Bitcoin Forum

First, read this Coindesk article, https://www.coindesk.com/vladimir-putin-cryptocurrency-poses-serious-risks/

Then, answer this question. It poses a risk for who? Us, the ordinary people, or them the government, the banks and the establishment?

Comments like that make their thoughts known that they want to stop cryptocurrencies because it can ruin their business. They will use reasonings like "to protect the consumer" or "to prevent fraud".

Sorry, but the community is doing fine, thanks. We do not need your "protection".

What can you expect from this parrot. China and Russia go hand in hand with almost everything, so no wonder he is stating this. I thought he had more important things killing civilians in Syria than cryptocurrency...

Just another quote with no context. Quite common on media, sad to see crypto media going the same way.

The complete citation is:

"Virtual [currencies] or cryptocurrencies are becoming and have already become more popular. They have already become or are turning into a full-fledged payment instrument and an investment asset in certain countries. At the same time, use of cryptocurrencies also carries serious risks."

Of course with no knowledge about the meeting wouldn't be hard to misunderstand his words

We already know that big economic giants like China and Russia don't like the progress of bitcoin.They have tried their best to stop it.But they could not do so because of its decentralized nature.Bitcoin is definitely a threat to governments,banks as it totally frees people from their hands.Their national currencies would lose its values and they would have to face revenue losses which they got from taxes.That's why,they term bitcoin as a threat.

But truly,bitcoin is the greatest blessing of this century to the normal people.It has given financial freedom to the normal people.

These snippets are always out of context. It's textbook journalism. He wasn't all that negative about crypto, just stating the obvious. As far as I know the only ones really against BTC are, surprise surprise: Central Bankers.

Thank you for pointing this out. Putin/Russia is currently one of the most vilified and misunderstood entities in the mainstream media, at least here in the USA. The level of anti-Russian propaganda and fearmongering has become truly ridiculous in certain quarters, so it is always a good idea to take media reports about Russian activity with a grain (or more) of salt, at least until proper context and confirmation can be found.

No wonder a communist would think that way because it posses threat to the organized financial sectors who funds various government activities. Probably Russian government has started getting strong negative feedback about cryptos from them and acting accordingly. The government will surely use such statements like "to protect the consumer" or "to prevent fraud" to sound friendly to their citizens but that will not make sense to the educated class of the people.

First China and now Russia and last but not the least, North Korea. Surprisingly bitcoin is somewhat limited in these three countries and their governments are communist. Coincidence!

Well, almost everyone who talks bad about BTC, always says it imposes great risks because of money laundering and also fraud. But  hey, this happened even before BTC was created, so this kind of  talks I guess, wont give bad rep to BTC. And, as BTC is still young and new, who knows there might be created a way to decrease these risks, because in technology, everything is possible.

if you read what the Russian officials say about bitcoin (all of them throughout history so far), you can see their concerns are always "taxation". their statements are always like this:
"... it is hard and sometimes impossible to get taxes on bitcoin and other cryptocurrencies. and yeah there is the fact that rarely they are used for illegal stuff but mostly taxes....".

about 7 months ago, maybe less, they said because bitcoin is slow and the blockchain is public and everyone can see the transactions we are working with firms to trace transactions and solve the "taxation" issue and legalize it. you can fin this news with the title including "Russia U-turn" keyword! :D

Everything that happens with fiat isn't really concern for governments, because they are then one issuing and backing fiat. Bitcoin on the other hand, is something they can't control, and for that reason they try to defame Bitcoin.

It's in their interest to make Bitcoin look bad in an attempt to avoid people buying Bitcoin it either as investment, or to cut all ties with the government and their banking system ~ that's what I consider pretty simple logic.

threat to them, but for us bitcoin & cryptocurrencies are a big help, government selfishness and their greed for money through taxation will play a big factor for them to hate bitcoin. but no they cant contain bitcoint they really cant

In these statements, Putin is not surprising. He is a dictator. All dictators are afraid of financial freedom of its citizens. When people have financial independence and changing their Outlook. They travel more and see what in the world is democracy. Such people are difficult to manage. Any government that is afraid and therefore, to deal with bitcoins will all be under different explanation.

Having read the article, I was not surprised that the same reason every world leaders have against bitcoin has been on money laundering in which we all know that is a cover for them to really say the truth about their grouse against bitcoin which is purely about freedom that bitcoin sets to establish. This they know if its allowed will end up making their powers over the people futile even without carrying arms and staging  protest.

He has voiced his opinion, and I disagree with him on that, what they should be more focused on is finding ways to stop money laundering rather than going about with this cheap blackmail that is not moving things.

Naturally the banking sectors do not want any other development that will be a good alternative to the services banks are providing. Also government do not want their citizen to gain financial freedom. If the government are talking about involving in cryptocurrency as a risk I do not think it is principally their business because it is an individualistic decision.

As so it's o.k for all the black market FIAT to be laundered into countries like ours, CYPRUS where we have all the rich Russians bringing in boat loads of their black money, but Bitcoin and Altcoins are a problem with money laundering? This is pure hypocrisy  and of course they want to preserve and protect their own hides and self interest, just like the SEC in America hates to see people get rich off of the internet and prefer to have people working like corporate slaves. I think this is stupid on behalf of Putin to talk like this, no offense to my Russian Comrades.

I am sure they are all worried that they are losing control over the whole financial industry. Satoshi knew it would come to this. It might be the reason why he was hiding his real identity.

Expect the government to use fear mongering tactics to discourage us from using Bitcoin and to make the public think it is "evil".

It can be a risk to the economy because if left unchecked, it could be used for mass money laundering. There's really no risks in it for the people unless they put everything they own into it and it dips and never recovers. I'm happy enough they're not declaring it illegal outright. They'll warm up to it eventually.

Did you now that the biggest banks in the world help drug cartels launder their money, and those same banks fund wars to further the agenda of the politicians they are backing?

You are brainwashed into thinking like that. The banks have been corrupting the system and have been oppressing the common people. It is now time to gain some leverage through Bitcoin.

Government and big banks are just afraid of bitcoin as people around the world are adopting bitcoin as payment method and secure way to store their wealth. If everybody gonna use and store their money in bitcoin than how government will be able to collect taxes and how banks gonna print out as much money as they want for lending.  ;D

I very much doubt the actions of Russia against bitcoin. Even if Vladimir Putin gave a negative evaluation of the crypto currency, this does not mean that Russian citizens will not deal with crypto currency. Here, rather, the struggle in the media. Who pays for their work, they dictate what they say, and how to influence the population. In general, the cryptomir is not threatened by politics.

Everything that have the money or any other currency involved impose such serious risk like banking, lending, trading stocks and also the digital currency, but for a growing community like bitcoin in crypto world that statement will be at futile and have the motives to bring down and strike a negative views and respond to the people who are reading this that is not familiar in the cryptography. Such statement cannot bring down the bitcoin.

No, they do not want to stop cryptocurrencies, they want their share of profits through taxation. Their plans seem to be regulation, licensing and taxation of exchanges and miners.

I don't think so , what Russian president Vladimir Putin has said,

1.   By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet.

2.   Blockchain truly is a mechanism to bring everyone to the highest degree of accountability.

3.   Blockchain solves the problem of manipulation

Now u can understand why I dont agree with Vladimir Putin.

Yeah not every one in the crypto community is not doing fine tbh. Their foolishness paves the way for the governments to interfere and as a result we saw China banning ICOS and exchanges later on. Then South Korea followed by banning ICOS and now it's Russia that's getting involved.  The risk is for both the government and the people because governments think that investing in stocks is better and it increases the GDP and the National Income of the country and cryptos aren't considered when calculation of NI takes place. And some people who lost their money by investing in shitty ICOS made governments eventually do something about it as soon as they could.

Well everyone is joining the lets hate speech bitcoin bandwagon and beginning to show desperation in the attempt. Even if they pose as a threat to bitcoin they cannot stop it and that is why they are willing to scare people away from it.

At the time of writing this post the bitcoin price is crossed 5k USD for the second time and there is no trend in drop of price currently due to the hard fork. This market news may cause a crash after the fork and people will continue to buy more again.

The real threat here is the banks and governments and their policies and not bitcoin.

Do not forget taxation on the users. But ultimately they want control over the financial system and that is something they cannot do with Bitcoin.

By its very nature, the people who run full nodes have the control. On November, we will witness it when Segwit2x tries to do the network "upgrade" and fails.

Ohhhhh hahhahaahhaahahaah ho ho ho
LOL Vladimir please protect me.

WHO WILL PROTECT ME FROM THESE HORRIBLE FIAT CURRENCY BUBBLES??
CAN SOMEONE PLEASE STOP BLOWING BUBBLES OF EXTRA FIAT MONEY AROUND THE WORLD? (PLEASE NO MORE USD, EUROS, JAPANESE YENS, INDIAN RUPEES, CHINESE YUAN, MEXICAN PESOS - PLEASE STOP INFLATING AND MAKING BITCOIN SO VALUABLE)...stop this pumping
https://macromon.files.wordpress.com/2017/04/global-monetary-base.png?w=640
https://macromon.wordpress.com/2017/04/26/the-chart-that-floats-overvaluation/ (https://macromon.wordpress.com/2017/04/26/the-chart-that-floats-overvaluation/)

Recommend reading post: "Hacks Puppets and Forks - How to destroy Bitcoin"
https://bitcointalk.org/index.php?topic=1834310.20 (https://bitcointalk.org/index.php?topic=1834310.20)

Bitcoin has the highest value because of the totality of what it is - if it lacked the features of what it is, then there would be no value.

If it can be shutdown, and have assets frozen by a bank or government, there would be no value
If it wasn't secure, there would be no value.
If it wasn't immutable, there would be no value.
If it wasn't globally distributed, there would be no value.
If it wasn't so strong, open-source decentralized and unstoppable, there would be no value.
If it wasn't so scarce, there would be no value.
If it was easy to spam transactions, there would be no value
If it didn't have the history of 8+ years (and still no hacker can exploit bitcoin blockchain), there would be no value
If it was exactly like fiat and only did transactions, there would be no value.

Bitcoin has all these together to make the most value and increasing more than any other financial-asset option coming from the fiat central-banking debt-system.

Though it is still very early adoption not even 1% adopted yet (most people everywhere don't know what it is)...
Bitcoin has freed, continuing to free, and tomorrow will still free many people globally from the centrally controlled debt-based fiat system that confiscates your wealth with inflation and tax. Bitcoin is a TRUE savings vehicle. Buying Real Estate, Hospital healthcare, Global traveling, College Education gets cheaper as you hold Bitcoin.

And it has become clear that...
Bitcoin CANNOT be controlled.

Bitcoin cannot be made legal. Governments may still attempt to do so. They can never have such domination on Bitcoin.

Bitcoin cannot be made illegal. Governments may still attempt to do so.

Central banks already control and manipulate Stocks, Real Estate, Gold, Interest Rates. Central banks will never have such domination on Bitcoin.

Bitcoin reached escape velocity 4-years ago in 2013 which means it cannot be stopped - cannot make it illegal or legal - governments/banks do not matter.

On the opposite end of the spectrum the global fiat (US Dollars, Indian Rupees, Chinese Yuan, etc) bubble system broke a couple of decades ago.

Fiat around the world is forced to inflate issuance as its heavily infested, burdened and broken with:
-regulatory burden on fiat banks & system (incredibly costly)
-unemployment & other welfare costs
-inflating fiat to keep stock market rising and to keep house-prices from collapsing
-financing conflicts, bombs, and "aid"
-insurance fraud
-false claims and insurance loss-events
-stabilize regions after natural disasters
-keeping monopolies with internet access centralized and search engine crawlers centralized
-money laundering
-chargebacks
-frivolous legal costs (lawsuits bogging the system down)
-state-sponsored corruption and unofficial corruption (governments and gangs, banks and conartists)
-retirement obligations (debasement in value to keep up with payments from government or other retirement-obligations)
-fake credit (goods being transacted with credit-loss, replaced by inflation of monetary base rather than bringing perpetrators & source to justice)
-using enforcement labor to freeze accounts and assets and take away your money
-costs of auditors and budgetors and accountants to governments and businesses

Bitcoin, systemically, is free from these burdens.

Bitcoin is GLOBALLY held and sought after by people in almost every country - see global trade data by country or see this list:
https://bitcointalk.org/index.php?topic=1853019.0

Don't you know what a database is? A non-decentralized "Blockchain" is a private database....Private databases has virtually no value!

BLOCKCHAIN without bitcoin = SCAMCHAINS, useless unsecure private databases
BLOCKCHAINS without bitcoin ARE SIMPLY PRIVATE DATABASES that every small business has even a coffee shop = NO VALUE, its like fiat currency, small minimal value!

BITCOIN BLOCKHAIN = SECURE IMMUTABLE VALUABLE OPEN-SOURCE DECENTRALIZED FAIR (scarce bitcoin supply). Globally people poured over $80Billion (USD) equivelent value into bitcoin and this will increase with time.

hacks (these people may have been well-meaning previously...but people change...):
Mike Hearn : “the "Bitcoin experiment" has "failed." goes on to Ethereum an app coin.
Hearn - Big Bank Bitcoin Bully - https://medium.com/@tradertimm/hearn-big-bank-bitcoin-bully-c61531c082e#.okh9viyze
Craig Wright - desperately claimed to be Satoshi & then flees fraud trying to file a bunch of IP patents! LOL!
Mark Karpeles
Paul Vernon
Josh Garza
Roger Ver
Jeff Garzik (2017 recent; hard forking BTC1 / segwit2x)
"Jeff Garzik wants you to connect to his Bitcoin transaction analytics (spy) company Skry, by default, in the SegWit2x fork. Jeff is a sneaky snake!":https://www.reddit.com/r/Bitcoin/comments/6n9grc/jeff_garzik_wants_you_to_connect_to_his_bitcoin/
Barry Silbert (and his DCG portfolio of companies-ie Coinbase, Bitpay, sponsoring ilk of Jeff Garzik characters)

Given the current situation on how people are adapting crypto currency. Vladimir's comments would not affect the progress of crypto. The only ones who would be concerned on this are the big players in the banking sector now seeing crypto as a competitor.

 

Bitcoin poses risks to the bankers and government's agencies because bitcoin system is transparent and bankers and governments  cannot manipulate this system to their favour any more. Putin's comments has actually pumped bitcoin price upwards and the demand for bitcoin has risen significantly. Like op has said "we are fine without governments protections. Bitcoin is safe for us and has made some of us rich.

Haha, I don't surprise this article. There’s no other way to explain politicians prevent ICO or Cryptocurrency because they can't control and collect taxes from it. Maybe they should accept Cryptocurrency and tax from it instead of banning.

Well he was totally right that cryptocurrency or digital currency poses some serious risks let not avoid to think that internet can now easily hack by others. But i dont it is enough reason to not invest in a cryptocurrency or digital currency it was only starting to blossom so its only natural that there is still some holes on it. We learn by taking some risk so. I also think he was only just taking some precaution and protecting its people taking some risks.

I think what Putin meant to serious risks for everyone. For us consumers, cryptocurrency is always a risk since its digital and hackers nowadays are evolving. Risks pose by ICOs that are releasing today with ponzi schemes and not legit. Of course, with rise of Cryptocurrency, it poses risk much to the banks as it will hinder their business.

For authoritarian states, the crypto currency actually creates greater risks. This means that citizens of this state receive greater financial freedom, which means that state bodies lose control over the finances of their citizens, the tax authorities lose the ability to monitor them. This is the risk for the state, because if it conducts the wrong fiscal policy, the money supply in the crypto currency will go to other countries. This is really a threat to the state, where they do not worry about the financial well-being of their citizens.

Who cares about what he says, poeple will keep using bitcoin wether he likes it or not, even if they declare the bitcoin illeagal by a writen law they can not apply it and that is due to the fact that they have no controll over it and they can not identify the people using it, because bitcoin is decentrelized and anonymous to use, besides if poeople can't use bitcoin directly in russia they can use it indirectly through vpn or exchange it for another currency.

It is right that all crypto currencies posses risk but I would like to add that where there is risk there will be a great profit as it is the basic theory of economics. We are observing that most of the people have transformed from poor to rich one and that is actually due to the risk involvement in it.