Xi, Putin wants Bitcoin without wanting Bitcoin

[uneng]

Sanctions are inevitable in this case. Russia and China can't expect they are going to keep their deals in secret while still maintaining the harmony with the rest of the world, especially with the occident. USA won't be fool to let their main adversaries continue growing protected by a bilateral p2p agreement. Understanding the analogy, bitcoin itself isn't the problem for people like Putin and Xi Jinping. For them, the problem is that bitcoin is open and free for everyone to use, doesn't matter who you are, while in fact they would like only themselves and their allies should have access to it.

Then they should know how a powerful tool Bitcoin can be against censorship-resistance if everyone has access to it, but does China truly understand? Because if they did, I believe they would never throw their advantage in the industry by banning POW mining, and trading.

This is a very misterious and shady subject. It's interesting, however, that China has banned bitcoin mining only now, when more than 90% of the coins are already mined.

Maybe it was just a smart move to concentrate their national energy consumption in another sectors. But I believe soon they will change regulations to allow proof of work currencies mining and trading again, as it was already cogitated some months ago by chinese authorities.

Sometimes they seem acting foolish, but I then I realize I might be the foolish one by underestimating them.

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[Mahanton]

Sanctions are inevitable in this case. Russia and China can't expect they are going to keep their deals in secret while still maintaining the harmony with the rest of the world, especially with the occident. USA won't be fool to let their main adversaries continue growing protected by a bilateral p2p agreement. Understanding the analogy, bitcoin itself isn't the problem for people like Putin and Xi Jinping. For them, the problem is that bitcoin is open and free for everyone to use, doesn't matter who you are, while in fact they would like only themselves and their allies should have access to it.

Then they should know how a powerful tool Bitcoin can be against censorship-resistance if everyone has access to it, but does China truly understand? Because if they did, I believe they would never throw their advantage in the industry by banning POW mining, and trading.

This is a very misterious and shady subject. It's interesting, however, that China has banned bitcoin mining only now, when more than 90% of the coins are already mined.

Maybe it was just a smart move to concentrate their national energy consumption in another sectors. But I believe soon they will change regulations to allow proof of work currencies mining and trading again, as it was already cogitated some months ago by chinese authorities.

Sometimes they seem acting foolish, but I then I realize I might be the foolish one by underestimating them.

They wont really be making out decisions on having no intent behind which we dont know on what they are planning thats why its better not to stress out yourself on what their plan behind because we could make out some presumptions but we dont know if those are really out of the concept or overall intent that they do have in mind. Country leaders does know on what they are doing even though their decisions had been made totally opposes
on what we had anticipated but well theres nothing we can do about it but to deal with it.

[Wind_FURY]

I believe everyone must have heard/read the announcement that Russia is interested in allowing Bitcoin mining, and Bitcoin protocol usage itself?

This is the narrative behind it, https://edition.cnn.com/2022/01/26/investing/swift-russia-ukraine/index.html

If Russia invades Ukraine, the E.U. and the U.S. will sanction them and ban them from using SWIFT, therefore isolating their banking system. If only there was an open, permissionless protocol that can be used as a fall back for their banking system.

[tbct_mt2]

I believe everyone must have heard/read the announcement that Russia is interested in allowing Bitcoin mining, and Bitcoin protocol usage itself?

This is the narrative behind it, https://edition.cnn.com/2022/01/26/investing/swift-russia-ukraine/index.html

If Russia invades Ukraine, the E.U. and the U.S. will sanction them and ban them from using SWIFT, therefore isolating their banking system. If only there was an open, permissionless protocol that can be used as a fall back for their banking system.

They don't prohibit, ban Bitcoin. It does not help them in any aspect. They can not react like a weird nation in globalization. We are moving farther to globalized Bitcoin adoption so Russia or any nation will have to follow the global trend.

Not only Russia but I also believe many nations should feel happy if their national budget increase a lot because they own Bitcoin. I think it is reasonable if any nation announce that they have national allocation for Bitcoin to reserve capital better for fight against inflation. It sucks when governments themselves have to find other alternatives which are better than their fiats. Do you think Russia, USA., China don't own any Bitcoin for their countries?

[Argoo]

I believe everyone must have heard/read the announcement that Russia is interested in allowing Bitcoin mining, and Bitcoin protocol usage itself?

This is the narrative behind it, https://edition.cnn.com/2022/01/26/investing/swift-russia-ukraine/index.html

If Russia invades Ukraine, the E.U. and the U.S. will sanction them and ban them from using SWIFT, therefore isolating their banking system. If only there was an open, permissionless protocol that can be used as a fall back for their banking system.

Today I saw on TV news with reference to the words of Russian President Putin that Russia is not afraid of being cut off from the SWIFT international banking system, since there is a good currency, the yuan. It is possible that Putin even has in mind the digitized yuan, which China promises to officially launch by the opening of the Winter Olympic Games in Beijing, that is, on February 04. I think that this is a significant exaggeration of his capabilities on the part of Putin, and he is still afraid of being cut off from SWIFT, but they deliberately deny the negative consequences of current and future international sanctions. But surely in Russia they will not turn to bitcoin or any other decentralized currency in order to circumvent international sanctions. The Chinese digitized yuan is more suitable for this. But for certain operations, the Russian government may well use bitcoin.

[Wind_FURY]

I believe everyone must have heard/read the announcement that Russia is interested in allowing Bitcoin mining, and Bitcoin protocol usage itself?

This is the narrative behind it, https://edition.cnn.com/2022/01/26/investing/swift-russia-ukraine/index.html

If Russia invades Ukraine, the E.U. and the U.S. will sanction them and ban them from using SWIFT, therefore isolating their banking system. If only there was an open, permissionless protocol that can be used as a fall back for their banking system.

They don't prohibit, ban Bitcoin. It does not help them in any aspect. They can not react like a weird nation in globalization. We are moving farther to globalized Bitcoin adoption so Russia or any nation will have to follow the global trend.

Not only Russia but I also believe many nations should feel happy if their national budget increase a lot because they own Bitcoin. I think it is reasonable if any nation announce that they have national allocation for Bitcoin to reserve capital better for fight against inflation. It sucks when governments themselves have to find other alternatives which are better than their fiats. Do you think Russia, USA., China don't own any Bitcoin for their countries?

I believe when nation-states start using Bitcoin as an alternative to SWIFT, it will be a chess game. When Russia mines Bitcoin, the U.S. needs to mine it too, as a deflection, and to make sure Russia’s share of the hashrate doesn’t become very large. China too WILL start mining.

From a game-theory standpoint, each player has to make a move that is beneficial to itself while counteracting the moves of an opponent.

[SquallLeonhart]

All the main reasons that this government has used as a way to ban Bitcoin in their countries doesn’t really make sense to me. Okay, they say that Bitcoin is being used for illicit activities, but the last time I checked, Bitcoin is the least currency that all these people who engage in illicit activities would like to consider. Unless maybe other cryptocurrencies, because illicit activities has been moving to other crypto currencies that can have privacy more than Bitcoin.

But as for Bitcoin, it cannot be their choice because they can be caught while making use of Bitcoin. Then talking about terrorism, I have not heard of any news of Bitcoin being used to fund terrorism yet, which I also think is just like being used for illicit activity, and would unlikely be considered by any of these.

Then another one is the fact that Bitcoin mining consumes a lot of energy, the last time I also checked, Bitcoin is the least thing that consumes energy when compared to other industries like health, building and the rest of them. So, why then do they ban bitcoin, or do they feel it is giving too much freedom to people? Which I know for sure that china doesn’t like giving too much of freedom to their citizens.

[JayTrain]

BREAKING: Putin and Xi agreed "to set up an independent financial infrastructure to service trade between Russia and China" which will be designed to be "invulnerable" to "pressure from third parties."

https://twitter.com/chollimaorg/status/1471122707337347072


BREAKING: Satoshi Nakamoto has already invented what Putin, and Xi’s independent infrastructure to service trade between Russia, and China. Another way of saying, “we don’t want to be censored by sanctions”.

I believe it was also China itself that has proven that Bitcoin is invulnerable to pressure from third parties.

I think bitcoin is a good alternative for trade relations between the two countries, but the volatility is too high, and we also see what a huge impact negative news has on bitcoin. Most likely, such countries need something stable, like stablecoins, but as a crypto enthusiast I would like it to be bitcoin.

[pooya87]

If Russia invades Ukraine, the E.U. and the U.S. will sanction them and ban them from using SWIFT, therefore isolating their banking system. If only there was an open, permissionless protocol that can be used as a fall back for their banking system.

I don't think such sanction ever happens because it would harm US more than it harms Russia. There are already plans among the Easter block to abandon US dollar as it is, if US pushes them in that direction they would lose a massive volume from Russia, China and a bunch of other allied countries and that can easily tank US dollar sooner than previously expected.

Interestingly enough bitcoin adoption is growing among these governments. A couple of years ago Iran adopted bitcoin for its import exports and also made it official recently. Others are following in those footsteps.

[pinggoki]

Sanctions are inevitable in this case. Russia and China can't expect they are going to keep their deals in secret while still maintaining the harmony with the rest of the world, especially with the occident. USA won't be fool to let their main adversaries continue growing protected by a bilateral p2p agreement. Understanding the analogy, bitcoin itself isn't the problem for people like Putin and Xi Jinping. For them, the problem is that bitcoin is open and free for everyone to use, doesn't matter who you are, while in fact they would like only themselves and their allies should have access to it.

That's what US is doing right now, they're sleeping on this countries. I mean they're military has always been the target of Russian, Chinese, and North Korean hackers for years now and they haven't done anything so far with all this attacks to possibly protect themselves, they're still banking on the fact that they still have the power to intimidate people into submission and via using their foreign policy to manipulate countries to fight proxy wars against their rivals. I think this partnership of China and Russia will be a bad thing for it's neighbors because both have been eyeing couuntries near their borders for years now and an economic partnership will somewhat seal the deal.

[Slow death]

I believe everyone must have heard/read the announcement that Russia is interested in allowing Bitcoin mining, and Bitcoin protocol usage itself?

This is the narrative behind it, https://edition.cnn.com/2022/01/26/investing/swift-russia-ukraine/index.html

If Russia invades Ukraine, the E.U. and the U.S. will sanction them and ban them from using SWIFT, therefore isolating their banking system. If only there was an open, permissionless protocol that can be used as a fall back for their banking system.

russia is a country of a modern dictatorship, they in an ideology that will hardly accept bitcoin even if they were in the worst of the worst situations, even if they were starving the russian government would continue with their ideology until one day the opposition won and took them out power

I believe everyone must have heard/read the announcement that Russia is interested in allowing Bitcoin mining, and Bitcoin protocol usage itself?

This is the narrative behind it, https://edition.cnn.com/2022/01/26/investing/swift-russia-ukraine/index.html

If Russia invades Ukraine, the E.U. and the U.S. will sanction them and ban them from using SWIFT, therefore isolating their banking system. If only there was an open, permissionless protocol that can be used as a fall back for their banking system.

Today I saw on TV news with reference to the words of Russian President Putin that Russia is not afraid of being cut off from the SWIFT international banking system, since there is a good currency, the yuan. It is possible that Putin even has in mind the digitized yuan, which China promises to officially launch by the opening of the Winter Olympic Games in Beijing, that is, on February 04. I think that this is a significant exaggeration of his capabilities on the part of Putin, and he is still afraid of being cut off from SWIFT, but they deliberately deny the negative consequences of current and future international sanctions. But surely in Russia they will not turn to bitcoin or any other decentralized currency in order to circumvent international sanctions. The Chinese digitized yuan is more suitable for this. But for certain operations, the Russian government may well use bitcoin.

as i've been saying russia will not use bitcoin they may even prefer to use china currency or china support than to use bitcoin

[buwaytress]

If Russia invades Ukraine, the E.U. and the U.S. will sanction them and ban them from using SWIFT, therefore isolating their banking system. If only there was an open, permissionless protocol that can be used as a fall back for their banking system.

I don't think such sanction ever happens because it would harm US more than it harms Russia. There are already plans among the Easter block to abandon US dollar as it is, if US pushes them in that direction they would lose a massive volume from Russia, China and a bunch of other allied countries and that can easily tank US dollar sooner than previously expected.

Interestingly enough bitcoin adoption is growing among these governments. A couple of years ago Iran adopted bitcoin for its import exports and also made it official recently. Others are following in those footsteps.

I didn't think so either, and I haven't been following this closely enough but it does seem apparent that US is ready to lay down the "mother of all sanctions" today -- and both parties seem to be on the same page here. Been seeing language being used of "Russian sons in body bags" even, which I wouldn't have expected under the current regime.

I always say necessity if the mother of invention. Iranians quickly became power users of Bitcoin once they had to learn to live under banking sanctions. I wouldn't be surprised if the same were to happen to this "Eastern bloc".

[Wind_FURY]

If Russia invades Ukraine, the E.U. and the U.S. will sanction them and ban them from using SWIFT, therefore isolating their banking system. If only there was an open, permissionless protocol that can be used as a fall back for their banking system.

I don't think such sanction ever happens because it would harm US more than it harms Russia. There are already plans among the Easter block to abandon US dollar as it is, if US pushes them in that direction they would lose a massive volume from Russia, China and a bunch of other allied countries and that can easily tank US dollar sooner than previously expected.

It currently won’t, but if a hot war happens to start between Russia/China, and the U.S./Europe? Because if Russia invades Ukraine, it might prompt China to make their move on Taiwan. Japan will ally with the U.S., North Korea with China, just a shower thought for the sake of discussion.

Interestingly enough bitcoin adoption is growing among these governments. A couple of years ago Iran adopted bitcoin for its import exports and also made it official recently. Others are following in those footsteps.

After El Salvador’s mining through volcano power, Russia/Iran mining through Nuclear power.

[zasad@]

Russia will not attack Ukraine unless there are provocations. Ukraine has a very difficult situation, because one part of the population wants to join Russia, the other to Poland. It is a tool in the political games of the USA, Europe and Russia. The Russian people have not been afraid of sanctions for a long time, and if something is taken away from the Russian oligarchs abroad, then it will not be worse in Russia.

[Wind_FURY]

Russia will not attack Ukraine unless there are provocations. Ukraine has a very difficult situation, because one part of the population wants to join Russia, the other to Poland. It is a tool in the political games of the USA, Europe and Russia. The Russian people have not been afraid of sanctions for a long time, and if something is taken away from the Russian oligarchs abroad, then it will not be worse in Russia.

That’s another debate altogether. War or without war, it’s also another debate if Russia will accept/regulate Bitcoin mining, or mine Bitcoin themselves as a preperation for U.S. sanctions, and to use Bitcoin as a protocol/alternative for SWIFT/a settlement layer. The technology works, it’s robust, and it has been chugging along without down time.

[Wind_FURY]

Bump.

Iran is reportedly in discussions with Russia to develop a new gold-backed stablecoin as sanctions from US and its allies amount against the two countries.

According to a report from Russian news site Vedomosti, Iran and Russia are jointly looking for a new digital format for international settlements that can operate around Western sanctions. The new “token of the Persian Gulf region” would be used as a means of payment in foreign trade settlements instead of the US dollar, the Russian ruble, or the Iranian rial.

https://financefeeds.com/iran-and-russia-are-creating-gold-backed-stablecoin/

If only there was a permissionless, decentralized ledger with its own currency that can be used both as Store Of Value and Medium Of Exchange, and the protocol can also be used as a financial network for international settlements that can go around and elude sanctions.

 

How long? How long must Bitcoin run and prove itself before they accept it, and use it?

[SFR10]

The new “token of the Persian Gulf region” would be used as a means of payment in foreign trade settlements instead of the US dollar, the Russian ruble, or the Iranian rial.

I'm a bit surprised it has taken them this long to plan it out ^{[AFAIK, they first started having discussions back in 2019]} and I also noticed that despite being a joint effort, the highlighted part seems to be in favor of Iran.

How long must Bitcoin run and prove itself before they accept it, and use it?

Until 2140 or as soon as it becomes more stable

[zasad@]

Bump.

Iran is reportedly in discussions with Russia to develop a new gold-backed stablecoin as sanctions from US and its allies amount against the two countries.

According to a report from Russian news site Vedomosti, Iran and Russia are jointly looking for a new digital format for international settlements that can operate around Western sanctions. The new “token of the Persian Gulf region” would be used as a means of payment in foreign trade settlements instead of the US dollar, the Russian ruble, or the Iranian rial.

https://financefeeds.com/iran-and-russia-are-creating-gold-backed-stablecoin/

If only there was a permissionless, decentralized ledger with its own currency that can be used both as Store Of Value and Medium Of Exchange, and the protocol can also be used as a financial network for international settlements that can go around and elude sanctions.

 

How long? How long must Bitcoin run and prove itself before they accept it, and use it?

In Russia, smart people understand that the price of bitcoin is highly manipulated, so bitcoin will not be used for serious international payments. Perhaps they will allow small commercial transactions with various cryptocurrencies, but the main idea is to make an analogue of the dollar for the BRICS countries.

[Wind_FURY]

Bump.

Iran is reportedly in discussions with Russia to develop a new gold-backed stablecoin as sanctions from US and its allies amount against the two countries.

According to a report from Russian news site Vedomosti, Iran and Russia are jointly looking for a new digital format for international settlements that can operate around Western sanctions. The new “token of the Persian Gulf region” would be used as a means of payment in foreign trade settlements instead of the US dollar, the Russian ruble, or the Iranian rial.

https://financefeeds.com/iran-and-russia-are-creating-gold-backed-stablecoin/

If only there was a permissionless, decentralized ledger with its own currency that can be used both as Store Of Value and Medium Of Exchange, and the protocol can also be used as a financial network for international settlements that can go around and elude sanctions.

 

How long? How long must Bitcoin run and prove itself before they accept it, and use it?

In Russia, smart people understand that the price of bitcoin is highly manipulated, so bitcoin will not be used for serious international payments. Perhaps they will allow small commercial transactions with various cryptocurrencies, but the main idea is to make an analogue of the dollar for the BRICS countries.

Perhaps not, but that's also the question. It won't matter if the price is manipulated, because technically and politically, if it gives its participants the advantage of breaking down, and weakening political strongholds implemented by the West, it probably could be a more feasible solution to their problem. I believe they have deep knowledge of Bitcoin, and that it could be useful for what they want to do, but they will never admit it.

[goldkingcoiner]

Does this have anything in common with the news of Iran and Russia trying to scheme together a gold backed shitcoin?

Source:
https://bitcointalk.org/index.php?topic=5435959.0

Putin obviously wants to be in control of their new crypto. As does Xi, I imagine. And there is no chance in hell they would ever be in control of Bitcoin, so there is no point in Bitcoin for them nor any other cryptocurrency which is out of their control.

Obviously this is a case of bad politicians not understanding the prerequisites of decentralized money. There is no point to using Blockchain to gain independency and freedom from third parties when there is a centralized source of control.