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This. Sure, in the micro, maybe crypto helps Russian citizens protect assets during a difficult period, but so can gold. And, in the macro, these fiat levers ar
by unclebucknasty 5y ago
This. Sure, in the micro, maybe crypto helps Russian citizens protect assets during a difficult period, but so can gold. And, in the macro, these fiat levers are much more punitive to the regime and the elites that support it.
Not to mention crypto can help the wealthy targets skirt sanctions.
On balance, given that we are dealing with a war of aggression and loss of life, I'm grateful for these tools. And, even to the extent it causes some pain for the Russian people, that further erodes support for the regime's unjust campaign and turns up the heat on them.
- kordlessagain 5y agoI just read that Russia is the 5th largest gold holder in the world.
- dgellow 5y agoYes, they spent the past ~10 years preparing for Western sanctions by buying gold and foreign currencies. They were warned by western countries before 2014 and took the time to adjust their strategy. IMHO the most interesting change they did is to become self-sufficient regarding their food production, and even net exporter of wheat, corn, and other cereals. They correctly identified that was a risk and made necessary changes to reduce it to the point where they can leverage their position against other actors.