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Because if you're sanctioned to hell you can use Bitcoin to get around them. BitPay has been the go-to for sanctions busting for years. Even with regulators mak

Because if you're sanctioned to hell you can use Bitcoin to get around them. BitPay has been the go-to for sanctions busting for years. Even with regulators making BitPay ID mandatory for transactions over $3,000 you can still easily use a straw buyer. Want a Ferrari in Russia? Export it to China via container ship, then have it travel overland via train to Moscow.

SXX 3y ago
Come on. Painting crypto like some way to bypass sanctions is just laughtable when neither EU nor US have a balls to sanction enough people and enforce any of sanctions. No one of substance is on sanction lists yet and those who are don't need to bust anything. They'll just fly to Dubai and buy their Ferrari here. Or just ask one of their countless relatives living in EU or US to do it for them. The only people with Russian passport who actually use crypto is refugees who have no access to banking system in EU or someone who want to pay for their Netflix or buy some games on Steam. PS: Only around 1,000 people are under personal sanctions by US when have to be 7000+: https://acf.international/list-of-war-enablers https://acf.international/list-of-war-enablers And this list not include all their countless families living in US or EU using the money they stolen in Russia and laundered in west.
- callalex 3y ago
  Wait but I was told the reason cryptocurrency would change the world is that it’s censorship-proof?
  - SXX 3y ago
    Cryptocurrency is too expensive and too much hassle to use when you can just come to Turkey or Dubai with $1,000,000 in a bag and put it on your bank account with no questions asked. No need for cryptocurrency when there is HSBC.
    - daft_pink 3y ago
      You just coined HSBC's new marketing slogan!
  - csa 3y ago
    > the reason cryptocurrency would change the world is that it’s censorship-proof It is… right up to the moment that you want to convert it to fiat. At that point, all bets are off. (Not sure what “censorship-proof” means exactly, but I will assume that it’s something similar to sanction-proof.)
- scoofy 3y ago
  What? Crypto is an excellent vehicle to subvert sanctions. The point isn’t to protect the buyer, it’s to give the seller plausible deniability.
  - SXX 3y ago
    Is crypto is excellent for that? Might be. Is it actually used at the moment? I doubt it. How many people been charged for bypassing sanctions? How many companies been sued for or fined for this? 100? 200? EU companies still helping Russia to increase their military production and keep selling parts for heavy machinery. Husband of president of Estonia owned a business transporting whatever in and out of Russia during the war and no one gave a damn. No one care. Nothing is enforced. Sure banning some crypto will help.
tylersmith 3y ago
If you're just going to use a straw buyer then it doesn't matter which currency is used.

SXX 3y ago

Come on. Painting crypto like some way to bypass sanctions is just laughtable when neither EU nor US have a balls to sanction enough people and enforce any of sanctions. No one of substance is on sanction lists yet and those who are don't need to bust anything. They'll just fly to Dubai and buy their Ferrari here. Or just ask one of their countless relatives living in EU or US to do it for them. The only people with Russian passport who actually use crypto is refugees who have no access to banking system in EU or someone who want to pay for their Netflix or buy some games on Steam. PS: Only around 1,000 people are under personal sanctions by US when have to be 7000+: https://acf.international/list-of-war-enablers https://acf.international/list-of-war-enablers And this list not include all their countless families living in US or EU using the money they stolen in Russia and laundered in west.

callalex 3y ago
Wait but I was told the reason cryptocurrency would change the world is that it’s censorship-proof?
- SXX 3y ago
  Cryptocurrency is too expensive and too much hassle to use when you can just come to Turkey or Dubai with $1,000,000 in a bag and put it on your bank account with no questions asked. No need for cryptocurrency when there is HSBC.
  - daft_pink 3y ago
    You just coined HSBC's new marketing slogan!
- csa 3y ago
  > the reason cryptocurrency would change the world is that it’s censorship-proof It is… right up to the moment that you want to convert it to fiat. At that point, all bets are off. (Not sure what “censorship-proof” means exactly, but I will assume that it’s something similar to sanction-proof.)
scoofy 3y ago
What? Crypto is an excellent vehicle to subvert sanctions. The point isn’t to protect the buyer, it’s to give the seller plausible deniability.
- SXX 3y ago
  Is crypto is excellent for that? Might be. Is it actually used at the moment? I doubt it. How many people been charged for bypassing sanctions? How many companies been sued for or fined for this? 100? 200? EU companies still helping Russia to increase their military production and keep selling parts for heavy machinery. Husband of president of Estonia owned a business transporting whatever in and out of Russia during the war and no one gave a damn. No one care. Nothing is enforced. Sure banning some crypto will help.

tylersmith 3y ago

If you're just going to use a straw buyer then it doesn't matter which currency is used.