[2017-06-04] Suddenly Vladimir Putin Meets Vitalik Buterin, Endorses Ethereum

[Blake_Last]

The International Economic Forum, which just wrapped up in St. Petersburg, reportedly resulted in more than €30 bln of investments. The final and the most important result, however, is measured not in numbers, but in the mood and attitude of those who attended the Forum and who was keeping an eye on the events and meetings held in the North “capital” of Russia.

The cryptocurrency community is for sure left stunned by the recent meeting between Russian President Putin and the founder of Ethereum Vitalik Buterin.

Putin becomes a fan of Blockchain

As commented by Kremlin Press Secretary Dmitry Peskov, during the meeting, Putin and Buterin discussed the application of technologies in the country. Reportedly, the president supported the idea of establishing new business relationships following the road paved by Blockchain technology.

Earlier during the Forum, the first Deputy Prime Minister Igor Shuvalov said that Putin is really enthusiastic about the idea of building a new digital economy in the country and shared that at the moment at least three directions of Blockchain application are being explored and tested, which include the tracking of goods, building identity as well as ownership rights protection systems.

Buterin was among the speakers at the panel discussion on Blockchain economy, which actually became one of the most popular ones. Panelists discussed the potential of the technology to trigger the establishment of a new type of economy, as well as regulatory issues related to that process.

Russian regulators have been struggling so far trying to find a way to put Blockchain applications inside existing regulatory framework. Pseudo-anonymity is what concerns them the most.

Buterin says:

“I think this dilemma has no resolution. Regulators will always try to come up with new ways to control and analyze transactions, and people will always try to think how to hide these transactions. It is a sort of mathematical war, but system’s properties will never let any of these sides win.”


Read the full article here: https://cointelegraph.com/news/suddenly-vladimir-putin-meets-vitalik-buterin-endorses-ethereum

[Raxitto]

Blockchain technology is often compared to another technological invention like the Internet - and its impact must be much greater. Just as in the case of the World Wide Web, countries that decide to be bold and implement technology solutions before anyone else will have a significant competitive advantage.

Russia has the chance to become one of the leaders in the global IT industry. Even though the details of Putin's meeting with Buterin are kept secret, one detail has leaked - the president stands ready to give full support to the development of Blockchain technology, which would definitely result in a much larger increase in investment than Will enter the country, despite any restrictions and sanctions.

This idea is actively supported and promoted by Sergey Gorkov, president of VEB (Vnesheconombank), which suggests strengthening banks to navigate relations among investors who prepare for ICO's.

[Kprawn]

The same president that was implicated in the murder of Alexander Litvinenko, a former officer of the Russian Federal Security Service (FSB) and

KGB, who fled from court prosecution in Russia and received political asylum in the UK.

Source : https://en.wikipedia.org/wiki/Poisoning_of_Alexander_Litvinenko

Now he will implicate the whole country in one of the biggest Ponzi Schemes known to man. The US {SEC} will soon start with investigations into

Ethereum and then things will go terribly wrong for the Russian citizens invested in Ethereum. 

[Nagadota]

Now he will implicate the whole country in one of the biggest Ponzi Schemes known to man. The US {SEC} will soon start with investigations into

Ethereum and then things will go terribly wrong for the Russian citizens invested in Ethereum. 

Don't try to wade your way into things that you don't understand. 

Ponzi scheme
ˈpɒnzi/Submit
noun
a form of fraud in which belief in the success of a non-existent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.

A Ponzi scheme involves continuing payment from a group that claims to be a business.  Ethereum is not a business, the investors are investing in tokens (much like Bitcoin), and they know perfectly well that there's no guarantee for the value to stay up.

It's this sort of ignorant claim which stopped thousands of people from investing in Bitcoin.

[Kakmakr]

Now he will implicate the whole country in one of the biggest Ponzi Schemes known to man. The US {SEC} will soon start with investigations into

Ethereum and then things will go terribly wrong for the Russian citizens invested in Ethereum. 

Don't try to wade your way into things that you don't understand. 

Ponzi scheme
ˈpɒnzi/Submit
noun
a form of fraud in which belief in the success of a non-existent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.

A Ponzi scheme involves continuing payment from a group that claims to be a business.  Ethereum is not a business, the investors are investing in tokens (much like Bitcoin), and they know perfectly well that there's no guarantee for the value to stay up.

It's this sort of ignorant claim which stopped thousands of people from investing in Bitcoin.

Yes, kprwn is wrong, it is not a ponzi scam. It looks more like a unregistered security fraud/scam. There are regulatory questions about "tokens". They appear to be securities based on the Howey test.
Satoshi never sold bitcoins, he mined them and let other people sell them. Under the law that is actually how the distinction is made. On the other hand, Ethereum has pre-mined "tokens" and had a pre-sale to fund the development and they kept some "tokens" for the founders to line their pockets. ^Ooops^

There does not seem to be a user base. < non technical people who need Ether or Ethereum based tokens on a daily basis> In other words no one needs the Ether or tokens they are holding. <speculative>
When the founders saw that they are going to lose money, they got directly involved and they implemented the DAO. ^centralized control^

The SEC can start investigations any time they want, so this might be tomorrow or even years from now. The United States has treaties with over 80+ countries to enforce its regulations abroad when there was US participation, so this has a bigger impact than what we might think. ^hmmmmmm^

[joshy23]

Well do you guys still believed what comes up out of his mouth? I always took everything with a grain of salt coming from Russian news, specially Putin. They always like contracting their announcement on bitcoin. Now they are talking about Ethereum. Its another trap setup by Putin and you don't what to be caught. So Russian citizen beware.

[TraderTimm]

I believe it will have the success that "Mint Chip" had when Canada tried to make a GovCoin.

Also, about Ethereum, a few things you should know. (There's more, but these are the top "notes".)

First, there is no firm “upper cap” on Ethereum issuance, the schedule is 99 Million by 2025, 101 Million by 2128, and 104 Million by 5189.

Second, storage requirements for the barely 2-year crypto-currency will approach 1,024 GB inside a year. (By comparison, Bitcoin is 8.5 years old and uses 126 GB).

Third, Ethereum mining supply is a huge overhang on the market. 26,205 ETH was mined in the last 24 hours compared to 1,838 BTC. This is approximately 14 times the rate, which must be absorbed by the Ethereum market every DAY to just maintain their current price.

Fourth, of the total ~92.4 Million ether in existence, 60 Million were pre-mined for the “presale” and another 12 Million are controlled by the select centralized group doing development. That represents 77% sitting in very few hands compared to the outstanding float.

Ethereum has a lot of obstacles to overcome before they can start gloating about anything.