Topic: Russia Proposes Jail Sentence for Bitcoin Activities - page 2. (Read 5099 times)

You are right. The US dollar is the most widely used drug money, but it is not banned. Because most US dollars are used for legitimate purpose.

There are also many hackers from China and the United States. The russian hackers will not care, most of them are clever enough to bypass any bullshit restrictions Russia puts in place.

Personally I am very tired of hearing of all these people and places that want to do away with bitcoin because they claim its used to fund terrorisim, drugs, prostitution, etc.. Yes it definitly is used for these things BUT it is also used for many other thing s as well like investments, saving, purchasing legitamite goods and/or services. To just get rid of it and start trying to imprison people for using it is not fair at all. If they are so worried about bitcoin being used for terrible things and want to ban because of that then I think they need to start banning all for of currencies, meaning they will have to make everything in life free. No like they always say nothing in life is free right? Well actually you can get Bitcoin for free, imagine that. I think that's the real reason so many people are so against bitcoin. It give people a way to sit in front of a computer and make money without having to answer to a boss or corporation. It allows people that are not able to get to jobs because of lack of transportation or something else like a criminal background to still make money and survive int he world today. For example I was laid off about a year ago. Since then I have had some minor run ins with the law and ended up with a criminal background I am not proud of, but over the last year I have completely turned my life around and am no longer the same person I used to be. That doesn't matter though because whn I apply for a job they just see my criminal past and don't look any further. Bitcoin has giving me a way to at least stay afloat and get by. Meaning I can put a roof over my head most of the time and food n my stomach. Without the oppertunity to get these free bitcoins myself and many others wouldnt be able to survive. SO to ban it because SOME people use it for bad is bullshi*!

Yes, I was just thinking about how Russia missed the boat.  As far as I know, there are no serious miners or mining pools in Russia.  Russia is missing out on a lot of wealth creation.

If Russia still has currency controls, that means that individual Russian citizens will find it hard to participate in Bitcoin.  There may be an arbitrage opportunity for visitors to Russia carrying BTC, as there apparently is in Argentina.

That is right. Chinese support the bitcoin network by providing most the mining power. It supplies most of the miners. Its mining pools are the biggest in the world. The Chinese exchanges are most active. China is the most important part of bitcoin community.

Russia has cheap energy, it should mine most of the bitcoin blocks. However, it missed the boat.

chinese are more vital than russia can ever dream about, they are only cutting their legs with this

it must be said also that many hackers are from russia, this in some way can be beneficial to reduce the hacking attempt for bitcoin

I really hope russia does not do this. Russians are still a vital part of the market.

The ban just means there is no financial freedom in Russia. When the bitcoin is widely adopted in the world, the Russia is later for the game. They will lose even more.

The more Russia bans bitcoin, the more bitcoin becomes an embodiment of freedom.

I feel that soon they'll target and lock down LocalBitcoins sellers. I hope they don't cross the line with that.

I don't really understand why they want to stiffle digital currencies. It would be a great tool for Russia to surpass a lot of sanctions.

A little late but..

As you said, it's an underground exchange. It would likely charge more fee and not require verification. Most underground sites uses services like tor to host their website and it would be impossible to trace the user. However, the user should use a mixer to minimize the possibility of getting tracked. Even without it, it is hard to identify without exposing the address yourself.

That's not a valid excuse for Russia to target bitcoins. If tomorrow drug transactions take place using Amazon/Starbucks gift cards, they'll start arresting people using these websites as well? Bitcoin is just a crypto currency and people who are misusing it should be arrested. Not those who are just using the currency for their personal benefit/legal transactions. It's just an extreme step.

It is normal. I know this chart from this link: http://coin.dance/charts. Everyone who can do the right thing whatever telling the others, Putin or its Government. As for the jail if Putin decide something I'm fear that someone may be made as example. He don't care about nothing when it is in risk him's authority as an absolute leader. It is really to have fear.

Putin should be studying a plan to expand the size of national jails if he wants to start putting everyone involved on Bitcoin on there because he's going to run out of space.




This picture is very revealing. Since the ban was set, the market on BTC/rubble is still growing at a steady pace. The smart Russians don't want to miss on the last opportunities to get some cheap coins no matter what Putin says about it.

They've threatened similar before, has anybody ever been imprisoned there for bitcoin use?

We wouldn't know any way, Russia is corrupt as hell, they probably just put people into jail & throw away the key.

I smell FEAR of bitcoin 'Mother Russia'.

Only in Russia.

Oh waw! I am glad I don't l don't live in russia 

I am not suprised at all. Russia was never very democratic and if they cant control it, they try to kill it. Bitcoin is currency of free people and that dont fit in Russia.

What if a rogue exchange located in another country opted to extort Russians as an adjunct revenue stream?

A fast view of this news make understand to everyone the fear that the economy of Russia have from bitcoin. This a clear sign of the crisis that this economy are passe. They have fear from bitcoin because have fear that most of the Russian goes to the bitcoin because of not believe in their national currency. This it would be the end for the Russian economy which even such kind of actions it is in serious difficulties after the international sanctions. This situation has one and only one name, Putin. With its delirium of greatness, with his authoritarianism in guiding its Government, with his stupidity in doing its foreign policy, with his myopia in using the force outside its national borders or stealing territory or create or support irredentism to, or in the other independents countries near Russia has bring all this situation for one country which, under another normal and fair leadership, would be one of the most prosperous and developed in the world.