical gold. – Goldcore

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The rise of the digital age has made it easier for governments to impose draconian controls over people, and financial systems.  But that same tool has also made it possible for clever individuals to use that system against the controllers and provide a means for people to opt out of the program should they have the ears to hear and eyes to see what is being done under the cover of darkness by those who seek monetary dominion going back to the 17th century and beyond.

Bitcoin will never replace real money, but like a global reserve currency it can act as a medium of exchange to move from one form to another, with little regulation or documentation to hinder the exchange of commerce for those with the wherewithal to protect their wealth.

12 comments

  1. Ken, My sincere compliments. There’s a lot of genius and insight here at RM, but I have always wondered why I’ve never seen more (or anything) about Bitcoin outside of my own posts. It takes a Ken Schortgen to boldly go where few have gone before and bring the board up to speed on this topic.
    Despite all the poo pooing of Bitcoin by the gold bugs, I was able to use it to double my PM holdings two years ago in the first run up. Not even Mike Maloney or Peter Schiff saw that bitcoin was a way to increase wealth and trade for gold and silver, even though several dealers accepted BTC as currency in exchange for PMS.

    Thanks to you, more RMers will trust this new commodity as a means to economic liberty, the last truly free market in the world (outside of black and/or underground markets).

    1. Do you know any how-to links to Bitcoin investments and making passive income that are the most trustworthy that you came across during your time that I can learn?
      I am uncertain of Bitcoin as an investment to grow my wealth further and as passive income, so that is why up to now I have stayed out of it.

        1. Not very familiar with Twitter and neither a fan of their ridiculous word limits. Any other way to message you?

          1. You could set up your account just to contact me. I ‘ll give you an email address by DM we can then use for correspondence. follow me, then I’ll follow you. Then we can ‘Direct Message” each other to exchange email addresses.
            As a side note, it would be great if RM had a private messaging feature so we could contact each other in this manner.

            You might wanna see if there is a bitcoin exchange in Singapore, that would facilitate faster and easier bank transfers. I use a couple that allow direct cash deposits in person or use of a Chinese Mainland bank transfer. One of them only takes 20-30 minutes to get the money in your trading account. Open an account and browse around the site to see what’s going on.

  2. I have unsubscribed from Paul Sandhu’s channel after he brought on the deranged paid-agent for Flat-Earth shill Mark Sargent. The good news is enough recognize the stupidity of this and the video has more thumbs down than others. The bad news is it is only 30% and not 100%.
    Whether this theory is true is beside the point. We are under direct attack from the globalists at this very moment, every time you eat cancer-causing preservatives laden supermarket food, or fluoridated water, or the on-going paper asset scam, or another alternative energy source gets suppressed.

    The intelligence services are at war with the Independent Media/Resistance movement to decentralize and withdraw support from the Control System the intelligence services serve. It is no-brainer that irrelevant theories like these are drip-fed to carve up the threat posed to the Cabal’s control.

    With the current problems we have, the shape of the planet I live on has very little bearing on the urgent situation we have.

    1. I hear that. John B Wells is probably losing a few subscribers because he refuses to have any flt earth people on his show, much to the dismay, and even outrage, of a few his more stupid subscribers.
      I don’t get this resurgence of flat earth theory. It’s got to be one of, if not THE, dumbest trends in alternative media ever. Perhaps it is a disinfo campaign to discredit alt media. I don’t know. Whether it’s spontaneous or orchestrated, it shows how dumb some of the people are in alternative news circles.

      I’m not going to drop my Paul Sandhu YT subscription though because I don’t wanna miss his Jim Willie interviews.

      1. Go to goldenjackass.com, go to ‘Public Area’ and posted will be all his latest interviews with most recent at the top, or the occasional article.

      2. Isa 40:22It is he that sitteth upon the circle of the earth, and the inhabitants thereof are as grasshoppers; that stretcheth out the heavens as a curtain, and spreadeth them out as a tent to dwell in:

        Hebrew word for circle is: chuwg

        I. circle, circuit, compass
        II. (BDB) vault (of the heavens)

        Gesenius’ Hebrew-Chaldee Lexicon

        a circle, sphere, used of the arch or vault of the sky in Prov. 8:27 and Job 22:14, and of the world in Isa 40:22

        Thus when you look at the definition as a whole, it refers to the fullness of the entire circuit of the heavens and earth. Like the model of the Menorrah, where the earth is in the middle, and there are three levels of the underworld on one side, and three heavens on the other.

        It is not simply referring to the earth as a circle, flat or spherical, but the entirety of the heavens, earth, and hell model.

        But when again, most people believing the flat earth theory don’t do so using biblical references… in fact, they usually attempt to prostitute the corrupt English translation to refute the religious system with their own ‘words’ and to strengthen their own argument.

        It is also why I have been working on a book off and on for some time now… titled, Almost Everything Christians Believe From the Bible Are wrong

        Because man controls the book… the construct known as the bible, and man has changed it continuously since man made the bible construct in 325 AD.

        1. Brilliantly said. There’s an excellent series of videos by a man called Bill Donahue of Forked River, New Jersey on why the Bible is not a literal book, but a book of Cosmic Psychology.
          Here’s one example: https://www.youtube.com/watch?v=7VSBn69kAIY

          If the videos look old, its because they actually are. He’s been doing these videos as far back as 1994.

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