Removing Russia from SWIFT: Bitcoins nuclear option

praboso96

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Quote from: panju1 on November 15, 2016, 07:17:50 PM

Removing Russia from Swift just won't happen. Big banks will lobby hard against it. The sanctions against Russia are hurting other countries (primarily in the EU) just as much as they are hurting Russia.

I am also sure. It is not beneficial to so many. Russian big merchant and many are interested in co-operation with it

~Bitcoin~

legendary

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Quote from: leopard2 on November 15, 2016, 07:02:14 PM

Recently it was considered to remove Russia from the Swift network. Sort of the nuclear option amongst sanctions.

http://www.investopedia.com/articles/investing/022315/sanctions-swift-could-hit-russia-where-it-hurts-most.asp

Almost a year old article and yet there is no any effect on Russia however it is true that bitcoin can be option if they get removed from swift network to have cross border transactions.

Quote

I am not saying 1 million is easy to reach, but 10k is nothing, given the very tiny market cap of BTC, compared to networks like Visa, Mastercard or the largest one, Swift.

Yes even without such event bitcoin can reach 10k over few years because bitcoin have really low marketcap so new money can easily flow from people/users/merchants shifting from mastercard/visa networks due to low fee and better security.

MingLee

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A SWIFT ban? What the fuck? They really want to fucking hurt Russia's economy and apparently when the West can't get their way they start to lay things like this down on the stable. What the hell?

I don't think that Bitcoin would go beyond $10k, but it would 100% receive a huge value bonus, and you'd likely be looking at something like >$2k if the Russian markets go hard.

panju1

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Removing Russia from Swift just won't happen. Big banks will lobby hard against it. The sanctions against Russia are hurting other countries (primarily in the EU) just as much as they are hurting Russia.

leopard2

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Recently it was considered to remove Russia from the Swift network. Sort of the nuclear option amongst sanctions.

http://www.investopedia.com/articles/investing/022315/sanctions-swift-could-hit-russia-where-it-hurts-most.asp

Then what would Russia do? Cave in? Send money via courier?

They could just start using the Bitcoin network. It works, it is unstoppable, it cannot be sanctioned. An event like that would make BTC shoot over 10k USD within hours.

Imagine: Natgas, crude oil, gold, and much more, could not be paid via Swift wires anymore. But Europe needs the gas, and the world market needs the crude, the gold, the platinum, the nickel and much more.

It would require Russia (and its trade partners) to buy extremely large numbers of Bitcoins, blasting orderbooks on all exchanges.

I am not saying 1 million is easy to reach, but 10k is nothing, given the very tiny market cap of BTC, compared to networks like Visa, Mastercard or the largest one, Swift.

Topic: Removing Russia from SWIFT: Bitcoins nuclear option (Read 389 times)