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Question: Why is the Russian Federation so interested in Bitcoin
Russian Mob - 27 (32.5%)
Russian Hacker - 10 (12%)
Investing for the future. - 23 (27.7%)
Russian Government - 14 (16.9%)
No particular Reason - 9 (10.8%)
Total Voters: 83

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Author Topic: Why is the Russian Federation so interested in Bitcoin  (Read 4803 times)
Dobrodav
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June 10, 2011, 06:03:24 AM
 #21

Bottle of vodka is not some "fiat currency"   Undecided i promise you that. But it have to many disadvantages, it is fragile, heavy, not compact ...

We will  meet in not-so-distant future.
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relmeas
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June 10, 2011, 08:26:24 AM
 #22

Probably mostly the free money.

In moscow its not that bad but in the rest of the country $600 per month wages (although this is AFTER the taxes) are considered good, so with bitcoin mining one can easily double the income, with current prices at least.. Even if it fell a few times lower, still it's worth doing for such people.

As of the trust in BC as a currency, I highly doubt anyone does that. I have seen a few people who play buy/sell game at the exchanges but someone who actually saves all their free money in BC? no, I have not encountered such a wonder in any russian forum yet Smiley

Also, USD is currently falling in rubles so I doubt someone still saves in them  ... I heard some are starting to save in Chinese currency Smiley
he1kki
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June 10, 2011, 09:07:42 AM
 #23

In finnish point of view where we already have realtime wire transfers, relatively stable currency and low corruption, Bitcoin is merely for geeks who emphasize anonymity and are making economical statement. In Russia there is much more stronger actual need for Bitcoin, as there is already long traditions of tax resistance and general antigoverment attitudes.
Also I suppose that russians are one of the few nations, where memories of economical collapse is still crystal clear in collective memory, and they know that it should be taken seriously. Especially in current situation, where there is actual risk of economic collapse of eurozone AND US economy, there is natural need of neutral currency. Bit offtopic, but atm I'm much more scared of consumption-driven US, as they have zero experience of total economical collapse and they are heavily relying on imported commodities.
Dobrodav
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June 10, 2011, 09:29:36 AM
 #24

Quote
realmeas
is right.
   After some investigation i am should agree with them. There is some (very little) tendency to hoard BTC`s, but surprisingly, there is much more interest in speculation game. That can be seen even from commentaries on topics about BTC in local internet media. Thats topics are rare by the way, so far i am seen only 3 worse any mention, of them. Commentaries are  mostly negative, but very rational, - nobody starts blind offence, and behind every comment i am see question - how to make profit on BTC, and do not loose savings.
   That`s make me wander, that i am, somehow, allready overexcited  with BTC`s, and should take more careful approach to them. From other side, - i am not risking any serious amount anyway, and already gain good profit.
   So i am think that resolution should look like this -
 Many Russians are interested in BTC, but steal waiting for some signal to start operate with them (except mining, that is already  going and spreading like fire). That signal... wait, that signal may be declaring BTC behind the law Smiley .

We will  meet in not-so-distant future.
Today`s strange music :
http://www.youtube.com/watch?v=V8mCgjbBPMk
Yesterday`s  strange music:
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uniman
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June 10, 2011, 09:46:41 AM
 #25

Russians are extremely interested:

I think most of what you just said can be boiled down to the "store-of-value" function of money.  Fiat money is busy dying and taking everybody's hard earned value with it.  Governments simply cannot be trusted around money.  That's why they so tenaciously try to ensure that anything to do with money flows through their system.  Commodities can serve as a store of value, but their physical presence attracts predators.  Plus, they are hard to preserve, appraise, and move around.

Bitcoins so neatly solves all these problems and I predict its greatest use, or at least its initial "killer app" is going to be as a store of value.  Anybody who buys into this is going to _expect_ that their stash retains at least the purchasing power of the fiat they traded.  Maybe that's wishful thinking, but that's common psychology nonetheless.  No matter what happens to the BTC ecosystem, unless it's 100% eradicated, the holders of the BTC will bring the system back to life, in order to recover their value.  You'd need a world-wide prison planet to snuff this.  Sure, that's the ambition of many politicos, but that's not going to happen.  And with BTC in our arsenals it's now a bit less likely than before.



Sjalq
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June 12, 2011, 10:47:10 AM
 #26

Russians are extremely interested:

I think most of what you just said can be boiled down to the "store-of-value" function of money.  Fiat money is busy dying and taking everybody's hard earned value with it.  Governments simply cannot be trusted around money.  That's why they so tenaciously try to ensure that anything to do with money flows through their system.  Commodities can serve as a store of value, but their physical presence attracts predators.  Plus, they are hard to preserve, appraise, and move around.

Bitcoins so neatly solves all these problems and I predict its greatest use, or at least its initial "killer app" is going to be as a store of value.  Anybody who buys into this is going to _expect_ that their stash retains at least the purchasing power of the fiat they traded.  Maybe that's wishful thinking, but that's common psychology nonetheless.  No matter what happens to the BTC ecosystem, unless it's 100% eradicated, the holders of the BTC will bring the system back to life, in order to recover their value.  You'd need a world-wide prison planet to snuff this.  Sure, that's the ambition of many politicos, but that's not going to happen.  And with BTC in our arsenals it's now a bit less likely than before.

I couldn't agree more.

There is no chance of international outlawing.
Local outlawing will be met with distant jurisdiction cash outs.
Bitcoin's biggest threat is a better bitcoin.

Cheesy mine mine mine mine mine mine mine Cheesy
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Torminalis
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June 12, 2011, 10:58:21 AM
 #27

I heard on BBC Radio 4 the other day that in Russia, £1.8bn worth of bribes are exchanged each year. Bitcoin could certainly be very useful to them.
onesalt
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June 12, 2011, 03:34:18 PM
 #28

Russia likes bitcoin since it's (unfortunately) an excellent way to launder money. Flooz The last big online currency was so rife with this it was actually shut down because of it. It's a shame but sadly something all too prevalent with online currencies.
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