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  • That wasn't the request that the exchanges are responding to
    https://twitter.com/FedorovMykhailo/stat­us/1497922588491792386

  • "Sometimes the hardest thing about having power is knowing when not to use it. Our mission is better served by focusing on individual needs above those of any government or political faction. The People's Money is an exit strategy for humans, a weapon for peace, not for war." Jesse Powell

    The People's Money, barf, what a complete crock of horse shit. If there's ever a time to stand for SOMETHING then now is the time. Enjoy your depressing cruise ships in non-territorial waters. Here's hoping a rogue Ukrainian sinks your irrelevant ideology to the bottom of the ocean.

  • Bottom line is that the legit exchanges have to comply with the sanctions or they will lose access to banking. Coinbase and others will roll over under pressure from their banks. I suspect this is just spin to make the moronic crypto libertarians think that Coinbase agrees with them and their half arsed ideology.

    Note that Binance left China long ago and are HQ'd in Malta. Binance don't get to decide whether they comply with sanctions, Malta does.

  • I mean, if Kraken is saying that they won't freeze Russian assets, doesn't that put their federal and state banking licenses at risk in the US?

    If Binance refuse to apply the sanctions, won't they lose their European and Maltese banking licenses?

  • I suspect this is just spin to make the moronic crypto libertarians think that Coinbase agrees with them and their half arsed ideology.

    It also smells a bit like rationalising potential war profiteering. (Not an attack on people who hold crypto. But these guys could earn big if Russian sanctions push people to them).

  • It also smells a bit like rationalising potential war profiteering. (Not an attack on people who hold crypto. But these guys could earn big if Russian sanctions push people to them).

    You make a good point but I still find it hard to believe that the EU and US based exchanges will think they have even half a chance to pull that off. The authorities would love an oportunity to run those guys through the mill, and profiteering by evading war time sanctions is probably a little higher on the US list of crimes to crack down on than occasional money laundering.

    For example, Binance have really struggled to adapt to EU rules and regulations. They have been thrown out of more than one jurisdiction in recent years. Just have a feeling that sanctions evasion might be a step too far for them.

  • Oh yeah, not claiming they'll avoid (or be able to avoid) sanctions. No idea about that really. More a thought on their "philosophical" defense of taking Russian money in the face of international sanctions.

  • Of course they will all comply with sanctions and you would expect Coinbase to be the first too given where it is based and listing. This is all a response to the Deputy Ukrainian PM asking them to go beyond the sanctions. In the end I imagine the sanctions will have the same effect anyway as corporates will go belt and braces on applying them to make sure that they don't leave themselves open to any form of non-compliance.

    If most Russian banks are sanctioned then there will be no on/off ramp for Rouble based transactions to exchanges and looks like Putin is trying to put in place controls on individuals trading roubles for foreign currencies which close even more on/off ramps to exchanges for any new money to flow in.

  • There is a lot of excitement in pro bitcoin trading land that potential Bitcoin has decoupled from the USD somewhat. There is no evidence that this is true, but there is a lot of hopium being smoked right now.

    The big topic of debate is this....is Bitcoin being treated as a safehaven while the traditional markets are suffering?

  • is Bitcoin being treated as a safehaven while the traditional markets are suffering?

    Is it ever? Previously it has pretty much always tanked when the Nasdaq tanks. I think when Cyprus had financial issues in 2013 was the only time it seemed to be treated as a safehaven

  • Is it ever? Previously it has pretty much always tanked when the Nasdaq tanks

    Exactly. This is why the lambo bois are getting excited.

    There is however no evidence that this is anything other than a coincidence at this point.

  • Also, good knowledge about Cyprus. First time I've encountered anybody from outside the industry who knew about that.

  • Friend's accountant had been heavily pushing Cyprus as the destination for offshoring funds (e.g. paying all profits from a UK company as a license fee to a Cypriot parent company.)

    He "retired" (probably forcibly) shortly after the 2012-13 bail-in started and many of the people he'd advised had to take considerable haircuts on their offshore stashes.

    [ Our little bootstrap startup never went anywhere, and we wouldn't have ever tried any offshoring nonsense anyway. ]

  • Cyprus showed how hard it is to move large amounts of money in a hurry, no doubt why we are giving Oligarchs 30 days until sanctions kick in

    eye roll emoji

  • There is a lot of excitement in pro bitcoin trading land that potential Bitcoin has decoupled from the USD somewhat. There is no evidence that this is true, but there is a lot of hopium being smoked right now.

    Big source of the excitement: One of the world's largest asset managers says "it’s fair to assume that over the months to come, you will see us engage in making markets in cryptocurrencies."

    https://www.bloomberg.com/news/articles/­2022-03-01/what-citadel-s-ken-griffin-th­inks-of-russia-ukraine-sanctions-markets­-crypto

    That's a considerable about-turn from a big (and outspoken) skeptic.

  • Which roughly translates to "we've bought a huge stack of cheap bitcoin...please pump the price for the next few months. K thank Bai."

  • They're not called market makers for nowt...!

  • Perhaps quite naively I thought it'd be all metal, but it seems to be metal and plastic bonded together. Give it a few weeks before it starts to come apart.


    1 Attachment

    • PXL_20220310_211119229~2.jpg
  • Mine arrived a few days ago, guess they must of got a shipment in

  • The price of bitcoin is on the rise again, kicking off a new round of conversations about its power usage. After a few discussions with family this weekend (and many vain attempts to steer them away from NFT chat...), I went looking for a good way of explaining Proof-of-Work and why it's such a vital element of BTCs success.

    https://dergigi.com/2018/06/10/bitcoin-s­-energy-consumption/

    It's by no means a one-stop-shop to counter critics' arguments, but it goes a long way towards encouraging a new perspective. Thought some of you might appreciate the read. I'd genuinely be interested to hear what you think (particularly about the block of marble analogy!).

  • I struggle with this because it all hinges on whether the reader thinks the outcome of having something like BTC is actually worthwhile and beneficial - or at least, benign - now, and in the future.

    I perceive BTC as largely some kind of scheme for making techbros and the tech capable richer without having to lift a finger (I'm sure it does more than that as Stonehedge would attest to but I'm being blunt here). So even if I think PoW is cool / clever / efficient / self balancing or whatever, if it's just facilitating enrichment of a select group of society I'm not likely to get my pom-poms out and cheering it on or excusing its worst side effects (i.e. energy usage).

    e.g:

    Proof-of-work is essentially a mechanism to easily check the truthfulness of the statement “I worked really hard to create this thing”. From that perspective, our new and fancy computational blocks are a bit like blocks of marble, and proof-of-work is a bit like looking at a beautiful marble statue. It is immediately obvious that a lot of work went into creating the statue.

    What if you think the statue is the answer to a problem that nobody really cared about, and worse, is making another - and probably more pressing problem - harder to crack? I don't care how much time / effort you burned on your statue - that you spent on it doesn't make it good if you are solving the wrong problem at the wrong time etc.

    tl;dr to me this stuff is awful because the outcome of it (currently, and in the near future) is largely awful, AND it pisses energy down the drain. I can't really visualise a future where I think 'gosh, I'm glad BTC is a thing, that really saved my bacon, all that energy and time was well spent' etc.

  • The 'problem that nobody really cared about' is a broken financial system. One that's inflating away working people's buying power through unregulated money printing.

    I'm guessing the 'more pressing problem' is climate change. But what if bitcoin ended up being a solution? We 'waste' something like 2% of all economic output just to stay ahead of inflation. I wonder how much carbon that equates to?

  • particularly about the block of marble analogy!

    The block of marble analogy works if you already believe that you're creating a masterpiece.

    I think the analogy is just as valid if you replace David with a swimming pool of marble dust.

    ...

    From that perspective, our new and fancy computational blocks are a bit like blocks of marble, and proof-of-work is a bit like looking at a beautiful marble statue large pit of finely ground dust. It is immediately obvious that a lot of work went into creating the statue pit. Cheating is extremely hard, because creating such a glorious statue large pit without actually doing the work is pretty much impossible. You can’t throw a block of marble against a wall and everything which is not David will fall off it immediately explodes into uniformly fine dust. It’s not impossible, but it is very, very, very unlikely. Instead, you have to chisel away at the marble, and you have to do it properly and with care.

  • I guess beauty truly is in the eye of the beholder...

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Bitcoin / Bitcoins / Crypto Currency

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