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Time for russia to stop playing by the wests rules. This is a watershed moment for crypto and will be pointed to as a historical example of when the US started

Time for russia to stop playing by the wests rules. This is a watershed moment for crypto and will be pointed to as a historical example of when the US started to lose influence over the world stage. what russia is doing is terrible and should be stopped. But this incident is going to show that the US and the EU can no longer control the worlds trade. technology has evolved past these financial systems mared by corruption, false data and glacially slow payment transfers. Who needs swift, clearing houses and forex exchanges when you have Terra? Side tangent, the first nationstate to adopt crypto will have the biggest benefits.

Rooster61 5y ago
Yes, because the administrations of authoritarian warmongers absolutely LOVE difficult to trace currencies. I'm sure Putin himself is setting up a Coinbase account as we speak...
- TrapLord_Rhodo 5y ago
  Yes actually. China is spending alot of time rolling out its digital currency among it's populace. What is difficult to trace about it? It's literally a public ledger...? If you institute a state controlled wallet, not only can you control flow, color of money, etc. but you can perfectly see the data in real time which is a tremendous improvement over the current infrastrucure. You can actually answer questions like, how much does the average citizen spend a month on XyZ with a simple query among your wallet. > I'm sure Putin himself is setting up a Coinbase account as we speak... You are cut off from swift and other internationally accepted banking measures. How do you get foreign currency into your nation and how do you transfer payments internationally? Crypto.
jasongill 5y ago
yes, let's use the attempted destruction of a sovereign nation by a neighboring dictator as an opportunity to promote your favorite cryptocurrency
- TrapLord_Rhodo 5y ago
  War is nothing new. Sanctions are nothing new. The ability to evade sanctions via crypto is new. Simply pointing out that these sanctions are useless and if you use etherscan, you will see a huge rise in usage in russia and ukraine right now.
jopsen 5y ago
> This is a watershed moment for crypto and will be pointed to as a historical example of when the US started to lose influence over the world stage. Just a month ago China and Russia made a 30-year deal to sell/buy gas through a pipeline. Settled in Euro! https://www.reuters.com/world/asia-pacific/exclusive-russia-china-agree-30-year-gas-deal-using-new-pipeline-source-2022-02-04/ https://www.reuters.com/world/asia-pacific/exclusive-russia-... Russia wouldn't trust the yen. People in China can't freely exchange to other currencies (or move money out of the country). The yen is being held together by a "captive audience" (or a subjugated people). And China won't trust the Ruble, because well, it's obvious, right? The idea that you'd make a 30-year deal settled in bitcoin/eth is plain crazy. Trust is hard to build (it takes time), when neither Russia or China has that level if trust, what makes you think crypto would get there tomorrow?
- TrapLord_Rhodo 5y ago
  I never said anything about trade deals. Russia is being blocked from the wests financial system by making harder to transfer funds. Crypto can make international transfers.
  - jopsen 5y ago
    This was just an example that trade between countries like Russia and China often happen in dollars (or sometimes Euros). Not yen or rubles. You think they would use bitcoin/eth instead? I don't fully understand banking systems, but if China buys something from Russia in dollars. They are not paying with truck loads of cash. They might pay with IOY in a Chinese bank. But Chinese banks might not want that liability (buying dollars could be expensive in the future; and certainly Russians won't trust a Chinese bank. They are probably moving dollars between a US account belonging to a Russian bank, and US account belonging to Chinese bank. Moving large amounts of dollars (or euros) by other means is very hard. Gold, bitcoin, eth, etc. are all more volatile than dollars (or euros), and harder to move.
immibis 5y ago
Actually, this should be bad for crypto's reputation, because crypto has no way to cut off bad actors that everyone wants to cut off.

Rooster61 5y ago

Yes, because the administrations of authoritarian warmongers absolutely LOVE difficult to trace currencies. I'm sure Putin himself is setting up a Coinbase account as we speak...

TrapLord_Rhodo 5y ago
Yes actually. China is spending alot of time rolling out its digital currency among it's populace. What is difficult to trace about it? It's literally a public ledger...? If you institute a state controlled wallet, not only can you control flow, color of money, etc. but you can perfectly see the data in real time which is a tremendous improvement over the current infrastrucure. You can actually answer questions like, how much does the average citizen spend a month on XyZ with a simple query among your wallet. > I'm sure Putin himself is setting up a Coinbase account as we speak... You are cut off from swift and other internationally accepted banking measures. How do you get foreign currency into your nation and how do you transfer payments internationally? Crypto.

jasongill 5y ago

yes, let's use the attempted destruction of a sovereign nation by a neighboring dictator as an opportunity to promote your favorite cryptocurrency

TrapLord_Rhodo 5y ago
War is nothing new. Sanctions are nothing new. The ability to evade sanctions via crypto is new. Simply pointing out that these sanctions are useless and if you use etherscan, you will see a huge rise in usage in russia and ukraine right now.

jopsen 5y ago

> This is a watershed moment for crypto and will be pointed to as a historical example of when the US started to lose influence over the world stage. Just a month ago China and Russia made a 30-year deal to sell/buy gas through a pipeline. Settled in Euro! https://www.reuters.com/world/asia-pacific/exclusive-russia-china-agree-30-year-gas-deal-using-new-pipeline-source-2022-02-04/ https://www.reuters.com/world/asia-pacific/exclusive-russia-... Russia wouldn't trust the yen. People in China can't freely exchange to other currencies (or move money out of the country). The yen is being held together by a "captive audience" (or a subjugated people). And China won't trust the Ruble, because well, it's obvious, right? The idea that you'd make a 30-year deal settled in bitcoin/eth is plain crazy. Trust is hard to build (it takes time), when neither Russia or China has that level if trust, what makes you think crypto would get there tomorrow?

TrapLord_Rhodo 5y ago
I never said anything about trade deals. Russia is being blocked from the wests financial system by making harder to transfer funds. Crypto can make international transfers.
- jopsen 5y ago
  This was just an example that trade between countries like Russia and China often happen in dollars (or sometimes Euros). Not yen or rubles. You think they would use bitcoin/eth instead? I don't fully understand banking systems, but if China buys something from Russia in dollars. They are not paying with truck loads of cash. They might pay with IOY in a Chinese bank. But Chinese banks might not want that liability (buying dollars could be expensive in the future; and certainly Russians won't trust a Chinese bank. They are probably moving dollars between a US account belonging to a Russian bank, and US account belonging to Chinese bank. Moving large amounts of dollars (or euros) by other means is very hard. Gold, bitcoin, eth, etc. are all more volatile than dollars (or euros), and harder to move.

immibis 5y ago

Actually, this should be bad for crypto's reputation, because crypto has no way to cut off bad actors that everyone wants to cut off.