And this is why China has been so enthusiastic about Bitcoin. They have never trusted their government’s financial system, for good reason apparently.
This is a pretty amazing situation. You would think that China’s highly educated, intelligent leadership would see that such shenanigans are a risk to their entire system. This situation sounds like a much bigger scale of the 1983 Israeli shekel collapse which was also based on bank stocks always going up in value.
This whole thing has some negative implications for the USA also, as the scammers flee here and bring money with them. These are not the kind of people we need here. We will catch some and ship them back, but plenty of corrupt officials stay below the radar and park their money here.
