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Wei_Dai comments on Look for the Next Tech Gold Rush? - Less Wrong Discussion
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To expand on this, there are several thousand commonly used Chinese characters, each with different meanings. These map onto about 400 possible syllables (ignoring tone). However not all combinations of two Chinese characters are valid Chinese words. My Chinese input software gives three possibilities when I type in "wei dai".
However new Chinese words are invented all the time, using combinations of existing Chinese characters. In this case I believe the highest bidders of my domain actually want to use it for 微贷, which means microloan.