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Topic: [2017-10-11]Not Even Putin Can Scare Bitcoin Investors (Read 221 times)

legendary
Activity: 1232
Merit: 1091
People don't care about Russia because they haven't been reliable when it comes to their statements/announcements, that's the difference. Aside from all the fud, China says something, and acts to back up its words, which is why people go nuts when something happens in China. It doesn't mean that the panic selling that follows is justified, but it at least shows that China isn't joking around like Russia is doing. Seriously, for how long has Russia been going back and forth without it resulting in anything? It's not even funny anymore....
hero member
Activity: 490
Merit: 501
The market didn't even blink an eye with the Putin statement. Bitcoin is unstoppable, China gave us the scare, but we have recovered. And I don't think that even the powerful Putin can put a mark on the current market price. We are soaring and $5000 is just around the corner. And besides, Russia has been making contradictory statements and its really hard to take them seriously. And they are not known to be top trading country (correct me if I'm wrong). So what I'm saying here is that no country or a person can cause fear on the already moving market like bitcoin. Many have trusted the ecosystem since the start and there's no way it can be merely stop by anyone right now.


Maybe the market has already learned to be FUD-free and could not anymore be scared from any pronouncement even the negative ones or those attacking Bitcoin. From now on, we can say that nothing will matter anymore especially from the people who are the disrupted. Anyway, as to Russia it is not really so clear if Putin's statement can be positive or negative to Bitcoin aside from the fact that Russia is not yet a powerhouse for Bitcoin trading and hodling though it has a good potential that can help spur more growth for cryptocurrency.

We have already learned what happened in September when China got the biggest share of the headline for news on Bitcoin coupled with that popular 'Demon' attack coming from you-know-who guy. We should be rejoicing that maybe the Bitcoin market is getting mature and can not anymore be influenced by unconfirmed reports or just statements meant to make some chaos on the market.

Long live, Bitcoin!
hero member
Activity: 588
Merit: 500
The market didn't even blink an eye with the Putin statement. Bitcoin is unstoppable, China gave us the scare, but we have recovered. And I don't think that even the powerful Putin can put a mark on the current market price. We are soaring and $5000 is just around the corner. And besides, Russia has been making contradictory statements and its really hard to take them seriously. And they are not known to be top trading country (correct me if I'm wrong). So what I'm saying here is that no country or a person can cause fear on the already moving market like bitcoin. Many have trusted the ecosystem since the start and there's no way it can be merely stop by anyone right now.


Bitcoin is not unstoppable. When other countries will join this line of banning the price will shake a lot. Russia hasn't big influence on Bitcoin, even if it's big, just not so many people in there really know Bitcoin and Blickchain, there are not so many big traders and investors in Russia as in China. That's why news from China shacked the market and from Russia didn't. Those news are going to have slow effect on Bitcoin, for now we don't see it, but other countries may follow that Russian experience and then we will feel the shake.
sr. member
Activity: 2618
Merit: 439
The market didn't even blink an eye with the Putin statement. Bitcoin is unstoppable, China gave us the scare, but we have recovered. And I don't think that even the powerful Putin can put a mark on the current market price. We are soaring and $5000 is just around the corner. And besides, Russia has been making contradictory statements and its really hard to take them seriously. And they are not known to be top trading country (correct me if I'm wrong). So what I'm saying here is that no country or a person can cause fear on the already moving market like bitcoin. Many have trusted the ecosystem since the start and there's no way it can be merely stop by anyone right now.

sr. member
Activity: 383
Merit: 250
Bitcoin’s having a wild day. It kicked off with a strange flash crash registered by the CoinDesk tracker that momentarily caused the cryptocurrency to appear to plunge by 12 percent. Almost simultaneously, Russian President Vladimir Putin called for regulatory restrictions on digital currencies for the first time. And then, as it does in recent times, Bitcoin’s price just went up.

Putin is currently in Sochi for a summit involving multiple international issues, and on Tuesday he finally addressed the future of cryptocurrencies in the eyes of Russia after months of speculation and signaling. According to Bloomberg:

    “The use of cryptocurrencies bears serious risks,” including money laundering, tax evasion and funding for terrorism, Putin told a meeting of top finance officials including Bank of Russia Governor Elvira Nabiullina, Finance Minister Anton Siluanov and Kremlin economic aide, Andrey Belousov, in Sochi Tuesday.

    Putin called for building a “regulatory environment” based on international experience that would defend the interests of business and the state, as well as provide legal guarantees for those using the instruments. “It’s also important not to put up too many barriers.”


He also acknowledged the concerns that Russia’s Central Bank has expressed. First Deputy Chairman of the Bank of Russia Sergey Shvetsov spoke at a forum in Moscow on Monday and seemed to be a bit more pessimistic on the cryptomarket than Putin. According to Interfax, Shvetsov compared what’s currently happening in digital currencies to a pyramid scheme, saying: “Obviously, during the growth of the pyramid, interest in this pyramid is fueled by high profitability.” In his analysis, “we see that bitcoins from the unit of account are gradually turning into an asset, which is acquired in order to obtain a high profitability in a short period of time, that is, signs of a financial pyramid.” Without going deep into specifics, Shvetsov said he “will make efforts to limit the ability for at least the regulated part of the Russian market to operate with such instruments.”

This doesn’t mean that Russia is initiating a wide crackdown on cryptocurrencies. Just last month, Russia’s Finance Minister Anton Siluanov said, “There is no sense in banning them, there is a need to regulate them.” This is the position that most pragmatic governments like the US and China are taking, at least in part, because it doesn’t seem like a ban would be very effective anyway.

What Russia will do is still up in the air. What makes the most sense in Russia’s oligarchal system is for the government and a select group of lucky private interests to own the cryptomarket that they eventually approve. Russia has already jumped into state-sponsored bitcoin mining and in August, officials were optimistically talking about launching a “cryptorubl,” Russia’s own version of bitcoin.

As for that mysterious flash crash this morning, it probably doesn’t have anything to do with Russia. It only occurred on the most prominent bitcoin pricing index CoinDesk, which simply functions as an average of four prominent exchanges: Bitstamp, Coinbase, itBit, and OKCoin. None of the exchanges showed the dramatic dip that CoinDesk displayed earlier today. When we reached out to CoinDesk to ask what was going on, a spokesperson simply said they “are currently investigating an earlier error” and that it “was an error with our publishing process.” After opening at $4,773, bitcoin hit a high of $4,910 today, because nothing makes any sense.

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