Latest posts of: DapanasFruit

I fully agree that in anything there is always that other side of the story...or we can say there is always the other side of the coin. Now, with the adoption and legalization as a legal tender by El Salvador, it opened up many new possibilities for Bitcoin. With the recent pressure from IMF for El Salvador to get away from Bitcoin, some fear that there can be many bad economic repercussions for the country but so far all the threats are just works and no concrete actions yet as El Salvador is adamant on its stand to work with Bitcoin especially that they can now feel some big positive impact on its tourism and if Bitcoin City can be operational am sure there will more economic benefits too. We have nothing to worry on the El Salvador and those small countries that can be following the same path legalizing Bitcoin.

I have been telling others that during chaotic times, Bitcoin can be acting like a safe haven since it is beyond the confiscation by the government or devaluation by any financial institutions. This is one of the major role of Bitcoin as envisioned by Satoshi Nakamoto. And we are seeing that today in the war between Russia against Ukraine. Those who can should make a solid hedge on their wealth by converting some to Bitcoin. I am sure that months from now, we can be learning lessons here in the Ukraine story.

I am appreciating the marketing value of the Bitcoin endorsement by no less than the billionaire Ricardo Salinas Pliego and with the kind of stature that has on himself am sure there will be other investors who will be taking actions with this type of statement from a man who is experienced enough for some good level of credibility. He is recognizing the value of Bitcoin and despite the many bad developments ongoing right now in many pars of the globe, I think his mindset is that this is the right time to enter Bitcoin when the price is having a big dip.

DAY NUMBER 46: 26 February

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I am still deep in bounties these days and though there are really some real gems, there are more which never paid their participants and if they do many do not have any real value with many which never made it to any exchange at all. On the side of the bounty hunters, the quality of works are so low that it sometimes made me laugh reading some of the posts they are making...that is why I am suggesting to BMs to do some screening so as to improve the quality of participants they should stop accepting newbies even with social media bounties. There should be changes here.

Quote from: tbct_mt2 on February 25, 2022, 08:13:30 AM

I don't discuss about geopolitical issues or war here. Let's consider about what is going on and will happen with (against) Russia. They under the dictatorship of Putin, really invaded Ukraine and ignored all international standards. They are punished by massive sanctions on their bank system and many areas. Because we do know Bitcoin is peer-to-peer, borderless so will Russia do something like North of Korea, trying to use Bitcoin as one of their last resorts? With Bitcoin, they can avoid traditional sanctions against them. To do this, will they legalize Bitcoin in Russia soon?
Let me say, I hate war!

The whole cryptocurrency industry hates war because everybody can be affected. I am based in Asia but we can already feel the side-effects brought on by this invasion of Ukraine because gasoline prices are going up and there is a big possibility that flour can also go up wildly which can affect the prices and quality of breads here, not to mention the coming increase in feeds for animal raising. The destructive nature of war especially this one in Ukraine right now is to affect even people who are in remote places of the world, so away from Europe.

Now, with the imposed sanctions carried by different countries who are not big fans of Vladimir Putin - may be with the big exemption of China, Iran, North Korea and to some extent Germany which is under the mercy of Russia on energy - it would be hard for Russia to do business internationally but am sure that Putin is not a naïve general so as to not thought on this scenario in advance. I am sure that Bitcoin or cryptocurrency for that matter has been on the table of Putin as one of the best alternatives to get away from sanctions.

But the question is: Will this be good for Bitcoin in the long run?

Just in case it would come to pass that the genuine Satoshi Nakamoto can surfaced, I don't think he will have the desire to patent the blockchain or any part of it since from the very start I think he made it clear to be very open source and he ahs no desire to profit anything from it as if it is his gift to humanity. And more than 10 years later, we are enjoying the fruits of his labor and the blockchain technology has become a very popular technological tool anybody can use for different applications and purposes. Now, on matters of the digital currencies that government's can be issuing via their central banks which we termed to be CBDC, they are just digitalized version of their fiat money and I don't think those can be making a negative impact on Bitcoin and in fact they can even make Bitcoin more popular and an affirmation of the immense value of the blockchain technology and cryptocurrency.

While I agree that this can be a good opportunity for Bitcoin to shine, I guess we also have to see the other side of the coin. Once Bitcoin can be fully utilized by Russia to circumvent the economic embargo and the ban on the use of SWIFT, I am sure that big countries can be looking at Bitcoin not in a good way. Of course, no government can be banning Bitcoin but we know that in reality powerful governments can make it so difficult to deal with Bitcoin if they would be using their state initiative to do something about it. We have seen it in Canada recently where Trudeau and his minions did not look kindly at cryptocurrency because on their eyes it became the tool of their perceived enemies. Anyway, I am hoping for the best so let's see what can be under this circumstances.

DAY NUMBER 45: 25 February

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When I started with Bitcoin years ago, I was under the big assumption that Bitcoin is a safe haven especially during time of chaos and problems of great magnitude. When the pandemic started, Bitcoin actually made a heavy slump though it eventually recovered. So maybe it is possible that at the start of any conflict Bitcoin can take the hit but as time goes on it can be immune to that conflict and would be starting to rise again. We have to remember that Bitcoin can never be confiscated by any governmental power and it is number one choice on this aspect and because BTC is having a dip right now getting into it is really an attractive proposition but of course am not referring to the money that you are supposed to be using for your daily survival especially if you are in Ukraine.

Quote from: Anonylz on February 24, 2022, 03:30:34 AM

Quote from: mynonce on February 24, 2022, 02:40:41 AM

Just read this report:

EU on Track to Ban Bitcoin: Report
'Bitcoin will be banned in the EU starting from 2025 if the Commission and the Council of the EU don’t ditch a crippling amendment to the MiCA framework'

source: https://u.today/eu-on-track-to-ban-bitcoin-report

I don't know what they want, but I wanted you to know this ...

They feel btc not environmentally friendly so they will probably ban it in 2025 if no better option is provided. The target is to ban btc and other proof of work crypto out there. According to the article, soon "businesses would be prohibited from offering any services associated with proof-of-work cryptocurrencies".
Although they are yet to conclude, it seems they are pretty determined. I just hope they don't reach that conclusion to ban.

In case the main concern is the environment then I am sure that in three years time there will already be established alternatives as far as the power requirement for the mining of Bitcoin. There are now moves to use renewable energy - and there are already mining operations using them - including the use of geothermal power where El Salvador get into the news for its plan to use volcano power for mining. Maybe the reason why there is that 3-year timeframe is because they are really waiting for alternatives for the mining...and once they can ascertain that mining has become green then maybe they would be allowing Bitcoin under strong regulatory framework.

Quote from: pooya87 on February 14, 2022, 12:22:19 PM

Quote from: buwaytress on February 14, 2022, 11:11:59 AM

Think the biggest sanction impact I can see right now is excluding Russia from SWIFT.

The real question is can Europe survive sanctioning Russia. The way Europe is hooked up Russian energy if Putin suddenly decides to go on a cut off spree and if the conflict increases some more "incidents" to other suppliers like in Red Sea, Europe could easily see 80% of its imports vanish and face a widespread energy crisis.

I am sure that Vladimir Putin and his minions have had thoroughly think on many scenarios that can happen once they will eventually invade Ukraine. And I know that Putin has many ways to evade the side-effects of any economic embargo and he is a living testimony on the power of oil as a big bargaining power. Europe could have a hard time without the oil of Russia and their people are not prepared for such an eventuality. Now, having said that, there is really a big possibility that Russia will be utilizing Bitcoin or any crypto for that matter for international transactions but this can also mean that USA and its allies might be pressuring Bitcoin and the whole crypto industry to do something about it. Right now, situations are very fluid and nobody knows where things will go.

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