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Crypto has addressed real problems for Ukraine's military. > “In a situation like this, where the national bank is not fully operating, crypto is helping to pe

Crypto has addressed real problems for Ukraine's military. > “In a situation like this, where the national bank is not fully operating, crypto is helping to perform fast transfers, to make it very quick and get results almost immediately,” https://www.nytimes.com/2022/03/11/technology/bitcoin-ukraine-russia-roose.html https://www.nytimes.com/2022/03/11/technology/bitcoin-ukrain... Is this BS and marketing?

kingaillas 4y ago
I would characterize this situation (of crypto helping perform fast transfers) as a very temporary "advantage" that would almost certainly disappear over time. For one thing, this advantage over the national bank, is during a WAR. Assuming the war disrupts the national bank, yet over the long term will not also disrupt all the infrastructure that bitcoin needs (cheap high speed computing, available networking, reliable electricity, etc) strains credibility.
- ______-_-______ 4y ago
  In the case of Ukraine, yes, this is probably a temporary state of emergency. But on a global scale, there is always a disruption somewhere. Or as one google SRE put it (I couldn't find the exact quote) "on our scale, once-in-a-million events happen every day". And, for many people out there, crypto is still the fastest way to transfer money, and the situation is very much not temporary. It's just that they are not the people that typically feature in the NYT.
  - ilammy 4y ago
    Speaking of Ukraine, the banking sector is working fine there at the moment, for what it's worth. Not for moving wealth out of the country and out of the local currency, but otherwise works.
    - shagie 4y ago
      From the other day: https://www.npr.org/2022/04/04/1090952156/how-ukraine-kept-banks-afloat-and-money-flowing https://www.npr.org/2022/04/04/1090952156/how-ukraine-kept-b... > Russia's invasion has caused untold damage to lives, buildings, and roads. It also threatened to destroy Ukraine's banking system. > But a month into the war, Ukrainians in most of the country can still put their money in savings accounts, pay their telephone bills, and withdraw cash easily. > Today, we speak to the CEO of Ukraine's second-largest bank to learn how the country's banks are continuing essential business in the wake of devastation on the homefront.
tablespoon 4y ago
> Crypto has addressed real problems for Ukraine's military. >> “In a situation like this, where the national bank is not fully operating, crypto is helping to perform fast transfers, to make it very quick and get results almost immediately,” >> https://www.nytimes.com/2022/03/11/technology/bitcoin-ukraine-russia-roose.html https://www.nytimes.com/2022/03/11/technology/bitcoin-ukrain... > Is this BS and marketing? Here are the next two paragraphs after your quote: > But Mr. Bornyakov [Ukraine’s deputy minister of digital transformation] seemed wary of overstating crypto’s importance to the Ukrainian cause. > “I don’t think crypto is playing a major part,” Mr. Bornyakov said. “But its role is essential in this conflict in terms of helping our army.” Ukraine needs every bit of support they can get, and they won't turn away tens of millions in donations from cryptobros, but it's a minor part of their effort. You can also easily donate USD or do a bank transfer to send them money: https://bank.gov.ua/en/news/all/natsionalniy-bank-vidkriv-spetsrahunok-dlya-zboru-koshtiv-na-potrebi-armiyi https://bank.gov.ua/en/news/all/natsionalniy-bank-vidkriv-sp... And they've gotten far more donations that way: https://bank.gov.ua/en/news/all/nbu-pererahuvav-na-potrebi-viyskovih-ponad-152-mlrd-grn-na-spetsrahunku-zalishilosya-41-mln-grn https://bank.gov.ua/en/news/all/nbu-pererahuvav-na-potrebi-v...
- ______-_-______ 4y ago
  You're moving the goalposts. I responded to: > But cryptocurrency doesn't address any real problems. Nobody was comparing the market share of different forms of currency or anything like that. We can discuss the viable rate of market share growth for new forms of currency some other time. This is a high ranking government official saying that bitcoin is helping solve a real problem. Can you at least acknowledge that maybe he's telling the truth? Or when the next bitcoin thread rolls around will you just repeat the same tired old complaint about no use cases?
  - tablespoon 4y ago
    > But cryptocurrency doesn't address any real problems. ...that aren't better addressed by other, existing technologies. There might be some weird corner cases where it makes sense, but that's not anywhere close to the "future of money" hype. > This is a high ranking government official saying that bitcoin is helping solve a real problem. Can you at least acknowledge that maybe he's telling the truth? Or when the next bitcoin thread rolls around will you just repeat the same tired old complaint about no use cases? Sure he's telling the truth. I'm not saying cryptocurrency can't be used to solve problems, what I'm saying it's not anything special as a solution and is often a pretty bad one. If I add some horse-drawn carriages to my fleet of trucks, because I'm so desperate to haul the absolute largest quantity of something that I can that I'll do anything, that doesn't mean horses are the future of transport or are even a good transportation solution in the modern world.
dmitriid 4y ago
> Is this BS and marketing? A lot of that money has been withdrawn via an exchange registered in an offshore. My bet is that someone who set it up has profited nicely during the war. Has it actually helped Ukraine? Who knows.

kingaillas 4y ago

I would characterize this situation (of crypto helping perform fast transfers) as a very temporary "advantage" that would almost certainly disappear over time. For one thing, this advantage over the national bank, is during a WAR. Assuming the war disrupts the national bank, yet over the long term will not also disrupt all the infrastructure that bitcoin needs (cheap high speed computing, available networking, reliable electricity, etc) strains credibility.

______-_-______ 4y ago
In the case of Ukraine, yes, this is probably a temporary state of emergency. But on a global scale, there is always a disruption somewhere. Or as one google SRE put it (I couldn't find the exact quote) "on our scale, once-in-a-million events happen every day". And, for many people out there, crypto is still the fastest way to transfer money, and the situation is very much not temporary. It's just that they are not the people that typically feature in the NYT.
- ilammy 4y ago
  Speaking of Ukraine, the banking sector is working fine there at the moment, for what it's worth. Not for moving wealth out of the country and out of the local currency, but otherwise works.
  - shagie 4y ago
    From the other day: https://www.npr.org/2022/04/04/1090952156/how-ukraine-kept-banks-afloat-and-money-flowing https://www.npr.org/2022/04/04/1090952156/how-ukraine-kept-b... > Russia's invasion has caused untold damage to lives, buildings, and roads. It also threatened to destroy Ukraine's banking system. > But a month into the war, Ukrainians in most of the country can still put their money in savings accounts, pay their telephone bills, and withdraw cash easily. > Today, we speak to the CEO of Ukraine's second-largest bank to learn how the country's banks are continuing essential business in the wake of devastation on the homefront.

tablespoon 4y ago

> Crypto has addressed real problems for Ukraine's military. >> “In a situation like this, where the national bank is not fully operating, crypto is helping to perform fast transfers, to make it very quick and get results almost immediately,” >> https://www.nytimes.com/2022/03/11/technology/bitcoin-ukraine-russia-roose.html https://www.nytimes.com/2022/03/11/technology/bitcoin-ukrain... > Is this BS and marketing? Here are the next two paragraphs after your quote: > But Mr. Bornyakov [Ukraine’s deputy minister of digital transformation] seemed wary of overstating crypto’s importance to the Ukrainian cause. > “I don’t think crypto is playing a major part,” Mr. Bornyakov said. “But its role is essential in this conflict in terms of helping our army.” Ukraine needs every bit of support they can get, and they won't turn away tens of millions in donations from cryptobros, but it's a minor part of their effort. You can also easily donate USD or do a bank transfer to send them money: https://bank.gov.ua/en/news/all/natsionalniy-bank-vidkriv-spetsrahunok-dlya-zboru-koshtiv-na-potrebi-armiyi https://bank.gov.ua/en/news/all/natsionalniy-bank-vidkriv-sp... And they've gotten far more donations that way: https://bank.gov.ua/en/news/all/nbu-pererahuvav-na-potrebi-viyskovih-ponad-152-mlrd-grn-na-spetsrahunku-zalishilosya-41-mln-grn https://bank.gov.ua/en/news/all/nbu-pererahuvav-na-potrebi-v...

______-_-______ 4y ago
You're moving the goalposts. I responded to: > But cryptocurrency doesn't address any real problems. Nobody was comparing the market share of different forms of currency or anything like that. We can discuss the viable rate of market share growth for new forms of currency some other time. This is a high ranking government official saying that bitcoin is helping solve a real problem. Can you at least acknowledge that maybe he's telling the truth? Or when the next bitcoin thread rolls around will you just repeat the same tired old complaint about no use cases?
- tablespoon 4y ago
  > But cryptocurrency doesn't address any real problems. ...that aren't better addressed by other, existing technologies. There might be some weird corner cases where it makes sense, but that's not anywhere close to the "future of money" hype. > This is a high ranking government official saying that bitcoin is helping solve a real problem. Can you at least acknowledge that maybe he's telling the truth? Or when the next bitcoin thread rolls around will you just repeat the same tired old complaint about no use cases? Sure he's telling the truth. I'm not saying cryptocurrency can't be used to solve problems, what I'm saying it's not anything special as a solution and is often a pretty bad one. If I add some horse-drawn carriages to my fleet of trucks, because I'm so desperate to haul the absolute largest quantity of something that I can that I'll do anything, that doesn't mean horses are the future of transport or are even a good transportation solution in the modern world.

dmitriid 4y ago

> Is this BS and marketing? A lot of that money has been withdrawn via an exchange registered in an offshore. My bet is that someone who set it up has profited nicely during the war. Has it actually helped Ukraine? Who knows.