Bitcoin Forum

Well, seeing as good news have negative impact on the price, here's some bad news:

Completely crazy regulators in Russia have proposed a law that would make any operations with cryptocurrencies illegal, with fines of 1000 euro for citizens and 2000 euro for organizations. Also, creating software for cryptocurrencies or distributing any information that could lead to creation of cryptocurrencies will be outlawed.

Source article in russian (law is not passed yet, but knowing that puppets vote for laws in Russia, it will be): http://lenta.ru/news/2014/10/03/bitcoins/

to the moon?

I contribute with a bad dream, actually my first one about bitcoin:

Last night I dreamt that price is going to crash to 50-60 USD, then recovering to 138, then crashing to 28 USD. My dreams generally don't come true, otherwise would already have experienced 2 apocalypses, starting in my home village. Therefore the bottom MUST be in.

They are clearly afraid that Ruskies will panic dump their rubles for BTC. The Ruble has been the worst performing major fiat currency this year.

yes and with incoming country encapsulation in a North Korea form, there's no bottom for rouble's downfall. I don't think banning bitcoin will stop that much :) only if they add serious prison terms to owning bitcoin, dollar, gold, or anything but rubles and dirt, as was the case in Soviet Union

Was a bit of confusion in Russia news a day or so ago
First of all they announced they were considering capital controls
Then they announced they definitely weren't considering capital controls

So first make cryptocurrencies illegal - then introduce capital controls?

A Russian law but fines are in Euros and not in Rubles?

50000 and 100000 roubles will not say much to people :)

Okay that makes the article more believable. Then I could have commented: a well, Ruble is not doing too well lately anyway https://finance.yahoo.com/q/bc?s=RUB%3DX+Basic+Chart&t=5y . As the Ruble devalues the advantage of Bitcoin increases as even the fine banning it loses value :P

No surprise. Russia is now rolling back to Soviet Union times. Any freedom will be suppressed. They don't need decentralized cryptocurrency for people who soon will be living under the iron curtain.

But since the Russians don't give a shit about law and love to break rules, bitcoin will gain even more popularity, so, I'd say it's bullish news.

Russia is now going to block any ways to send/receive money abroad and bitcoin may become the easiest "illegal" way doing so as It's much safer than crossing border with $10k in your ass.

Reminded me of: http://en.rocketnews24.com/2013/07/23/nine-taiwanese-accused-of-smuggling-60-75kg-of-gold-in-their-anuses/

I'm sure when these smugglers learned about Bitcoin they were like "fuck, really?"

To the moon and beyond.
We will prove that bitcoin works without rules.
It's crazy to ban math.

Do you think that this will resolve for bigger price change in any crypto.
If so this is big real big.

It always to the moon.
All coins work without rules not just BTC.
BTC will stay prime for very long time other try to profit on price change.

Bad news, if a country has a war on Bitcoin it will probably eliminate it as well as the war on drugs has.

They even considering banning internet a few month ago.
If Russian is asking and i hope not this is not gonna be good.

It will end up for us badly no money no profit no nothing.

Maybe it sounds stupid, but the more I think of it, the more I like the Russian ban.
The only problem is that I can't really believe it. It looks like a serious source though.
Either way, if they approve the law, they are fucked.
If they deny the law, they basically capitulate to bitcoin.

Moon moon moon.

Bad news for Russians, not Bitcoin

https://i.imgur.com/6iJ90X7.jpg

This only gives the rest of the world more power in the future over Russia.

Don't need Russia.
Don't need China.
More cheap Bitcoin for us!

is that old crap sold as new FUD? as far as I know Russia is considering use of Crypto as criminal offense (violation of anti money laundering law) since last year already.


FTFY

So stupid  :)
Actually there is deflation now in Russia  8)
For example:

January 2014  1kW*h = $0.1
Now 1kW*h = $0.09

January 2014 1 liter of milk = $0.74
Now 1 liter of milk = $0.71

January 2014 cost Internet per month = $11.81
Now cost Internet per month = $10.5

And every other goods are cheaper now  ;)

The Ruble is losing value rapidly relative to the USD:

http://www.xe.com/currencycharts/?from=RUB&to=USD&view=1Y

Am i the only one who is worried about what happens to btc-e?
The prices on btc-e may shoot up by people converting their usd to coins and withdrawing them..

Indeed, and Russia's economy is in a downturn, so it will get worse before it can get better

http://www.nasdaq.com/article/imf-slashes-russias-2015-growth-forecast-20141001-00682

Russia banning Bitcoin would be grasping at straws, or finding a scapegoat, whichever your prefer.

Yup history is repeating itself - just like the commies blaming 'counter-revolutionaries'

And?
In Russia most people have savings in USD and EURO.(after default 1998)
USD goes up to Ruble.
Every goods are cheaper because prices in Rubles have changed little.
So most Russian citizens become richer  8)
That's cool  :)

Haha, determine the status of industry by forecast of speculators
Nice joke  ;D

If all countries banned BTC i think bitcoin will dead.
Russian, maybe China and so on

and how will they enforce such a ban?
nothing stops two people trading bitcoin for goods in the black market.

May be vodka, milk and bread are cheaper, but, I heard that Russia has banned import of many western goods. I suppose that the most of high quality wares are now being delivered by smuggling and that makes it more expensive.

BTW, if international transfers in Russia are restricted by capital controls, bitcoin will be the best way to buy things from abroad. This is probably why russian govt hates it.

Nothing stops two people trading anything on the black market, they want to stop the official market, which is the one that matters in terms of volume... And saving face.

Next stop will be price fixing and severe restrictions on exchanging ruble to gold, usd, euro and other foreign currencies which will hold value when the ruble won't.

If they're taking action now, it means they must be convinced of an upcoming bank run, and are trying to minimize it. Clamping down on foreign currencies exchange can happen overnight (at least in terms of massive volume). They don't care about thousandths of usd you could buy on the black market, they're worried about the millions and billions.

The huge role of the black market (IE free market) in bringing about the downfall of the USSR has not been forgotten by old KGB apparatchik Vlad Putin, or his shadowy backers in the nomenklatura. 

They fear economic freedom because it is an existential threat to their power.

International transfers in Russia are no restricted. Surprise  :)
Even Bitcoin and other crypto currencies are not prohibited. Surprise №2  :)

It is just a suggestion of such a law bill.
1)now there is a public debate about the law bill (about ~30 days)
2)Then there will be a discussion of the law bill in the State Duma.
3)if they want to make changes in this law bill then go to 1)
4)if Duma adopted the law bill then the law bill go to The Federation Council
5)if more than half voted for the adoption of the law bill then law bill goes to
President of the Russian Federation.
6)if President of the Russian Federation adopt the law bill then law bill becomes law :)

So there is still at least six months before "the ban Bitcoin". And maybe even the bill will not be accepted

I hope you learned at least something and now you will not be so uneducated  ;)

they can't ban shit, they will ban trading on exchange, unless they plans to eradicate every pc in their country, and this is beyond retarded

only one thing can kill bitcoin, his value

International transfers in Russia are restricted, in fact prohibited, only allowed between your own accounts if your foreign account had first been registered in a tax authority.

1. there is no public debate about anything
2. discussion by monkeys at a zoo would have more sense
3. monkeys will have more knowledge about the subject to make educated changes
4. highly paid monkeys who do as commanded, too, and have no actual say in the process
5. ^
6. if he didn't want to adopt the bill, there'd been no bill project now

I hope you learned at least something about the country you live in and now you will not be so naive. All legislative branches are controlled from the top, there is no control by citizens in any matter. Only Putin decides what is voted and accepted. Take off your silly TV glasses :)

Seem like all BRICS countries are going to totally ban bitcoin if not already done so.

They perceived the usage of btc will benefit US rather than help their own exporters.

I heard there is a scandal in Russia. Something like 8 people died to amphetamine(?) which they bought by using bitcoin... I could be wrong.

Brazil is still pretty relaxed; others yes, seems they are afraid that they will not be able to control and regulate cryptos, and considering how strong black markets and money laundering are in these countries, it might be a real threat. What they fail to understand, though, is that it is pretty damn impossible to ban that idea already, so they'd better spend their energy on attempting to understand and regulate; they will get left far behind if they spend much time on losing this hopeless battle.



No, people died in fact buying absolutely legal "synthesized THC" which is sold and advertised everywhere, while govt stupidly fights against an actual cannabis, which does hundreds of times less harm comparing to that psychoactive shit.

While theoretically bitcoin should be preferable to usd for them, too much of the bitcoin infrastructure is US based, so one can understand their fears. China is a significant bitcoin player already, and could completely reverse that perception, but the Chinese lawmakers are too afraid of losing control over their currency (and the political/economical power it gives them) to allow bitcoin to flourish as it could in China.

So yes, in many ways brics have good reason to consider bitcoin as being a Trojan horse of free economy. Terrorists are or should be afraid of bitcoin for similar reasons.

IMHO Bitcoin is to currency what the BBC world news is to information: it empowers people and weakens dictatorships. Like the BBC it has it's own agenda, and it won't be enough to change the world or topple bad governments on its own, but it's a step.

Hmm.. I dont understand the article since it is in Russian language. Anyway, I dont think it is a 'smart' move to ban Bitcoin. Additionally, I felt that Bitcoin rate will not drop, in fact, it will be even higher.

Yes, you should registered your account in a tax authority. This does not negate the fact that we can send money and receive money abroad....

Here public discussion about the bill http://regulation.gov.ru/project/17205.html?point=view_project&stage=2&stage_id=13089
As you can see "Until the end of the public discussion remains: 28 days 10 hours."
You can also read reviews of people about the bill...

We'll see. While I use the currencies and I'm not in jail  :). I do not believe that there will be a ban.

They should have stuck with tried and trusted Krokodil. Those pesky Ruskies will never learn.

Central Bank did not support the Finance Ministry's proposal


http://1prime.ru/finance/20141003/793143602.html

You are wrong here. Actually the ban is quite smart as it prohibits mostly those goods that can be substituted with locally produced alternatives.

So it's Russia crashing bitcoin this time?

Russia isn't the only one. Last I heard, Bangladesh was planning to jail bitcoin users.
To the moon.....

One more country is trying to do ban BTC on users.
Cmon we can allow this to happen.
We need to stick all together or we will all be banned.

What is this more and more countries are banning this are they nuts?

Let go to Bahamas or cayman island or some third world country where this is still worth something.

Kidding.