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They are sanctioned from using the Dollar, but they are still required to pay their debts in Dollars? Wouldn't that make the lender, for receiving payments from Russian companies/financial institutions, be breaking U.S. orders under the sanction? I believe the U.S. have also sanctioned Russian Gold.
My viewpoint truly is, I believe the sanction might hurt the Dollar more in the future, because other nation-states might start losing trust in the cabal behind the U.S. Dollar.
The sanction against using the dollar is more theoretical, the actual way it works is that they can't issue more debt in dollars nor can they ask for financing through most financial systems. But nobody is stopping them to pay from their bank's accounts to some bank in China 1 billion dollars, that's why I told you on the other topic, sanctions don't work by chopping somebody's hand off so he can't play tennis anymore, it's more like nobody wants to play tennis with him at all. Plus Russian companies' debt and governmental debt can't be sanctions since it's actually not theirs anymore, for example, if the IRS would seize all your goods and funds and bank accounts, they won't cancel your mortgage, that would still be up and running. As for the second part, I don't know how old you are, but my father when he was a child had nothing else to listen than to all that communist propaganda about the fall of the dollar and look now, 60 years have passed, and the dollar is going strong but people still say it will ...what? Russians are desperate for getting dollars and you think this will hurt it? Lol. I believe it MIGHT hurt the sanctity of the U.S. Dollar, I never said that it will definitely hurt it. Do you believe that the United States' actions will strengthen the other nation-states' trust on the cabal behind the Dollar? It might weaken that trust, which was the main point. |
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The intention of Satoshi was good. And he was consistent in pursuing it. He simply was a person who have sort of foreseen everything. He seemed to have known everything that would make his invention successful. All things were considered. He made it perfectly. But more than that he made sacrifices for its success.
But to the surprise of everybody who saw and believed Satoshi's vision and invention, shitcoins which were all Bitcoin was not, also sold well to the people. Satoshi must have asked himself, where did I go wrong? Lol.
There are no "good intentions" There are no "bad intentions" There are only [Some action] Intentions  Satoshi knew he had the "formula" for the censorship-resistant network/protocol for "money" that the Cypherpunks have always failed to build. Whatever Satoshi's intentions were, the secret component was adding Proof of Work in the "formula", and Satoshi needed to let the cat out of the bag. |
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I can't tell if you are trolling, are sarcastic or serious. The tone is not being conveyed in text form.
He's trolling. Bitcoin would never be where it is currently if Satoshi had greed in the agenda for building the network. To truly be a success, it had to be bootstrapped by the community altruistically. It is always an open source project first, like Linux. |
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I believe that if you had carefully read the brief article you link to, you would have had a clear idea and you would not ask that question. As I understand it, the money never left Coinbase. Coinbase identified that transaction as suspicious, blocked it, and alerted the FBI, who would then confirm that it was fraud. The article doesn't say it exactly like that, but that's how I understand it. If the "Bitcoins" that were "recovered" never left a centralized entity's ledger, then technically no one "recovered" any Bitcoins. We should know the difference between Bitcoin, and units in a ledger of a centralized entity called "Bitcoin". It's truly not Bitcoin until it is confirmed in your Bitcoin address. |
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But how would developers mitigate this in the next iteration of the "next Wasabi"? Or what other alternatives can be built, using another path, to protect and preserve Bitcoin's fungibility? Offchain layer with Zero-Knowledge Proofs perhaps? Is that possible?
Best alternative wallet I see is Mercury wallet that is working on totally different principle of swaping private keys in secure way, in that way fees are much lower and privacy can be much higher. I don't think regulators will be able to do anything with Mercury wallet, but there is always good old mixers we all know, or using Lightning Network is viable alternative. Instead of creating bunch of shitcoin projects, developers should focus more on making better privacy for bitcoin, but hey you can't scam people like that and become rich overnight... I believe a "for-privacy" offchain layer could be a feaible path for preseving fungibility for Bitcoin. Merely a network for handling a high volume of transactions might not be enough. Lightning is a little cumbersome to use. Users can simply trade their coins for faster shitcoins. There has to be some other form of utility for Lightning that users truly need. |
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But wouldn't the Russian government start avoiding accumulation of U.S. Dollars currently that they are sanctioned from using it? All Dollars held within Russia and in Russian banks are essentially "erased" from the ledger.
No, money held by the central reserve and their own banks in their OWN accounts and not overseas accounts as collateral is not touched by these sanctions and the Russian government needs dollars because it has debts to pay, one was just the other day, it has to pay the debt of the companies that are owned by the state, the sum is of around 150 billion, that's why they had reserves in foreign nations, to back up this debt as collateral, not because Russia managed miraculously to set aside 30% of their GDP in savings in 3 years. If they can't service the debt there will be a default, and if their own companies can't do that either there will be bankruptcies, and assets are going to be seized. It's the USSR all over again, what other choice do they have than getting dollars? Do you think China will accept rubles for their stuff?  They are sanctioned from using the Dollar, but they are still required to pay their debts in Dollars? Wouldn't that make the lender, for receiving payments from Russian companies/financial institutions, be breaking U.S. orders under the sanction? I believe the U.S. have also sanctioned Russian Gold. My viewpoint truly is, I believe the sanction might hurt the Dollar more in the future, because other nation-states might start losing trust in the cabal behind the U.S. Dollar. |
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Whatever criticisms the people say about Elon Musk, which is understandable and he's very deserving to be criticized for trolling the community, nothing will change the fact that he has made one of the smartest investment decisions in history. The first trillionaires might be institutional Bitcoin HODLers. Elon and Saylor are two of the smartest people with big investments in bitcoin so far. They go in and invest at the right time where they have managed to get a commensurate return on that huge investment. I know they come on behalf of the institution, but they are more forward-thinking than us (most of the crypto community). We are aware that bitcoin has a lot of future potential, but finances have been a factor why many of us don't invest in the long term. But I strongly disagreed when one of the two investors (Elon Musk) said that bitcoin is bad for nature especially with mining. Regardless of whether Elon sells or not, but he can't be trusted 100% because of his strange behavior. We are not supposed to trust influencers 100%, they also have a purpose in this investment. Who said that the community should be trusting him? Plus if he cannot be trusted, then Michael Saylor shouldn't be trusted. He is as capable to do anything. I trust Bitcoin as a protocol. That it will keep working and will keep chugging along for years because of thr design decisions made by the Core developers. Elon Musk and Saylor can sell, but Bitcoin remains. |
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Whatever criticisms the people say about Elon Musk, which is understandable and he's very deserving to be criticized for trolling the community, nothing will change the fact that he has made one of the smartest investment decisions in history. The first trillionaires might be institutional Bitcoin HODLers. |
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Sorry to go off-topic but it was an interesting observation that I can only explain as market manipulation (I'd love it if someone could explain any other reason opposite of what I said).
Pretty simple! In Russia, everyone tries to get dollars including the government which banned dollars purchases, driving a black market which in some reported cases goes to 300 rubles for a dollar, the government is desperate for foreign currency and the lack of it does what you see happening. In Ukraine, the country is flooded with billions in aid, poeple received a ton of donations which have to be converted in local currency, doing the exact opposite as it happens in Russia, driving the offset between demand and offer down, just the proposed help to date is about 1/3 of the monetary mass in the country. But wouldn't the Russian government start avoiding accumulation of U.S. Dollars currently that they are sanctioned from using it? All Dollars held within Russia and in Russian banks are essentially "erased" from the ledger. |
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I believe proudhon and sgbett are probably having the JOMO feeling right now, but I do not know why they are not currently trolling. Are they really buying and HODLing the DIP? The meaning of JOMO is in this topic, https://bitcointalk.org/index.php?topic=5390052.0 |
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I learned about this word today too. It stands for 'Joy Of Missing Out".
You were thinking of buying a coin and later that coin dumps to oblivion. That's JOMO!
Hahahahaha! I currently only buy, and HODL Bitcoin. I have not felt the JOMO feeling in a very very long time. There was a few months when I was in my days as a "day-trader" that I felt that very laughable feeling. I believe there are JOMO feelings everywhere during the current stage of the market. |
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OP, if you are an active day-trader who use shorter time frames, EMA might be better because it is weighted more towards recent price data, but for longer time frames, like weekly charts, I believe it doesn't actually matter anymore. I personally use SMA for my weekly chart.
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OP, I believe the priority alternative for the entities that matter is Gold. Central Banks will buy Gold with U.S. Dollars because Gold simply has the precedent of acceptance around the world. Humans have valued Gold for more than 5,000 years. BUT, in due course, I'm very confident Bitcoin will be used for international trade for more efficiency. Gold can't be shipped back and forth efficiently.
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The default Wasabi Wallet coordinator will start censoring "illegal" UTXOs
It FAILED to live up to Bitcoin's ethos. But how would developers mitigate this in the next iteration of the "next Wasabi"? Or what other alternatives can be built, using another path, to protect and preserve Bitcoin's fungibility? Offchain layer with Zero-Knowledge Proofs perhaps? Is that possible? |
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In what currency will Russia be willing to accept, and in what currency will India be willing to purchase? It's expected that Russia will never accept the U.S. Dollar, or the Euro. Will payments be in physical Gold/other commodities, because that would only be the logical choice.
I believe, because of the U.S. government's financial cancellation and sanction on Russia, a narrative will surface. "The beginning of distrust over the World Reserve Currency/U.S. Dollar".
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Maybe he thinks that holding a lot of Bitcoin forever will save him and help him become more famous. A whales like Elon Musk can really play the market without worrying to lose their money, perhaps, they can afford it. However, whatever he does with his Bitcoin, people are not interested to know it, actually, we don't care. But believe me or not, Elon Musk is a wise person, he could trick us. he can pretend that he is holding till now, in fact, we don't know the truth.
 Or maybe he's really one of the smartest, most intelligent minds in the world, and that he truly understands the underlying nature of a ground-breaking invention like Bitcoin. In the history books of the future, Bitcoin will be considered to be a breakthrough the same as the invention of the printing press, the telephone, the airplane, or the discovery that the Earth is round. |
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Ok... imagine this scenario.
Russia buy some electronic goods from China and they tell them that the payment will be in the form of Gold coins. Will the US now ban Gold coins, because they sanctioned Russia and used the Banking system (SWIFT) to stop international money transfers?
They can, they will. Russia has many ways to pay for goods and services, even if they use offshore accounts or having to re-direct the payments through friendly countries. (Do you really think Russia has stopped selling Oil and Gas.... and how do you think they are getting paid?) Also, we are talking about Billions of Dollars worth of bitcoins that needs to be bought ...and we are not seeing that on Exchanges. (... it is hard to offramp crypto in large amounts.) Let's not forget this.... people worldwide are sending millions of dollars in BTC [Bitcoin] to Ukrainians to support them.  It's not that hard, if there's demand. Bitcoin, because of the way it is built, it has an inclination to go to where it's needed, and the inclination to lessen friction, and make inefficient transfers of value more efficient by removing third parties. |
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I believe the asset most held by the rich that would surge in price during the first type inflation would be real estate, which should also affect the plebs through purchasing, and rental costs. But more research necessary what the effect would be if it continued for 10 more years. It's hard for me to believe that the expansion of the Fed's balance sheet would be sustainable without having inflationary problems, and we blame it only to supply constraints.
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As to Russia itself or its banks and huge companies, I think it's hard for them to evade sanctions through cryptocurrencies. But to the Russians who are now deprived of ways to transmit money from their country to the other parts of the world and vice versa, crypto could help. Crypto could also help those who are keeping cash savings as the value of the ruble is spiraling down. And we also know that a lot of Russians are leaving the country. They are limited as to the amount of cash they could carry. Bitcoin is a great option. It's definitely hard, but in my opinion, it's not impossible. What use is POW in Bitcoin, what use is the preservation of decentralization and censorship-resistance? How long must the protocol keep chugging along until everyone understands the true nature of Bitcoin? The use of Bitcoin to evade sanctions is limited primarily because of the nature of the sanctions themselves. Currently, the strongest sanctions are directed at Russia's oil and gas, the country's lifeblood. The US has banned all of Russia's oil and gas. EU countries have also greatly reduced their dependence on Russian oil and gas imports. Germany has also halted the Nord Stream 2 gas project. That's true, but they can start mining Bitcoin by using their stockpiles of oil, and their unused supply of natural gas, and sell virgin Bitcoins, which has higher value. Well, it's not gonna make them evade the current sanctions but I think it's worth it. Russia should explore Bitcoin mining considering that they have abundant supply of oil and gas. They have the resources to build the largest Bitcoin mining farm in the world. In effect, they will also be earning huge in a currency that cannot be bullied nor censored. But I wonder how western countries would begin to treat Bitcoin if Russia is fully into it. They treat it the same like how they currently treat it. They fear it because they don't truly understand it, I believe no one has. But if Russia starts HODLing it, and start using the protocol as a point for censorship-resistance, transacting with a country like El Salvador, or Iran, Pakistan, weakening the West's political stronghold, I believe game theory would suggest that the West should HODL too, as a hedge. Financial sanctions include freezing the Russian central bank's hundreds of billions of dollar reserves, freezing the assets of Russian oligarchs, among others.
Huge international companies like Coca-Cola, McDonald's, Pepsi, Starbucks, Heineken, Shell, ExxonMobil, Levi's, Nestle, Procter & Gamble, Unilever, and many others have also implemented their own version of sanctions.
In all of these, Bitcoin couldn't be used as a tool of evasion. That cannot be debated, but as a protocol, and an open, permissionless system that can't be turned off by third parties, wouldn't you agree that Bitcoin is useful? That's where it starts. The dark markets/black markets are next. I completely agree, although, again, there might be grave repercussions as to Bitcoin's perception once the enemy is making the most out of it. Western countries and the western media might once again paint Bitcoin in a bad light. That's another topic, but the Honey Badger don't care.
Moreover, Bitcoin regulations would definitely be at its tightest.
It's ironic that many people believe that matters because the design decisions made by the Core developers were for decentralization, and censorship-resistance. "Regulations" don't exist in the blockchain. |
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As to Russia itself or its banks and huge companies, I think it's hard for them to evade sanctions through cryptocurrencies. But to the Russians who are now deprived of ways to transmit money from their country to the other parts of the world and vice versa, crypto could help. Crypto could also help those who are keeping cash savings as the value of the ruble is spiraling down. And we also know that a lot of Russians are leaving the country. They are limited as to the amount of cash they could carry. Bitcoin is a great option. It's definitely hard, but in my opinion, it's not impossible. What use is POW in Bitcoin, what use is the preservation of decentralization and censorship-resistance? How long must the protocol keep chugging along until everyone understands the true nature of Bitcoin? The use of Bitcoin to evade sanctions is limited primarily because of the nature of the sanctions themselves. Currently, the strongest sanctions are directed at Russia's oil and gas, the country's lifeblood. The US has banned all of Russia's oil and gas. EU countries have also greatly reduced their dependence on Russian oil and gas imports. Germany has also halted the Nord Stream 2 gas project. That's true, but they can start mining Bitcoin by using their stockpiles of oil, and their unused supply of natural gas, and sell virgin Bitcoins, which has higher value.
Financial sanctions include freezing the Russian central bank's hundreds of billions of dollar reserves, freezing the assets of Russian oligarchs, among others.
Huge international companies like Coca-Cola, McDonald's, Pepsi, Starbucks, Heineken, Shell, ExxonMobil, Levi's, Nestle, Procter & Gamble, Unilever, and many others have also implemented their own version of sanctions.
In all of these, Bitcoin couldn't be used as a tool of evasion.
That cannot be debated, but as a protocol, and an open, permissionless system that can't be turned off by third parties, wouldn't you agree that Bitcoin is useful? That's where it starts. The dark markets/black markets are next. |
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