BITCOIN

Zola.

Russians flocking to Bitcoin as their government may try to steal their money..
https://finbold.com/russia-to-seize-60-trillion-rubles-from-citizens-if-sanctions-are-tightened/

bugbyte_2

I do hope that the average person in Ukraine and Russia can somehow escape loosing their life savings by buying crypto but if what people on this thread have said is true about always being able to trace transactions on a blockchain I cant see it. Terrible situation.

Malthusian

Zola. said:

Russians flocking to Bitcoin as their government may try to steal their money..
https://finbold.com/russia-to-seize-60-trillion-rubles-from-citizens-if-sanctions-are-tightened/

The bro who wrote this article is unaware that the Communist Party hasn't ruled Russia for over 30 years.

In response to the measures taken abroad, State Duma deputy from the Communist Party of the Russian Federation (CPRF), Nikolai Arefiev, has revealed funds placed by Russian residents will be utilized in the event of a fresh economic collapse, he said in a statement to news.ru.

In other words, this is not Putin's plan, but what a minority opposition party thinks Putin will do.

Thus, more Russians appear to be turning to crypto owing to the anonymity and decentralization that it provides, given that the Communist Party would be unable to access their funds. [emphasis added]

"Hi, I'm from the 1980s. I haven't picked up a newspaper for over thirty years but never mind that, I'm here to tell you about tHe FuTuRe oF mOnEh!"

FWIW, I wouldn't be at all surprised if Arefiev was right. It's the idea that number go up because Stalin will confiscate ordinary Russians' roubles (but still let them buy Bitcoin without the KGB coming a-knocking) that is rather weak.

Zola.

bugbyte_2 said:

I do hope that the average person in Ukraine and Russia can somehow escape loosing their life savings by buying crypto but if what people on this thread have said is true about always being able to trace transactions on a blockchain I cant see it. Terrible situation.

Depends when they say "we need your rubles" i suppose.
There are also some ways around it - decentralised exchanges, public Bitcoin ATMS (although there's only a small number in the major cities), etc

Scottex99

bugbyte_2 said:

I do hope that the average person in Ukraine and Russia can somehow escape loosing their life savings by buying crypto but if what people on this thread have said is true about always being able to trace transactions on a blockchain I cant see it. Terrible situation.

It's the opposite surely. People are getting locked out of their banks, credit cards dont work etc. People are moving into BTC and other cryptos for that exact reason, to control their own money. Hence the 20% pump in the last week.

They have to stomach the volatility of course but better than having no access to money at all

Zola.

https://twitter.com/APompliano/status/1498652611599376393

This bro gets it.

Zola.

https://uk.finance.yahoo.com/news/swiss-city-lugano-bitcoin-tether-174342351.html

The Swiss city of Lugano is making Bitcoin legal tender. 

Thrugelmir

Over 7% fall in value today and I thought that the stock markets were having it bad. 

Zola.

Thrugelmir said:

Over 7% fall in value today and I thought that the stock markets were having it bad. 

Only traders should care about short term fluctuations..

Aegis

Zola. said:

Thrugelmir said:

Over 7% fall in value today and I thought that the stock markets were having it bad. 

Only traders should care about short term fluctuations..

Well, and anyone looking to actually spend their value.  7% in a year would be really bad as a loss of value for cash, in a day it would just be horrific.