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> 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 mo

by 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.

by jopsen 5y ago

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.