@February 27, 2022 7:52 AM (EDT)
A phrase for a thought that takes up bandwidth, but isn’t clear enough to be articulated into words.
@February 27, 2022 8:17 AM (EDT)
Last year I heard news about Russia building up a Bitcoin reserve; maybe it's related. Several of these cryptocurrencies have been promoted as a replacement for SWIFT (which Russia was banned from yesterday). On the counter, Ukraine is also leading Europe in crypto adoption. They’re crowdfunding to raise weapons to defend themselves.
At this point, it might be too early for crypto to help either side:
- Ukraine might raise $5-20 million in crypto, which is small compared to aid from larger countries ($350 million from the US)
- BTC could work as a reserve currency, and for large infrequent transactions, but might not be nimble enough to support the full needs of an isolated economy. It would also require partners to have infrastructure setup for BTC/crypto.
@February 27, 2022 8:28 AM (EDT)
It’s strange to imagine what a global escalation could like with minimal physical combat:
- Cyber attacks on logistics companies
- Fleeing of USD into cryptocurrency
- Mining/hash rate wars
- Assassinations, poisonings, kidnappings
- Disinformation, media overwhelm, leaks
@February 27, 2022 8:34 AM (EDT)
Balaji Srinivasan on Twitter: "Even when Saddam invaded Kuwait in 1991, an (arguably) proportional use of force was employed to push him back and restore the status quo. By contrast, invading Iraq in 2003 had unforeseen and enormously negative consequences - millions dead & displaced, and the rise of ISIS. / Twitter"
Even when Saddam invaded Kuwait in 1991, an (arguably) proportional use of force was employed to push him back and restore the status quo. By contrast, invading Iraq in 2003 had unforeseen and enormously negative consequences - millions dead & displaced, and the rise of ISIS.
“Still processing the implications. This is a financial neutron bomb. Bankrupts people without blowing up buildings. Hits all 145M Russians at once, every ruble holder. In a maximalist scenario, possible collapse of the Russian economy. Btw, Russia is a nuclear weapons state.” Balaji
@February 27, 2022 8:43 AM (EDT)
@February 27, 2022 8:58 AM (EDT)
“It seems like everyday something insane is happening in our space. The problem with this is that in the speed of the moment, we sometimes not clearly see how significant certain events are until we can reflect on it and call it history.
Most of us are already used to the fact that El Salvador, a country, made BTC legal tender, Canadian's freedom uprise is till getting funded even though the goverment has activated the most strict financial laws most of us have ever seen a goverment do in our lives. The Ukrain war is getting millions of dollars funded via the most trustless and secure network in the world. Large hedgefunds all over the world are not hiding their interest for the hardest form of money either. And let's also not forget the dreadfull global inflation that will most certainly not stop anytime soon.
Today the EU announced that Russia will be thrown out of the backbone of legacy finance system SWIFT. Never ever had Bitcoin in it's short lifetime seen a chance of a major economic power risking a bankrun like this. Let that just sink in.
The internet is getting flooded with reports of people already trying to get their share of wealth out of the system, and the biggest bank of Russia already capped the max withdraw to 20 bucks a day to not risk insolvency.
These type of events, as we all know, was the reason Bitcoin was created. The people who will eventually take biggest hit by this will (as always) be the ordinary man and woman. Keep that in mind. Whatever scenario will play out, it will take a long time to play out and will probably someday be taught to kids in school.
Just take a moment to appreciatie Bitcoin and what kind of good things it has brought the world. No matter what your political colour is. The beauty is that Bitcoin doesn't have a political bias either.
Stay safe folks.”
@February 27, 2022 9:05 AM (EDT)
“Russia will still be able to trade even without the SWIFT payment network. This will make things more complex and will slow down its commercial exchanges, but it will turn to its SPFS system, which will be interconnected to CIPS, the Chinese system, more quickly than expected.
In the end, there is a great risk that we will realize that it is possible for Russia to continue to maintain its exchanges without SWIFT. What would the other countries realize then? That the SWIFT system is not an absolute obligation if we go through the Russian and Chinese systems.
This would end up weakening SWIFT and thus the American domination of the world monetary and financial system. This is the scenario that the Chinese are dreaming of. This is why the SWIFT nuclear weapon will only be used as a last resort. I don't know if we have reached that point yet.”
@February 27, 2022 2:09 PM (EDT)
Syncing the Cardano blockchain to my Mac.. it’s heating up.
@February 27, 2022 3:04 PM (EDT)
Good crypto protocols treat human greed as a feature, not a bug.