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There is an interesting/funny documentary about this.


The story of a guy trying to buy a diplomatic passport


Xiaomis biggest innovation wasn't hardware it was their distribution/sales model. They were also the first mobile company to really listen to their fans and do incredibly fast iteration of software and hardware. Their customer service is incredible for a Chinese company(where the consumer may be right but has their rights ignored)

I had a xiaomi 1- the thing that it excelled at was china specific features - spam blocking china, App Store etc many of these features are only just coming to iOS

Now they are building an ecosystem.

Edit for grammar


Picture from here (originally posted on the freebuf weibo account)


Thought there would be a bot that could do this. Just shows that automation isn't really pursued when you've got cheap labor


Isn't it possible to emulate iOS in a PC/mac?


Yes, using XCode, but that image has only few apps installed and the App store isn't one of them.


Apart from Xcode?

Given the reruns from a set up like this I wonder how many farms like this exist.


Who do you use for your ad network?


dual sim is popular in China

Most android/feature phones will automatically choose which sim card to make a call with depending on what network you are on.


No retailer good relationships with the factory bulk buying No marketing costs


xiaomi creates hype through scarcity.

Last year I wanted a xiaomi box (a bit like apple tv but optimized for China)

They only release x amount of units on a certain day at a certain time on a monthly basis. These will be sold out in seconds. I'm pretty sure most of these items are bought by scalper bots then resold on taobao.com etc. I never successfully managed to order and eventually bought on the secondary market for a small markup

This is great for xiaomi. They create hype and each of their sales are a sellout. The next month they come out with a slightly improved version of their product based on user feedback

As their founder said Electronics are like seafood you don't want it hang around a warehouse too long

to sum up

your chances of getting on of these from xiaomi.com are really really low


It is true that you are losing money by having it tied up in an interest free account(+Inflation).

However I think the real interest rate for your loan is much lower in this type of bank. There is no profit.

Could anyone work out the exact rate.

P.s Most current accounts in U.K/Ireland pay abysmal rates of interest


> Could anyone work out the exact rate.

The true effective interest rate varies with time so the answer to your question would be a set of equations.

Professor Stefan Yard at Lund University in Sweden has made a calculation with a 10-year JAK loan, and compares it to borrowing money in a normal bank for 5 years and then saving money in the same bank for 5 years without interest (this is how a 10 year JAK loan work)

The effective interest rate of the JAK loan is then 6.5% which is higher than the normal bank.

Source: Use e.g Google translate to read http://www.jordensvanner.se/2012/gar-det-att-driva-bank-utan...


Which makes one wonder that if jak puts it's assets on another bank, it's turning an obscene profit...


"There is no profit"

I unbanked many years ago (a decade now?) and the only practical local difference between a bank and my credit union is the CU is non profit and unsurprisingly the related fees and interest rates are microscopically more consumer friendly, and arguably less of a "screw the customer to earn your paycheck" attitude exists so in a fluffy and subjective manner customer service seems a lot better. Thats it. They still pay and charge interest, just better rates than a for profit bank, etc. No fooling around with a fake currency of "points".

I have no idea why any locals do business with a for profit bank, other than maybe some conspicuous consumption thing to prove the can afford to make the bank shareholders richer. "In the old days" CUs had strict membership requirements like "military veteran" or "holder of teachers license" (no kidding). My local CU membership requirement is "mailing address at time of account opening within same county as CU branch". That's it.

There are two interesting aspects of "points". Not being legal currency I imagine the tax implications are bizarre, probably more of a pain than bitcoins. And the article didn't touch on "points" being inheritable or taxable. So assuming old people live in apartments and forfeit their point collection at death, that is an income stream situation that was not discussed.


Not surprisingly I've found customer service at CUs to be much better as well. Before I switched to a CU, my bank had about a dozen paper forms and things to be filled out and notarized, with a branch manager or higher present as a witness in order to do something as mundane as open a CD.

When I switched to my CU I asked about opening a CD with some funds from my account and 30 seconds later it was done. I switched all of my business over to the CU that week and closed my account with my bank and never looked back or regretted it. All the dumb little nonsense I had to deal with with my bank is all gone poof and banking with my CU has been more or less a pleasure.


How is your CUs website? My biggest observation that smaller CUs have a low IT budget, so even though the Chase's of the world have very annoying websites, CU's tend to be even worse. I guess for most people just checking balance and transactions online is enough, but I do enjoy some fancy stuff from the bank like deposit check via smartphone.


Several local CUs obviously partner for IT. Locally there are special CUs for teachers union members (aka K-12) and a state U CU and many other company based CUs, along with location based CUs like the one I'm in (must have a mailing list in county, or be employed by some industrial conveyor belt company or something like that to qualify). I can use the ATM at the teachers union CU for free, just as they can use "my" CU ATM for free. My former bank wants a mere $3 per transaction at an ATM, I don't miss them very much at all.

IT as a service is not unusual in finance. More than two decades ago I worked at a stock trading outsourcer, based in the USA believe it or not, who for a fee, would do absolutely everything computer related for a small brokerage office from trades to research to even printing payroll checks (so I'm told, maybe it was just calculating commission checks?)

Another example is supposedly the majority of direct stock investment plans are outsourced to one provider (compushare?) That's the deal where if you live at an address that pays an electric company bill, you're auto-qualified to buy shares in the electric company directly without paying commission or going thru a brokerage. I've been in the that ownership plan since I was 12 or 14 or so, which reminds me to sign my kids up soon.


My CU is fairly large and though their site isn't fancy with lots of bells and whistles, it's pretty good for most normal transactions. For anything else I just go to one of the branches and can usually sort pretty much anything out inside of 5 minutes and a remarkably small amount of normal bank B.S.


I get better rates from Ally than I do my local CU which must maintain physical branches. That could just be my location tho.


these are huge in China


The question is did he succeed in spite or because of this side of his personality.



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