[HN Gopher] MindGeek: The secretive owner of Pornhub and RedTube
       ___________________________________________________________________
        
       MindGeek: The secretive owner of Pornhub and RedTube
        
       Author : feross
       Score  : 139 points
       Date   : 2020-12-17 16:43 UTC (6 hours ago)
        
 (HTM) web link (arstechnica.com)
 (TXT) w3m dump (arstechnica.com)
        
       | ve55 wrote:
       | If I owned MindGeek I don't think I'd be too open about it either
       | given the types of articles I'd start seeing on the front pages
       | of outlets about me. What do they expect?
        
       | [deleted]
        
       | [deleted]
        
       | thepasswordis wrote:
       | To the people who want to pretend like pornhub is just another
       | tech company, or who think it's cute that they might hold
       | business meetings in front of pornography scenes:
       | 
       | I would just ask you to read some of the stories of the women who
       | are abused by this industry. They're not uncommon, and they're
       | not anything like the "abuse" somebody might describe in a manual
       | labor job. Some of these stories sound like these women are
       | essentially being raped, over and over, for profit, and then
       | their abuse is being viewed by millions of people on the internet
       | every day.
       | 
       | It's not cute, and there is a reason why the founder of this
       | company would want to hide his name. He is trafficking in what is
       | often times videos of the worst moments of some women's lives.
       | 
       | Read the stories that Mia Khalifa has put out, or Stoya, or
       | girlsdoporn, or "exploited college girls", or watch the
       | documentary "hot girls wanted". This stuff is _horrible_ , and
       | "mindgeek" appears to have absolutely no sympathy whatsoever for
       | the toll that their exploitation of these women takes on them.
        
         | nicbou wrote:
         | Even if you completely ignore the rape and abuse, the front
         | page routinely features some pretty brutal stuff. I'm not sure
         | it's the sort of stuff that should be normalised.
        
           | cwwc wrote:
           | sad to see this so highly downvoted. seems people don't want
           | admit what they themselves have normalized
        
       | wintorez wrote:
       | Looking at their website reminded me of this scene from Silicon
       | Valley: https://youtube.com/watch?v=ZKcn6MYPYPs
        
       | Mountain_Skies wrote:
       | Don't think this is any longer the case. MindGeek being the
       | company behind most of the large porn brands has been known for
       | years.
        
         | perardi wrote:
         | It's not so much that a secret that MindGeek is the holding
         | company behind all this, it's more that MindGeek itself is a
         | cipher. From the article...
         | 
         | "No entity exemplifies this more than MindGeek, which with very
         | little scrutiny or accountability, has quietly become the
         | dominant porn company. The Montreal-based business is the owner
         | of several of the sector's most visited sites including
         | Pornhub, RedTube, and YouPorn. At least according to public
         | financial records, MindGeek towers over the pornography
         | industry in Europe and America.
         | 
         | Despite this, basic facts about the company are largely
         | unknown. That includes its main owner--a businessman called
         | Bernard Bergemar, whose name is almost completely invisible on
         | the Internet but who has a claim to the title of the world's
         | most successful porn tycoon. Until this Financial Times
         | investigation, his identity was secret, known only to a small
         | circle of MindGeek executives and their advisers."
        
           | vorpalhex wrote:
           | I mean, being a porn tycoon isn't exactly something you use
           | in an introduction.
           | 
           | "Pleased to meet you, I'm Bergemar, frequently known as the
           | Lord of Porn, but you may also know me as the..."
        
             | d33lio wrote:
             | I can only imagine... "pleasure to meet you, I peddle
             | petabytes of digital tits and ass"
             | 
             | edit - petabytes
        
               | fakedang wrote:
               | Petabytes more like it, although the recent purge might
               | have brought it down back to TB territory.
               | 
               | That being said, this was the only introduction that
               | elicited a chuckle out of me.
        
             | cblconfederate wrote:
             | I assume it's very unlikely in puritan US, but more
             | tolerated, say, in Czechia
        
             | elric wrote:
             | Porn tycoons don't refer to themselves as porn tycoons. But
             | it's not like they're secretive about it. They're about as
             | open about it as other people are about their non-porn
             | business. Sometimes it comes up in conversation, sometimes
             | it doesn't, but it's not like anyone's out denying it or
             | anything.
             | 
             | Source: worked in porn.
        
               | mtnGoat wrote:
               | Most are most certainly hiding it.
               | 
               | Everyone in adult uses shell companies. The vast majority
               | of them don't tell their neighbors and the local PTA what
               | they do, so they are pretty secretive. I knew some execs
               | whose wives didn't even know what they did.
               | 
               | source: worked in adult for decades.
        
               | TigeriusKirk wrote:
               | I lived in LA for a long while and met lots of porn
               | people over the years.
               | 
               | My experience was the performers tended to be pretty
               | casual about mentioning it socially. Maybe not the first
               | thing they bring up, but it would come around eventually.
               | They also tended to be sort of proud of it.
               | 
               | The crew people tended to be a little more low key about
               | it, but mostly because they did legit film crew work as
               | well and worried it might hurt them if higher ups knew.
               | And the union thing applied to some. Couldn't do non-
               | union work officially.
               | 
               | I only ever met low-end producers. They didn't care who
               | knew what they did, at all. My social circles didn't
               | include the big time porn producers (this was back in the
               | day when DVDs were still sort of viable).
        
               | simonebrunozzi wrote:
               | > Source: worked in porn.
               | 
               | Should I assume in an IT-related role? If so, anything
               | you can share (without naming names) about what's
               | different or special, from a technical standpoint,
               | compared to a "normal" company?
        
             | arcticbull wrote:
             | "Hey, I'm Bergemar, I run a tech company called MindGeek.
             | Oh, you haven't heard of it? Yeah, we're focused on adult
             | entertainment."
        
             | wongarsu wrote:
             | "I'm the owner of the fourth largest video streaming site,
             | and a couple of smaller ones" seems like a great
             | introduction to me.
        
               | swarnie_ wrote:
               | "We recently had to purge 80% of our content because we
               | couldn't say with any certainty that it was legal"
               | 
               | Not something i would like to have on my business card.
        
               | wolco2 wrote:
               | Something like 98%
        
       | troublewizard wrote:
       | Before Fabian cashed out of Manwin/MindGeek, I spent a short time
       | writing code for him in the early days. It is for sure a very
       | deep, shady network of people and entities.
       | 
       | At the same time he ran Manwin, he also owned several file
       | hosting websites (some of which I wrote code for) he would
       | directly promote on piracy & porn forums under alias. Most of
       | these were filled with child abuse and his policy was to remove
       | the links but not the files when receiving takedown notices (as
       | he paid out through an affiliate system for promoting these
       | links). He cashed out on most of these when people started
       | digging, but kept hold of some of the torrent trackers he ran.
       | 
       | About time people like this are revealed for who they really are.
       | The piracy, not so bad. Turning a blind eye to child abuse,
       | pretty bad.
        
       | mikkergp wrote:
       | On LinkedIn the first name that comes up as an employee of
       | Mindgeek is a backend developer named Hugh Janus. That is all.
        
         | walrus01 wrote:
         | Legal advisors: Bohlsach, Wang and Company
        
           | SmokeyHamster wrote:
           | Director of Marketing: Izai Sum Ding
        
         | swarnie_ wrote:
         | Tech support by Ben Dover?
        
         | msandford wrote:
         | Ease up everyone: https://en.wikipedia.org/wiki/Car_Talk#Humor
        
       | tyurok wrote:
       | Jon Ronson has a good audiobook covering this[0] with a follow-up
       | on a pornstar's death[1].
       | 
       | It covers a little bit of the MindGeek story but primarily how
       | pornhub rebuilt the industry.
       | 
       | [0]: http://www.jonronson.com/butterfly.html
       | 
       | [1]: https://www.amazon.com/The-Last-Days-of-August-
       | audiobook/dp/...
        
       | polote wrote:
       | I dont understand what is secretive about Pornhub and Mindgeek,
       | it is pretty obvious that Redtube, Pornhub, Youporn,... belongs
       | to the same entity as there is a banner at the top named "PornHub
       | network".
       | 
       | There are several Pornhub employees, reading HN, answering
       | questions same happens on Reddit, they are pretty transparent
       | actually.
       | 
       | I don't understand why we need those articles making feel like we
       | are in science fiction. If you want really secret businesses look
       | into dating apps or Google/Facebook ads
       | 
       | Edit: and just to add, imagine how hard is it to run pornhub.
       | Even though watching porn is one of the most common leisure in
       | the world. Nobody want to work with them, nobody want to rent
       | them servers, nobody want to sell them their ads, nobody want to
       | be their payment processor ,... because porn is taboo. So yeah
       | they probably have to find tricky ways to do things. At the end
       | of the day they only make 500m of revenu, which is nothing,
       | Tinder only is making 3-4 times that.
        
         | 420codebro wrote:
         | You're daft as fuck rofl. The reason there is controversy is
         | Pornhub and Mindgeek host revenge and child porn.
        
         | [deleted]
        
       | duxup wrote:
       | Years ago I supported some networking equipment. We had a
       | customer who had a name I didn't recognize. I was always curious
       | about who buys our product and this company was hard to track
       | down as to what they ... do / if they even existed.
       | 
       | Then the tech support case went on and they sent me the logs I
       | requested... yeah lots of dns related entries for porn sites and
       | etc.
       | 
       | I really don't know if they just provides services to other porn
       | companies or what but it explained a lot. Even talking to them on
       | the phone they were really careful about how the characterized
       | the traffic. Accordingly I never asked them anything about it,
       | just solved the issue(s) and moved on.
        
         | walrus01 wrote:
         | Lots of companies involved in selling, renting, leasing and
         | supporting big piles of 1U servers at major traffic exchange
         | points have had dealings with the porn industry. Whether they
         | know it or not.
         | 
         | It looks very mundane when eyeballing the bare metal, like a
         | few 44U cabinets full of supermicro, dell or custom whitebox
         | servers.
        
           | monocasa wrote:
           | And just about anyone who sells JBODs too. They go through
           | JBODs like you wouldn't believe.
        
             | walrus01 wrote:
             | Sample size of one here, but I've seen vast amounts of
             | customized for the purpose ZFS stuff. Some designed for
             | longer term slower storage, sort of a cousin of the
             | backblaze storage pod, and others designed for higher
             | throughput.
        
           | barkingcat wrote:
           | Porn is probably 50% of the internet, the other 40% is online
           | streaming (netflix, amazon video, youtube etc) the last 10%
           | is other traffic.
           | 
           | Pretty much all of the big telcos, all of the networking
           | equipment makers etc - are made out of porn money at the end
           | of it all.
        
             | LordDragonfang wrote:
             | According to Forbes [1], it's much less:
             | 
             | > In 2010, out of the million most popular (most
             | trafficked) websites in the world, 42,337 were sex-related
             | sites. That's about 4% of sites.
             | 
             | > From July 2009 to July 2010, about 13% of Web searches
             | were for erotic content.
             | 
             | Granted, that's number of sites and not content/traffic,
             | but streaming has exploded in the past decade, so I doubt
             | it's gone up.
             | 
             | They also specifically call out the "50%" claim, and say
             | it's an outdated one from the early days of the web, from
             | when it was more niche and had a more male-dominated
             | culture.
             | 
             | Side note, the most interesting part of the article, and
             | relevant here:
             | 
             | > So what's the most popular porn site on the planet?
             | 
             | > The single most popular adult site in the world is
             | LiveJasmin.com, a webcam site which gets around 32 million
             | visitors a month, or almost 2.5% of all Internet users!
             | 
             | > You're telling me a webcam site is more popular than
             | PornHub?
             | 
             | But once again, ten-year-old data.
             | 
             | [1]
             | https://www.forbes.com/sites/julieruvolo/2011/09/07/how-
             | much...
        
               | barkingcat wrote:
               | Yah .. I wouldn't trust Forbes re: porn on the internet.
               | 
               | Ask your 18 year old son and he'll tell you the truth.
        
               | noizejoy wrote:
               | But what are numbers for network traffic (percentage of
               | petabytes transmitted)?
        
               | walrus01 wrote:
               | From an ISP perspective with a _lot_ of singlehomed
               | business and residential users, the vast majority of
               | traffic by volume in Gbps is not immediately obvious as
               | porno. It 's normal looking traffic coming from the major
               | CDNs, youtube, netflix, amazon, hulu, etc. And then from
               | the big cloud providers (amazon aws, google/gcp, azure,
               | etc)
               | 
               | For a small ISP that's purely buying transit, once they
               | establish a presence at a major IX point and can peer
               | with some huge content sources, it'll drop their transit
               | bill in half almost immediately.
               | 
               | Then you do have porno content coming from huge hosting
               | companies/entities such as Choopa.
               | 
               | https://www.peeringdb.com/net/813
               | 
               | It's actually pretty rare to peer directly with a porn
               | host, if I had to guess at it, I'd say most of the
               | traffic is coming in via transits such as hurricane,
               | cogent, telia, ntt, etc.
               | 
               | one note, ISP traffic isn't measured in disk space
               | measurements like terabytes or petabytes, it's measured
               | in present tense Mbps or Gbps.
        
               | noizejoy wrote:
               | Sounds to me like it's quite difficult to determine
               | traffic percentages then. - Which in turn makes any
               | discussion of "porn is x% of the Internet" kind of
               | impossible to have in a realistic way.
        
               | throwaway_45 wrote:
               | 35% of internet traffic is porn
               | 
               | https://www.webroot.com/us/en/resources/tips-
               | articles/intern...
        
             | ma2rten wrote:
             | I would have guessed that the average person spends more
             | time watching non-porn movies than porn and that non-porn
             | streaming takes more bandwidth because it tends to be
             | higher quality.
        
         | yardie wrote:
         | I went to a HN meetup many years ago and one of the engineers
         | from Mindgeek was presenting. It was one of the better attended
         | events (standing room only) and he was quite candid about the
         | technology they were using. Cloud was still nascent and with TB
         | databases and PB of videos AWS wasn't an option a serious
         | option.
         | 
         | It's porn, it's not exactly illegal but from what I understand
         | they were very careful about managing transactions. Always
         | moving card processors, and they had to tell users the
         | transaction was coming from different names simply because
         | buyers didn't want Pornhub.com showing up on the credit
         | statement.
        
         | kryogen1c wrote:
         | >they were really careful
         | 
         | This is something a pornstar elucidated for me on Eric
         | Weinstein's podast[0] - note, he goes out of his way to keep
         | the discussion "PG" so as to be listenable to as many people as
         | possible. Payment procecessors are a de-facto regulator and
         | skew conservative.
         | 
         | [0] https://www.youtube.com/watch?v=uHNBCVGH34c
        
       | snarkypixel wrote:
       | Small anecdote. At some point I was hiring designers and had a
       | few candidates listing MindGeek on their resumes. I didn't think
       | too much of it.. until I saw the portfolio! It was kind of an
       | awkward moment looking at a designer's portfolio of porn landing
       | pages with all my colleagues/employees around, and trying to keep
       | a straight face while evaluating the design of huge boobs taking
       | 90% of the page. Turns out MingGeek is a big employer of junior
       | designers. They pay well and are extremely professional.
        
         | Scoundreller wrote:
         | There was a scene/episode in HBO's Silicon Valley where they go
         | to a pornsite operator conference that was b2b. Other than
         | their hilarious made-up names for each website and their niche,
         | it was just another boring business conference.
        
         | throwaway287391 wrote:
         | Did they really not provide censored versions of their
         | screenshots or give you some sort of warning before you opened
         | their portfolio? That's funny, but IMHO it doesn't sound very
         | professional when applying to work at a non-porn business if
         | that's the case.
        
       | pluc wrote:
       | I worked there for 2 months, AMA.
        
         | jariel wrote:
         | Is there any legitimacy to the notion their b-model was built
         | effectively on 'piracy' and that they ignored take down
         | requests?
        
           | pluc wrote:
           | I can't really speak to the early history, but I mean they
           | bought most of the Tubesites back then which we all know had
           | a fair amount of piracy - so from a guess, I'd say they were
           | aware and it was part of the strategy, yeah. For the takedown
           | requests, no idea.
        
           | mtnGoat wrote:
           | i think the record speaks for itself on this. its pretty well
           | understood what the previous owners were up to and how they
           | originally populated the site with content.
           | 
           | no employee can confirm nor deny this for legal reasons or
           | just lack of access to that part of the system/code.
        
           | oarsinsync wrote:
           | It's true of YouTube back in the day, it's not unreasonable
           | to think it's probably true of other tube sites too.
        
         | walrus01 wrote:
         | Were you located in Montreal?
         | 
         | Second question: Do you think there's anything unique about the
         | culture in Montreal (as compared to the rest of Canada) that
         | makes it a good place to have an office of people working on
         | porno related content?
        
           | pluc wrote:
           | Yes, and I don't think so. People are generally open-minded
           | here but I think the same would be true for most of America
           | at least when it comes to "professional" pornography.
        
         | mewse-hn wrote:
         | Based in Montreal? How secretive was the hiring process?
        
           | brummm wrote:
           | I know a few people that work there. It's a normal tech
           | company, like many others. There is nothing secretive about
           | it.
        
           | auxym wrote:
           | I used to live on Montreal and came across PornHub job
           | postings a few times on indeed. Very open, claiming unique
           | challenges due to being the largest porn site in the world,
           | etc.
           | 
           | They don't seem to have anything up atm, maybe they stopped
           | posting on indeed.
        
           | pluc wrote:
           | Yes. Not secretive at all.
        
         | waterfirezero wrote:
         | i am about to apply for a job there (Montreal). How is the
         | working environment?
        
           | pluc wrote:
           | There's a real corporate feel to it that I didn't expect.
           | Some people have been there for a decade and have gotten very
           | comfortable. There's a strong hierarchy - directors,
           | managers, leads, and everyone else.
        
           | markus_zhang wrote:
           | It's just a normal tech company inside. What's the pos you
           | are applying for? Just curious.
        
         | khazhoux wrote:
         | Would be great to hear in general what the work environment was
         | like, what the work itself was like, the holiday parties, etc.
         | From previous AMAs for this and similar companies, the takeaway
         | seems to always be: It's a lot more "normal" inside the company
         | than people expect.
         | 
         | Some specific questions:
         | 
         | * When engineers and QE are doing their regular dev+testing
         | work all day long, do they use actual videos from the site, or
         | are there "tame" videos used for dev+test so as to not be so
         | distracting?
         | 
         | * Similar to above, how much of the day (like, how many hours)
         | would a regular developer or tester be looking at the content?
         | Do people become totally desensitized to it? Like, I know
         | people say "it's just a regular job", but I have a hard time
         | believing people aren't aroused by it, at least part of the
         | time.
        
           | pluc wrote:
           | > * When engineers and QE are doing their regular dev+testing
           | work all day long, do they use actual videos from the site,
           | or are there "tame" videos used for dev+test so as to not be
           | so distracting?
           | 
           | Real videos. People not wanting to work directly in contact
           | with pornography is a huge problem to recruitment.
           | 
           | > * Similar to above, how much of the day (like, how many
           | hours) would a regular developer or tester be looking at the
           | content? Do people become totally desensitized to it? Like, I
           | know people say "it's just a regular job", but I have a hard
           | time believing people aren't aroused by it, at least part of
           | the time.
           | 
           | Depends what you do, a regular developer probably doesn't
           | look at a lot of porn except when testing their stuff in a
           | near-prod setting. Some people watch porn all day (eg video
           | editors) and there's a high turnover rate there.
           | 
           | Oh, and the work environment was oddly corporate.
        
           | sorahn wrote:
           | > It's a lot more "normal" inside the company than people
           | expect.
           | 
           | It was, just a tech company doing tech things.
           | 
           | > or are there "tame" videos used for dev+test so as to not
           | be so distracting?
           | 
           | We had some public domain videos playing on a loop for
           | internal testing environments, or some "screensaver" type
           | videos.
           | 
           | > Do people become totally desensitized to it?
           | 
           | Yes, and relatively quickly too. The regular content was more
           | looked at as a curiosity. "You found someone doing _what_?"
           | "Let me see."
        
         | pocketcheeze wrote:
         | Do they pay within the ballpark of big tech? I imagine some of
         | their scalability problems require the best of the best.
        
           | wolco2 wrote:
           | I'll chime in. No they are not offering FAANG or bay areas
           | salaries for equal experience. They would pay wokay for the
           | montreal area. Glassdoor lists a system developer role for
           | under 100,000 cnd.
        
             | pluc wrote:
             | You can't expect bay area salary outside of the bay area.
             | They'll pay well with the context of the local market.
        
           | pluc wrote:
           | Yeah they'll spend the money on someone they think is worth
           | it
        
         | Karawebnetwork wrote:
         | Was there any effort to hide the end product to employees? I
         | know that from the outside, MindGeek tries to look like any
         | regular tech/data company. Is there a gap between the software
         | side of things and the "pornhub website" team? Is the video
         | department hidden? How is the culture?
        
           | markus_zhang wrote:
           | No it's not. It's pretty open overall. People sometimes
           | discuss tech/business details in front of porn scenes as well
           | because you have to. And perhaps among the first few
           | questions HR is going to ask if you are OK with working for a
           | XXX company (they didn't say it directly on my case but
           | hinted enough) during the recruit process.
        
             | Karawebnetwork wrote:
             | > People sometimes discuss tech/business details in front
             | of porn scenes as well because you have to
             | 
             | Now I am picturing an open office plan with a porn set one
             | one end of it. Surely the studios are separated from the
             | software departments?
        
               | markus_zhang wrote:
               | No it's just some videos played in a TV in meeting room.
               | It was for looking at Chrome dev tools I believe. Studios
               | are not even in Montreal AFAIK but I could be wrong.
        
               | Karawebnetwork wrote:
               | Alright, thanks. My other question was about culture.
               | 
               | What is the demographic? Are there a lot of women, gender
               | minorities, etc.? Are things like harassment complaints
               | taken seriously? In short, is it a "locker room" culture
               | or more similar to what you find elsewhere at web
               | agencies in MTL?
        
               | wolco2 wrote:
               | It mirrors a regular startup which is more male.
               | 
               | Agencies in general are more populated with women,gender
               | minorities for a variety of reasons.
               | 
               | Porn doesn't hang on the walls. And you are more likely
               | to find harassment outside of a business like this
               | because everyone would try harder to make the female
               | welcome because of the sigma.
        
               | pluc wrote:
               | Yeah the porn is mostly shot in LA/Miami I think.
        
           | pluc wrote:
           | No, porn is very much part of the culture. There are posters
           | of porn stars on the walls (like, official company-sponsored
           | posters). Asa Akira is one I remember being a popular
           | "ambassador". They've had porn stars at their office parties.
        
         | Aaronstotle wrote:
         | What was their Ops/Infra team like? Is it all self-hosted?
        
           | pluc wrote:
           | I don't know how much I can say here but when it comes to
           | PornHub and Ads, they're hosted but they pretty much own the
           | host (although they don't, just in the sense that they
           | probably account for 90%+ of that host's income). I was
           | always curious why they didn't straight up buy them - and
           | when I asked I was told it was just less trouble this way.
           | They don't have much of an ops team though they do have a
           | small (<10 devops team)
        
         | msoad wrote:
         | why only two months?
        
           | pluc wrote:
           | Trial got terminated because (as a manager) I told my
           | superior who had just kicked off a project specifically
           | mentioning overtime would be needed that if overtime was
           | needed it was likely because we didn't plan properly.
        
       | walrus01 wrote:
       | There's a couple of mentions of Cyprus in the article, but I'm
       | kind of disappointed in how the article doesn't expand into any
       | more detail on how having a Cypriot corporation can be used for
       | tax avoidance purposes, and to hide the beneficial owners of
       | unusual things.
       | 
       | It's my understanding that the part of Mindgeek that rents
       | colocation space, owns/leases/runs servers and buys wholesale
       | scale Internet access in Canada, is the Cypriot corporation.
       | 
       | This isn't really a "new" thing in the internet porno business,
       | people have been doing funny things with panamanian, cypriot,
       | maltese, manx, channel islands, nauru corporations and such for
       | 20+ years.
        
         | d33lio wrote:
         | Cypress is attractive, except for the fact they are the first
         | nation to have "tried" a "bail-in" of sorts where the gov't
         | pillages the bank accounts of its citizens for monetary relief
         | in 2013.
         | 
         | I have a relatively scant understanding of the recent Dodd
         | Frank legislation in the U.S. that has outlined how this
         | _could_ happen in the U.S. - fortunately it outlines that only
         | non FDIC insured assets can be seized by banks.
         | 
         | https://www.forbes.com/sites/nathanlewis/2013/05/03/the-cypr...
        
           | doubleunplussed wrote:
           | Funny. Other countries have inflated away their debt, which
           | is essentially the same thing as just taking a certain
           | fraction of everyone's money. Printing money to pay debts
           | would also have the same effect (since it would cause
           | inflation). The only reason Cyprus would have to resort to
           | taking its citizens' money is because these options aren't
           | available to it, since it doesn't control it's own currency.
           | 
           | You'd never see the US do the same because there's no need -
           | a country that controls its own currency should always be
           | able to pay its debts.
        
           | simonebrunozzi wrote:
           | And then the Russians (with money in Cyprus) called Putin and
           | Cyprus changed course.
        
             | d33lio wrote:
             | Interesting. Either HN is controlled by russian money or
             | there are people who support bail-ins on HN? (re: my parent
             | comment was downvoted?)
        
         | epanchin wrote:
         | Is Cyprus much different from Delaware?
        
         | zinekeller wrote:
         | > channel islands
         | 
         | Your comment is spot-on, but technically the Channel Islands
         | are two separate crown territories (Jersey, Bailiwick of
         | Guernsey) with four sub-jurisdictions with its own rules on
         | companies (Jersey, Guernsey proper, Sark, and Alderney), but
         | there is some co-operation between the, uhm, governments (the
         | best description I can use since the specific term differs
         | between sub-jurisdictions).
        
           | walrus01 wrote:
           | I can't say that I've ever researched it in that much detail
           | to know the legal and tax distinctions between the different
           | channel islands. All I can say is that if I miraculously woke
           | up in charge of a massive porno empire tomorrow, cyprus would
           | be high on my list of places to start forming corporations..
        
             | fy20 wrote:
             | The Channel Islands (before Brexit) had this weird
             | situation where they were not part of the EU (compared to
             | Gibraltar which was), but were part of the customs zone.
             | 
             | In the 2000s many CD and DVD retailers setup shop there, as
             | they could sell items without VAT.
        
         | dogma1138 wrote:
         | For porn and "gaming" (gambling) there aren't many other places
         | to register which is why you have these companies in places
         | like Cyprus, Malta or Gibraltar it's not necessarily for tax
         | avoidance (although they surely do that too) but primarily to
         | avoid harassment and legal issues that can arise from being
         | registered most other nations.
        
       | cblconfederate wrote:
       | Putting my tinfoil hat on, i find it suspicious that companies
       | like pornhub and onlyfans, which provide a safe income in
       | pandemic times, are finding themselves in the spotlight around
       | the same days when lawsuits against big tech & co are flying
       | around.
        
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