Topic: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions - page 4. (Read 890 times)
January 18, 2019, 02:13:37 AM
I am not sure whether the news is authentic, what ever the truth is bitcoin is the best way to trade and bypass sanctions imposed by some countries and when they start using this way things will change drastically financially and politically and no one country can restrict the other because they do not follow their protocol. In due time we will see the market open up for these sort of international trades.
January 18, 2019, 01:24:06 AM
For example, why Russia (as well as China, for that matter) was buying gold in tonnes? Yes, you can use gold for international trade, and this is what the Soviets actually did in the 60s of the past century when they were paying in shiny metal for wheat they had been buying from Canada (just a little historical background), but it is not very convenient, mildly speaking. In this manner, gold is a currency of last resort. So what if they think that Bitcoin is going to become new gold in the coming years? I'm not saying that it necessarily will but they may think otherwise
if the fiat money system collapses---if the dollar collapses---where will governments turn to stabilize or reboot their currencies? given pre-fiat history, they'll probably use gold to back their money again, right? i figure that's why russia and china have been stockpiling gold. they're preparing for a post-dollar global economy. indeed, bitcoin could play an important role in that situation too.
January 17, 2019, 08:42:26 PM
So does this means we gotta have another whale? This really is an evasive stance but a good step for the Russian government maybe this is some sort of backing up like that of gold for having a better economy that is so hard to be affected by financial crisis. This will also make noise to the Bitcoin community as one of the most powerful country is now investing on Bitcoin and we all know that prices will surely goes up if that happens.
January 17, 2019, 07:41:48 PM
Its good for bitcoin and cryptocurrency price if Russia buying bitcoin and make it as reserve. It will historical because government start to accept bitcoin and make transaction from it. I hope this happen and become catalyst for crypto price
January 17, 2019, 01:43:28 PM
It would be interesting, however:
1. I don't think it's true. I don't think that such info would leak out, because it could cost them a couple of millions just because of Bitcoin artificially rising.
2. Let's say they'll buy those coins. And let's say they'll use them for trade, to avoid the ban. They will have to find sellers that accept Bitcoin, which may not be easy and also the sellers will sell that Bitcoin back for fiat. So overall the market may not gain anything. On the other hand, Bitcoin used in international trade.. that would be something I wish to hear about
1. I don't think it's true. I don't think that such info would leak out, because it could cost them a couple of millions just because of Bitcoin artificially rising.
2. Let's say they'll buy those coins. And let's say they'll use them for trade, to avoid the ban. They will have to find sellers that accept Bitcoin, which may not be easy and also the sellers will sell that Bitcoin back for fiat. So overall the market may not gain anything. On the other hand, Bitcoin used in international trade.. that would be something I wish to hear about
Well, they may in fact think differently (highly unlikely but still)
For example, why Russia (as well as China, for that matter) was buying gold in tonnes? Yes, you can use gold for international trade, and this is what the Soviets actually did in the 60s of the past century when they were paying in shiny metal for wheat they had been buying from Canada (just a little historical background), but it is not very convenient, mildly speaking. In this manner, gold is a currency of last resort. So what if they think that Bitcoin is going to become new gold in the coming years? I'm not saying that it necessarily will but they may think otherwise
January 17, 2019, 01:25:26 PM
According to sources russia may be poised to purchase as much as $10 billion dollars in bitcoin starting in february of 2019.
It would be interesting, however:
1. I don't think it's true. I don't think that such info would leak out, because it could cost them a couple of millions just because of Bitcoin artificially rising.
2. Let's say they'll buy those coins. And let's say they'll use them for trade, to avoid the ban. They will have to find sellers that accept Bitcoin, which may not be easy and also the sellers will sell that Bitcoin back for fiat. So overall the market may not gain anything. On the other hand, Bitcoin used in international trade.. that would be something I wish to hear about.
January 17, 2019, 01:12:42 PM
Well, I'm not really sure we can considerate this news source really trusted.
I think they are going to speculate too much on this USA-RUSS thing...
I think they are going to speculate too much on this USA-RUSS thing...
January 17, 2019, 12:35:54 PM
For those who don't want to read the source, the gist of the story says russia sold off a massive stake of its US treasury holdings in 2018. With the capital raised from the sale, they bought gold, yuan, euro and may seek to purchase bitcoin. According to sources russia may be poised to purchase as much as $10 billion dollars in bitcoin starting in february of 2019.
Like many things that appear on ZH, this should be taken with a grain of salt. The report they're citing has been floating around for a week or so. It seems to be nothing more than the speculations of one economist/professor who happens to be employed at a state-funded university. He doesn't seem to have any actual insight into policymaking decisions, as far as I can tell.
Quote
Furthermore, since the Russian government would be unable to open an account with an exchange to buy cryptocurrencies, any investment plans could involve the setup of an “intermediary cryptocurrency” that can then be exchanged for Bitcoin. The new cryptocurrency would have to be offered by a broker such as Sberbank, a state-owned bank, and would act as what’s known as a utility token.
Why couldn't they just officially legitimize Bitcoin exchanges and stop forcing them off-shore? At least as a complement to this strategy. There are lots of Bitcoin users in Russia and other CIS countries who would be happy to deposit coins at a Russia-sanctioned exchange.
This is exactly what I thought. I wouldn't take it completely seriously until this really happens or Putin mentions it on TV.
January 17, 2019, 09:15:41 AM
how to know if this is real, this value is too high to buy btc, would be a big uncontrolled pump, is there more sources on this?
Common sense. Any entity seriously interested in buying a huge amount of Bitcoin won't ever signal that like this.
If you buy in silently, which is what most large scale investors do, depending on the amount of coins, it's a process that can take months, perhaps years, and then you also have to hope that the price doesn't pump in meantime. That being said, this proves a strong demand factor for Bitcoin backed futures where you can settle an agreement price and don't have to worry about pumps anymore.
And most of the action nowadays happens in the OTC market. Spot exchanges are a joke. One OTC trade covers Coinbase's entire daily spot volume.
January 17, 2019, 08:22:33 AM
Of course, you shouldn’t immediately believe, but again, if it is already announced on TV and in official sources, then we can talk about something. If Russia buys 10 million bitcoins, the price should obviously rise. And then others are possible.
January 17, 2019, 07:52:47 AM
how to know if this is real, this value is too high to buy btc, would be a big uncontrolled pump, is there more sources on this?
January 17, 2019, 07:43:40 AM
The Russian government will take steps to circumvent international sanctions. However, they will do it quietly and even officially deny. Therefore, we are unlikely to see it in the news. I think that they have already taken and will take such measures. Including will use cryptocurrency and in particular, Bitcoin. It is not by chance that Russia helped Venezuela in creating their centralized El Petro cryptocurrency. In this way, ways were developed to circumvent international sanctions.
I saw someone posted similar article from another website and you're correct. If this has to happen we will not see or hear it in the news until it has happened. so people can either choose to believe these rumors or choose to look somewhere else but if it does happen that will be a great news for everyone.
January 17, 2019, 07:33:38 AM
Ps...
What if Putin is Satoshi?
What if Putin is Satoshi?
Welp, that would perfectly explain his position as a "big advocate of blockchain technology". I think you may have cracked the code lmao.
But yeah, regardless of the source, Russia hasn't even taken a clear stance on crypto right? I find this to be highly unlikely. Would they really risk that much money on a volatile asset? If this really happens though, it'll fast track Bitcoin's ascent to reserve currency status lol.
January 17, 2019, 06:09:33 AM
We have never seen any government actually attempt to attack Bitcoin, and I prefer to have everything stay like that.
And yet all the board is full of conspiracy theories on how banks and the government are plotting against BTC.
There was a news a year ago or 2 about Putin supporting/endorsing/liking (call it as you want) Etherum. I remember he invited Vitalik to Russia for (I don't remember why)
Now in 2019, they turn it into a "he is a big advocate". In 2025 they will maybe say Putin is the co-founder
Now in 2019, they turn it into a "he is a big advocate". In 2025 they will maybe say Putin is the co-founder
Putin is known to dislike smartphones or simple mobile phones, but that didn't prevent him from giving a Russian made yotaphone to XI Jinping as a gift in order to promote the company.
So it doesn't matter if he dislikes or likes cryptos, this guy will do anything if he considers it will serve his ambitions.
But trusting Putin to keep his stance on something for more than a few years is a losing bet.
Ps...
What if Putin is Satoshi?
I didn't follow Venezuela and its crypto so I can say I know nothing about it. Does it have a fixed value?
Yes, it's always at the value Maduro wants.
Venezuela crypto, Petro's price is changed (again), this time 300% up
January 17, 2019, 04:43:16 AM
This is good news and I hope that with this news it can pump the price of Bitcoin which has now fallen, but will Russia be able to control the price of Bitcoin in the future, given the amount they invest in buying Bitcoin is quite large.
January 17, 2019, 02:11:23 AM
@deisik
There was a news a year ago or 2 about Putin supporting/endorsing/liking (call it as you want) Etherum. I remember he invited Vitalik to Russia for (I don't remember why)
There was a news a year ago or 2 about Putin supporting/endorsing/liking (call it as you want) Etherum. I remember he invited Vitalik to Russia for (I don't remember why)
I actually saw it in the news
It was in St. Petersburg before the Russian presidential elections of 2018. So you guess why Vitalik was invited to Russia. Their were rumors also that he was offered a job, though personally, I don't believe in that as these rumors were basically aimed at the same audience that his invitation was, i.e. to make it look like Putin is pro-crypto, while in reality he doesn't give a slightest fuck about it. Typical doublespeak, doublethink, call it as you like. In other words, don't overthink it
January 16, 2019, 06:31:05 PM
if that happens there will be a tremendous price increase in bitcoin, if that happens I am very sure the price of bitcoin can return to $ 10,000 quickly. I hope this is not nonsense 
January 16, 2019, 05:58:12 PM
@deisik
There was a news a year ago or 2 about Putin supporting/endorsing/liking (call it as you want) Etherum. I remember he invited Vitalik to Russia for (I don't remember why)
Now in 2019, they turn it into a "he is a big advocate". In 2025 they will maybe say Putin is the co-founder
Edit: That was the news I was talking about https://cointelegraph.com/news/suddenly-vladimir-putin-meets-vitalik-buterin-endorses-ethereum
@BitHodler
I didn't follow Venezuela and its crypto so I can say I know nothing about it. Does it have a fixed value?
From a speculative side it could be something good for BTC, other than that yeah I agree with you, better to have any govt. out of the game
There was a news a year ago or 2 about Putin supporting/endorsing/liking (call it as you want) Etherum. I remember he invited Vitalik to Russia for (I don't remember why)
Now in 2019, they turn it into a "he is a big advocate". In 2025 they will maybe say Putin is the co-founder
Edit: That was the news I was talking about https://cointelegraph.com/news/suddenly-vladimir-putin-meets-vitalik-buterin-endorses-ethereum
@BitHodler
I didn't follow Venezuela and its crypto so I can say I know nothing about it. Does it have a fixed value?
From a speculative side it could be something good for BTC, other than that yeah I agree with you, better to have any govt. out of the game
January 16, 2019, 04:32:45 PM
Basically, this is a good method (perhaps not with BTC) but it would be nice if more countries did the same.
They can always choose to launch their own crypto currencies that are backed by something to make it have some form of a base value. Venezuela did it already, and I'm sure more will follow in the coming years.I actually hope they avoid Bitcoin. The less government involvement the better it is for everyone. Bitcoin could be sucked into a war that it has nothing to do with, all because a certain country owns dozens of billions worth of it.
We have never seen any government actually attempt to attack Bitcoin, and I prefer to have everything stay like that. I rather see them stick to gold and other means of preserving value over longer periods of time.
January 16, 2019, 04:04:32 PM
Okay, guys, I've read the whole article and it was a fun reading. This part was particularly hilarious (as well as ridiculous and preposterous, for the record):
I don't know where this Greenspan got such info, but I know for certain that Putin is not using Internet and doesn't even have a smartphone. So there is no way he can be "a big advocate of blockchain technology" as he is simply not familiar with it. On a few occasions, when asked about Bitcoin, he just said that it is a risky asset which can potentially be used in certain areas. That's what his "advocacy" essentially comes down to
As they say, love it or leave it
Quote
“We know that Vladimir Putin is a big advocate of blockchain technology,” said Greenspan
I don't know where this Greenspan got such info, but I know for certain that Putin is not using Internet and doesn't even have a smartphone. So there is no way he can be "a big advocate of blockchain technology" as he is simply not familiar with it. On a few occasions, when asked about Bitcoin, he just said that it is a risky asset which can potentially be used in certain areas. That's what his "advocacy" essentially comes down to
As they say, love it or leave it
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