Bitcoin Forum

http://rt.com/business/154324-bitcoin-russia-conference-advatages/


http://rt.com/business/154188-russia-payment-system-insurance/


 :o



Bitcoin is a weapon.



Goodbye USD of A

I am panic buying!!!!!!!!!!!!!1

I would if I had any fiat left, I DID THAT SHT YESTERDAY!!!!!!!!!!111  1111 



We all billionares by Friday afternoon Wall Street Time, whatever that is  ;D

omg omg omg

It is obvious now that Russia is actively working to move away from the US dollar and pretty much any financial institution under the US govt's control. They are working on alternatives to Visa/Mastercard and even the SWIFT payment network.

Unfortunately I don't really see them embracing Bitcoin any time soon as they will want a currency that is under their control. I believe the theory that they are working towards making the Ruble fully backed by gold. I believe they have also commissioned a bank to work on their own ecurrency.

Of course, I'm sure many Russian citizens would rather have Bitcoin for privacy concerns so any government-backed ecurrency will probably go the way of the "Mint Chip" that the Canadian government released a while back (i.e. nowhere).

Yes, they have for a while. On top of that a ton of paper has been signed among BRICS. They want to get rid of Wests monopoly on Money. In perticular the IMF, Worldbank and Goldman Sachs.


Yes, but come on see what is happening. They are promoting Bitcoin for the US while banning it at home. They will not embrace bitcoin but they will promote it so the US population and smaller buisinesses do. And i'm SURE they will give us a good startpump :)


I'm sure the russian ruble will stand stronger than most in theese times. Russia is an extremely Rich oil and resource-based nation With a strong population and good diplomatic ties.

They will probably let their population invest small personal Money, for a bit of safety, gamble(Crimea) and means of payment/transfer basically.

But the big millionares, billionares, big Companies etc of the west. They will all buy an ammount Bitcoin. Much? Not much? Doesn't matter. For Bitcoins 7bil market cap "Alittle" is a tsunami.

The era of US$ is coming slowly to an end. But I would not bet that it'll be officially replaced by bitcoin in any country. Bitcoin could eventually coexist as some kind of "gold standard" with national currencies. The end of the US$ as world reserve currency will be a pretty hard hit for the US.

ya.ya.yo!

Is it possible for a fiat currency to backed by Bitcoin?

**Sees headlines**
 ;D

**Sees that it's from RT**
 :-\

Yes, why not



What if BRICS start a cryptocurrency next year. They pump it to a solid 100 billion "Todays USD". And then they use that to pump up any BRICS or 3rd world Countries hyper-inflating currency to save it. As ive said, Bitcoin is a weapon. It will be used by Companies and countries alike.

Very very very possible.

I'm not quite sure on the details, but if you listen to Let's Talk Bitcoin episode 99, Adam Back and Austin Hill talk about the sidechain project. One of the points they make is the possibility for Bitcoin backed fiat.

Highly recommended. Episode 99. http://letstalkbitcoin.com/episodes/#.U1a5R-ZdUhw (http://letstalkbitcoin.com/episodes/#.U1a5R-ZdUhw)

So youre telling me russia created bitcoin to buy gold cheap?    ;D

Association of Bitcoin Nutters tells Putin controlled RT television journalists:

"yeah, man, Bitcoin is so cool, it is so like going to take over the whole world and keep growing and growing, man. Buy Bitcoin now and become super rich man"

!!!OMG OMG OMG OMG OMG OMG OMG!!!

http://freewisconsinblog.com/wp-content/uploads/2011/12/Koolaid-drink.jpg

So Russia gave up to place the rubel as world currency? This reminds me on another country in the south of east russia...

Read the fkn articles ffs.

Nothing of consequence at all. Just the same old cliched libertarian dogma about Bitcoin in one article, and another article that has nothing to do with Bitcoin whatsoever.

Fkn idiots making posts as though something 'big' had just happened, and then believing in their own bullshit.

These are all far fetched concepts right now.

Are you mentally retarded? Russia has just answered to US sanctions and showed what way they will fight back.

Sidechains are certainly not far fetched. Fiat backed by Bitcoin could be considered far fetched. But the possibility is becoming a reality.

Fight back by turning to Bitcoin? Bitcoin, the internet phenomenon that provides an ideal means of capital flight from crisis stricken economies. Capital flight ultimately into USD that is. Russia has said it is going to start wanting a cut of western payment processors profits for operating in Russia. Earlier in the year, Russia (effectively) banned Bitcoin. Nothing positive about Bitcoin has since come out of official channels in Russia.

I think it is rather you that is mentally retarded my friend. In fact, I know you are. I have (kind of) read a few of your other posts.

http://freewisconsinblog.com/wp-content/uploads/2011/12/Koolaid-drink.jpg

I think you are too optimistic, but we will see.

It's not even far fetched, what the fuuuuuuuuk are you guys talking about.


You think a Group of unpaid unbacked individuals can create Bitcoin and all sort of altcoins etc but nobody believes a government can? Haha.. You are all very Close minded for being Bitcoin believers I can tell you that.

Any government could basically pick up Bitcoin as it is and hijack the Whole thing. You People understand how little 6 billion USD is when we are talking about nation states currencies?  :D

How about Zimbabwe?. They have huge issues with their official currency. I've bought their 1Trillion dollars note as a souvenir.

I'm saying that the sidechain project will in theory create a workable option (a possibility) for a nation state to do so. I'm NOT saying that any state is likely to want to back their currency with Bitcoin.

TLDR: It's becoming a possibility, not a probability.

What kind of news is this?? There are no actual recent events or developments occurring - it is just the author's description of bitcoin. I already know what Bitcoin is.

And what does this thread have to do with gold?

Please keep your rational thinking out of this thread if you don't mind. This is a thread strictly for Bitcoin Nutters to delude themselves into panic buying right before another pronounced down-turn.

I gotta agree with captain negative on this one .... lolz

I really dont think you tin-foil hat types have got 1btc btw the lot of you and therefore need to stop smoking crack

Russia is soooo not touching bitcoin ATM

You guys are all missing the point!


Bitcoin is a ploy created by russia to drop the price of gold so they can buy it up and create the new gold standard!
 ::) :P ::)

Seriously, I love bitcoin but some people need to stop smoking the crack.

Yes. I promise I will pay $1 for 21.01M bitcoins. Now dollar is backed by bitcoins.

Title is bullcr@p,
Artic is $hit
ur a mad bunch,

BUT

This brings an interesting thought on side chains.

Remove bitcoins from the chain, Print notes with a scratch panel for the private key (of the side change).

Bitcoin Fondation or DIY Banks of Bitcoin produce or distribute notes to outlets (shops ext.)

Anyone with the side change on there client can reintroduce the notes back (from side chain) into Bitcoin.

Bitcoin with the characteristics of paper.

and


Welcome back China  ;D

Edit: On reflection this can already be done now   ::)

But this could be useful for Fiat to obtain backing from Bitcoin.
 i.e. $1 is backed by 1 Satoshi,

If the Gov needs to print more, they have to buy more BTC
If there $$ get blown up they are still worth 1 Satoshi

I'm pretty sure you got it upsde Down inside out there bro. Now you backed Bitcoin With USD, not USD With Bitcoin.



Welcome back from what? China is king already, they are already making the move from being an exporter to the USA and EU to being an importer from developing countries. And their New BRICS reserve currency will replace IMF and Worldbank. It's already written and signed. China is nr 1 NeXT year, have no doubt about that.

I also read those articles on RT this morning. From 10 articles, 3 were about bitcoin, and I said to myself What's your angle?. And you read more about BTC on RT than on bbc cnn etc. Why would rt advertise bitcoin ?

Edited my post above due to stupidity  ;D

Thank you for asking. In my own stupidity I thought more People would understand this. Instead of asking though they just dig their head in the sand and bash around. RT is promoting the use of BTC for westerners. They want US and Euro Citizens to know about it so that they can flee into it when the sht hits the fan With Our economy. At the same time though, if US don't leave the door open they gonna have millions of People revolting when they see their USD losing value rapidly.

I do admit, it is curious why RT should promote BTC , am sure there is an angle.

There is so much at play these days that its hard to get the real game plan - see ZH for a few ideas this last week.

Consider the fact that Putin isn't sitting on the RT editorial team advising and checking over ever single story that some young RT journalist puts out there. RT's job is to promote anti-establishment and anti-imperialist ideas amongst the populations of the Western speaking world. Bitcoin has been popularly viewed since almost its inception has been fitting fodder for the, bullets, beans, gold n guns crowd. This throw-away piece of journalism which is merely stating the opinion of some 'expert' (Bitcoin Nutter) changes nothing regarding Russia's attitude towards Bitcoin within it's own financial system.

Hey Mat,

Just out of interest, what generic term would you apply to people of your disposition? I mean, you go on about Bitcoin Nutter, the Man, etc. What would you class yourself as? (No more than 2 words please)

 :)

I don't really understand the correlation of subject and news. It's just an opinion of somebody.

'Silver Sucker'.

I have drank the Kool Aid (Silver Stacker's Kool Aid) I know it's dangers, and I won't drink it ever again, regardless of what flavour it is.

IwasInBTCSince2010ButPissedItOnDrugsAndHaveNothing Trader

Silver is looking awfully cheap, about to go below 19.

Today, they continue:

http://rt.com/op-edge/154400-bitcoin-money-currency-internet/


If I had any fiat left i'd put it on a bet betting that my BTC will skyrocket any second, minute, hour, day or week now :)



And Yeah, silver is crazy cheap. Probably possible to make a 5-10x Money on that one in a few years. Much safer then Bitcoin aswell. And thats coming from someone who believs Bitcoin is a ton safer than Fiat.

Thanks for the insight!

So, Russia and/or China want to build a version Eastern version of SWIFT? That's, it'll disrupt the global money transfer market, and further highlight the advantages of using a new technology like bitcoin.

Exactly. Just like RT have done many many times before they sort of highlight and hint to stuff. I've talked about this in Politics and Society forum about the history of Soviet fall and Gorbachevs involvement.

They are also starting to compete With IMFs and Worldbanks monopoly 2015. All papers are signed.

Gold is down pretty deep now..

Because most gold being sold is sold only on paper, bro. In next crisis or war theese papers will in some strange way disappear or for one or another reason become invalid contracts. Nationalization of gold is also not out of the question, considering it's happened during all major crisis previously. That means all centralbanks/IMF/Rothschilds controlled banks(Meaning 99% of all banks) holding theese papers or even the physical gold could be confiscated. Thus, they never even have to admit to selling gold they didn't have.

We have to remember that, although it might not seem like it, there is a war going on (currency).
 >:(

Gold is going to "super-spike" in the not-so-distant future! (within 2 years!) Please don't get caught long in Gold!!!!

Gotta ask captain negative MatTheCat :D

When will you go long bitcoin again ???

To anyone wondering why RT would be antsy to advance bitcoin, consider the fact that they have Max Keiser, the biggest loud mouth fraudster fake pump and dump dirt bag on the planet, in their midst. They're all likely heavily invested in BTC and wouldn't mind limiting the hemorrhaging.

I own 1 & 1/4 oz of gold and about 70 oz of silver.. REAL gold and silver, :).  I know all about the paper game on gold.. why anyone would accept paper as gold still blows my mind.

Max told you to invest when it was sub $50... you did not listen until it started skyrocketing......  The man is quite respectable.

I would certainly look to buy in sub $300 territory with a belief that a strong reversal must surely be on the cards should Bitcoin touch into the $200 range. Failing that, whenever I see an opportunity for a bit of upside and I feel comfortable enough being long Bitcoin. I was long Bitcoin just a couple of days ago, but didn't feel comfortable with it so cashed right back out.

I think I can safely say that shall never be short Bitcoin ever again cos that involves leverage and leverage fucks with the head. Shorting is also a counter-intuitive trade in that I will feel 'comfortable' about Bitcoin when my short trade is going or set to go sour and get the Bitcoin fear when my short trade is about to come good. The human subconscious has difficulty in interpreting directly degenerative events as 'positive' and vice versa. As someone who relies heavily on intuition, shorting isn't a good idea, I have found.

Dude there is some weakness in the market @ the moment and the chinese have been targeting specific markets on an tri daily basis

But to goto 300 support is really not in the realm of reading the market for where it is ...

415+ is the bottom for the current market and teh chinese willplay within this region mostly btw 450-515 adn 11-13 ltc


Please get with the smart money and any position sub 50-0 is the med-long term money marker ... pplz talking about 300 and 200 are delusional as stated previously that it is costing ~300+ to produce a BTC\LTC so aretraction beyond these points would mean a major examination of the bitcoin experiment


this is winter & lets see where we are in 2-3 months time as crypto is a movement not a commodity ..also crypto delivers a service hat can not be calculated ... after worjing in teh banking and finance sector for 10+ years the pure functionality will drive teh adoptiontion and mainstreaming of crypto

I was sitting in on meetings with the technology architects of policy of NAB (NATIONAL AUSTRALIA BANK) one of the big 4 in oz and they see that crypto is a major threat purely that it delivers on the functionality that peopel want  ...just the same way that paypal does .... FYI paypal gets 45% of retail transactions in australia & that the banks hate ..hate ..hate this fact ..as this stealing business from the banks  ...they can totally see that crypto will do the same thing and more .... the fact that teh australian banks especially NAB hat crypto means that we are sucefful in the addopition to teh mainstream

Do you thing a buisiness that has had this totally capitve market where they have been able to rape and pilage them for neverendi8ng fees and going to roll over to crypto and say "power to people we need this technilog" ... FUCK NO ... by the way they feel the same way towards paypal ...

all i can say is that as long as crypto provides a solution to peoples reals needs there will always bee a future ..after working if finance for 10+ years every financial transaction has a 5-15% fee associated with it

crypto liberates this buillshit ..this is why "CRYPTO IS KING AS IT DELIVERS"

so to the current bears yeah ..whatever .. i have over 250k (or all my personal wealth now invested on this soultion) i am confortablle that in he med-long term this is the way ... :D

That is all very well but we actually broke the recent $400 low achieved around the time of Gox declaring insolvency and went as far as $340, on about 35% of the volume involved in the $400 down spike. Any TA 101 enthusiast will tell you that this isn't a very promising sign going into the longer term (i.e. $340 probably wasn't the low). What also isn't very promising is the rapid spike back up to $540, triggered by a very sudden surge in buying power, occurring first on the Chinese exchanges with some fkn mammoth orders kick-starting the rally on Bitstamp 3-4 minutes behind the Chinese ramp, which lead to $540 top from which we have ground along on low volume ever since. Worse than low volume. There would be no volume if not for whales rolling BTC and fiat around between accounts. We got down to $480 today and have a little low volume rise since then and now there are 4000 BTC worth of Bid orders between $496 and $480!? Give me a fucking break! This is not an organic market behaving organically and I have little to no faith in all these shenanigans. But be assured, I will no doubt dip my toes in here and there just to see 'how it feels'. I need to take a long position and hold it a day or two before I will start to get a good feel for what is coming next. But from looking at the chart, it quite frankly looks fkn ugly. Look at Bitcoin on the bounce from $380 - $995, from $400 - $710, and now from $340 - $540. A reasonable man would have to conclude that there is some kind of recurring fractal pattern at play here and one which seems to be occurring once again. If so, then we are in for invariably lower lows than $340, and that means $200 range. Right now, sentiment is very negative. I suspect that large amounts of capital has left and is still leaving Bitcoin exchanges. In short, Bitcoin needs 'an event' to drag it up of its knees and save it from lower lows and perhaps like you said, questions being asked of the viability of the whole Bitcoin system.

And if crypto was such a big threat to pre-exisiting financial houses, then they could:

A) Easily sabotage it, perhaps by taking a large stake and then engineering negative market trends into play.

B) Do the above and end up sitting on a whole big pile of Bitcoin and colluding between themselves to make Bitcoin as unstable and volatile as possible, and profit whilst doing so.

If the big banks could collude to rig the LIBOR rates, they can most certainly collude to rig Bitcoin.

so how would they get a large stake? they could place a 100k BTC buy order on stamp. that would be terrible!
more plausibly, maybe they could steal 700k coins from gox. but why would you risk your stash failing to destroy a currency that you would most benefit from if it were successful? Incentive is written in the protocol, and it works outside the protocol too. decentralised cryptos currencies are here to stay, the big players know this. they also know that if they somehow manage to destroy bitcoin (HOW??) a new one will take over and their efforts will be in vein. the more bitcoins that governments and banks own, the more promising the future for bitcoin will be. sad but true.

- but seriously, imagine you are a bank, and you own 700k bitcoins. thats something like 10% of all the coins currently. you have the power to make it succeed. Being the first crypto, and the most popular crypto, you have a high probability of succeeding. do you A; make it succeed and own 10% of the global share (nobody comes close with fiat!) while back stabbing all your competitiors, or B; do you try and destroy it, costing you millions and giving away an opportunity to somebody else.

The banking sector has created a derivatives market some 10-15 times greater than world GDP. The debt pyramid time-bomb that will take down the USD petrodollar system if the US don't ensure that everyone else crashes beneath them. Which I believe they will succeed in doing.

Anyhow, in short, the large banks could just pull the money out a fkn hat if they wanted to. What is to stop a large investment bank from creating a some 'investment company entity' and then lending it (creating out of nothing) vast sums of money to do with whatever it wanted? Answer: Nothing, they do this all the time and this practise was rife in the housing bubble, or rather the mortage backed securities bubble.

Who is to say that they haven't already been doing it? acquiring large numbers of BTC in off-exchange transactions, buying a bit on exchange in order to create bubble conditions, using sell power to ensure emphatic crashes in Bitcoin and raking coins back near the bottoms. Although in reality, they wouldn't have to exercise any selling power to crash any hyperbolic market. That shit would happen all by itself without any assistance sooner or later. Wash, rinse repeat.

so they will buy the bitcoins you say? there is no way around it, if they buy them, they are handing out billions to speculators such as myself. the price would be $10K before they had a stash big enough to compete. they would be hundreds of billions of dollars poorer, and nowhere closer to destroying crypto currencies. there is simply no point in crashing bitcoin, if they cannot destroy it and every other cyrpto to come, it is check mate.

how could they weave the fate of bitcoin into derivitives? there is no paper market for bitcoins, even JPM couldn't short 22 million bitcoins, although I welcome them to try. there are no legitimate exchanges for this to happen and apparently "no fresh fiat" either as some like to say.

they want a stash only to hold, because they cant take the risk of not having any.

They don't weave the fate of Bitcoin into derivatives. They weave the fate of the special investment vehicle(s) and the debt it owes to the bank, into derivative contracts in order to keep the debt off the banks balance sheets, if deemed necessary to do so.

They can use their special investment vehicles to surreptitiously enter the market and even if they done so purely through open market operations (as opposed to through OTC deals which would be far more likely) and took a loss to begin with. Their position would soon become so large and their spending power so limitless compared with every other entity in Bitcoin that they could soon have the whole Bitcoin market bobbing up and down on the end of a piece of string.

Say the meteoric rise was every bit as much to do with establish banking houses quietly taking positions in the Bitcoin market as it was to do with China? Sure, they will have enriched many early adopter speculators. But if this were the case, how many since then have they impoverished?