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We're talking about savings here. Buy crypto stablecoins, store somewhere encrypted. Then move out of Russia and collect your savings. Or wait it out until the

We're talking about savings here. Buy crypto stablecoins, store somewhere encrypted. Then move out of Russia and collect your savings. Or wait it out until the dust settles. Anyway, do you have a better way how to store wealth or savings in such situations? Crypto seems like a very good option.

shafyy 5y ago
I'd wager most Russians don't have savings, and need money today to feed themselves. And for most people just moving out and collecting our Bitcoin savings is not a viable option, not even in the future. I don't have a better way, but I'm just saying that crypto is also not a good way.
- wanderingstan 5y ago
  > I'd wager most Russians don't have savings Russia is not a country of people living on the edge of starvation. They have savings and save up to buy houses like any middle class people.
  - shafyy 5y ago
    The median US citizen's savings is around $5k, and the US is the richest country on Earth (or so I'm told) [0]. So, my point stands: Most people don't have a lot of savings, and don't have the luxury to just save money for a later date. 0: https://www.valuepenguin.com/banking/average-savings-account-balance https://www.valuepenguin.com/banking/average-savings-account...
    - soared 5y ago
      That is bank account value (typically spending money and emergency fund) and does not include retirement savings (401k, ira) or other wealth stores (house, car) so it’s not really an accurate picture of long term savings.
      - shafyy 5y ago
        Yes, but how would they turn their 401k and house into Bitcoin?
  - kwhitefoot 5y ago
    According to Wikipedia median Russian wealth is only a bit over 5 kUSD per person. Ukraine 2.5 kUSD. I haven't been able to find figures for actual savings in Russia but this page https://www.expertmarket.com/credit-card-processing/countries-that-save-the-most-money https://www.expertmarket.com/credit-card-processing/countrie... gives figures for the countries that save most. Russia is not on the list, but for comparison Norwegians mean annual savings are almost 5 kUSD per year. So Russians might not be on the edge of starvation but I imagine that a substantial minority could find themselves close to that edge quite quickly.

shafyy 5y ago

I'd wager most Russians don't have savings, and need money today to feed themselves. And for most people just moving out and collecting our Bitcoin savings is not a viable option, not even in the future. I don't have a better way, but I'm just saying that crypto is also not a good way.

wanderingstan 5y ago
> I'd wager most Russians don't have savings Russia is not a country of people living on the edge of starvation. They have savings and save up to buy houses like any middle class people.
- shafyy 5y ago
  The median US citizen's savings is around $5k, and the US is the richest country on Earth (or so I'm told) [0]. So, my point stands: Most people don't have a lot of savings, and don't have the luxury to just save money for a later date. 0: https://www.valuepenguin.com/banking/average-savings-account-balance https://www.valuepenguin.com/banking/average-savings-account...
  - soared 5y ago
    That is bank account value (typically spending money and emergency fund) and does not include retirement savings (401k, ira) or other wealth stores (house, car) so it’s not really an accurate picture of long term savings.
    - shafyy 5y ago
      Yes, but how would they turn their 401k and house into Bitcoin?
- kwhitefoot 5y ago
  According to Wikipedia median Russian wealth is only a bit over 5 kUSD per person. Ukraine 2.5 kUSD. I haven't been able to find figures for actual savings in Russia but this page https://www.expertmarket.com/credit-card-processing/countries-that-save-the-most-money https://www.expertmarket.com/credit-card-processing/countrie... gives figures for the countries that save most. Russia is not on the list, but for comparison Norwegians mean annual savings are almost 5 kUSD per year. So Russians might not be on the edge of starvation but I imagine that a substantial minority could find themselves close to that edge quite quickly.