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Author Topic: Why so much bitcoin popularity in Russia?  (Read 6424 times)
danalex
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September 15, 2012, 03:00:44 PM
 #1

Yesterday I was looking at map that showed popularity of bitcoin worldwide and was wondering why Russia got the first place.
There is a good reason for bitcoin being so popular in Russia.
It is probably because there is a Russian TV channel that discusses bitcoin all the time: "Russia Today" TV (rt.com).
This may tell us how important is mediatic coverage for bitcoin popularity.

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September 15, 2012, 03:06:16 PM
 #2

The economic system of Russia has been built from underground activity since the collapse of The Soviet Union. Bitcoin serves the Russian legally-black/grey power structures very well in laundering funds among other things, especially on an international-scale, since Bitcoin is not centrally managed.

Basically, my guess is Russian mobsters and criminals are picking up on it.
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September 15, 2012, 03:12:24 PM
 #3

Russians happen to love internet money!

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September 15, 2012, 04:37:41 PM
 #4

They can scam you out of BTC and they know their government will just ask for a cut in USD or Euro of course... Thats IF they even get noticed.
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September 15, 2012, 08:59:12 PM
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good networking skills

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September 15, 2012, 09:04:36 PM
 #6

Nigerian Princes like bitcoin for the same reasons.

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September 15, 2012, 09:11:14 PM
 #7

Yesterday I was looking at map that showed popularity of bitcoin worldwide and was wondering why Russia got the first place.

Coz Russia is quite big. If Bitcoin is spread equally around the globe, then it's normal that big countries have more bitcoin followers.
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September 15, 2012, 10:51:13 PM
 #8

Yesterday I was looking at map that showed popularity of bitcoin worldwide and was wondering why Russia got the first place.

Coz Russia is quite big. If Bitcoin is spread equally around the globe, then it's normal that big countries have more bitcoin followers.

Nope, Russia has more bitcoin clients per million than pretty much everything outside other, even more extreme, Eastern European countries like Ukraine, and even if you correct for GDP its Bitcoin popularity is (or at least was back in February) nine times higher than expected.

Argumentum ad lunam: the fallacy that because Bitcoin's price is rising really fast the currency must be a speculative bubble and/or Ponzi scheme.
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September 15, 2012, 10:57:46 PM
 #9

I'm not sure what map you are looking at, but http://www.weusecoins.com/globe-bitcoin/ shows differently.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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September 16, 2012, 07:00:43 AM
 #10

I got the answer. Mining gives free bitcoins. And russians love "халява" (freebie).
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September 16, 2012, 09:00:42 AM
 #11

Well, mined coins aren't exactly free but neither do they require hard physical or tedious labour! (Except by the mining rig that is.)

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September 16, 2012, 12:56:55 PM
 #12

Yesterday I was looking at map that showed popularity of bitcoin worldwide and was wondering why Russia got the first place.
There is a good reason for bitcoin being so popular in Russia.
It is probably because there is a Russian TV channel that discusses bitcoin all the time: "Russia Today" TV (rt.com).
This may tell us how important is mediatic coverage for bitcoin popularity.

Where is this map you are looking at?

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September 16, 2012, 01:19:05 PM
 #13

It's very cold in Russia. Many probably heat their houses with wood or old electric ovens that heat up over night. Might as well buy a lot of Gpus and get paid for an expensive necessity.
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September 16, 2012, 01:33:15 PM
 #14

The answer lies in Russia's history.

That history has taught them in a very viscerally painful way not to trust paper currency (and central authorities that govern it).

Those holding the Euro are next to get this painful lesson... those holding the Dollar will get it soon after that.

Said, how clueless the average American is who's spending that paper. They have no clue how the Federal Reserve scam works.  Talk to the average Russian though, and they have a completely different view.

Cheers
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September 16, 2012, 01:39:20 PM
 #15

I'm not sure what map you are looking at, but http://www.weusecoins.com/globe-bitcoin/ shows differently.

After looking at that map, I'm not hell bent on becoming the first node from Antarctica.

and to answer the OP, well, what else is there to do in Russia?
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September 16, 2012, 01:46:18 PM
 #16

and to answer the OP, well, what else is there to do in Russia?

Drink водка? Grin

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September 16, 2012, 02:47:21 PM
 #17

botnets

I am surprised how little attention this gets. There are hundreds of people making $10k+ per month with botnets. It doesn't even matter how good the hardware is when you have thousands of zombies. There are pre-made miners available for sale, some of which are completely undetectable. Once anti-virus detects them it is very easy to crypt them and carry on.

This is not a small scale thing. It is not an exception. This is happening on an absolutely massive scale and once people find out just how much of this is going on bitcoin is going to suffer, hard.

I'm not making this up. I'm not spreading FUD. This is a fact and it is my prediction that it will hit Bitcoin harder than anything else has done to date.

If you don't believe me just head over to some of the popular black hat forums and search for bitcoin.

Also, MMM.



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Come-from-Beyond
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September 16, 2012, 02:53:57 PM
 #18

The answer lies in Russia's history.

That history has taught them in a very viscerally painful way not to trust paper currency (and central authorities that govern it).

Those holding the Euro are next to get this painful lesson... those holding the Dollar will get it soon after that.

Said, how clueless the average American is who's spending that paper. They have no clue how the Federal Reserve scam works.  Talk to the average Russian though, and they have a completely different view.

Cheers

As a guy who has Russian mentality I assure u that main cause is free money (bitcoins). Smiley
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September 16, 2012, 03:04:25 PM
 #19

botnets

I am surprised how little attention this gets. There are hundreds of people making $10k+ per month with botnets. It doesn't even matter how good the hardware is when you have thousands of zombies. There are pre-made miners available for sale, some of which are completely undetectable. Once anti-virus detects them it is very easy to crypt them and carry on.

This is not a small scale thing. It is not an exception. This is happening on an absolutely massive scale and once people find out just how much of this is going on bitcoin is going to suffer, hard.

I'm not making this up. I'm not spreading FUD. This is a fact and it is my prediction that it will hit Bitcoin harder than anything else has done to date.

If you don't believe me just head over to some of the popular black hat forums and search for bitcoin.

Also, MMM.
How would this hit bitcoin ?

Don't you think this will stop gradually once mining goes ASICs ?
Spekulatius
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September 16, 2012, 03:12:30 PM
 #20

botnets

I am surprised how little attention this gets. There are hundreds of people making $10k+ per month with botnets. It doesn't even matter how good the hardware is when you have thousands of zombies. There are pre-made miners available for sale, some of which are completely undetectable. Once anti-virus detects them it is very easy to crypt them and carry on.

This is not a small scale thing. It is not an exception. This is happening on an absolutely massive scale and once people find out just how much of this is going on bitcoin is going to suffer, hard.

I'm not making this up. I'm not spreading FUD. This is a fact and it is my prediction that it will hit Bitcoin harder than anything else has done to date.

If you don't believe me just head over to some of the popular black hat forums and search for bitcoin.

Also, MMM.
How would this hit bitcoin ?

Don't you think this will stop gradually once mining goes ASICs ?

+1

valid point
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