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Please do not use crypto no matter how tempting it is to join the Ponzi scheme as I said before and many other critics like Stephen Diehl (@smdiehl), Molly Whit

Please do not use crypto no matter how tempting it is to join the Ponzi scheme as I said before and many other critics like Stephen Diehl (@smdiehl), Molly White (@molly0xFFF) (@web3isgreat creator) and more reliable critics. https://news.ycombinator.com/item?id=30512981 https://news.ycombinator.com/item?id=30512981 Please try use Paypal with a VPN or in another country, Moneygram, Western Union or use cash, better yet use Transferwise (Wise) or buy gift cards to get your money out.

prostoalex 5y ago
The motivation to trade from rubles to crypto is obvious. But if you're holding crypto today, what's the motivation to exit and assume a large ruble position?
- notch656a 5y ago
  This is the question I've been asking. At first glance, one may think it's a great idea to go long crypto right now. But with RUB being radioactive, it's hard to imagine how RUB-crypto pairs can possibly have much impact on the market.
nickysielicki 5y ago
As an American, I'm tempted to put everything I own into Monero.
- colesantiago 5y ago
  Monero isn't really private or secure and was a subject to a 51% attack so this is a moot point.
  - analyte123 5y ago
    Can you elaborate on what makes Monero not private or secure?
    - colesantiago 5y ago
      Look up CipherTrace [0] and I said before a 51% attack was highly likely on Monero. [0] https://decrypt.co/40284/us-homeland-security-can-now-track-privacy-crypto-monero?amp=1 https://decrypt.co/40284/us-homeland-security-can-now-track-...
    - kayamon 5y ago
      Any blockchain shorter than the market leader is subject to a 51% attack.
    - null0pointer 5y ago
      Just ignore this guy, he’s a troll. The Cyphertrace thing he is referring to is 2 years old and EXTREMELY overblown. There is a an unclaimed bounty from the FBI to trace Monero transactions. Wouldn’t cyphertrace have claimed it if they actually could trace Monero transactions? The Monero community is very open about discussing the tech and its issues. They are near-pure technologists, not get-rich-quick-cryptobros. The 51% “attack” he is referring to is that a mining pool briefly had over 50% of the total hash rate. No attack took place, and within hours miners had moved to other pools bringing the hash rate of the 51% pool down to the mid-30s%. I’ll also mention that the power of 51% attacks is largely overstated too, especially in a privacy coin like Monero.
      - colesantiago 5y ago
        This still means that Monero as well as the other privacy coins still have issues, if there weren’t any issues why are they not being accepted by more exchanges? Even a reportedly private ‘cryptocurrency’ called ‘Grin’ had an attack which rendered the coin useless. The only usecase of privacy coins is for illegitimate purposes only. Also: I think you mean ‘CipherTrace‘, ‘CypherTrace’ does not exist.
        notch656a 5y ago
        >The only use case of privacy coins is for illegitimate purposes only. Excellent trolling. I have used monero for effectively anonymous online donations to legitimate non-profit institutions. Can you think of any other great alternatives for this online? You know it's not illegal to anonymously donate to someone, yes? Most of the non-privacy coins are much more susceptible to finding a KYC exposed starting point to find where the transaction comes from. >f there weren’t any issues why are they not being accepted by more exchanges? Kraken, one of the biggest and longest running KYC and AML compliant exchanges trades Monero in the US. Other exchanges may have simply made a business decision not to trade Monero, but there's clearly precedent that it can be done successfully at least in the US.
ZoomZoomZoom 5y ago
Paypal, which you're going to fill up with?..
atlantas 5y ago
It's almost trolling to suggest another centralized vendor that can lock out people from their money at any time. Paypal is arguably the worst offender in this regard.
- colesantiago 5y ago
  Which is why I said use Transferwise, if you cannot use Paypal. There are options like Western Union or Moneygram, but crypto is not one of them.
jdrc 5y ago
Using crypto is actually productive use of it. It s speculation that is bothering you; that is not going to happen here. But crypto is not immune from censorship, just from centralized censorship. If bitcoin was widespread now, users would block addresses or wholesale fork the chain to oust russia
- colesantiago 5y ago
  > Using crypto is actually productive use of it. It s speculation that is bothering you; that is not going to happen here. Crypto is always used for speculation and nothing else and it cannot be used as a 'currency'. The slow speeds, the high gas fees, scams and rampant rugpulls and hacks make this an unregulated wild west that even the crypto exchanges have blocked Russian users (so much for no censorship) [0] so it is all broken to begin with. 'Cryptocurrenies' are not currencies and they should be called for what they really are: monopoly money tokens. [0] https://www.reuters.com/business/finance/crypto-exchange-binance-says-will-not-accept-cards-sanctioned-russian-banks-2022-03-03/ https://www.reuters.com/business/finance/crypto-exchange-bin...
  - jdrc 5y ago
    low speeds dont matter if you can use it to get your wealth out of such a situation . Crypto exchanges have not blocked russian users. the blocked cards are in accordance with laws. call it what you want, it's not like other kinds of money are ideal 'currencies'. All of them are tools, if they work they re good
    - colesantiago 5y ago
      So it is good that the network is congested? I don’t think you would want to wait for hours for a payment to settle only for it to fail later because of the gas fees. > Crypto exchanges have not blocked russian users. Yes they have and they can. > call it what you want, it's not like other kinds of money are ideal 'currencies'. It isn’t money if it is loses 60% of its value in a couple of hours with additional fees I didn’t agree to. It’s a distributed casino that only speculators use, and it would certainly won’t be useful when it all comes crashing down.
drexlspivey 5y ago
I am sure that if my life savings lost 50% of their value in a few days, I was unable to transact with it or move it and faced the possibility of it being seized I would definitely take the advice of some silicon valley armchair experts with 6 figure salaries because they totally relate to my problem.
- colesantiago 5y ago
  Why do you assume i’m from silicon valley and have a 6 figure salary?
lvs 5y ago

prostoalex 5y ago

The motivation to trade from rubles to crypto is obvious. But if you're holding crypto today, what's the motivation to exit and assume a large ruble position?

notch656a 5y ago
This is the question I've been asking. At first glance, one may think it's a great idea to go long crypto right now. But with RUB being radioactive, it's hard to imagine how RUB-crypto pairs can possibly have much impact on the market.

nickysielicki 5y ago

As an American, I'm tempted to put everything I own into Monero.

colesantiago 5y ago
Monero isn't really private or secure and was a subject to a 51% attack so this is a moot point.
- analyte123 5y ago
  Can you elaborate on what makes Monero not private or secure?
  - colesantiago 5y ago
    Look up CipherTrace [0] and I said before a 51% attack was highly likely on Monero. [0] https://decrypt.co/40284/us-homeland-security-can-now-track-privacy-crypto-monero?amp=1 https://decrypt.co/40284/us-homeland-security-can-now-track-...
  - kayamon 5y ago
    Any blockchain shorter than the market leader is subject to a 51% attack.
  - null0pointer 5y ago
    Just ignore this guy, he’s a troll. The Cyphertrace thing he is referring to is 2 years old and EXTREMELY overblown. There is a an unclaimed bounty from the FBI to trace Monero transactions. Wouldn’t cyphertrace have claimed it if they actually could trace Monero transactions? The Monero community is very open about discussing the tech and its issues. They are near-pure technologists, not get-rich-quick-cryptobros. The 51% “attack” he is referring to is that a mining pool briefly had over 50% of the total hash rate. No attack took place, and within hours miners had moved to other pools bringing the hash rate of the 51% pool down to the mid-30s%. I’ll also mention that the power of 51% attacks is largely overstated too, especially in a privacy coin like Monero.
    - colesantiago 5y ago
      This still means that Monero as well as the other privacy coins still have issues, if there weren’t any issues why are they not being accepted by more exchanges? Even a reportedly private ‘cryptocurrency’ called ‘Grin’ had an attack which rendered the coin useless. The only usecase of privacy coins is for illegitimate purposes only. Also: I think you mean ‘CipherTrace‘, ‘CypherTrace’ does not exist.
      - notch656a 5y ago
        >The only use case of privacy coins is for illegitimate purposes only. Excellent trolling. I have used monero for effectively anonymous online donations to legitimate non-profit institutions. Can you think of any other great alternatives for this online? You know it's not illegal to anonymously donate to someone, yes? Most of the non-privacy coins are much more susceptible to finding a KYC exposed starting point to find where the transaction comes from. >f there weren’t any issues why are they not being accepted by more exchanges? Kraken, one of the biggest and longest running KYC and AML compliant exchanges trades Monero in the US. Other exchanges may have simply made a business decision not to trade Monero, but there's clearly precedent that it can be done successfully at least in the US.

ZoomZoomZoom 5y ago

Paypal, which you're going to fill up with?..

atlantas 5y ago

It's almost trolling to suggest another centralized vendor that can lock out people from their money at any time. Paypal is arguably the worst offender in this regard.

colesantiago 5y ago
Which is why I said use Transferwise, if you cannot use Paypal. There are options like Western Union or Moneygram, but crypto is not one of them.

jdrc 5y ago

Using crypto is actually productive use of it. It s speculation that is bothering you; that is not going to happen here. But crypto is not immune from censorship, just from centralized censorship. If bitcoin was widespread now, users would block addresses or wholesale fork the chain to oust russia

colesantiago 5y ago
> Using crypto is actually productive use of it. It s speculation that is bothering you; that is not going to happen here. Crypto is always used for speculation and nothing else and it cannot be used as a 'currency'. The slow speeds, the high gas fees, scams and rampant rugpulls and hacks make this an unregulated wild west that even the crypto exchanges have blocked Russian users (so much for no censorship) [0] so it is all broken to begin with. 'Cryptocurrenies' are not currencies and they should be called for what they really are: monopoly money tokens. [0] https://www.reuters.com/business/finance/crypto-exchange-binance-says-will-not-accept-cards-sanctioned-russian-banks-2022-03-03/ https://www.reuters.com/business/finance/crypto-exchange-bin...
- jdrc 5y ago
  low speeds dont matter if you can use it to get your wealth out of such a situation . Crypto exchanges have not blocked russian users. the blocked cards are in accordance with laws. call it what you want, it's not like other kinds of money are ideal 'currencies'. All of them are tools, if they work they re good
  - colesantiago 5y ago
    So it is good that the network is congested? I don’t think you would want to wait for hours for a payment to settle only for it to fail later because of the gas fees. > Crypto exchanges have not blocked russian users. Yes they have and they can. > call it what you want, it's not like other kinds of money are ideal 'currencies'. It isn’t money if it is loses 60% of its value in a couple of hours with additional fees I didn’t agree to. It’s a distributed casino that only speculators use, and it would certainly won’t be useful when it all comes crashing down.

drexlspivey 5y ago

I am sure that if my life savings lost 50% of their value in a few days, I was unable to transact with it or move it and faced the possibility of it being seized I would definitely take the advice of some silicon valley armchair experts with 6 figure salaries because they totally relate to my problem.

colesantiago 5y ago
Why do you assume i’m from silicon valley and have a 6 figure salary?

lvs 5y ago