Russia is set to ban cryptos

Pekelo

Pekelo

After India and China...

https://www.rt.com/russia/546628-moscow-proposes-complete-ban-cryptocurrencies/

"The Bank of Russia has unveiled proposals that would see the sale, mining and circulation of cryptocurrencies banned as part of a radical move that finance chiefs say would protect the economy from the risks associated with digital currencies.

In a statement issued on Thursday, the Central Bank argued that “the status of the Russian ruble, which is not a reserve currency, does not allow Russia to take a soft approach or ignore the growing risks.”"

In addition, the mining of cryptocurrencies would be banned under the proposed rule change, as would the ability for investors to cash out. Those falling foul of the laws could face prosecution.
 
I wish all people of this planet would use cryptos and fuck fiat. IRS, FED, banks, govs could go to hell finally with all their trillions made of thin air ... I really understand why they need it banned. They are so scared of it simply because they lose control. When they lose control they are no more needed
 
tomas262 said:
I wish all people of this planet would use cryptos and fuck fiat. IRS, FED, banks, govs could go to hell finally with all their trillions made of thin air ... I really understand why they need it banned. They are so scared of it simply because they lose control. When they lose control they are no more needed
More...

1. Do you really think "money" in crypto isn't made out of thin air just as well? Daniele Sesta's MIM is more than just a tongue in cheek. And does Tether even need to be mentioned, which literally fuels most of BTC's pumps.
2. What about BTC maxis lobbying IRS for favorable tax treatment? How exactly does that say fuck taxes & IRS?
3. How about the crypto community, and primarily BTC community, welcoming regulations so that Wall Street can onboard easier and pump their bags? Fuck the FED & banks, how exactly?

Here is the reality. Governments & banks can shut down this whole game tomorrow at the snap of a finger, if they wanted to. The exec order is actually already in place for US entities, btw. The on-ramps & off-ramps are all major centralized exchanges (and some payment processors) that are simply being allowed to operate by the powers that be, and fully rely on the banking system.

Don't believe the hype.
 
Last edited:
Cryptjitsu said:
1. Do you really think "money" in crypto isn't made out of thin air just as well? Daniele Sesta's MIM is more than just a tongue in cheek. And does Tether even need to be mentioned, which literally fuels most of BTC's pumps.
2. What about BTC maxis lobbying IRS for favorable tax treatment? How exactly does that say fuck taxes & IRS?
3. How about the crypto community, and primarily BTC community, welcoming regulations so that Wall Street can onboard easier and pump their bags? Fuck the FED & banks, how exactly?

Here is the reality. Governments & banks can shut down this whole game tomorrow at the snap of a finger, if they wanted to. The exec order is actually already in place for US entities, btw. The on-ramps & off-ramps are all major centralized exchanges (and some payment processors) that are simply being allowed to operate by the powers that be, and fully rely on the banking system.

Don't believe the hype.
More...

interesting perspective, if you believe it's just thin air, what are your thoughts on Curve and Yearn?
 
Sprout said:
interesting perspective, if you believe it's just thin air, what are your thoughts on Curve and Yearn?
More...

Andre Cronje is crypto royalty and Yearn is a solid project. The token is actually direct competition for BTC & ETH as a reserve asset.
Curve is the center for stablecoin yielding strategies, as well as backing liquidity for newly created stablecoins.

Regardless, Tether is pretty much the central bank of the crypto space. Only the absolutely naive or self deluded fail to accept that USDT is regularly minted from nothing. The rest just accept it and continue to play the game. All that matters is that the majority places enough social consensys into USDT=USD at 1:1.
Just like trad finance. We all accept that our on-demand deposits at banks are real balances and fully accessible even though the reality is that not even a 3rd of the population could withdraw all that money into real cash at the same time without the whole system going on lockdown.
 
Cryptjitsu said:
Andre Cronje is crypto royalty and Yearn is a solid project. The token is actually direct competition for BTC & ETH as a reserve asset.
Curve is the center for stablecoin yielding strategies, as well as backing liquidity for newly created stablecoins.
More...

These statements appear at odds with your prior comment "created out of thin air" and reference to all crypto as "ponzi".

The main criticism about Tether is that they only disclosed that the commercial paper that is part of their asset mix backing it's issuance is A2 and above with no further details. While some criticism is warranted, the notion that it's backed by "nothing" and printed "out-of-thin-air" isn't an accurate description of their tokenomics.


btw,
I got in YFI at $10k when it flipped BTC, exited low 30's and missed it's huge run to ATH. CRV entry was $.60 ish and exited around $1.50ish, missed it's recent run. Depositing into CRV was no fun, gas costs were insane. I'm a bit behind in the DeFi space, been into NFT's since the summer. Andre's integration of tradable NFT's into ve(3,3) mechanics is exciting to witness. Let's see where this goes.
 
Sprout said:
These statements appear at odds with your prior comment "created out of thin air" and reference to all crypto as "ponzi".
More...

I don't discriminate against solid projects, Yearn does have some value purpose, even if it's just asset management for optimizing yield in the ponzi land of crypto.
No I don't own any, missed that boat and I don't chase.

Tether mints USDT out of thin air on a regular basis. You can rationalize it away with their excuses, but I doubt that even 20% of USDT could be redeemed for actual USD. In fact, their agreement clearly states that they are not obligated to redeem USDT for USD, it is under their full discretion. Tether's founders are literal conmen & scumbags, the entity has extremely shady ties to deep state elites.
But it does not matter to the crypto community, as long as it serves the purpose of pumping BTC. Plus, the TRC20 infrastructure is major.
That's the game, don't hate, play it while it lasts and mitigate the risks.
 
I would really love to see "big boys" switching off the cryptos ... :)
And I would also really love to be the "Russian fed" .. placing limit orders into BTC right before the announcement ;-)
 
You must log in or register to reply here.
Back
Top