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Author Topic: Chinese communist officials allegedly paying bribes in Bitcoin  (Read 1620 times)
CIYAM
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November 21, 2015, 04:09:24 PM
 #21

Bribes are paid in many forms in China but I don't think that Bitcoin would be a preferred form at this stage (as you can't really actually *use* Bitcoin in China as a currency).

Things like "shopping cards" are generally more useful for amounts ranging from say 10K to 100K RMB and for much larger amounts property would be more likely to be used.

If corrupt officials were going to use Bitcoin for anything it would most likely be to transfer their wealth (or ill gotten gains if you prefer) outside of China (as the capital controls make it very hard to move large sums of RMB).

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November 21, 2015, 04:55:50 PM
 #22

Bribes are paid in many forms in China but I don't think that Bitcoin would be a preferred form at this stage (as you can't really actually *use* Bitcoin in China as a currency).

Things like "shopping cards" are generally more useful for amounts ranging from say 10K to 100K RMB and for much larger amounts property would be more likely to be used.

If corrupt officials were going to use Bitcoin for anything it would most likely be to transfer their wealth (or ill gotten gains if you prefer) outside of China (as the capital controls make it very hard to move large sums of RMB).

this.

However more likely big bribes are payed with property and other means of value. Bitcoin may be used but is highly unlikely, since the adoption rate isn't that big, especially in government officials. However anything can and will happen in this world.

However bribing in general has definitely happened in the bitcoin ecosystem and will continue to happen, because the nature of bitcoins.


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Bitcoinpro (OP)
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November 21, 2015, 05:56:12 PM
 #23

Bribes are paid in many forms in China but I don't think that Bitcoin would be a preferred form at this stage (as you can't really actually *use* Bitcoin in China as a currency).

Things like "shopping cards" are generally more useful for amounts ranging from say 10K to 100K RMB and for much larger amounts property would be more likely to be used.

If corrupt officials were going to use Bitcoin for anything it would most likely be to transfer their wealth (or ill gotten gains if you prefer) outside of China (as the capital controls make it very hard to move large sums of RMB).

this.

However more likely big bribes are payed with property and other means of value. Bitcoin may be used but is highly unlikely, since the adoption rate isn't that big, especially in government officials. However anything can and will happen in this world.

However bribing in general has definitely happened in the bitcoin ecosystem and will continue to happen, because the nature of bitcoins.

the whole bitcoin foundation took bribes and everyone was cheering them n mtgox until  they imploded and wiped out

almost everything, i kept this whole thing together  while u though programming was some  kind

of God and Gavin n Andreas Pharaohs , it was lols day after day,  trade fotress was the biggest spastic of the lot

and his retarded company stayed on the foundation websites 6 months atleast after he had ripped hundreds

of people off

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Elwar
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November 21, 2015, 06:53:39 PM
 #24

ive noticed alot of dodgy overseas contracts emerging with links to the Chinese communist party, is it possible that bribes are being made in Crypto which is

enabling the scrutiny of the deals to be overlooked, where bribes made in cash or via bank transfer would otherwise blow the deal wide open!

change the title and then move it to speculation..

your title misleads people to think it happens.. yet your question reveals you have no clue/proof

But its untraceble rigth and the dodgy deals r surging right?

I proved evidence on the dodgy deals if i proved ecidence of

the bribes r u going to chair me off the field ?

Very strange that this user went from articulate English in the past to this.

How much does a legendary account go for these days? I'm genuinely curious.

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November 22, 2015, 01:57:22 AM
 #25

They mostly use cash for bribes. They found 200 million yuan ($33 million) in cash at an energy official called Wei Pengyuan’s home. They had to use 16 note counting machines to count it, and there were so many notes four of the machines broke under the load.

http://www.bloomberg.com/news/articles/2014-10-31/china-seizes-record-33-million-in-cash-from-official-s-home

A year ago. Let us hope they get tech-savvy enough to use Bitcoin.
If Chinese officials want to stash illegal wealth abroad, Bitcoin offers an opportunity. Why get bribes in RMB, convert it to BTC and then transfer it out? Why not get bribes directly in BTC?  Tongue


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November 22, 2015, 04:32:44 AM
 #26

The exchanges still give information to the government about who wired what to where. Its still going to be difficult.

The story that China were buying cause of the capital controls was just a bit of news to help the pump along. Clearly that wasn't the real reason behind the pump as there would have been a much longer sustained rally as well higher volume magnitude overall.

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November 22, 2015, 07:26:20 AM
 #27

The exchanges still give information to the government about who wired what to where. Its still going to be difficult.

The story that China were buying cause of the capital controls was just a bit of news to help the pump along. Clearly that wasn't the real reason behind the pump as there would have been a much longer sustained rally as well higher volume magnitude overall.

All the Capital control stuff is fake the Communist party does wateva they want

buying up assets with illegal bribes, the end is near Bitcoin will crush them!

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Blue_Tiger73
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November 22, 2015, 10:16:22 AM
 #28

This doesn't really surprise me. I know what the Chinese are like and they will go to any length to get what they want.
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February 19, 2016, 10:26:55 AM
 #29

I at least appreciate the Chinese occupying the currency. It's good that they use it as they are a more developed country in the land of technology.
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February 19, 2016, 03:15:31 PM
 #30

ive noticed alot of dodgy overseas contracts emerging with links to the Chinese communist party, is it possible that bribes are being made in Crypto which is

enabling the scrutiny of the deals to be overlooked, where bribes made in cash or via bank transfer would otherwise blow the deal wide open!
is that true?they should be have secret plan with this,if they bribes in bitcoin,they may be have mission to make bitcoin more have place in chinese poeple.

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February 19, 2016, 03:26:24 PM
 #31

Until someone is caught red-handed and direct link between corrupt individuals can be proven then we have no really base to discuss this further.
I still believe that bitcoin as bribing tool is more problematic than normal FIAT. Unless of course you have to accumulate HUGE amount of money and transfer it abroad.
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February 19, 2016, 03:34:01 PM
 #32

Bitcoin can be used for any purpose just like any other currency. also its difficult to trace the transactions.

In fact i don't really care about who uses bitcoin for what purpose. It good that bitcoins is used everywhere
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February 19, 2016, 05:27:34 PM
 #33

The exchanges still give information to the government about who wired what to where. Its still going to be difficult.

The story that China were buying cause of the capital controls was just a bit of news to help the pump along. Clearly that wasn't the real reason behind the pump as there would have been a much longer sustained rally as well higher volume magnitude overall.

All the Capital control stuff is fake the Communist party does wateva they want

buying up assets with illegal bribes, the end is near Bitcoin will crush them!

Why would Bitcoin crush them... The pseudo-anonymous nature of Bitcoin gives them even more anonymity than any other method used for these

bribes at the moment. If Bitcoin were a solution to bribes in governments, they would simply ban it and that would be the end of Bitcoin in that

country. Like you said, they can do what they want... that includes banning Bitcoin. 

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