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Bitmain Rival’s Founder Arrested as War of Crypto Miners Heats up
- Zenst 7y agoSeems more like a tactical lawsuit, if they win they kill of competition, if they lose - they end up delaying competition and in a market in which things move fast, it may well end up killing this competition.
- aphextron 7y agoGiven that rule of law does not exist in China, it's safe to assume this is politically motivated. Who in the government wants him out of business, and why?
- bhouston 7y agoI do not know how it works in China, but could someone in the government be paid by Bitmain to care enough? In the US they call that move lobbying...
- blacksmith_tb 7y agoLobbying in the US is a kind of corruption, but I don't think there's any way to lobby to have someone arrested, unless that's in slow motion, where you'd pay lobbyists to press for a law that could be used to arrest your opponent.
- lidHanteyk 7y agoLucky 10000: Lobbying in the USA is constitutionally-protected free speech. [0] It sure does feel corrupt, doesn't it? But it's part of the right to demand that the government listen to and consider our grievances. You can try lobbying today: Pick something that you care about, and write a letter about it to somebody in the government who represents you. [0] https://en.wikipedia.org/wiki/Lobbying_in_the_United_States https://en.wikipedia.org/wiki/Lobbying_in_the_United_States
- orf 7y ago“Dear constituent, after reading your carefully written letter and thinking long and hard about the merits of each position of this tricky issue I have decided to side with the people who donated the most to my re-election campaign. Thank you for writing to me, your voice has been heard”
- ethbro 7y agoHeard != acted on. ... But it also doesn't equal null.
- scottmsul 7y agoIt wouldn't be the government but the CCP. The CCP pretty much has ultimate authority on everything, so there's probably some close ties between people in Bitmain and people in the CCP that don't exist with MicroBT. Also a lot of it is based around favors more generally not just money. See: https://en.wikipedia.org/wiki/Guanxi https://en.wikipedia.org/wiki/Guanxi
- solotronics 7y agoThere is rumor Bitmain (creaters of Antminer, see Ant Financial aka Alipay) was really owned by Jack Ma. Now everything that was Jack Ma is now owned by CCP I would bet Bitmain is the CCP.
- dman 7y agoAny pointers on why / how everything that was owned by Jack Ma is owned by CCP?
- jacquesm 7y agoJack Ma is on the record that this is nonsense: https://www.wsj.com/articles/alibabas-jack-ma-denies-beijing-forced-him-out-1537280485 https://www.wsj.com/articles/alibabas-jack-ma-denies-beijing... Of course, conspiracy theorists would say 'of course he would say that'.
- gruez 7y ago>Of course, conspiracy theorists would say 'of course he would say that'. That comes with the territory when you're a totalitarian state with no rule of law.
- mikekchar 7y agoThese kinds of characterisations frustrate me. It's a horrible simplification that leads one to a whole set of conclusions that are probably way off target. No complex society runs without rules. By and large, if members of the society do not follow those rules then the result is chaos. Clearly, China is not a lawless state where people do whatever they choose and the strongest one wins. It is a country with real laws and and vast majority of people need to follow those laws. These laws are, of course, not applied universally. However, we can point to examples of this non-universality of law in every single country on Earth. The question is the extent of that non-universality. The other thing that's important to realise is that the Chinese government is incredibly complex internally. There isn't some Bond-like villain stroking his white cat all day and issuing decrees. It's a massive beaurocracy. Politics are crazy. The totalitarian state does not act as a single will -- it's a massive system of infighting and people trying to get the upper hand. Within that system, each of the players will be using their legal system against one another. It really isn't the case that there is any one entity that's just making up the rules as they go along and that can do whatever they want with impunity (as your posting implies to me). So, I'm inclined to lean towards believing a more complex reality than "they forced him to say that".
- neonate 7y agohttps://outline.com/Ed7kVS https://outline.com/Ed7kVS
- PatrolX 7y agoI can just see it now: "Competition is bad, arrest him immediately!"
- dmix 7y agoThere's a reason all of the big western companies left China. I'd bet money China's economy could be growing 10x faster if it had independent courts and foreign companies who become successful weren't treated like criminals. Just imagine how many of us would be moving to China to start companies and how much more VC money would be flowing in. And all of the global HQs and products and innovation that would be happening there. China's growth has been massive but it's a shadow of what it could be. Their growth rate should have been closer to SK, Singapore, and Taiwan by now. But they decided to go backwards: https://croakingcassandra.files.wordpress.com/2019/07/ip-1.png?w=700 https://croakingcassandra.files.wordpress.com/2019/07/ip-1.p... https://www.nextbigfuture.com/wp-content/uploads/2014/03/screenshot-by-nimbus-28-1.png https://www.nextbigfuture.com/wp-content/uploads/2014/03/scr...
- zaptheimpaler 7y agoHaving a bunch of US companies making profits in China isn't necessarily good for China. If the choice is between, say letting AWS in and building their own. Building their own would put 5000 of their own people to work, the broad technical demographic it will take, and build up all the surrounding industries like servers, networking etc. All the profits stay within China, and they now have more skilled people who can start other companies etc. IMO its clearly a better long-term strategy, even though it will cost more in the short term.
- wolco 7y agoLong term they will fall behind without stealing.
- zaptheimpaler 7y agoIts so weird how there were no complaints about China for the past decade or two while they were just making your iPhones, but the second they put their own interests ahead of the US all I hear & see is about how crooked & corrupt they are...
- datashow 7y agoAlso remember China does not have a real bail system. If you get arrested, you are very likely end up in prison directly. You also can be disappeared (better than be suicided) during the process. Edit: No. I wasn't referring to the Epstein case. Also, Chinese police has a habit of using force to rob the corpse of the victim from the family who want to send the corpse to the 3rd party for examination. For example: https://en.wikipedia.org/wiki/Shishou_incident https://en.wikipedia.org/wiki/Shishou_incident
- cneurotic 7y agoInteresting note about bail, but can we just...not re: the Epstein references?
- girvo 7y agoI didn't even think it was an Epstein reference; the CCP has had a number of people "commit suicide" in a suspicious manner itself, well before the Epstein thing.
- Chris_Chambers 7y agoDon’t flaunt your ignorance like this. Suiciding is a well documented phenomenon that has been going on for ages. Your ignorant belief that it only happened to one person ever is extremely cringey.
- fakegalitarian 7y agoNot until his conspirators hang
- paggle 7y agoWhy? Why should we just move on from the world’s most powerful men indulging in child rape and killing off threats to their continued access to children to rape?
- to1y 7y agoWhat does it accomplish except derail and memefy the conversation?
- OrgNet 7y agois mining bitcoins still profitable with the value being this low?
- qiaoliang89 7y agoYes. The only reason people are still doing it...
- SkyMarshal 7y agoAny way around the paywall?