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Topic: Chinese corrupted officers will push Bitcoin price up 1000 times (Read 4119 times)

newbie
Activity: 56
Merit: 0
a lot of people have speculated that the chinese government has been stockpiling btc for quite some time, even after they laid down the ban hammer on a major part of the ecosystem...

If that's ture, I would say Chinese people are lucky to have such a government that's not as stupid as people think.
newbie
Activity: 56
Merit: 0
Great thread! Thank you for your insights, very much appreciated. Please sir, can we have some more:)

See more wonderful discussions and analysis, click here:
http://www.bit-sky.com/index.php/english
 Smiley
legendary
Activity: 1456
Merit: 1001
This is the land of wolves now & you're not a wolf
a lot of people have speculated that the chinese government has been stockpiling btc for quite some time, even after they laid down the ban hammer on a major part of the ecosystem...
sr. member
Activity: 285
Merit: 250
Great thread! Thank you for your insights, very much appreciated. Please sir, can we have some more:)
newbie
Activity: 56
Merit: 0
Corruption is good for Bitcoin.

Bitcoin doesn't need them, but they need Bitcoin badly.
newbie
Activity: 56
Merit: 0
Not just corrupt Chinese officials
Corrupt folks everywhere

Good point!
newbie
Activity: 56
Merit: 0
corrupted officers will not want to see his bitcoins baught at $1200 and now fell at $500, corruption money does come easily, they risk their life for those money, so no bitcoin!

You're missing the point, of course they use Bitcoins, just like any other mean available to them. The error is the assumption of one particular amount of money being used for one particular purpose. If they were that transparent they'd have a hard time hiding their money.

no no, bitcoin is just a bad money laundering method for them, they need stable price to keep their money. for example,

100% corruption money -> 97% A -> 96% B -> 95% C -> 90% corrupted officers hidden account, %10 fee is ok

but with bitcoins, the fee are now %60, so wtf, of cause it's possible that there might be a 150% profit too but that's not why they laundered money for, they want stable value and enjoy the rest of their life in Bahamas after all, not another big gambling risk

In China Bitcoin isn't a currency, it's a commodity (The central bank said so, I've been trolling them zealots with it for quite some time)
If somebody invests in a commodity with their corruption money that's that, it's the same thing with art or these monkey stamps (oh btw  srsly doubt monkey stamps are a trillion dollar market). If somebody wants to pay a bribe in the form of Bitcoins he can do that, of course with the risk of being laughed at.

For all your discussions, I'd like to say: with more Chinese officials and businessmen know about Bitcoin (that would be very quick with news and reports from CCTV), businessmen will directly give Bitcoin to officials.  Offcials will love it and they wont' sell or spend Bitcoin until they retire.
hero member
Activity: 742
Merit: 500
corrupted officers will not want to see his bitcoins baught at $1200 and now fell at $500, corruption money does come easily, they risk their life for those money, so no bitcoin!

You're missing the point, of course they use Bitcoins, just like any other mean available to them. The error is the assumption of one particular amount of money being used for one particular purpose. If they were that transparent they'd have a hard time hiding their money.

Besides, those businessmen will directly give the officials Bitcoins(in the form of an USB flash disk maybe Grin) when more people know about it. Offcials don't need to buy Bitcoin themsellves.

The businessmen in China are very much concerned about their way of offering bribes, because if their way of giving bribes is too showy, or not that "approprite", or has the possibility of leaving evidence, most officials will reject, and then the businessmen will lose all the chances.

In China, some Chinese officials are more wealthy than you can imagine. They only accept bribes when they are happy, or when the "gifts" really arouse his interest. How to successfully give bribes has always been a big headache for the businessmen. And Bitcoin is indeed unparalled in this field.

Sounds a bit like criminal risk aversion.

Something tells me that Bitcoin might not be that popular among the corrupt, at least not while it's volatile and involves concepts they likely do not understand:

http://www.bloomberg.com/news/2014-02-21/why-drug-lords-and-criminals-are-so-risk-averse.html


newbie
Activity: 56
Merit: 0
corrupted officers will not want to see his bitcoins baught at $1200 and now fell at $500, corruption money does come easily, they risk their life for those money, so no bitcoin!

You're missing the point, of course they use Bitcoins, just like any other mean available to them. The error is the assumption of one particular amount of money being used for one particular purpose. If they were that transparent they'd have a hard time hiding their money.

Besides, those businessmen will directly give the officials Bitcoins(in the form of an USB flash disk maybe Grin) when more people know about it. Offcials don't need to buy Bitcoin themsellves.

The businessmen in China are very much concerned about their way of offering bribes, because if their way of giving bribes is too showy, or not that "approprite", or has the possibility of leaving evidence, most officials will reject, and then the businessmen will lose all the chances.

In China, some Chinese officials are more wealthy than you can imagine. They only accept bribes when they are happy, or when the "gifts" really arouse his interest. How to successfully give bribes has always been a big headache for the businessmen. And Bitcoin is indeed an unparalled tool in this field.
donator
Activity: 1736
Merit: 1014
Let's talk governance, lipstick, and pigs.
In China Bitcoin isn't a currency, it's a commodity (The central bank said so, I've been trolling them zealots with it for quite some time)

Why would a zealot care how you label it? I certainly don't.

Bitcoin's properties are it's properties and it can do what it does no matter what you call it.

You aren't the typical Bitcoin zealot. People who are hell bent on attributing Bitcoin to the currency category may even a good description of one. Grin
I love philosophical debates.
sr. member
Activity: 462
Merit: 250
Not just corrupt Chinese officials
Corrupt folks everywhere
newbie
Activity: 56
Merit: 0
Monkey stamps; lol, i love it.

Translation:  Bulls have unlimited amounts of fiat ammunition.

edit:  please show a picture of these monkeys!

The picture is here:
http://www.bit-sky.com/images/100663246.jpg
legendary
Activity: 1120
Merit: 1012
In China Bitcoin isn't a currency, it's a commodity (The central bank said so, I've been trolling them zealots with it for quite some time)

Why would a zealot care how you label it? I certainly don't.

Bitcoin's properties are it's properties and it can do what it does no matter what you call it.

You aren't the typical Bitcoin zealot. People who are hell bent on attributing Bitcoin to the currency category may even a good description of one. Grin

Fair enough.
legendary
Activity: 1666
Merit: 1057
Marketing manager - GO MP
In China Bitcoin isn't a currency, it's a commodity (The central bank said so, I've been trolling them zealots with it for quite some time)

Why would a zealot care how you label it? I certainly don't.

Bitcoin's properties are it's properties and it can do what it does no matter what you call it.

You aren't the typical Bitcoin zealot. People who are hell bent on attributing Bitcoin to the currency category may even a good description of one. Grin
legendary
Activity: 1120
Merit: 1012
In China Bitcoin isn't a currency, it's a commodity (The central bank said so, I've been trolling them zealots with it for quite some time)

Why would a zealot care how you label it? I certainly don't.

Bitcoin's properties are it's properties and it can do what it does no matter what you call it.
legendary
Activity: 1666
Merit: 1057
Marketing manager - GO MP
corrupted officers will not want to see his bitcoins baught at $1200 and now fell at $500, corruption money does come easily, they risk their life for those money, so no bitcoin!

You're missing the point, of course they use Bitcoins, just like any other mean available to them. The error is the assumption of one particular amount of money being used for one particular purpose. If they were that transparent they'd have a hard time hiding their money.

no no, bitcoin is just a bad money laundering method for them, they need stable price to keep their money. for example,

100% corruption money -> 97% A -> 96% B -> 95% C -> 90% corrupted officers hidden account, %10 fee is ok

but with bitcoins, the fee are now %60, so wtf, of cause it's possible that there might be a 150% profit too but that's not why they laundered money for, they want stable value and enjoy the rest of their life in Bahamas after all, not another big gambling risk

In China Bitcoin isn't a currency, it's a commodity (The central bank said so, I've been trolling them zealots with it for quite some time)
If somebody invests in a commodity with their corruption money that's that, it's the same thing with art or these monkey stamps (oh btw  srsly doubt monkey stamps are a trillion dollar market). If somebody wants to pay a bribe in the form of Bitcoins he can do that, of course with the risk of being laughed at.
newbie
Activity: 56
Merit: 0
corrupted officers will not want to see his bitcoins baught at $1200 and now fell at $500, corruption money does come easily, they risk their life for those money, so no bitcoin!

You're missing the point, of course they use Bitcoins, just like any other mean available to them. The error is the assumption of one particular amount of money being used for one particular purpose. If they were that transparent they'd have a hard time hiding their money.

no no, bitcoin is just a bad money laundering method for them, they need stable price to keep their money. for example,

100% corruption money -> 97% A -> 96% B -> 95% C -> 90% corrupted officers hidden account, %10 fee is ok

but with bitcoins, the fee are now %60, so wtf, of cause it's possible that there might be a 150% profit too but that's not why they laundered money for, they want stable value and enjoy the rest of their life in Bahamas after all, not another big gambling risk
legendary
Activity: 1652
Merit: 1265
from the article:

"If the wallet.dat is in a cloud disk, and the holder remembers the password in his brain, he can use his Bitcoin anywhere in the world when connected to the internet."

holder doesn't even need a cloud disk.

Or a brain, you could tattoo it as a QR-Code on the bottom of your foot Tongue
legendary
Activity: 1666
Merit: 1057
Marketing manager - GO MP
corrupted officers will not want to see his bitcoins baught at $1200 and now fell at $500, corruption money does come easily, they risk their life for those money, so no bitcoin!

You're missing the point, of course they use Bitcoins, just like any other mean available to them. The error is the assumption of one particular amount of money being used for one particular purpose. If they were that transparent they'd have a hard time hiding their money.
newbie
Activity: 56
Merit: 0
corrupted officers will not want to see his bitcoins baught at $1200 and now fell at $500, corruption money does come easily, they risk their life for those money, so no bitcoin!
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