4 ms·

Russia has been pushing BTC on RT for a while now. Seems related. That would push the price up. Counter-move: Will this precipitate the banning of Bitcoin by/

Russia has been pushing BTC on RT for a while now. Seems related. That would push the price up. Counter-move: Will this precipitate the banning of Bitcoin by/in the US? That would push the price down. (Simultaneously, possible rate increases also tend to push the price down.)

derbOac 5y ago
I was asking in some forums a few days before the invasion whether Russia would start pumping money into crypto, especially things like Monero. The response I got (aside from accusing me of selling crypto, even though I don't own any), was that it's seen as too unstable and too unpredictable an asset for oligarchs and so forth to put their money into. Switzerland also indicated they weren't doing anything about sanctions. There's other tax havens out there as well. That seemed like a good point to me; why put your money in bitcoin or Monero when you could put it into gold, or keep your money in a Swiss account? I'm sure these oligarchs have very solid ways of laundering money. On the other hand, maybe this will be just the sort of thing that kicks of practical reasons for use of crypto. Today there's articles about huge donations to Ukraine in the form of BTC, so who knows.
- mahkeiro 5y ago
  Switzerland is imposing their own sanctions, and will make sure that Switzerland cannot be used to circumvent EU & US sanctions. https://twitter.com/BorisBusslinger/status/1497205399229022213?s=20&t=6lU2GbfOTR9p5EtC2p2KGQ https://twitter.com/BorisBusslinger/status/14972053992290222...
- hanniabu 5y ago
  > maybe this will be just the sort of thing that kicks of practical reasons for use of crypto There's already practical uses for crypto for exactly the same reasons you think there will be. All those uses currently exist and people are using them for that, no SWIFT lockout needed.

4 ms·

Russia has been pushing BTC on RT for a while now. Seems related. That would push the price up. Counter-move: Will this precipitate the banning of Bitcoin by/

by FooBarBizBazz 5y ago

derbOac 5y ago
I was asking in some forums a few days before the invasion whether Russia would start pumping money into crypto, especially things like Monero. The response I got (aside from accusing me of selling crypto, even though I don't own any), was that it's seen as too unstable and too unpredictable an asset for oligarchs and so forth to put their money into. Switzerland also indicated they weren't doing anything about sanctions. There's other tax havens out there as well. That seemed like a good point to me; why put your money in bitcoin or Monero when you could put it into gold, or keep your money in a Swiss account? I'm sure these oligarchs have very solid ways of laundering money. On the other hand, maybe this will be just the sort of thing that kicks of practical reasons for use of crypto. Today there's articles about huge donations to Ukraine in the form of BTC, so who knows.
- mahkeiro 5y ago
  Switzerland is imposing their own sanctions, and will make sure that Switzerland cannot be used to circumvent EU & US sanctions. https://twitter.com/BorisBusslinger/status/1497205399229022213?s=20&t=6lU2GbfOTR9p5EtC2p2KGQ https://twitter.com/BorisBusslinger/status/14972053992290222...
- hanniabu 5y ago
  > maybe this will be just the sort of thing that kicks of practical reasons for use of crypto There's already practical uses for crypto for exactly the same reasons you think there will be. All those uses currently exist and people are using them for that, no SWIFT lockout needed.