Russians are shaking up the crypto markets

johnarb · Mar 12, 2022

nooby_mcnoob said:
My point is this: Bitcoin is useful to evade capital controls, yes. But it's useless unless converted to some fiat.

evade capital controls when every legitimate exchange have AML/KYC?

So Amazon stock is useless unless converted to fiat? How about Gold bars? How about the SPY ETF's in the account?

nooby_mcnoob · Mar 12, 2022

johnarb said:
evade capital controls when every legitimate exchange have AML/KYC?

So Amazon stock is useless unless converted to fiat? How about Gold bars? How about the SPY ETF's in the account?

If Amazon stock stops trading, I still have a legal claim on the assets of the company.

If Bitcoin stops trading... I have... a number.

johnarb · Mar 12, 2022

nooby_mcnoob said:
If Amazon stock stops trading, I still have a legal claim on the assets of the company.

If Bitcoin stops trading... I have... a number.

Ahhhhhhhhhhhhh

Wait, let me check my notes

So the people of Russia who invested in their stock market have no problems right now? Or the people of Venezuela? or the people trading in the LME and got their trades cancelled?

Bitcoin is a bearer asset you can trade anywhere in the world unlike your Amazon stocks

You are wishing for a hypothetical that is very, very very very unlikely to happen

But you want it so badly you think it's going to happen soon

nooby_mcnoob · Mar 12, 2022

johnarb said:
Ahhhhhhhhhhhhh

Wait, let me check my notes

So the people of Russia who invested in their stock market have no problems right now? Or the people of Venezuela? or the people trading in the LME and got their trades cancelled?

Bitcoin is a bearer asset you can trade anywhere in the world unlike your Amazon stocks

You are wishing for a hypothetical that is very, very very very unlikely to happen

But you want it so badly you think it's going to happen soon

I do agree in the case of societal breakdown that does not take down the Internet, Bitcoin is superior for retaining _some_ wealth.

Ackerman · Mar 12, 2022

I would say that EU is also shaking the market, and it is not only about the bitcoin. We will see how everything will be in the future, but I hope that nothing problematic will happen...

Sprout · Mar 12, 2022

nooby_mcnoob said:
6 billion is nothing, they should be able to open an account with binance and liquidate to USDT and then send the USDT to australia right? RIGHT? RIGHT?

many rails for otc trades

Pekelo said:
https://financialpost.com/pmn/busin...idating-crypto-in-the-uae-to-seek-safe-havens

DUBAI — Crypto firms in the United Arab Emirates (UAE) are being deluged with requests to liquidate billions of dollars of virtual currency as Russians seek a safe haven for their fortunes, company executives and financial sources said.

Some clients are using cryptocurrency to invest in real estate in the UAE, while others want to use firms there to turn their virtual money into hard currency and stash it elsewhere, the sources said

One crypto firm has received lots of queries in the past 10 days from Swiss brokers asking to liquidate billions of dollars of bitcoin because their clients are afraid Switzerland will freeze their assets, one executive said, adding that none of the requests had been for less than $2 billion.

“We have one guy – I don’t know who he is, but he came through a broker – and they’re like, ‘we want to sell 125,000 bitcoin’. And I’m like, ‘what? That’s $6 billion guys’. And they’re like, ‘yeah, we’re going to send it to a company in Australia’,” the executive said.

Dubai, the Gulf’s financial and business center and a growing crypto hub, has long been a magnet for the world’s ultra-rich and the UAE’s refusal to take sides between Western allies and Moscow has signaled to Russians that their money is safe there.

This post is silly and demonstrates a fundamental lack of understanding of the btc network. Anyone whom has accumulated that much btc most likely holds it as non-custodial. There would be no requirement to liquidate something that someone has the private keys for.

They could travel to anywhere in the world and still access their btc.

mlawson71 · Mar 14, 2022

Meanwhile the Biden administration is trying to regulate the crypto market. We'll see how that will go, I guess.

The_Krakenite · Mar 14, 2022

Sure, why not. We saw how his 'regulation' of Keystone, etc. all worked out so well. Might as well botch up the next commodity in line.

mlawson71 · Mar 28, 2022

Pekelo said:
https://financialpost.com/pmn/busin...idating-crypto-in-the-uae-to-seek-safe-havens

DUBAI — Crypto firms in the United Arab Emirates (UAE) are being deluged with requests to liquidate billions of dollars of virtual currency as Russians seek a safe haven for their fortunes, company executives and financial sources said.

Some clients are using cryptocurrency to invest in real estate in the UAE, while others want to use firms there to turn their virtual money into hard currency and stash it elsewhere, the sources said

One crypto firm has received lots of queries in the past 10 days from Swiss brokers asking to liquidate billions of dollars of bitcoin because their clients are afraid Switzerland will freeze their assets, one executive said, adding that none of the requests had been for less than $2 billion.

“We have one guy – I don’t know who he is, but he came through a broker – and they’re like, ‘we want to sell 125,000 bitcoin’. And I’m like, ‘what? That’s $6 billion guys’. And they’re like, ‘yeah, we’re going to send it to a company in Australia’,” the executive said.

Dubai, the Gulf’s financial and business center and a growing crypto hub, has long been a magnet for the world’s ultra-rich and the UAE’s refusal to take sides between Western allies and Moscow has signaled to Russians that their money is safe there.

No wonder Dubai recently created a crypto regulator. Formed under the Dubai Virtual Asset Regulation Law, the new regulator dubbed Dubai Virtual Assets Regulatory Authority will be in charge of the oversight of all crypto assets as well as NFTs in the emirate.
I can't imagine the chaos before that.

Cometography · Mar 31, 2022

I think cryptocurrency has shown less fluctuations during this whole Russia-Ukraine situation compared to how it behaves usually to any big event. The notion that cryptocurrencies are safe haven has stood true during these unpredicatable times. Even the naysayers who were also suspicious about the bitcoin potential have realised the importance of it.