Bitcoin Forum

Even if they do not choose cryptocurrencies as an alternative option, this could trigger a massive USD devaluation which in turn will be good for crypto:

http://in.reuters.com/article/2014/03/04/ukraine-crisis-russia-us-idINDEEA2305J20140304

“We will have to move into other currencies, create our own settlement system.”

Yay. How about a sanction proof global currency? BTC

It wont matter, they can drop what ever they want, sanctions will screw them.

I highly doubt they will go the crypto route but then again you never know maybe the people will? but not the govs..... The most likely scenario is Russia and China will team up and they will start a new currency system backed by GOLD as both countries have been secretly stockpiling reserves over the years and have a larger stock pile then U.S and both countries have been slowly pulling away from the dollar because people are WAKING UP that the federal dollar is worthless with no end to it's printing and Inflation
There is also the possibility of them trying to form a World Currency and this is the excuse and push for it as Putin is also just a Puppet for the IMF bank like all these so called World LEADERS and they strive for a 1 world government. There is always someone pulling these strings as War is highly profitable and the best way to instill FEAR AND Propaganda and to keep people in line! as they make moves too solidify their secret agendas and ulterior motives an use this as a distraction for the One World Government..........

I am not so sure. Let's see:

1. Russia - main export goods natgas, oil, palladium and so on - all things with intrinsic value. Harder to sell under US sanctions, but the market is there. Can be happily sold for other currencies or BTC.

2. USA - main export good is USD. No intrinsic value. Only accepted because other countries view it as THE currency. Can be replaced by any other form of numbers in computers.

Who is more vulnerable ... (both have nukes)?

yeah...to da mooon  ;)

actually i dont think they will buy any btc or that we see a price change of btc because of russia.

Only some 3 percent of the Russian export goes to the USA. The EU don't want to shot itself in the leg by imposing strict sanctions, in addition many EU countries dependent on the russian natgas. So I'm not sure if sanctions will work.

if they drop USD. they have an oppertunity to change all their bureau de change so that 1 russian ruble is worth 1million dollars..

that way it stops US from trying to get lots of rubles. while at the same time devaluing the USD. keeping food and resources for russians at the same rate, but offering a better deal when purchasing dollars for the russians. and worse deal for americans purchasing dollars

imagine how epic that would be

Sorry.  Quote the BILLIONS of dollars Russia has had and it sounds big.  Realize that it takes TRILLIONS of dollars to move the market.  Russia in the past few weeks has already dumped 1/2 of it's USD holdings/bonds etc with almost ZERO effect.


If China or Germany did it there would be a problem.  Not Russia.

Russia is a small economy, can't devalue the USD price in more than a few cents.

http://www.businessinsider.com/putin-aide-threats-2014-3


Russia is not dropping the U.S Dollar as a reserve currency, that would mean HUGE debts and loans for many Russian Banks and Corporations...Not gonna happen.

Russia was first out and got the best prices.
China wants out too, but doesn't want all their current holdings to crash.
"It's the end of the world as we know it..."

Where did you get the $5000+ figure from? Random guess?

The rest of the world is the US, EU, japan, South Korea, Australia, Canada, Mexico....they will never drop the usd as the reserve currency.

We could end up with two reserve currencies....but not likely.

Russia is not as huge economy like the us or the eu or even china. Sure they export lots of natural gas to the eu but if the sanctions hit their exports and the us supplies the eu with us natual gas, Russia is done. But right now there is no way the US can easily export it's natual gas.

If Russia tries to take Ukraine they will get fucked economically.

China is fragile too...look at the bank runs. Plus china hates crypto currencies too.

You guys do know that if china and russia banded together they could be a formidable block of economic and military power but if they ruled the world you can kiss crypto good bye.

Bitcoin is still going to go to $5000 just because of all the turmoil that's probably going to happen in the next 10 months. Bitcoin has to shake off this china shit once and for all first.

In the meantime, BTC prices drops to below $500  ::)

Reality here: The GDP of California is larger than Russia ($2.2T versus $2.0T  2013) California would be the 8th largest country in the world by GDP.

not sure where your getting your information from that russia cannot devalue the dollar vs ruble..

lets say out of hours trading. russia decides tomorrow morning we will cancel all orders of trade. and then re open the market at a X price.

that THIEIR exchanges wont allow a ruble to be sold any lower then for $1000.

its not about allowing the market traders decide, its about the exchange.. (basically the national banks) resetting the trades for more favourable prices.

at first there will be a lull where Americans wont want to buy so high. but that's also a strategy Russia can use to de-throne themselves away from "the dollar reserve"

as i said before. this dropping the US reserve from russia is the perfect time that russia can change its value vs the dollar

So?  That would cripple Russia and wouldn't hurt the US in the slightest.  If people can't buy rubles at the market rate then Russians won't be able to engage in international trade.

If anything, the result would be a more dominant US.

Everyday bitcoin drops like anything. Today it reached $500 level. Price is going downwards only not upwards.

today the price went down to $470..  and now ................... $520

i call that an upward price..

so lets go extreme, tell me the price last year (march 2013) and tell me the price today
so lets go extreme, tell me the price last year (march 2012) and tell me the price today
so lets go extreme, tell me the price last year (march 2011) and tell me the price today

i can show you stats that in 2012 bitcoin went to $6 then dropped to $4, then went to $14 and dropped to $8 before rising even higher.

i can show u stats of 2013, blah blah blah..

in general the price does go up. and if you panic on the drops then please 'man up' and realise there are good and bad days. nothing is a utopian dream come true that is always perfect very day

Something tells me that if the Russians Drop the dollar then we all will be getting screwed in the long term.  I think the saying should be changed to people suffer for the lack of their political leaders knowledge.

More like, "the slaves suffer for lack of their masters' knowledge."

If you were to draw an unbiased opinion, like if you were to visit Earth from outer space; that's likely how we would be viewed...

Oh, hell no!  Texas' economy makes California look like a neighborhood convenience store.  Texas should secede and nationalize bitcoin.  (I know.  The sentiment is there, but reality sets in.  I love my home state that much.)

Sad to say you won't be getting much of an agreement from me at this time.  I tend to feel the same way so yeah, well put.

I suspect that the only reason Russia made their decision as it is was to quell a market that some Putin cronies wanted to capitalize.  That's exactly how their government works.  Ban it so that a loyal subject has complete control.  Pitty that with the right leadership Russia could be a true global contributor for good.

Personally, I will be much more impressed and pleased when the headline reads, "America drops the USD as reserve currency."

We're better than this, as a people, as a nation. Supporting neo-imperialism and neo-fuedalist corporate empires is not the way to go for a nation founded on "liberty and justice".

In general SO FAR. When so many negative things hadn't happened and trust and hope were higher.
We had bumps in the road, but MtGox was a major negative event far worse and there have been others with no positive stuff to balance them to speak of.

I hope we do bounce back and things get better, but there's absolutely nothing on the horizon that's going to make that happen and it doesn't have to at all. We could have seen the golden days already. Past performance is no guarantee of future returns ;)

In 2011 when Bitcoins spiked to $32 or whatever then flash crashed down to $2, many people, probably the majority, just assumed that BTC was done. There was no reason to believe otherwise.

Bitcoin was at that point just seen as a passing fad that some geeks got excited about but ultimately was proved to be worthless and destined to fail. It was too volatile, too hard to understand. Nobody "needed it."

Why would you stay in "the scheme" at that point? You either cashed out big or lost big. It was over. Gonna be a slow dribble down top $0, but definitely over. "Nothing positive on the horizon" etc etc

All the smart money got out around then.

Well, almost all of it.  ;)

I'm sure many countries in the world will start to drop the U.S.D. as reserve currency.

The American Patriots Militia Groups have made it clear to the world that the U.S.D. is a scam currency designed to scam people world wide.
https://bitcointalk.org/index.php?topic=282002.0



------------------------------
related thread:
BREAKING NEWS: American Patriots Militia Groups taking down the Federal Reserve
https://bitcointalk.org/index.php?topic=485187.0

Your news is where to get, are you sure this is a hoax?

Haha exactly. USA keep exporting billions of USD as its main resource.
If a little part of the exported USD would go back to USA, the US economy would instantly collapse and never get back.

Certainly, they're going to have influence -- because of trade and tradition and language and heritage with Ukraine

Russia to abandon the dollar as a reserve currency, which is a reason. America joint EU Russia imposed economic sanctions, so they gave up the dollar. And they had banned BTC.

This could result in a small rise but I don't see anything significant.

It was new then. It was easy to mine and cheap to buy. It's not new now. It's neither cheap to buy or mine. If you wanted some bitcoin back then you could easily mine yourself some with what you already owned especially if it was a decent gaming rig, that's not the case at all now.
Now it's an investment whichever way you choose to get them. A bigger decision.

It's still too geeky, too volatile, too hard to understand and not really needed as far as normal people are concerned when spending money buying things. Does your Mum use it? Could she? Would she? Would most people? Not really. That's what we need. Joe Public using bitcoin in the same way they use Paypal as easily as they use Paypal.
Most people here would be wary of leaving money in an exchange or online wallet, for obvious reasons, this is another serious drawback right now ...all people have seen lately is bitcoins going missing bigtime in a way they don't understand and probably we don't properly even after research, wallets vanishing and appearing at MtGox for example are hardly showing bitcoin in a good light are they?

Assuming all will magically come right because they will...nice idea, not certain at all. It takes something positive to happen I think.

I don't understand why people in the community spread rumours like the China one, which get picked up by a bored reporter on reddit or somewhere and contribute to the negativity? Even this U.S. thing is overblown when it really needs explaining honestly. People like to profit from the peaks and troughs in price IMO, so they do well short term...long term it's damaging trust and once people lose trust it's hard to recover it.

I just hope that we've had all the bad news and horror stories now, then maybe gradually we get the chance to recover momentum. If I'd told you a year ago about all the recent events, I doubt you'd believe most of them would happen. :)

That is true, I agree!

I think we in the UK are in the same Boat as the USA.
UK - Main export? fuck knows. Office worker types no doubt.

Russia to abandon the dollar as a reserve currency is to resist the USA economic sanctions, not really want to give up.

I doubt that russia and china team up to create a new currency, by doing this both parts needs to give up power. And as superpowercountries they would not. Also  they have interests of their own that not would go togheter. China is governed in a other way than russia. Russias gold is the oil, natural gas and other rawmaterials.

All fiat currencies are a "scam".
Hopefully, BTC will continue as a real alternative.

LOL sanctions. It's amazing how brainwashed Americans are by their media, Russia has palladium, gas, oil as well as plenty of resources with intrinsic value that will always find buyers, America has nothing but fancy toilet paper with heads of dead presidents printed on it and that toilet paper is only worth something because other countries are foolish enough to exchange Gold for it, let the corrupt and jealous keep fighting against liberty and freedom. See how far it will take them.

Trend and price before 1 month:
http://www.dodaj.rs/f/V/JM/4H6veSvX/yyy.jpg

Trend and price today:
http://www.dodaj.rs/f/27/9e/4vr0gXBR/yyy.jpg

See you again within a month with trend lines and current price.

Russia dropping the USD as a reserve currency doesn't mean anything, considering Russia doesn't have much sway in that regard. I doubt you would see 5k Bitcoin because of that.

anyone can ignore different trends of the past and only show 1 week, 2 weeks or 2 months. to make a prediction go in any direction they please.

https://i.imgur.com/zm2q5hI.jpg

economy is never a endless straight line. so dont draw straight lines forever, as your "trend"
so please use 4 years of trends and realise that we have only thus far grabbed the attention of 0.03% of the population. so my prediction (marked in blue below is what i feel will be the future.

https://i.imgur.com/US5RVO0.jpg

please note the circled area's as similar activity followed by a stable price of only 50% variance, folloed by multiple hundreds of percent spikes..

Correct, they don't have much USD. It is the idea that is so dangerous! Domino effect! This is why Iraq was attacked, they wanted to sell oil for EUR which was a massive threat to USD superiority and USA business model. So they got a lesson.

Now trouble with Russia is they got nukes, so Uncle Sam will have troubles invading them.

Russia could start selling oil/gas for crypto, which would mean $5000+ Bitcoins and massive threat to USD/USA. They won't do that IMHO because the ruble is fiat, and fiat is power over people, but you never know. Selling oil/gas for EUR would be enough to devalue USD quite a bit.

I believe I'm correct in saying that our main export to the rest of the world is god-awful reality tv shows and some shitty gameshows too.    ;D  



Pfft... as if.  It took years before sanctions had even the slightest impact on Iran, so any effect on Russia will barely be noticeable.  "Sanctions" is just a modern day word for "Posturing".

UK main industry is financial services

Now with the Isle of Man allowing unregulated exchanges, there could be a huge pipeline fiat---->btc, protected by the Crown.

For you traitors and morons trash talking the USD, the United States of America  is the number 2 in exporter in the world:

United States Top 10 Exports:

The following export product groups represent the highest dollar value in American global shipments during 2013. Also shown is the percentage share each export category represents in terms of US overall exports.

Machinery: $213,108,199,000 (13.5% of total exports)
Electronic equipment: $165,604,449,000 (10.5%)
Mineral fuels including oil: $148,426,743,000 (9.4%)
Vehicles excluding trains and streetcars: $133,640,479,000 (8.5%)
Aircraft and spacecraft: $115,380,944,000 (7.3%)
Optical, technical and medical apparatus: $84,281,276,000 (5.3%)
Pearls, precious stones, precious metals and coins: $72,830,232,000 (4.6%)
Plastics: $60,836,970,000 (3.9%)
Organic chemicals: $46,510,903,000 (2.9%)
Pharmaceutical products: $39,742,717,000 (2.5%)

To compete in the world economy the dollar needs to be weak!

The US in 2014 or 2015 will be the number one oil exporter at some point !?

Yeah what he said.
Lets all stop poking this Russian bear before it bites back.

UK & US have the same main exports - corrupt "democracy" and conflict.

Yes Sir only traitors and terrorists on this forum!

Now about the morons, I am not sure, you seem to be one of them because you don't realize that all those exports you listed, are already subtracted from the imports, that is why it's called a TRADE DEFICIT

And that DEFICIT is covered by selling USD debt to the world. Only the USA can do that because USD is a world currency. If EUR or BTC or the BANCOR became world currency the USA will be in trouble (fracking doesn't work forever). Sure there is always the military option for smaller, defenseless countries.

Russia is not one of them.

(having said that, a lot of US products are great and I do not want to live under Russian rule, but the USD being a world currency is extremely unfair and should stop ASAP)

WHY $ USD WILL STAY THE WORLD RESERVE CURRENCY!
 (http://economix.blogs.nytimes.com/2014/03/26/qa-why-the-dollar-remains-the-reserve-currency/?_php=true&_type=blogs&_r=0)

Q.

What made the dollar attractive?
A.

It’s simple: there are no good alternatives to the dollar.


Not true anymore, there is hundreds of cryptocoins, each single one could do the job all by itself. Global money supply would fit into BTC, DOGE or even MOON.

Just wait until the first tech-savvy political leader discusses that in public (he may of course have a bad accident)  ;)

There WAS a good alternative but the US killed him, Gaddafi and his Gold Dinar + stride to make the EU break away from the USD$!

Oh!! Wow if they take this step, then it would be disaster for all the markets. China would take the chance and start making its currency as reserve. Its already doing it by giving loans to all the countries and buying its bonds.

would love to see what will hapen

If this happens then people need to wise up faster and put there money in alt currency before it even loses more value. Maybe soon a bitcoin buy off panic may happen.

Russia is overrated, they are just a banana republic with some nukes. There are much smaller Western European countries that could have a more significant impact on the USD than Russia.

...

In the short-term, there is no other currency that could replace the dollar.  Nor are China and Russia serious threats to the USA.  Both have huge problems, both demographic and environmental.

If our country fails, the USA will fail because of its own internal rot.

A reserve currency is not always such a good thing.  Triffin's dilemma...  Must run a trade deficit (loose economic talk here) to keep those $$$ flowing around the world.

China is not willing to take on nor up to the task.

In the recent years, China has made deals to bypass the USD as a reserve and trade in respective currencies. They struck deals with Russia, Germany, Australia, Brazil, UAE, Iran and a slew of others. China and Russia have in 2012 already agreed to trade in their own currencies instead of the USD.

But, they are for specific and limited use, mostly in green technologies and future tech which is very telling about China's intentions.

The rest of the world leaders/countries are more like the wife who has finally gotten fed up with her abusive bully husband and starting to take measures to protect herself, fight back, and ultimately abandon him altogether while the US hubby is still obliviously demanding she bring him another beer.

Meanwhile, the kids are passing around the bitcoin and things are looking shaky for US.

It's not hard to picture a scenario where the agreements made are extended and other currencies are adopted, forcing out the USD and driving down its value, and adopting a virtual currency alongside it.

I don't necessarily see the end of America in The Walking Dead style (but as a TWD fan, a girl can hope) but what I do see is a trend of the rest of the world maneuvering the USA into a corner...it will be forced to adopt or crash. The rest of the world is focusing on the future technologies, digital realities, education, science, etc. while bully USA still wants to do things old school, puritanistic, ass backwards, overly religious, repressive and violent. Gradually, the rest of the world is building UP and easing out of its dependency on the USD for anything.

The US government will definitely do what it does best and make irrational attempts to ban, bully and control until it is forced to realize, to coin a phrase, "aint nobody got time for dat"...and it loses ground.

When the rest of the world, and underground use of virtual currency shifts the wealth for real, the USG will be turned upside down and if it doesn't comply, it goes away...because even Americans are increasingly rendering the USG irrelevant because frankly, we've all had just about enough of the us government's shit.

The USD has been such a weak reserve currency for so long, nobody would really notice if it was replaced.

A thread full of people who have no clue what is even going on in the world. Russia's economy cant survive in the long run with sanctions.... Its plain and simple, if you think otherwise you are clueless to how the international economy fundamentally works and should probably stick to speculations.

You probadly missed, that BRIC (most notably China) countries don´t play these sanction pissing games. Russian exports like somebody before me said have intristic value. Gas, oil, metals, food and weapons. There will always be market for those and Europeans are already backpedalling in sanction department.

If you add cold war approach, that Washington assumed against leading BRIC powers, way overbought wallstreet, USD expansionary policy and high debts of western countries - we could be heading towards global economic meltdown (this time no chinese bailout). It could mean megabubble for bitcoin.


It´s not mere  speculation. Investment gurus like Mark Spitznagel predicted months ago, that 2014 will be critical for global economy.
http://dealbook.nytimes.com/2013/09/24/a-hedge-fund-manager-who-doesnt-mind-a-losing-bet/?_php=true&_type=blogs&_r=0

In short, I agree with original poster. It is highly possible.

Do you even know character of these sanctions or are you simply talking out of your ass? I bet the latter, actually Kremlin already benefitted from crisis as they bought back cheaply strategic companies privatized (stolen) in the Yeltsin era. Pigs panic sold shares of Sberbank, Lukoil and few others as much as 30% below their market value during takeover of Crymea. Price has since recovered.

So far the EU/USA sanctions limited themselves to specific credit providers and small group of influental Russians. Non-issue for large export based economy. Even then price of corn is already up by 25% (Russia is responsible for 17% of export of this vital resource) Everybody is fearful of escalating as the world market is already fragile and ripe for correction.

The problem, if the dollar lose as the world currency is more other long term difficulties. For example the Western world will get problems in losing a strong partner in NATO. If US get internal problems regards to echonomics it will give a negative effect on the military budget and in long run weaken it. Then China, russia and others will get more military power and trade power. The russians and the chinese government do not care about their citizens, they can prioritize military budgets even though if people are starving.

lets hope all go well with US, and russia and china not will dominate the world currency.

so apparently Russia's Rossiya bank is only using a gold-backed ruble now? FUD?

I would have thought Software would have been higher, what with billions of copies of Windows and all.

Yeah, I can see Russia dropping the USD and heading for... bitcoins.  For all they know, a USA government invention.  Traded on a few exchanges around the world that can easily have their money supply shut off.  I can't see a reason for Russia needing more than 7 transactions per second that bitcoin supports.

RUSSIA WILL PROBABLY BAN BITCOIN. just like china

RUSSIA already has

But only 1-2 times.
I think there is some room left :D

No bitcoin!  But doge I like!

https://i.imgur.com/fFZhE5G.jpg

The US Dollar is at the end of its days I think.

China, Russia, and India have entered in a large energy pact, and they won't be trading resources with Dollars. The Petrodollar is really the lynchpin, if it dies, the Dollar dies because oil is about the only thing backing the US monetary system beyond its world reserve status, which is already ending as other countries are dumping US bonds and trading in Dollars.

Though even without the new Eurasian axis dumping the US, the FEDs rampant money printing, crooked banks built on Fractional Reserve, massive distortions in stocks, bonds, real estate, etc, are spelling the death of the Dollar every day. The retail market in the US is violently crashing as the middle/bottom classes are running out of spending money. We will see 1000s of big box stores crash and burn this year, where Sears, JC Penny and many others are already staring at a noose as their stock prices implode.

Sadly the US is not the only government doing this. China and everywhere else is devaluing their money supply every day through inflation to keep the credit bubbles fed. Once those pop, the global markets will be headed for a financial worldwide cataclysm the likes of which we've never seen.

All of that said, this is what I see Bitcoin doing while this occurs:

Now that tax guidance has been laid out for traditional investors, they will start putting BTC in their portfolios in large amounts, driving up cost.

When the fiat markets really begin to burn, these same investors will be looking for the exits, and Bitcoin and other cryptocurrencies may be the only safe haven as the only economy that is still functioning and fundamentally sound. Sudden huge demand from people with a boatloads of dieing fiat currencies and stocks will drive the price through the roof, and anyone with the foresight to have jumped in right now will reap the benefits of this wealth transition. Those that choose not to sell will see their wealth explode.

Any way you slice it, we're all in for a wild ride over the next few years as our current financial system goes down the drain to meet all of the other failed fiat currencies. The world is about to change, and as usual change can be painful. The only thing on my mind right now is just making sure I'm on the right side of the transition. I think investing in digital currencies is a solid way to start.

http://lmgtfy.com/?q=dollar+bank+of+russia