Topic: Putin's Aide Seeks $100 Million to Rival China in Bitcoin Mining (Read 1672 times)

Bitcoin uses it personally or allows it to be exploited since the release of currency and currency representations prohibited by Russian law, and much more if Bitcoin is treated as a currency. They will need to pass a special Bitcoin law to address that problem, but nothing has been done so far.
I do not think anyone will be prosecuted for that (which I have said for many years), but they will have to accept a special Bitcoin-related law to circumvent this rule if they legalize Bitcoin. . About Btc-e and its legally operating in Russia. I do not believe anything any political person says, especially for Bitcoin and other passwords (Putin includes but is not limited to). As one of Russia's newest proverbs, men say men did two different men (actions speak louder than words). You probably do not closely watch Bitcoin-related events in Russia, but just a few days before the Russian court made a decision to ban certain things like 40 Bitcoin exchanges operating in Russia (funny ).
Russian Miner Coin and they will sponsor it as long as they can. And with the bitcoin mining also to overtake China but China will not easily be defeated as China will do anything to make profit.
Today's bitcoin exploiters require a special computer chip based on minimum energy consumption. China's Bitmain Technologies is one of the leading manufacturers of this equipment and can also operate Antpool, a pool of individual miners from China and other countries. Opponent Bitfury Group, founded by Valery Vavilov, a Latvian-born Latvian, produces virtual currency mining equipment and runs large-scale centers in Georgia and Iceland.
China in the field of mining, I guess it would not be a country that has close ties with the united states or with the central bank. Russia announced plans to enter the bitcoin mining market could be made in retaliation for the latest US economic sanctions. To a certain extent, Russia can realize that the United States does not want anyone threatening China's mining operations.
If anything, Russia will leave the international payment system controlled by Washington, DC, so your whole hypothesis is unprotected. To put it simply, you have to face the truth even if you do not like it
thank you

china has taken lot more steps ahead as compare to any other countries in making bitcoins legal and due to that bitcoin mining in china is growing rapidly.

Hi everyone. Now that ICO has started, has anybody invested on it? Minimum seems about 400$. Looks promising but have serious doubts about it. No official ICO bitcointalk thread either, and this one lacks of entries since several days.

Quite a good move by Putin. Watch and see Russian entrepreneurs skyrocket if this works out to be a success. Would be really nice for them. Entrepreneurs are one of the people that can make a change in a country, and I wish my own country is taking such move.

I think that this ICO not for all. Close number of people could invest and minimal amount is very high!

So where can we invest in this ICO ??

I would be careful in participating in this kind of ICOs because for it to gather 100million$ then news of it will abound which might mean unnecessary exposure to people in the crypto world in which I am not ready to for the exposure just yet. Aside that, I see a lot of legal issues concerning this coming from the top echelon of government and the Russian federation is yet to take a definite stand on the issue of crypto currency.

The promoters were Chinese. Russians have long been engaged in mining. Perhaps a huge farm that's saving their money for Putin's entourage. Their savings in the West are constantly under sanctions and frozen. For the Russian economy, mining will give nothing.

So you are saying Russia is holding officially an ICO ? That is FUCKING TRULY AWESOME ! Why is everyone talking about gay NEO and not this ?

This is something new, Putin is really smart, why not use their excess electricity for profit? This is really a good bews i just hope it will push through and wih that itwill happen sooner or later.  I will surely participate in Ico.
Their excess electricity ewill surely put in good work!.

It definitely is an opportunity. Those countries that realize this early, will profit greatly from it.

When it comes to Russia, mining Bitcoin and promoting its use makes a lot of sense, given their long-term goal to get rid of the USD as a world reserve currency.

In my view, Russians overall are though, a bit crazy, but clearly intelligent. So I'm not surprised if they are among the first movers.

It must depend where you live. In Moscow living expenses are so high compared to the rest of Russia. Also, from what I've heard, the government pays their citizens electricity, water etc.

If it is really cheaper for big corporations to start big mining farms, and with Putin on board, I can see Russia becoming an mining mogul in the next couple of years, surpassing China even.

This is the real deal for bitcoin, if ever this is true, we can expect a higher price for bitcoin because the demand for bitcoin is keep on going up and i think that russia and china will become a great competitor in mining bitcoin. This is what we are waiting for, we need more countries to realized that they should not let bitcoin pass to them or else they will not earn huge money.

The best thing about russians is that they are so open minded and they are giving every shot in every new technology. I've read about a news on how putin banned the rothschilds banking cartel in the russian grounds. Its not good to know that our country is having the hard time believing what is cryptocurrencies. Those who pioneered it earlier will have the success and I think our country will be behind in these field again. While praising how good the current system is someone is busy improving and implementing beyond what the present system can offer.

Yes, you're kinda naive to think so

And to think that the US and Central banks (I guess you refer to the International Misery Fund, World Bank, and similar financial institutions) are putting sort of pressure on Russia in this regard is bordering on insanity or wishful thinking (if I may put it this way). This is an entirely internal affair, and the US and its minions (like the aforementioned organizations) have nothing to with that. If anything, Russia is moving away from the international payment systems controlled by Washington, DC, so your whole assumption is in fact untenable. In simple terms, you have to face the truth even if you don't quite like it

Much thanks for the info. Maybe I'm naive but I don't think Putin is anti bitcoin or anti crypto. I think the united states and central banks put pressure on russia to pass these types of laws restricting crypto access. It could restrict russia's crypto exposure and force them to rely more heavily on the US dollar as a reserve currency. Russia being hit with so many economic sanctions, bitcoin may have become little more than a bargaining chip for them. Something to be used as an appeasement policy towards the USA and whoever else seeks to regulate crypto growth in russia.

It seems like domain names are banned. This basically means that Internet providers operating in Russia should prohibit access to these sites. And since another law has been recently signed by Putin which obliges VPN service providers (as well as anonymizers, proxies and their likes) to restrict access to such sites as well, you can't even use these tools to circumvent the ban (well, at least hypothetically). Regarding information about the court banning 40 exchangers at once (lol), you may look here

The complete list is as follows:


Expect more to come

Doh. That sucks! Will it be a hard ban? Or will those 40 exchanges merely circumvent the ban with mirror redirects like btc-e may have?

Also where did you find this information?     I'm searching but can't find any news of it.

Even if russia doesn't get into mining, I'm hoping japan, australia, korea or another country will. If another country competes with china in mining, I would guess it won't be one that has strong ties to the united states or to central bankers though. Russia announcing plans to enter the bitcoin mining market could be made in retaliation for the united states latest round of economic sanctions. On some level russia could recognize the US doesn't want anyone to threaten china's mining operations & so russia announces plans they will do that to pressure the US.

This is what im thinking too because they are already serious on engaging on bitcoin already which they do compete already on mining it. If russia would decide to jump in on the trend then we cant do anything about it expect for mining difficulty to jump up. I guess its just really right since i dont really like the feeling that china do all have the power as of now.

To create a coin that is not enough. Need to get her admitted. Now the image of Russia not inspire confidence in their project. No, I think that Russians will focus on the extraction of existing currencies, but to compete with China it will be very difficult.