Re:Bitcoin Can Drop 50% and China Miners Will Still Make Money
by solotronics on Wednesday January 10, 2018 @08:14PM
(#16120704)
the American concept of corruption is so endemic to him the Chinese system works it's not even really considered corruption there it's just how things work there. it's part of a formal business meeting to give gifts in exchange for favors
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Re:Bitcoin Can Drop 50% and China Miners Will Still Make Money
by JumpCrisscross on Wednesday January 10, 2018 @08:30PM
(#16120782)
There is a difference between giving a gift, even a lavish gift, and trading public services directly for private gain. This isn’t an American or Chinese view. When these arrangements become public, Weibo goes wild and Beijing is incentivised to respond.
Re:Bitcoin Can Drop 50% and China Miners Will Still Make Money
by coupdejarnac on Wednesday January 10, 2018 @11:49PM
(#16121459)
That's a bit hyperbolic. Corruption is illegal there, too. Nobody there cares much until you step on the wrong toes, then you are in serious trouble. It's a case of rule of law vs rule by law.
Re:Bitcoin Can Drop 50% and China Miners Will Still Make Money
by jsmthrowaway on Wednesday January 10, 2018 @08:17PM
(#16120723)
Westerners who travel abroad on behalf of corporations are trained on this religiously. It’s considered corruption on home turf, and entertaining it can come back on a company quite hard both domestically and internationally, particularly when a government official is involved.
“But $trainer, you mean I really have to report the $80 dinner I was treated to in Shanghai?” You bet. If you operate a startup that does deals internationally and aren’t training your team from a risk management standpoint, the legal downside is huge if a government decides to look at you. Start with the Bribery Act of 2010, the FCPA, and so on.
Re:Bitcoin Can Drop 50% and China Miners Will Still Make Money
by JumpCrisscross on Wednesday January 10, 2018 @08:38PM
(#16120829)
Agreed. FCPA is ruthlessly enforced. And for good reason.