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People will see the authoritarian aspect of this, but in my view the Chinese are particularly vulnerable to financial scams for cultural reasons. - They have

People will see the authoritarian aspect of this, but in my view the Chinese are particularly vulnerable to financial scams for cultural reasons. - They have recent communist history/lack experience of crashes/associated fraud. - Traditionally they actually worship money - By burning fake money. - MLM scams are popular (at least in Taiwan). - When I watched a video by Andreas - that Bitcoin guy - the audience (in US) was disproportionately east Asian.

the-dude 9y ago
Chinese seem to love gambling too?
shubb 9y ago
>> They have ... lack experience of crashes/associated fraud. The Asian financial crisis was all these things.
- PakG1 9y ago
  The average Chinese person did not experience this. In 1997, China was nowhere near where it is now in terms of the average Chinese citizen's exposure to global markets, bubbles, and crashes. Even now, their ability to invest is supremely limited such that real estate is one of the only real investment options, fueling a nasty bubble. One of the people I manage in Shenzhen asked for a raise last year because they lost all their savings in a local stock market crash. Person is about 50 years old. Scams are common. China is not ready.
- sanxiyn 9y ago
  Asian financial crisis of 1997 didn't affect China much.
jpatokal 9y ago
> Traditionally they actually worship money - By burning fake money. Burning hell money is a symbolic offering to the deceased, not an act of worshipping money itself. Or do Westerners "actually worship flowers" because we place them on graves? https://en.wikipedia.org/wiki/Hell_money https://en.wikipedia.org/wiki/Hell_money
- lsd5you 9y ago
  Good point and saying they 'worship money' was an unintended pejorative. Still it is a bit more than that. Flowers are merely a gesture/ritual whereas burning money is an attempt to send money to the afterlife (if my understanding is correct), which inevitably does elevate it somewhat in the minds of believers. I feel the original point is partially intact, in that they definitely do have superstitions surrounding money e.g. red packets ... etc.

the-dude 9y ago

Chinese seem to love gambling too?

shubb 9y ago

>> They have ... lack experience of crashes/associated fraud. The Asian financial crisis was all these things.

PakG1 9y ago
The average Chinese person did not experience this. In 1997, China was nowhere near where it is now in terms of the average Chinese citizen's exposure to global markets, bubbles, and crashes. Even now, their ability to invest is supremely limited such that real estate is one of the only real investment options, fueling a nasty bubble. One of the people I manage in Shenzhen asked for a raise last year because they lost all their savings in a local stock market crash. Person is about 50 years old. Scams are common. China is not ready.
sanxiyn 9y ago
Asian financial crisis of 1997 didn't affect China much.

jpatokal 9y ago

> Traditionally they actually worship money - By burning fake money. Burning hell money is a symbolic offering to the deceased, not an act of worshipping money itself. Or do Westerners "actually worship flowers" because we place them on graves? https://en.wikipedia.org/wiki/Hell_money https://en.wikipedia.org/wiki/Hell_money

lsd5you 9y ago
Good point and saying they 'worship money' was an unintended pejorative. Still it is a bit more than that. Flowers are merely a gesture/ritual whereas burning money is an attempt to send money to the afterlife (if my understanding is correct), which inevitably does elevate it somewhat in the minds of believers. I feel the original point is partially intact, in that they definitely do have superstitions surrounding money e.g. red packets ... etc.