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Title: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: Hydrogen on January 16, 2019, 03:03:39 AM Quote While the market has been increasingly focused on the rising headwinds in the global economy in general, and China's economic slowdown in particular, while the media is obsessing over daily revelations that Trump may or may not have colluded with Russia to get elected, a far more critical, if underreported, shift has been taking place over the past year. As we reported in June, whether due to concerns over draconian western sanctions and asset confiscations following the poisoning of former Russian military officer Sergei Skripal, or simply because it wanted to diversify away from the dollar, Russia liquidated virtually all of its Treasury holdings in the late spring and early summer, in the process sparking a major repricing of the 10Y US Treasury, whose yield jumped from 2.70% at the start of April to a high of 3.10% in May, a move which economists were struggling to explain at the time. The obvious next question is what did Russia do with the proceeds, and it came as little surprise that, as we wrote back in July, as Russia was selling nearly $100BN worth of Treasurys, it was aggressively buying gold. In addition to gold, the Kremlin also instructed the Russian finance ministry to load up on Yuan, something which we noted at the end of September, when we showed the surge in reserves allocated to the Chinese Yuan. As part of its reallocation away from the dollar, Russia also bought a substantial amount of other non-USD currencies, and according to a recent report, the money pulled from the dollar reserves was redistributed to increase the share of the euro to 32%, the yuan to 14.7%, and another 14.7% of the portfolio was invested in other currencies, including the British pound (6.3%), Japanese yen (4.5%), as well as Canadian (2.3%) and Australian (1%) dollars. And now, the final missing piece of Russia's massive capital reallocation out of the petrodollars has emerged, after the Telegraph reported that Moscow is preparing an investment in Bitcoin in a bid to tackle US sanctions, according to a Russian economist with close ties to the Kremlin. According to Vladislav Ginko, an economist at the state-funded Russian Presidential Academy of National Economy and Public Administration, the government is taking steps to minimize the impact of US sanctions that have hit the Russian rouble by replacing some of its US dollar reserves with the world’s most popular cryptocurrency. Quoted by The Telegraph, Ginko said he believes Russia’s de-dollarization decision is fundamentally a move to "protect its national interests" due to a possible interruption of “US nominated payments flows for Russian oil and gas” and claims that the investment in bitcoin could be as much as $10bn (£7.8bn); a material enough amount to send the price of bitcoin sharply higher. When would Russia's next capital reallocation take place? According to the Russian economist, the purchases could start as soon as next month. Cryptocurrencies have seen a surge of interest in Russia, where President Putin has expressed an interest in the digital assets in recent months. Ginko believes Bitcoin and the wider cryptocurrency industry now account for 8% of Russia’s GDP, and investment to bolster the country’s reserves with Bitcoin could start as soon as February. “[The] Russian government is about to make a step to start diversifying financial reserves into Bitcoin since Russia [is] forced by US sanctions to dump US Treasury bonds and [take] back US dollars,” Ginko said. “These sanctions and the will to adopt modern financial technologies lead Russia to the way of investing its reserves into Bitcoin.” While the Central Bank of Russia has yet to confirm or deny the report and has yet to publish official plans, it said in a statement to The Daily Telegraph that it "publishes information on the foreign assets management with a six-month lag". As noted above, an asset reallocation would be expected by a country which has been aggressively de-dollarizing by boosting its holdings of the euro, Chinese renminbi and Japanese yen. Speaking to The Telegraph, eToro senior market analyst Mati Greenspan said that there is “definitely an interest from the [Russian] government to do this”. What is most surprising is the sheer size of Russia's proposed reallocation: the alleged plan to invest in the digital asset would see the state acquire almost a sixth of the world’s Bitcoin float, though since the buy order would push the price and valuation sharply higher, that would reduce Russia's purchasing power. Furthermore, since the Russian government would be unable to open an account with an exchange to buy cryptocurrencies, any investment plans could involve the setup of an “intermediary cryptocurrency” that can then be exchanged for Bitcoin. The new cryptocurrency would have to be offered by a broker such as Sberbank, a state-owned bank, and would act as what’s known as a utility token. “The proposal that I understand is on the desk of the finance minister at the moment is to create some sort of intermediary cryptocurrency,” Greenspan said. Putin has been a fan of cryptos for years, after he personally met with Vitalik Buterin, the 24-year-old Russian founder of cryptocurrency Ethereum in 2017 to discuss possibilities in the sector, and has also met personally with the Ethereum head in recent months according to The Telegraph. “We know that Vladimir Putin is a big advocate of blockchain technology,” said Greenspan. “Obviously he doesn’t like the sanctions that have been placed on him and he’s already said that these types of sanctions are going to lead to de-dollarisation. This is more or less the direction the Russian government is going.” News of the potential Russian reallocation provided a sharp boost in crypto prices this morning, which have resumed their drift in the past week after bitcoin once again dipped below $4000 with many experts, the same ones who never anticipated bitcoin could reach $20,000 in December 2017, predicting that the crypto space is doomed. If Putin indeed plans on buying up nearly 20% of the outstanding bitcoin float, not only will reports of bitcoin's imminent death prove to be greatly exaggerated, but should the market attempt to frontrun Russia and/or should the total float shrink dramatically, the third, and biggest cryptobubble yet is about to be unleashed, something which will likely be facilitated by Chinese capital outflows which as we reported earlier, appear to have returned, just as they did shortly before bitcoin exploded from $200 to $20,000. https://www.zerohedge.com/news/2019-01-14/russia-prepares-buy-10-billion-bitcoin-evade-us-sanctions .... For those who don't want to read the source, the gist of the story says russia sold off a massive stake of its US treasury holdings in 2018. With the capital raised from the sale, they bought gold, yuan, euro and may seek to purchase bitcoin. According to sources russia may be poised to purchase as much as $10 billion dollars in bitcoin starting in february of 2019. If this is true we could see a respectable appreciation in the value of bitcoin and crypto currencies starting from february onwards. I hope publishing this news story helps zerohedge to shed the negative reputation it has earned for reporting on crypto news. And I really hope this story pans out. It would be nice to see people excited and enthusiastic about crypto again. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: exstasie on January 16, 2019, 03:31:06 AM For those who don't want to read the source, the gist of the story says russia sold off a massive stake of its US treasury holdings in 2018. With the capital raised from the sale, they bought gold, yuan, euro and may seek to purchase bitcoin. According to sources russia may be poised to purchase as much as $10 billion dollars in bitcoin starting in february of 2019. Like many things that appear on ZH, this should be taken with a grain of salt. The report they're citing has been floating around for a week or so. It seems to be nothing more than the speculations of one economist/professor who happens to be employed at a state-funded university. He doesn't seem to have any actual insight into policymaking decisions, as far as I can tell. Quote Furthermore, since the Russian government would be unable to open an account with an exchange to buy cryptocurrencies, any investment plans could involve the setup of an “intermediary cryptocurrency” that can then be exchanged for Bitcoin. The new cryptocurrency would have to be offered by a broker such as Sberbank, a state-owned bank, and would act as what’s known as a utility token. Why couldn't they just officially legitimize Bitcoin exchanges and stop forcing them off-shore? At least as a complement to this strategy. There are lots of Bitcoin users in Russia and other CIS countries who would be happy to deposit coins at a Russia-sanctioned exchange. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: Tylev on January 16, 2019, 06:50:48 AM The Russian government will take steps to circumvent international sanctions. However, they will do it quietly and even officially deny. Therefore, we are unlikely to see it in the news. I think that they have already taken and will take such measures. Including will use cryptocurrency and in particular, Bitcoin. It is not by chance that Russia helped Venezuela in creating their centralized El Petro cryptocurrency. In this way, ways were developed to circumvent international sanctions.
Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: The Sceptical Chymist on January 16, 2019, 02:08:27 PM According to sources russia may be poised to purchase as much as $10 billion dollars in bitcoin starting in february of 2019. Yeah, sounds like pure speculation then, just like if everyone in the world bought just one ounce of silver, the price would skyrocket to $50,000. I used to read crap like that on sites like ZH back in 2012 or so. Meanwhile gold is still under $1300 where it's been for a long time now, and that's evidently after Russia did this buying, correct? So I would definitely take anything written on ZH with more than a few grains of salt--I learned that a long time ago after reading nonstop gold & silver hyping on that website. If you wonder why they have a bad reputation, it's basically because they reinforce the constant shilling of precious metals dealers--how many times can I read that hyperinflation is coming to the US and the dollar is going to crash and that gold & silver will be the new reigning currency before I get jaded?If this is <snip> Meanwhile, Venezuela is actually experiencing hyperinflation and I don't recall anyone predicting that on ZH 7 years ago, nor have I read much about Venezuelans turning to gold, silver, or crypto en masse. Some of them are using crypto, but I think most are using the revalued currency or a foreign one. Anyway, thanks for posting the article, Hydrogen. Even if it's from ZeroHedge it still has at least entertainment value. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: LeGaulois on January 16, 2019, 02:58:39 PM @Hydrogen Where were you these days? :)
With zerohedge, there are things to take and leave. Certainly, Russia has diversified its assets with other currencies and also gold, but as for Bitcoin, I would love to see that. Yep, we will notice a good increase during a month There are several countries adopting this same strategy to be able to be independent of the dollar and therefore on the USA and its policy. China has done the same in the Sino-American conflict, as Iran too, or where it is on the way. Basically, this is a good method (perhaps not with BTC) but it would be nice if more countries did the same. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: deisik on January 16, 2019, 06:04:14 PM If this is true we could see a respectable appreciation in the value of bitcoin and crypto currencies starting from february onwards. I hope publishing this news story helps zerohedge to shed the negative reputation it has earned for reporting on crypto news With such stories ZeroHedge kills its reputation (if there anything left to kill, of course) And I really hope this story pans out. It would be nice to see people excited and enthusiastic about crypto again. And the price shooting to the sky, right? As much as I want to see that myself, there is not much we can actually hope for. Well, we can indeed hope, but that's pretty much all. We should rather pray that the price won't crash lower again and then again, and with the expansion of Bitcoin's use as a device for value transfer (as I myself no longer believe in Bitcoin as a means of payment), we will see more consistent and steady growth in the coming months and years Regarding the ZeroHedge piece specifically, it is not something you should take seriously. With that said, though, just today I've read an analysis about how much the Central Bank of Russia lost in its currency operations during the last two years (to the tune of 14B dollars if you are curious). So I wouldn't in fact be taken completely aback or shocked if they actually did something the article mentions Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: stompix on January 16, 2019, 08:37:05 PM Like many things that appear on ZH, this should be taken with a grain of salt. Make that a bag, but right now I won't blame them this time for starting this as they are not the source and even some newspapers that claim to be serious have the story covered. https://www.telegraph.co.uk/technology/2019/01/14/russia-plans-tackle-us-sanctions-bitcoin-investment-says-kremlin/ Notice the "Kremlin economist" part. Ironically, CCN (not CNN) , the mother and father and grandparents of all shady news are screaming fake news!! https://www.ccn.com/fake-news-why-russia-is-probably-not-planning-a-10-billion-bitcoin-buy/ However, they will do it quietly and even officially deny. Therefore, we are unlikely to see it in the news. Of course, it makes sense to let some university professor brag to the whole world that the Russian government is planning to buy bitcoins worth 10 billion in February. ;D I mean, I will do the same if I see a shop selling an iphone xs 10$ and only 5 left, I would first call everyone I know, post on FB, WhatsApp, telegram and after I make sure at least half of the country knows about that bargain I will try to buy it. Meanwhile, Venezuela is actually experiencing hyperinflation and I don't recall anyone predicting that on ZH 7 years ago, nor have I read much about Venezuelans turning to gold, silver, or crypto en masse. Some of them are using crypto, but I think most are using the revalued currency or a foreign one. Even if they would want to turn to gold, silver, bitcoin, bananas or leva....you need money for that. With a median wage of 2.2$ and 5$ in food stamps what can you do? Buy 1/20 of a gram a month? In a country where every cent matters, it won't happen. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: deisik on January 16, 2019, 09:04:32 PM Okay, guys, I've read the whole article and it was a fun reading. This part was particularly hilarious (as well as ridiculous and preposterous, for the record):
Quote “We know that Vladimir Putin is a big advocate of blockchain technology,” said Greenspan I don't know where this Greenspan got such info, but I know for certain that Putin is not using Internet and doesn't even have a smartphone. So there is no way he can be "a big advocate of blockchain technology" as he is simply not familiar with it. On a few occasions, when asked about Bitcoin, he just said that it is a risky asset which can potentially be used in certain areas. That's what his "advocacy" essentially comes down to As they say, love it or leave it Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: BitHodler on January 16, 2019, 09:32:45 PM Basically, this is a good method (perhaps not with BTC) but it would be nice if more countries did the same. They can always choose to launch their own crypto currencies that are backed by something to make it have some form of a base value. Venezuela did it already, and I'm sure more will follow in the coming years.I actually hope they avoid Bitcoin. The less government involvement the better it is for everyone. Bitcoin could be sucked into a war that it has nothing to do with, all because a certain country owns dozens of billions worth of it. We have never seen any government actually attempt to attack Bitcoin, and I prefer to have everything stay like that. I rather see them stick to gold and other means of preserving value over longer periods of time. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: LeGaulois on January 16, 2019, 10:58:12 PM @deisik
There was a news a year ago or 2 about Putin supporting/endorsing/liking (call it as you want) Etherum. I remember he invited Vitalik to Russia for (I don't remember why) Now in 2019, they turn it into a "he is a big advocate". In 2025 they will maybe say Putin is the co-founder ;D Edit: That was the news I was talking about https://cointelegraph.com/news/suddenly-vladimir-putin-meets-vitalik-buterin-endorses-ethereum @BitHodler I didn't follow Venezuela and its crypto so I can say I know nothing about it. Does it have a fixed value? From a speculative side it could be something good for BTC, other than that yeah I agree with you, better to have any govt. out of the game Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: sunanbonang on January 16, 2019, 11:31:05 PM if that happens there will be a tremendous price increase in bitcoin, if that happens I am very sure the price of bitcoin can return to $ 10,000 quickly. I hope this is not nonsense ::)
Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: deisik on January 17, 2019, 07:11:23 AM @deisik There was a news a year ago or 2 about Putin supporting/endorsing/liking (call it as you want) Etherum. I remember he invited Vitalik to Russia for (I don't remember why) I actually saw it in the news It was in St. Petersburg before the Russian presidential elections of 2018. So you guess why Vitalik was invited to Russia. Their were rumors also that he was offered a job, though personally, I don't believe in that as these rumors were basically aimed at the same audience that his invitation was, i.e. to make it look like Putin is pro-crypto, while in reality he doesn't give a slightest fuck about it. Typical doublespeak, doublethink, call it as you like. In other words, don't overthink it Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: Gagah119 on January 17, 2019, 09:43:16 AM This is good news and I hope that with this news it can pump the price of Bitcoin which has now fallen, but will Russia be able to control the price of Bitcoin in the future, given the amount they invest in buying Bitcoin is quite large.
Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: stompix on January 17, 2019, 11:09:33 AM We have never seen any government actually attempt to attack Bitcoin, and I prefer to have everything stay like that. And yet all the board is full of conspiracy theories on how banks and the government are plotting against BTC. There was a news a year ago or 2 about Putin supporting/endorsing/liking (call it as you want) Etherum. I remember he invited Vitalik to Russia for (I don't remember why) Now in 2019, they turn it into a "he is a big advocate". In 2025 they will maybe say Putin is the co-founder ;D Putin is known to dislike smartphones or simple mobile phones (https://www.rt.com/news/putin-no-mobile-phone/), but that didn't prevent him from giving a Russian made yotaphone to XI Jinping as a gift (https://blogs.wsj.com/chinarealtime/2014/11/10/vladimir-putin-gives-xi-jinping-a-russian-yotaphone-2-as-gift/) in order to promote the company. So it doesn't matter if he dislikes or likes cryptos, this guy will do anything if he considers it will serve his ambitions. But trusting Putin to keep his stance on something for more than a few years is a losing bet. Ps... What if Putin is Satoshi? :o I didn't follow Venezuela and its crypto so I can say I know nothing about it. Does it have a fixed value? Yes, it's always at the value Maduro wants. Venezuela crypto, Petro's price is changed (again), this time 300% up (https://www.chepicap.com/en/news/6644/venezuela-crypto-petro-s-price-is-changed-again-this-time-300-up.html) Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: jseverson on January 17, 2019, 12:33:38 PM Ps... What if Putin is Satoshi? :o Welp, that would perfectly explain his position as a "big advocate of blockchain technology". I think you may have cracked the code lmao. But yeah, regardless of the source, Russia hasn't even taken a clear stance on crypto right? I find this to be highly unlikely. Would they really risk that much money on a volatile asset? If this really happens though, it'll fast track Bitcoin's ascent to reserve currency status lol. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: unusualfacts30 on January 17, 2019, 12:43:40 PM The Russian government will take steps to circumvent international sanctions. However, they will do it quietly and even officially deny. Therefore, we are unlikely to see it in the news. I think that they have already taken and will take such measures. Including will use cryptocurrency and in particular, Bitcoin. It is not by chance that Russia helped Venezuela in creating their centralized El Petro cryptocurrency. In this way, ways were developed to circumvent international sanctions. I saw someone posted similar article from another website and you're correct. If this has to happen we will not see or hear it in the news until it has happened. so people can either choose to believe these rumors or choose to look somewhere else but if it does happen that will be a great news for everyone. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: marcelocoin on January 17, 2019, 12:52:47 PM how to know if this is real, this value is too high to buy btc, would be a big uncontrolled pump, is there more sources on this?
Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: tinkerr99 on January 17, 2019, 01:22:33 PM Of course, you shouldn’t immediately believe, but again, if it is already announced on TV and in official sources, then we can talk about something. If Russia buys 10 million bitcoins, the price should obviously rise. And then others are possible.
Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: 1Referee on January 17, 2019, 02:15:41 PM how to know if this is real, this value is too high to buy btc, would be a big uncontrolled pump, is there more sources on this? Common sense. Any entity seriously interested in buying a huge amount of Bitcoin won't ever signal that like this. If you buy in silently, which is what most large scale investors do, depending on the amount of coins, it's a process that can take months, perhaps years, and then you also have to hope that the price doesn't pump in meantime. That being said, this proves a strong demand factor for Bitcoin backed futures where you can settle an agreement price and don't have to worry about pumps anymore. And most of the action nowadays happens in the OTC market. Spot exchanges are a joke. One OTC trade covers Coinbase's entire daily spot volume. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: Fluer on January 17, 2019, 05:35:54 PM For those who don't want to read the source, the gist of the story says russia sold off a massive stake of its US treasury holdings in 2018. With the capital raised from the sale, they bought gold, yuan, euro and may seek to purchase bitcoin. According to sources russia may be poised to purchase as much as $10 billion dollars in bitcoin starting in february of 2019. Like many things that appear on ZH, this should be taken with a grain of salt. The report they're citing has been floating around for a week or so. It seems to be nothing more than the speculations of one economist/professor who happens to be employed at a state-funded university. He doesn't seem to have any actual insight into policymaking decisions, as far as I can tell. Quote Furthermore, since the Russian government would be unable to open an account with an exchange to buy cryptocurrencies, any investment plans could involve the setup of an “intermediary cryptocurrency” that can then be exchanged for Bitcoin. The new cryptocurrency would have to be offered by a broker such as Sberbank, a state-owned bank, and would act as what’s known as a utility token. Why couldn't they just officially legitimize Bitcoin exchanges and stop forcing them off-shore? At least as a complement to this strategy. There are lots of Bitcoin users in Russia and other CIS countries who would be happy to deposit coins at a Russia-sanctioned exchange. This is exactly what I thought. I wouldn't take it completely seriously until this really happens or Putin mentions it on TV. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: avtonomro on January 17, 2019, 06:12:42 PM Well, I'm not really sure we can considerate this news source really trusted.
I think they are going to speculate too much on this USA-RUSS thing... Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: NeuroticFish on January 17, 2019, 06:25:26 PM According to sources russia may be poised to purchase as much as $10 billion dollars in bitcoin starting in february of 2019. It would be interesting, however: 1. I don't think it's true. I don't think that such info would leak out, because it could cost them a couple of millions just because of Bitcoin artificially rising. 2. Let's say they'll buy those coins. And let's say they'll use them for trade, to avoid the ban. They will have to find sellers that accept Bitcoin, which may not be easy and also the sellers will sell that Bitcoin back for fiat. So overall the market may not gain anything. On the other hand, Bitcoin used in international trade.. that would be something I wish to hear about. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: deisik on January 17, 2019, 06:43:28 PM It would be interesting, however: 1. I don't think it's true. I don't think that such info would leak out, because it could cost them a couple of millions just because of Bitcoin artificially rising. 2. Let's say they'll buy those coins. And let's say they'll use them for trade, to avoid the ban. They will have to find sellers that accept Bitcoin, which may not be easy and also the sellers will sell that Bitcoin back for fiat. So overall the market may not gain anything. On the other hand, Bitcoin used in international trade.. that would be something I wish to hear about Well, they may in fact think differently (highly unlikely but still) For example, why Russia (as well as China, for that matter) was buying gold in tonnes? Yes, you can use gold for international trade, and this is what the Soviets actually did in the 60s of the past century when they were paying in shiny metal for wheat they had been buying from Canada (just a little historical background), but it is not very convenient, mildly speaking. In this manner, gold is a currency of last resort. So what if they think that Bitcoin is going to become new gold in the coming years? I'm not saying that it necessarily will but they may think otherwise Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: setialovers on January 18, 2019, 12:41:48 AM Its good for bitcoin and cryptocurrency price if Russia buying bitcoin and make it as reserve. It will historical because government start to accept bitcoin and make transaction from it. I hope this happen and become catalyst for crypto price
Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: 0t3p0t on January 18, 2019, 01:42:26 AM So does this means we gotta have another whale? This really is an evasive stance but a good step for the Russian government maybe this is some sort of backing up like that of gold for having a better economy that is so hard to be affected by financial crisis. This will also make noise to the Bitcoin community as one of the most powerful country is now investing on Bitcoin and we all know that prices will surely goes up if that happens.
Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: figmentofmyass on January 18, 2019, 06:24:06 AM For example, why Russia (as well as China, for that matter) was buying gold in tonnes? Yes, you can use gold for international trade, and this is what the Soviets actually did in the 60s of the past century when they were paying in shiny metal for wheat they had been buying from Canada (just a little historical background), but it is not very convenient, mildly speaking. In this manner, gold is a currency of last resort. So what if they think that Bitcoin is going to become new gold in the coming years? I'm not saying that it necessarily will but they may think otherwise if the fiat money system collapses---if the dollar collapses---where will governments turn to stabilize or reboot their currencies? given pre-fiat history, they'll probably use gold to back their money again, right? i figure that's why russia and china have been stockpiling gold. they're preparing for a post-dollar global economy. indeed, bitcoin could play an important role in that situation too. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: eaLiTy on January 18, 2019, 07:13:37 AM I am not sure whether the news is authentic, what ever the truth is bitcoin is the best way to trade and bypass sanctions imposed by some countries and when they start using this way things will change drastically financially and politically and no one country can restrict the other because they do not follow their protocol. In due time we will see the market open up for these sort of international trades.
Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: aoluain on January 18, 2019, 07:14:17 AM I think until we see or hear official reports that russia are buying
up bitcoin we can take it as a "fabricated" story. But it does open up the discussion of bitcoin being used in this way to avoid sanctions. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: deisik on January 18, 2019, 07:37:43 AM For example, why Russia (as well as China, for that matter) was buying gold in tonnes? Yes, you can use gold for international trade, and this is what the Soviets actually did in the 60s of the past century when they were paying in shiny metal for wheat they had been buying from Canada (just a little historical background), but it is not very convenient, mildly speaking. In this manner, gold is a currency of last resort. So what if they think that Bitcoin is going to become new gold in the coming years? I'm not saying that it necessarily will but they may think otherwise if the fiat money system collapses---if the dollar collapses---where will governments turn to stabilize or reboot their currencies? given pre-fiat history, they'll probably use gold to back their money again, right? i figure that's why russia and china have been stockpiling gold. they're preparing for a post-dollar global economy. indeed, bitcoin could play an important role in that situation too That was an easy guess On the other hand, it is not quite in line with current policy of the Russian Central bank aimed at terminating dollar in Russia (so-called de-dollarization). So why would they care about the dollar if gold was to stabilize their currency? In other words, why would the Russian ruble be destabilized in the first place if it no longer depended on the American dollar? Indeed, you may say that you can't really expect such sophisticated reasoning from Russian financial authorities, and you might be right after all Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: kenzawak on January 18, 2019, 09:32:14 AM This has been shown to be fake news.
https://www.rbc.ru/economics/09/01/2019/5c36271a9a79472653e32608 I don't speak Russian but from what I got with Google Translator, Russians have changed $100 Billions into Yuans, Yens and Euros. There was no plan of changing them into BTC (or is this about another $100 Billions ?) Plus : https://cryptoslate.com/fake-news-russias-alleged-10-billion-bitcoin-investment/ Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: netto7 on January 18, 2019, 04:42:50 PM surely it fake news
if they want to buy BTC why need to tell everyone to make BTC pump. maybe right not they have all BTC they want already Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: pugman on January 18, 2019, 10:04:06 PM So the rumours were more or less true...Russia is choosing bitcoin(allegedly) over Trump. Guess Trump isn't gonna win the 2020 elections now.
This could all be a manipulative maneuver plotted by someone to drive people crazy like always. Although I would really love to see Russia or any (big)country to buy bitcoins to bypass sanction, just for the sake of improvising the overall productivity in the Bitcoin market, and make some real actual use of bitcoin as a currency. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: exstasie on January 18, 2019, 10:17:03 PM So the rumours were more or less true...Russia is choosing bitcoin(allegedly) over Trump. Guess Trump isn't gonna win the 2020 elections now. True? How do you figure? It seems like no one ever verified who the original source, Vladislav Ginko, really is. There's no proof that he works for RANEPA and his claims are unverified. More and more, this looks like the ramblings of one crazy person on Twitter (https://cryptoslate.com/fake-news-russias-alleged-10-billion-bitcoin-investment/) being mistaken for official claims. I'm amazed the Telegraph published a story on it with such flimsy evidence. Not sure how Trump ties into anything, but I always figured him for a one-term president. He quickly alienated his base and he's very ineffective and inarticulate. He makes a strong case for a Democrat to take office in 2021. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: reynald70 on January 19, 2019, 03:02:12 AM Yes, I read in an article about the Russian government that they would buy a lot of Bitcoin to save their Fiat reserves in Bitcoin, but until now I still doubt the news, because I believe it is only FOMO which aims to provoke panic buying.
Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: el kaka22 on January 19, 2019, 03:32:46 AM It won't work. I mean bitcoin is great and all but Russia will not be capable of spending 10 billion dollars in bitcoin for anything of value, what are they going to do book hotels on Expedia and get the money back to their country ? The problem is not what money they use, it is the sanctions that do not allow them to do shady stuff and as long as they want to use money on shady stuff bitcoin is as close to as possible but at the time of cashing out it will still create a problem.
The day USA decides to freeze all assets of certain dangerous Russian people even tough whoever decided to freeze the assets will have their life on the line for such a thing it will also stop Russia to do shady stuff like they did with NRA. They literally got into an important NRA level position and gave money to shady politicians, this should always be held accountable and bitcoin won't help them on that. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: awik p on January 19, 2019, 04:07:22 AM Yes, I read in an article about the Russian government that they would buy a lot of Bitcoin to save their Fiat reserves in Bitcoin, but until now I still doubt the news, because I believe it is only FOMO which aims to provoke panic buying. at least with this news will provoke investor confidence to buy bitcoin, and this activity I feel is positive, especially when the news can be realized, of course it will provide a good global effect for the development of bitcoin. we know that Russia is one of the big countries that first legalized BTC. so that it will have a great effect on the worldTitle: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: virasog on January 19, 2019, 06:39:21 AM Well, I'm not really sure we can considerate this news source really trusted. I think they are going to speculate too much on this USA-RUSS thing... Forget about the truth of the news. Actually markets of crypto moves with the news. In the past I have seen many WRONG negative news which resulted in fud and dump of bitcoin prices. Before the time, the news is validated, the people already dump their coins which is not the right approach though. Now with this positive news , it will be taken as a motivation by the investors and they will surely start buying more bitcoins before bitcoin price rises more. Overall I think we are moving towards positive direction and hope fully this year will be much better than the last year. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: netto7 on January 20, 2019, 12:28:26 PM Well, I'm not really sure we can considerate this news source really trusted. I think they are going to speculate too much on this USA-RUSS thing... Forget about the truth of the news. Actually markets of crypto moves with the news. In the past I have seen many WRONG negative news which resulted in fud and dump of bitcoin prices. Before the time, the news is validated, the people already dump their coins which is not the right approach though. Now with this positive news , it will be taken as a motivation by the investors and they will surely start buying more bitcoins before bitcoin price rises more. Overall I think we are moving towards positive direction and hope fully this year will be much better than the last year. right now i not see news like this have effect to make BTC price pump too much. only news like exchange hack can make BTC price dump more than everything Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: nur rochid on January 20, 2019, 02:00:38 PM Well, I'm not really sure we can considerate this news source really trusted. I think they are going to speculate too much on this USA-RUSS thing... Forget about the truth of the news. Actually markets of crypto moves with the news. In the past I have seen many WRONG negative news which resulted in fud and dump of bitcoin prices. Before the time, the news is validated, the people already dump their coins which is not the right approach though. Now with this positive news , it will be taken as a motivation by the investors and they will surely start buying more bitcoins before bitcoin price rises more. Overall I think we are moving towards positive direction and hope fully this year will be much better than the last year. right now i not see news like this have effect to make BTC price pump too much. only news like exchange hack can make BTC price dump more than everything Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: deisik on January 20, 2019, 02:32:04 PM It won't work. I mean bitcoin is great and all but Russia will not be capable of spending 10 billion dollars in bitcoin for anything of value, what are they going to do book hotels on Expedia and get the money back to their country ? The problem is not what money they use, it is the sanctions that do not allow them to do shady stuff and as long as they want to use money on shady stuff bitcoin is as close to as possible but at the time of cashing out it will still create a problem To make things clear, I totally agree with your view With that said, though, it can be said that Russia is going to buy Bitcoin as they see and appreciate its true potential as a future unit of account in international trade as well as a universally accepted and highly valued store of value (on par with or even exceeding gold in this role). This sounds kinda implausible or impossible to you, right? So what are you doing here then? I guess you can't have it both ways, i.e. to value Bitcoin high personally and refuse this option to someone else or some other entity. Or, maybe, you don't actually believe in the stories you are telling (note that I don't mean you personally, of course, so no offense should be taken) The day USA decides to freeze all assets of certain dangerous Russian people even tough whoever decided to freeze the assets will have their life on the line for such a thing it will also stop Russia to do shady stuff like they did with NRA. They literally got into an important NRA level position and gave money to shady politicians, this should always be held accountable and bitcoin won't help them on that. This is not a politics board, but while we are at it, Russia isn't doing anything what all other nation states (including the US) haven't been doing for centuries Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: cahbagus555 on January 21, 2019, 01:11:10 AM If Rusia government buying bitcoin worth $10billion in market, i think its good news for bitcoin holder. People will think bitcoin can be government reserve and if this step followed by others country, i think bitcoin will be profitable in the future
Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: jseverson on January 21, 2019, 08:36:41 AM right now i not see news like this have effect to make BTC price pump too much. only news like exchange hack can make BTC price dump more than everything It can't, because it's based on very shaky speculation. I'm pretty sure no one wholeheartedly believes this, considering Bitcoin's recent woes and how large the amount is. They probably can't risk all of that, especially because they aren't even doing well financially in the first place. If it does happen though, I'd expect a furious bull run. I mean, Bitcoin as a reserve currency? Sign me up lol. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: deisik on January 21, 2019, 09:09:07 AM right now i not see news like this have effect to make BTC price pump too much. only news like exchange hack can make BTC price dump more than everything It can't, because it's based on very shaky speculation. I'm pretty sure no one wholeheartedly believes this, considering Bitcoin's recent woes and how large the amount is. They probably can't risk all of that, especially because they aren't even doing well financially in the first place. If it does happen though, I'd expect a furious bull run. I mean, Bitcoin as a reserve currency? Sign me up lol. As I get it, no one is actually believing in Bitcoin here And all that noise that people were making nonstop 24/7 about Bitcoin being "digital gold", "the best store of value ever", "world money", it was all thorough bullshit and elaborate lie, right? So is there a soothing light at the end of the tunnel or is it just the freight train coming our way? On the other hand, Russia not doing well financially (with that freight train coming their way) may be desperately looking for a way out ("wunderwaffe"), and in that case we can expect many strange decisions not quite in line with sound reasoning and logic, bordering on insane Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: netto7 on January 21, 2019, 02:56:55 PM If Rusia government buying bitcoin worth $10billion in market, i think its good news for bitcoin holder. People will think bitcoin can be government reserve and if this step followed by others country, i think bitcoin will be profitable in the future if news is true russia buy $10billion in market BTC price should pump to more than 4-4.5k but price not going up alway dump and sideway Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: superstarbtc on January 21, 2019, 06:29:41 PM Don't know whether this news is real or not but it is positive news for the cryptocurrency industry we can expect positive pump
Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: markj113 on January 21, 2019, 07:00:33 PM "Russia GUNNING for bitcoin: Putin aiming to BRING DOWN BTC with CRYPTORUBLE"
https://www.express.co.uk/finance/city/1075398/Bitcoin-news-price-latest-Russia-Vladimir-Putin-cryptocurrency-BTC-crv Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: BitHodler on January 21, 2019, 08:13:37 PM It can't, because it's based on very shaky speculation. I'm pretty sure no one wholeheartedly believes this, considering Bitcoin's recent woes and how large the amount is. They probably can't risk all of that, especially because they aren't even doing well financially in the first place. If it does happen though, I'd expect a furious bull run. I mean, Bitcoin as a reserve currency? Sign me up lol. Large entities usually tend to stock up on whatever they plan to buy in, then have news outlets start with what seems to be an empty rumor, where after that the entities themselves confirm the rumors.It's basically like how people here have been waiting for years to see institutions enter, while they very well may have entered already. By the time they say that they are going to buy Bitcoin, know that they are done buying.... We'll see where this goes, but as it is right now, the mass doesn't take anything of this serious, so there might be a sweet counter move looming where Russia pops up out of nothing. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: creeps on January 21, 2019, 10:28:52 PM If Rusia government buying bitcoin worth $10billion in market, i think its good news for bitcoin holder. People will think bitcoin can be government reserve and if this step followed by others country, i think bitcoin will be profitable in the future This mean there’s another whales who can control the market and its the Government. Well, its good since the price will go up high again but hopefully this market should not be the place for a one government to evade something, this market is offering good service and if Russia push that one maybe the US will make move to regulate more the cryptocurrency.Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: jseverson on January 22, 2019, 06:19:46 AM As I get it, no one is actually believing in Bitcoin here And all that noise that people were making nonstop 24/7 about Bitcoin being "digital gold", "the best store of value ever", "world money", it was all thorough bullshit and elaborate lie, right? So is there a soothing light at the end of the tunnel or is it just the freight train coming our way? On the other hand, Russia not doing well financially (with that freight train coming their way) may be desperately looking for a way out ("wunderwaffe"), and in that case we can expect many strange decisions not quite in line with sound reasoning and logic, bordering on insane I don't think it's a lack of belief, it's more of believing that Russia will not be able to afford to risk that amount for long-term gains. A lot of believers here are in for the long haul so they couldn't care less about how well Bitcoin is doing in the short term -- something that Russia should probably be very concerned about. Large entities usually tend to stock up on whatever they plan to buy in, then have news outlets start with what seems to be an empty rumor, where after that the entities themselves confirm the rumors. It wasn't even a news outlet. The reports apparently came from one Russian economist (https://www.express.co.uk/finance/city/1072048/Russia-news-US-dollar-bitcoin-rouble-Vladimir-Putin-Russian-currency-BTC), and everyone just picked up on it. He does have ties to the Russian Government though, which is why he was taken seriously. But yeah, same dude also speculated that Bitcoin will reach $2m by the end of 2019 (https://twitter.com/martik/status/1059492824016662528). He could very well be a sitting on a good amount and wants to make some cash. We won't know for sure though, I guess. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: nur rochid on January 22, 2019, 06:52:55 AM If Rusia government buying bitcoin worth $10billion in market, i think its good news for bitcoin holder. People will think bitcoin can be government reserve and if this step followed by others country, i think bitcoin will be profitable in the future This mean there’s another whales who can control the market and its the Government. Well, its good since the price will go up high again but hopefully this market should not be the place for a one government to evade something, this market is offering good service and if Russia push that one maybe the US will make move to regulate more the cryptocurrency.Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: exstasie on January 22, 2019, 10:00:57 AM It wasn't even a news outlet. The reports apparently came from one Russian economist (https://www.express.co.uk/finance/city/1072048/Russia-news-US-dollar-bitcoin-rouble-Vladimir-Putin-Russian-currency-BTC), and everyone just picked up on it. He does have ties to the Russian Government though, which is why he was taken seriously. That's not even a sure thing. I think we all got bamboozled. Nobody has been able to verify whether Ginko really works for RANEPA (https://cryptoslate.com/fake-news-russias-alleged-10-billion-bitcoin-investment/). All of this speculation was built on a few Twitter posts and zero fact-checking. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: deisik on January 22, 2019, 11:48:17 AM As I get it, no one is actually believing in Bitcoin here And all that noise that people were making nonstop 24/7 about Bitcoin being "digital gold", "the best store of value ever", "world money", it was all thorough bullshit and elaborate lie, right? So is there a soothing light at the end of the tunnel or is it just the freight train coming our way? On the other hand, Russia not doing well financially (with that freight train coming their way) may be desperately looking for a way out ("wunderwaffe"), and in that case we can expect many strange decisions not quite in line with sound reasoning and logic, bordering on insane I don't think it's a lack of belief, it's more of believing that Russia will not be able to afford to risk that amount for long-term gains. A lot of believers here are in for the long haul so they couldn't care less about how well Bitcoin is doing in the short term -- something that Russia should probably be very concerned about But the same question may be asked why they are buying gold then Russia has been actively buying gold for over a decade by now, since 2006 to be exact: https://a.radikal.ru/a15/1901/c6/45f41760bbe5.png And given that the gold market is not every elastic overall, i.e. you can't sell industrial-scale amounts of gold without crashing the prices (as something like that had probably happened in 2008), so it is not something that Russia should care about in the short term. Personally, I'm inclined to think that it is just a waste of money anyway as gold won't help the Russian government even in the long-term either. But from this perspective, Bitcoin is not much different from gold (likely just as useless) Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: jseverson on January 23, 2019, 07:55:12 AM -snip- That's a fair point. I never looked at it that way. I still think gold is the (much) superior option short-term though, as you don't risk it losing ~80% of its value in the span of less than a year. Either way, there's really no way for us to know what these people are doing behind the scenes lol. That's not even a sure thing. I think we all got bamboozled. Nobody has been able to verify whether Ginko really works for RANEPA (https://cryptoslate.com/fake-news-russias-alleged-10-billion-bitcoin-investment/). All of this speculation was built on a few Twitter posts and zero fact-checking. Yeah lol it's not as much a "report" as an out of nowhere claim. It did get him a small spotlight though, so good for him. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: deisik on January 23, 2019, 09:40:42 AM -snip- That's a fair point. I never looked at it that way. I still think gold is the (much) superior option short-term though, as you don't risk it losing ~80% of its value in the span of less than a year. Either way, there's really no way for us to know what these people are doing behind the scenes lol Gold is good for private investors (and not so much for nation states) And only as a store of value, i.e. if you are looking to earn money with it, it is definitely not the best (or even second best) choice and option. People buy gold to store their wealth in it, but you should have already acquired that wealth in the first place and not be looking to multiply it. And physical gold is definitely a long-term investment, with investment horizons possibly exceeding decades. If you want to use gold as a short-term investment (for whatever reason), you'd better look into gold derivatives as you will save yourself a lot of overhead expenses that possessing physical gold invariably involves (buying it, storing it, and then selling it) Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: guoyu78 on January 23, 2019, 01:05:37 PM I guess the idea was believable so that is why it got picked up but I doubt Russia is that much technological place to think about it. Using bitcoin to evade sanctions is a short term solution and wouldn't really solve a long term ally problem to begin with, USA and Russia needs to get along well, more for Russia then USA because Russia keeps having economical problems whenever Oil prices go down and it all depends on USA oil companies to jointly drop the price to kill off all Russian economy.
However, whenever these countries go head to head the world takes a step back in history which means sanctions are a problem that needs to be solved and not evaded. People probably took a look at the news and the tweet and said this could be a way but it is far from a solution. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: Ucy on January 23, 2019, 07:25:13 PM This would be interesting considering that Bitcoin has become fairly stable for quite some time now. Will it affect the price positively or negatively.
Well, I guess more governments coming into the scene could further strengthen the stability. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: jseverson on January 25, 2019, 05:15:35 AM Gold is good for private investors (and not so much for nation states) And only as a store of value, i.e. if you are looking to earn money with it, it is definitely not the best (or even second best) choice and option. People buy gold to store their wealth in it, but you should have already acquired that wealth in the first place and not be looking to multiply it. And physical gold is definitely a long-term investment, with investment horizons possibly exceeding decades. If you want to use gold as a short-term investment (for whatever reason), you'd better look into gold derivatives as you will save yourself a lot of overhead expenses that possessing physical gold invariably involves (buying it, storing it, and then selling it) You may have misunderstood my point. I wasn't saying it's better as an investment short-term, just that it's one of the best options for them if they want to diversify i.e. keep their money's value. They're not turning away from the USD to make money after all. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: deisik on January 25, 2019, 06:08:35 AM Gold is good for private investors (and not so much for nation states) And only as a store of value, i.e. if you are looking to earn money with it, it is definitely not the best (or even second best) choice and option. People buy gold to store their wealth in it, but you should have already acquired that wealth in the first place and not be looking to multiply it. And physical gold is definitely a long-term investment, with investment horizons possibly exceeding decades. If you want to use gold as a short-term investment (for whatever reason), you'd better look into gold derivatives as you will save yourself a lot of overhead expenses that possessing physical gold invariably involves (buying it, storing it, and then selling it) You may have misunderstood my point. I wasn't saying it's better as an investment short-term, just that it's one of the best options for them if they want to diversify i.e. keep their money's value. They're not turning away from the USD to make money after all In fact, you said that gold is the superior option short-term But that's a minor transgression, really. The much bigger one is that gold is not good even for long-term investment or holding (call it what you like) for nation states unless you control the world gold trade (read, can set prices as you see fit). And it is definitely not Russia which controls it. Buying gold is a poor man's choice, only at a national level. Russia is freezing their resources in gold which means losing time and opportunity If anything, they should invest these resources in their economic development instead. But the latter seems to be beyond their "capacity", and all they can do now is buy gold and a basket of foreign currencies with the dollars they receive from selling mineral resources such as crude oil, metals, natural gas, etc Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: pieppiep on January 25, 2019, 06:20:54 AM it seems like a very good step to be able to make the price of bitcoin become expensive because bitcoin only has a supply of 21 million bitcoins, whereas if Russia wants to buy bitcoin with that much amount of money it certainly will make the price expensive because the supply will be more limited , so hopefully this statement is genuine and can be implemented properly.
Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: jseverson on January 25, 2019, 07:53:15 AM In fact, you said that gold is the superior option short-term But that's a minor transgression, really. The much bigger one is that gold is not good even for long-term investment or holding (call it what you like) for nation states unless you control the world gold trade (read, can set prices as you see fit). And it is definitely not Russia which controls it. Buying gold is a poor man's choice, only at a national level. Russia is freezing their resources in gold which means losing time and opportunity Okay, let me reclarify my position. I never once mentioned anything about gold or Bitcoin as an investment. I was talking strictly within the context of Russia diversifying from the USD, keeping their money's value given the choice of gold vs Bitcoin. In this case, I said, gold would be much better than Bitcoin short-term because it is less prone to tanking -- something which may concern Russia in Bitcoin's case because they aren't exactly doing well. When their shit hits the fan, which may happen soon, they'd probably want to hold the more reputable asset as far as the global economy goes. I concede that it may not be actually good like you're saying, but at the very least, I'd say it's less bad than Bitcoin. Either way, I agree to disagree. If anything, they should invest these resources in their economic development instead. But the latter seems to be beyond their "capacity", and all they can do now is buy gold and a basket of foreign currencies with the dollars they receive from selling mineral resources such as crude oil, metals, natural gas, etc I completely agree. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: raidarksword on January 25, 2019, 08:04:12 AM This is a great news for us crypto enthusiasts and supporters because it could open a great deal of opportunities that could boost the bitcoin's price even greater that we wanted since last December. With the support from Russia for sure this could shake the tides in the market and hoping to see green once again.
Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: Osayo on January 25, 2019, 08:22:39 AM It might sound as a very great news that is capable of exciting everyone in crypto space. But I still have my worries. What if the US now decides to pull down bitcoin and cryptocurrency by imposing sanctions on its usage? It means everything might come to an abrupt end.
Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: deisik on January 25, 2019, 09:39:13 AM In fact, you said that gold is the superior option short-term But that's a minor transgression, really. The much bigger one is that gold is not good even for long-term investment or holding (call it what you like) for nation states unless you control the world gold trade (read, can set prices as you see fit). And it is definitely not Russia which controls it. Buying gold is a poor man's choice, only at a national level. Russia is freezing their resources in gold which means losing time and opportunity Okay, let me reclarify my position. I never once mentioned anything about gold or Bitcoin as an investment It is six of one and half a dozen of the other You can call it as you please (investments, reserves, holdings, possessions, diversifications, etc), it doesn't matter. Gold is just bad for the purposes mentioned simply because your overhead costs involving short-term diversifying will outweigh any potential benefits. And I'm not even sure that actual ordering, processing documents and physical delivery of all these tonnes of gold won't take longer than the timelines you keep in mind ("in the span of less than a year") All in all, the whole comparison is meaningless since no one buys gold to hold it for less than a year. There are gold derivatives created exactly for that purpose (i.e. options and futures) Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: jademaxsuy on January 25, 2019, 11:03:35 AM It might sound as a very great news that is capable of exciting everyone in crypto space. But I still have my worries. What if the US now decides to pull down bitcoin and cryptocurrency by imposing sanctions on its usage? It means everything might come to an abrupt end. Do not get too carried away because all are just assumptions and there could be a possibility that it will not going to happen. Just see the bitcoin market price nowadays. It was being speculated that bull run will going to come for bitcoin yet it was not happening. The problem with people is that they will be able to believe that easily without validating the news. Let us just make some confirmations before jumping into conclusions. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: Hydrogen on February 19, 2019, 09:54:24 AM This news story published in january 2019 claimed russia would buy $10 billion in bitcoin as early as february 2019.
I see the price of bitcoin is up. Did the rumors turn out to be true? :o Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: whiteblue on February 19, 2019, 10:29:03 AM This news story published in january 2019 claimed russia would buy $10 billion in bitcoin as early as february 2019. if in January Russia buys that much bitcoin then it seems that the graph that occurred at the bitcoin price in January should show an increase in price or flash pump, but maybe the purpose of that statement might be that Russia starts buying bitcoin in January and so on with capital money as much as $10 billion so the price increase is slow step by step.I see the price of bitcoin is up. Did the rumors turn out to be true? :o Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: stompix on February 19, 2019, 11:01:59 AM This news story published in january 2019 claimed russia would buy $10 billion in bitcoin as early as february 2019. I see the price of bitcoin is up. Did the rumors turn out to be true? :o No way! Nooooo way! ;D We would have seen it in the volume and there is simply no indication of such movement. Besides, an injection of even 1 billion would mean 250 000 coins acquired and moved away from the market into some cold storage, but again there is no spike in the average transactions either by number or by value. It's just that BTC got tired of getting poked and asked to do something and finally moved. Also, I've seen theories that this is because of JPMorgan, the legal status in Indonesia, and many others. I doubt it was any of them and more a move that had to happen sooner or later in this neverending bear market. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: sidkz on February 19, 2019, 11:46:33 AM YES this is really good news, and it's nice to hear that they are considering such an option to invest in cryptocurrency, but of course it will have a positive effect on cryptocurrency.
It is possible that other countries in this example will also use cryptocurrency for investment, the main thing that someone started and then the rest will catch. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: awik p on February 19, 2019, 12:16:13 PM This news story published in january 2019 claimed russia would buy $10 billion in bitcoin as early as february 2019. if in January Russia buys that much bitcoin then it seems that the graph that occurred at the bitcoin price in January should show an increase in price or flash pump, but maybe the purpose of that statement might be that Russia starts buying bitcoin in January and so on with capital money as much as $10 billion so the price increase is slow step by step.I see the price of bitcoin is up. Did the rumors turn out to be true? :o Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: Mister1k on February 19, 2019, 03:35:56 PM I am not aware that whether the news is real or not, whatever the fact of the matter is bitcoin is the most ideal approach to exchange and sidestep sanctions forced by a few nations and when they begin utilizing along these lines things will change definitely monetarily and politically and nobody nation can limit the other in light of the fact that they don't pursue their convention.
In due time we will see the market open up for these kinds of universal exchanges. Lets expect to see the market bump to reach high grocing level. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: Caladonian on February 19, 2019, 03:47:08 PM This news story published in january 2019 claimed russia would buy $10 billion in bitcoin as early as february 2019. I see the price of bitcoin is up. Did the rumors turn out to be true? :o No clear evidence if that thing really happened or it's still on it's ongoing process, but that huge amount can be felt right away if the rumors is true, this small rise can't proved that amount of possible investment that will be moved inside crypto market, it's just because we are seeing positive movements we are all speculating and finding the reason behind. Will wait for any news about this, better to have a good reliable source of information. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: wuvdoll on February 19, 2019, 04:31:45 PM Yeah, it can't be Russia, at least not this, it would have made a lot more increase in the price if it was Russia. Think about it, an average volume of 2 billion dollars in volume suddenly becomes 12 billion dollars in a day and then 10+ of it is just purely buy orders.
The price would have been like 6k+ at least if not even more. This is just a regular increase in the price that we constantly get, check out the last 2 months or so, price has moved above 4k countless times in the past 2 months, it is just natural that it went up this way again, it will probably go back down again and up again and down again and continue to do this until something big happens. If Russia wanted to buy bitcoin it would had a lot more affect on the price than all of this and would have increased it like hell. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: onrise on February 19, 2019, 04:37:06 PM This is a great news for us crypto enthusiasts and supporters because it could open a great deal of opportunities that could boost the bitcoin's price even greater that we wanted since last December. With the support from Russia for sure this could shake the tides in the market and hoping to see green once again. This could be the reason that we are seeing spike in the btc prices as people would have realized that market will rise and better to buy now and hold it for future as prices will shoot much quicker and better to be part of this opportunity. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: Renaldi blackspadeteam on March 04, 2019, 07:03:49 AM I was late in hearing this news, it seems like this is good news for the increase in Bitcoin prices if Russia buys $ 10 billion in bitcoin,
sometimes news like this is a consideration for crypto traders in trading on the market Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: Snaic on April 23, 2019, 04:02:04 AM If Russia bought Bitcoins for 10 billion dollars, there would be a sharp jump in prices in the cryptocurrency market. However, if they buy there periodically and in small batches, this may explain the slow and steady rise of the market in recent times. The Russian government does not want to admit that it is significantly affected by international sanctions, and it is likely that the acquisition of bitcoins will occur in secret. However, it will be very useful for the cryptocurrency market.
Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: prtty2gal2 on April 25, 2019, 03:52:33 AM If Russia bought Bitcoins for 10 billion dollars, there would be a sharp jump in prices in the cryptocurrency market. However, if they buy there periodically and in small batches, this may explain the slow and steady rise of the market in recent times. The Russian government does not want to admit that it is significantly affected by international sanctions, and it is likely that the acquisition of bitcoins will occur in secret. However, it will be very useful for the cryptocurrency market. What assurance do you have that they have not done so already, if you take not, you will see that the OP posted this topic around January if I am right, there was an event on the 1st f this month that short the price of bitcoin up, and we have a record that over 20 billion dollars investment that period made this happen.Till now, you and I are still yet to know exactly what happened and what made the price of bitcoin shoot so high, because I know that ordinary individual cannot afford to pump such money into BTC, it can only be large entity or institution, with this now, I cannot rule out the fact that it might be them that did the investment silently. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: deisik on April 25, 2019, 05:20:31 AM If Russia bought Bitcoins for 10 billion dollars, there would be a sharp jump in prices in the cryptocurrency market. However, if they buy there periodically and in small batches, this may explain the slow and steady rise of the market in recent times. The Russian government does not want to admit that it is significantly affected by international sanctions, and it is likely that the acquisition of bitcoins will occur in secret. However, it will be very useful for the cryptocurrency market. What assurance do you have that they have not done so already, if you take not, you will see that the OP posted this topic around January if I am right, there was an event on the 1st f this month that short the price of bitcoin up, and we have a record that over 20 billion dollars investment that period made this happenThe same question is equally applicable to you What evidence do you have that it was in fact them? Some obscure Russian economist made a claim completely out of the blue (read, straight out of his ass) and half the forum went wild with Russia allegedly buying a few coins. Regarding this particular surge, we don't know either how much money it required but I'm sure it is nowhere close to that figure (20 billion dollars). Let me guess, 20B is the growth in the market capitalization of Bitcoin, right? Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: Xampeuu on April 25, 2019, 06:53:41 AM If Russia bought Bitcoins for 10 billion dollars, there would be a sharp jump in prices in the cryptocurrency market. However, if they buy there periodically and in small batches, this may explain the slow and steady rise of the market in recent times. The Russian government does not want to admit that it is significantly affected by international sanctions, and it is likely that the acquisition of bitcoins will occur in secret. However, it will be very useful for the cryptocurrency market. What assurance do you have that they have not done so already, if you take not, you will see that the OP posted this topic around January if I am right, there was an event on the 1st f this month that short the price of bitcoin up, and we have a record that over 20 billion dollars investment that period made this happen.Till now, you and I are still yet to know exactly what happened and what made the price of bitcoin shoot so high, because I know that ordinary individual cannot afford to pump such money into BTC, it can only be large entity or institution, with this now, I cannot rule out the fact that it might be them that did the investment silently. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: alyssa85 on April 25, 2019, 04:06:10 PM If Russia bought Bitcoins for 10 billion dollars, there would be a sharp jump in prices in the cryptocurrency market. However, if they buy there periodically and in small batches, this may explain the slow and steady rise of the market in recent times. The Russian government does not want to admit that it is significantly affected by international sanctions, and it is likely that the acquisition of bitcoins will occur in secret. However, it will be very useful for the cryptocurrency market. Remember that if they bought, they'd buy over-the-counter direct from a miner, instead of using exchanges. So they'd likely not move the price much. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: stompix on April 25, 2019, 04:23:07 PM Remember that if they bought, they'd buy over-the-counter direct from a miner, instead of using exchanges. So they'd likely not move the price much. We mine 1800 BTC a day, 10 billion$ mean 2 million BTC or the mining reward for more than 3 years for all miners. No over the counter deal would accommodate this, we're talking about 1/9 of the total circulating supply and probably 1/7 or 1/6 of the whole coins that people still have access. Before the price rise, we would see warning signals from the banks involved in moving such sums. What evidence do you have that it was in fact them? Some obscure Russian economist made a claim completely out of the blue (read, straight out of his ass) and half the forum went wild with Russia allegedly buying a few coins. The rumors came when we didn't have any real hope of any price rise for the short term, so people clung to anything and hoped for the best making headlines out of anything insignificant, Russia, Samsung, Amazon,BMW, etc etc and now that we have a rise thy think they nailed at least one of it. The problem is that even if they can't prove their theory, we can't dismantle it either, so at this point is turning into a futile maybe, what if, it is, no it isn't discussion. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: Harlot on April 25, 2019, 04:30:20 PM So did the russian government actually started this bull run? Because all things checks out the news said they started buying in February this year which BTC showed already signs that it was being overbought now if Russia have contributed around 10 Billion dollars that is more than enough to pump the prices from 3,000$ to the 5,000$ level area. Because besides this news I cannot see any other news that has the reason to directly jump the prices of Bitcoin.
Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: deisik on April 25, 2019, 05:00:41 PM What evidence do you have that it was in fact them? Some obscure Russian economist made a claim completely out of the blue (read, straight out of his ass) and half the forum went wild with Russia allegedly buying a few coins. The rumors came when we didn't have any real hope of any price rise for the short term, so people clung to anything and hoped for the best making headlines out of anything insignificant, Russia, Samsung, Amazon,BMW, etc etc and now that we have a rise thy think they nailed at least one of it Then it should work in reverse as well That is, when the price falls back to February levels (down to 3.5k or below), people will be desperately looking for another explanation and most certainly someone will come up with the speculation of Russia selling their stash of bitcoins for the need of cash (or whatever other reason would feel plausible at the moment). The bottom line is that if something goes right, thank Russians for that, otherwise blame them If Russia bought Bitcoins for 10 billion dollars, there would be a sharp jump in prices in the cryptocurrency market. However, if they buy there periodically and in small batches, this may explain the slow and steady rise of the market in recent times. The Russian government does not want to admit that it is significantly affected by international sanctions, and it is likely that the acquisition of bitcoins will occur in secret. However, it will be very useful for the cryptocurrency market. Remember that if they bought, they'd buy over-the-counter direct from a miner, instead of using exchanges. So they'd likely not move the price much Did anyone suggest they could just buy a few miners and mine a couple bitcoins themselves instead of buying them? Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: Adriano2010 on April 25, 2019, 07:45:58 PM Well even if this happen, i think they will find a way to cashout if they need on Europe exchanges. How will this help them against US sanction? They will buy what they want with bitcoin only?
Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: Vektrum on April 26, 2019, 02:19:07 PM Well even if this happen, i think they will find a way to cashout if they need on Europe exchanges. How will this help them against US sanction? They will buy what they want with bitcoin only? Yes, thanks to Bitcoin, they will be able to sell oil, fossil resources to those countries with which Russia cannot trade directly due to sanctions. Also, Russia will be able to buy the necessary goods that have fallen under restrictions and not to attract attention, since Bitcoin wallets from which payments will be made are anonymous. But I think that some countries already use Bitcoin for the same purposes, but not in such large volumes as described in the article. Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: prtty2gal2 on April 26, 2019, 04:13:33 PM ~snip~ The same question is equally applicable to you What evidence do you have that it was in fact them? Some obscure Russian economist made a claim completely out of the blue (read, straight out of his ass) and half the forum went wild with Russia allegedly buying a few coins. Regarding this particular surge, we don't know either how much money it required but I'm sure it is nowhere close to that figure (20 billion dollars). Let me guess, 20B is the growth in the market capitalization of Bitcoin, right? If we are to divide 70 billion dollars by $4000, it means that we need about 17 billion dollars to increase the value of BTC by $1000. Bitcoin closed at $5300 on the 3rd of April giving us total marketcap of about $87 billion dollars, looking at the difference between the market cap on 1st and that of third, it grew by about 17 billion dollars, and don’t you think it is possible what the OP really said? Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: deisik on April 26, 2019, 08:25:41 PM If we are to divide 70 billion dollars by $4000, it means that we need about 17 billion dollars to increase the value of BTC by $1000. Bitcoin closed at $5300 on the 3rd of April giving us total marketcap of about $87 billion dollars, looking at the difference between the market cap on 1st and that of third, it grew by about 17 billion dollars, and don’t you think it is possible what the OP really said? You evidently miss the whole point Market cap is simply the result of multiplying the amount of bitcoins mined till now by the price of one bitcoin. It has no relevance to calculating how much money is required to move the price by a unit of price (say, one dollar) for the simple reason that only a tiny amount of coins is actually being traded. In other words, it would take a lot less to move the price 1000 dollars up than what you would expect based on the Bitcoin market cap Title: Re: Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions Post by: salty on April 26, 2019, 08:50:38 PM Okay, guys, I've read the whole article and it was a fun reading. This part was particularly hilarious (as well as ridiculous and preposterous, for the record): He declares it on the basis of a meeting of Vladimir Putin and Vitalik Buterin.On the basis of this, of course it is ridiculous to draw conclusions about Vladimir Putin's love for cryptocurrencies,but the fact that he is most likely aware of what cryptocurrencies are I have no doubts.As for sanctions, it seems to me that instead of weakening Russia, these sanctions on the contrary only strengthen it.It is unlikely that Russia would buy so many bitcoins to bypass the sanctions.Quote “We know that Vladimir Putin is a big advocate of blockchain technology,” said Greenspan I don't know where this Greenspan got such info, but I know for certain that Putin is not using Internet and doesn't even have a smartphone. So there is no way he can be "a big advocate of blockchain technology" as he is simply not familiar with it. On a few occasions, when asked about Bitcoin, he just said that it is a risky asset which can potentially be used in certain areas. That's what his "advocacy" essentially comes down to As they say, love it or leave it |
