Topic: Xi, Putin wants Bitcoin without wanting Bitcoin - page 2. (Read 793 times)

I think bitcoin is a good alternative for trade relations between the two countries, but the volatility is too high, and we also see what a huge impact negative news has on bitcoin. Most likely, such countries need something stable, like stablecoins, but as a crypto enthusiast I would like it to be bitcoin.

All the main reasons that this government has used as a way to ban Bitcoin in their countries doesn’t really make sense to me. Okay, they say that Bitcoin is being used for illicit activities, but the last time I checked, Bitcoin is the least currency that all these people who engage in illicit activities would like to consider. Unless maybe other cryptocurrencies, because illicit activities has been moving to other crypto currencies that can have privacy more than Bitcoin.

But as for Bitcoin, it cannot be their choice because they can be caught while making use of Bitcoin. Then talking about terrorism, I have not heard of any news of Bitcoin being used to fund terrorism yet, which I also think is just like being used for illicit activity, and would unlikely be considered by any of these.

Then another one is the fact that Bitcoin mining consumes a lot of energy, the last time I also checked, Bitcoin is the least thing that consumes energy when compared to other industries like health, building and the rest of them. So, why then do they ban bitcoin, or do they feel it is giving too much freedom to people? Which I know for sure that china doesn’t like giving too much of freedom to their citizens.

I believe when nation-states start using Bitcoin as an alternative to SWIFT, it will be a chess game. When Russia mines Bitcoin, the U.S. needs to mine it too, as a deflection, and to make sure Russia’s share of the hashrate doesn’t become very large. China too WILL start mining.

From a game-theory standpoint, each player has to make a move that is beneficial to itself while counteracting the moves of an opponent.

Today I saw on TV news with reference to the words of Russian President Putin that Russia is not afraid of being cut off from the SWIFT international banking system, since there is a good currency, the yuan. It is possible that Putin even has in mind the digitized yuan, which China promises to officially launch by the opening of the Winter Olympic Games in Beijing, that is, on February 04. I think that this is a significant exaggeration of his capabilities on the part of Putin, and he is still afraid of being cut off from SWIFT, but they deliberately deny the negative consequences of current and future international sanctions. But surely in Russia they will not turn to bitcoin or any other decentralized currency in order to circumvent international sanctions. The Chinese digitized yuan is more suitable for this. But for certain operations, the Russian government may well use bitcoin.

They don't prohibit, ban Bitcoin. It does not help them in any aspect. They can not react like a weird nation in globalization. We are moving farther to globalized Bitcoin adoption so Russia or any nation will have to follow the global trend.

Not only Russia but I also believe many nations should feel happy if their national budget increase a lot because they own Bitcoin. I think it is reasonable if any nation announce that they have national allocation for Bitcoin to reserve capital better for fight against inflation. It sucks when governments themselves have to find other alternatives which are better than their fiats. Do you think Russia, USA., China don't own any Bitcoin for their countries?

I believe everyone must have heard/read the announcement that Russia is interested in allowing Bitcoin mining, and Bitcoin protocol usage itself?

This is the narrative behind it, https://edition.cnn.com/2022/01/26/investing/swift-russia-ukraine/index.html

If Russia invades Ukraine, the E.U. and the U.S. will sanction them and ban them from using SWIFT, therefore isolating their banking system. If only there was an open, permissionless protocol that can be used as a fall back for their banking system.

They wont really be making out decisions on having no intent behind which we dont know on what they are planning thats why its better not to stress out yourself on what their plan behind because we could make out some presumptions but we dont know if those are really out of the concept or overall intent that they do have in mind. Country leaders does know on what they are doing even though their decisions had been made totally opposes
on what we had anticipated but well theres nothing we can do about it but to deal with it.

This is a very misterious and shady subject. It's interesting, however, that China has banned bitcoin mining only now, when more than 90% of the coins are already mined.

Maybe it was just a smart move to concentrate their national energy consumption in another sectors. But I believe soon they will change regulations to allow proof of work currencies mining and trading again, as it was already cogitated some months ago by chinese authorities.

Sometimes they seem acting foolish, but I then I realize I might be the foolish one by underestimating them.

Yes, I might as well realize that, China is pretty tense about bitcoin, but they realize (who are they about the internet or technology, all in vain).
Bitcoin has no ownership Bitcoin is owned by the internet and technology, what they are suppressing is none other than the internet, if they completely eliminate or suppress Bitcoin, destroy the internet, only one way, others can't.

The saying goes: greatness can be defeated by ingenuity, great is not necessarily clever, clever is definitely great, (Satoshi beat the greatest men).

Then they should know how a powerful tool Bitcoin can be against censorship-resistance if everyone has access to it, but does China truly understand? Because if they did, I believe they would never throw their advantage in the industry by banning POW mining, and trading.

Sanctions are inevitable in this case. Russia and China can't expect they are going to keep their deals in secret while still maintaining the harmony with the rest of the world, especially with the occident. USA won't be fool to let their main adversaries continue growing protected by a bilateral p2p agreement. Understanding the analogy, bitcoin itself isn't the problem for people like Putin and Xi Jinping. For them, the problem is that bitcoin is open and free for everyone to use, doesn't matter who you are, while in fact they would like only themselves and their allies should have access to it.

It is because mostly old people are the ones opposing it, well and totalitarian regimes, and they have trying to mimic the Chinese, with absolute failure.

So now it is "State backed crypto", ie. printing without actual printers! Using euphemisms like CBDC or such to not make it look as ugly as they truly are.

However, the system is nearing a collapse (again), another world crisis is looming with the Americans printing USD like there is no tomorrow. Well, no matter how mighty your economy is, sooner or later the result shows, which is why they now have the highest inflation since 4 decades or so, and can only grow faster and faster. Trump and now Biden are simply doing the same thing Maduro and Mugabe did, and the results can only be the same, that is how the economy works, it doesn't care who you are or what are your intentions, certain actions produce certain results (and usually the best action is do nothing, but politicians can't help it, give them power and they will abuse it sooner or later).

Money emission ("printing") produces inflation, doesn't matter what your excuse is. The USD can actually collapse and fall in the same hyperinflation spiral seen in so many cases of history, and people will not have enough time to flee to a safe asset, such as bitcoin. Induced inflation from overbudgeting is the most tyrannical of taxes, and you have no say about it, unless you get rid of that thing that is losing value before is too late. And guess what? That makes it worse, but you can't command the market, that is what those totalitarian leaders always fail to realize.

Almost a century ago, the US crashed its economy, from being blinded by keynesianism etc. And that "pillar of freedom", banned ownership of gold and seized it from everyone until the 70ties. Don't forget that these guys can do things like that because those powers exist. Bitcoin is not controlled by your government, and never will. Regulation can be circumvented, and it will always be, because it was designed to resist it. So the less regulation, the better. In my opinion, the only realistic tax you could impose to bitcoin is VAT, simply because the State can go do physical audits to the business selling/importing goods.

Do you even understand how Bitcoin as a protocol works? I doubt you do, given that you believe it is misinformation. Plus you say it’s “wishful thinking”? Isn’t it true that Bitcoin is here now, and ready to be used for censorship-resistance, and safe/secure against third part attacks?

Governments who are despots and oligarchs want to control every aspect of their regions. Currency and transactions is a way for them to maintain dominance. If they prohibit the use of any currency other than the ones they print themselves, the population must accept whatever they order. Bitcoin is freedom. No closed government will have a good relationship with something that provides freedom.

Hmm, this seems like a case of wishful thinking and misinformation. Putin and Xi in no way want a currency that is outside of their control, because it allows any of their subordinates to escape their grasp with much lower consequences when they cannot control a persons individual finances. What these two really want is to disconnect from using the US dollar as a reserve currency because it gives America great leverage over them in economic sanctions. However realistically the economy of Russia has very little to offer China outside of national resources and the ability to potentially sell them land in future (highly unlikely). China is always looking to get an advantage and will happily take Russia's resources at below market rates, the majority of the money of course will end up in the hands of Oligarchs instead of the state treasury.

I'm not sure if we are talking about a bitcoin-like here as China themselves ban bitcoin in their country, so they probably don't want something that is decentralized. And I read an article that crypto regulation is still unsure in Russia, so it should not be relative to bitcoin or crypto.

Russia to Decide Between Full Ban and Legalization of Crypto Investments, Trade

There is a reality that no one can cover, and that is that all governments want Btc, and more those that are of a socialist-communist nature, who are those who say they do not want wealth but that only their clothing represents a great fortune, and everything that represents money they want to have it and they get it, before the world they are one thing, but the reality is another, if you look for Putin, Xi, and anyone else, they will say no, that they are not looking for wealth, but it is obvious that these people has BTC and they want more btc, they would be fools to say no to money.

What happens is that before the world they show a mask or mask, but things are like that, and not only those of the socialist-communist current, those of the right as well.

Putin and Xi are doing all they can so that soon the USA Dollar can be out of the picture in international commerce most especially in between Russia and China...and time will tell that these two strong leaders will be successful in this regard so they can bypass the need for anything related to a common enemy: USA. Once this can happen, the same infrastructure can also be attracting other countries to be a part of the new financial system away from the influence of the USA...and again time will tell that this can affect the USA's economic standing a lot and one of the many causes for USA to experience hyper-inflation. Now, having said that, we could not expect that China and Russia will be considering Bitcoin as the medium of exchange between them all because Bitcoin can never be controlled by anyone. And control is the primary drive of anything these two countries are doing whether domestically or internationally.

Yeah the china statement, it’s good man, I know that they have screwed themselves in the process of making the bitcoin ban and then also tried to show the world that they are doing something off the track but it all got boomeranged. But it’s sad thing that Russia is also doing stuff like that now. They have more power to run the nationwide infra for the crypto currencies yet they are going into stuff like private sanctions and censorship of transaction. If they go hand in hand with china then it will put them into list of funny countries as china did it in the first place. Such bad move from Russia.

The US uses economic sanctions in dealing with nations and bringing them to a table of agreement with their own (US) terms and the world reserve currency been US dollars and this is giving Russia and China a big headache and it appears the only way to bypass their economic discipline is using bitcoin in direct trade then settle to their local currency but will both nations just adopt bitcoin yet? Let's wait as things unfold.