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Don't look that far. Think about how many politicians and well-connected people have invested in crypto, to do things they want the plebs to do... but not them

by csdvrx 5y ago

Don't look that far. Think about how many politicians and well-connected people have invested in crypto, to do things they want the plebs to do... but not them (like those pesky taxes) Proof of stake was the missing piece they needed to remove having to bother about things like having a technological innovation seize a larger piece of the pie than what they have. It won't be in their interest to do that. However, it may be in the interest of China and Russia to reverse their stance about crypto, in case they go on with their invasions/wars and financial sanctions start hurting. See Iran for example. What's likely to happen is fragmentation, with each large country pushing for the crypto they control. It's gonna be funny!

jokethrowaway 5y ago
While they may make money trading personally on crypto, they're in the best place to sell a currency just before they prohibit. They can make money trading with or without crypto, anyway. Regardless of the politicians' personal finances, countries are likely to squeeze on cryptocurrency so that their fiat currencies (which lost tons of value in the last 2 years, to fight the lockdowns imposed by the governments) would gain value. Putin's move is sensible and probably likely to be followed by other countries. The ruble lost quite a bit of value. It's likely we won't end up with gov backed cryptocurrencies but just a digital rebranding of USD. China is doing the same thing with the digital renminbi.
- csdvrx 5y ago
  > They can make money trading with or without crypto, anyway. It's not about trading. It's about taxes and bribes. Something that's illegible is in their interest. > Putin's move is sensible and probably likely to be followed by other countries For immediate concerns, yes. Long term, think different: if Russia or China want to overtake the USD, the Ruble or the Yuan have 0 fighting chance, even in their digital version. BTC has at least one. Of course, a nice crash would reduce the costs in them acquiring sufficient reserves :)

by csdvrx 5y ago

jokethrowaway 5y ago

While they may make money trading personally on crypto, they're in the best place to sell a currency just before they prohibit. They can make money trading with or without crypto, anyway. Regardless of the politicians' personal finances, countries are likely to squeeze on cryptocurrency so that their fiat currencies (which lost tons of value in the last 2 years, to fight the lockdowns imposed by the governments) would gain value. Putin's move is sensible and probably likely to be followed by other countries. The ruble lost quite a bit of value. It's likely we won't end up with gov backed cryptocurrencies but just a digital rebranding of USD. China is doing the same thing with the digital renminbi.

csdvrx 5y ago
> They can make money trading with or without crypto, anyway. It's not about trading. It's about taxes and bribes. Something that's illegible is in their interest. > Putin's move is sensible and probably likely to be followed by other countries For immediate concerns, yes. Long term, think different: if Russia or China want to overtake the USD, the Ruble or the Yuan have 0 fighting chance, even in their digital version. BTC has at least one. Of course, a nice crash would reduce the costs in them acquiring sufficient reserves :)