This is a really dumb line of reasoning. How are you going to punish Putin and his friends when most of their assets are hidden? You're basically saying that it's fine for a dictator to use their country's resources to inflict damage, but the whole country shouldn't be punished for it, only the dictator should be punished. So, using your logic, what incentive does Putin have to stop then? He knows they can't punish him personally and you're not going to punish his whole country, so he should stop why?
Major crypto exchanges refuse to freeze all Russian user accounts
- Thread starter midian182
- Start date
Keep parroting what the 3 letter government agencies keep telling you. They'll do whatever they can to have more control and surveillance over ordinary citizens.
Inthenstus
Posts: 169 +264
Bad idea, there’s loads of Russians protesting against Putin. Cut off thier only source of money and they’ll join the war efforts.
BadThad
Posts: 1,368 +1,646
I'm no fan of crypto but this is how it's supposed to work. This is not the fault of the Russian people, it's the fault of a madman. This is one time I have to give kudos to crypto coin.
Beerfloat
Posts: 864 +1,589
passwordistaco
Posts: 573 +1,246
You're missing the part where the exchanges did lock the accounts of those where are specifically sanctioned.
Congrats on Godwining the thread, though.
They didn't close the Russian banks, they cut them off. If they closed them they wouldn't have as high overhead costs to maintain WHILE they are cut off.
yRaz
Posts: 6,477 +9,649
People were doing that long before crypto existed and they're still doing it using regular financial institutions.
Beerfloat
Posts: 864 +1,589
Ok, so does that mean we should not try to prevent abuse?
Also, you try collecting a ransom on your family savings account. See how that goes. And good luck getting approved for that Amex card if your residential address is in Teheran or Pyongyang.
yRaz
Posts: 6,477 +9,649
I think people should wake up about the security on their computers. Someone can break into your house and steal everything. That does happen. People need to be more serious about securing their data.
We have been trying to prevent abuse for the entire history of civilization, it doesn't work. Our financial system has thousands of systems in place that are used to illegally transfer money or hide money. If you want to take a look at banking in Russia right now, look how well keeping their money in the bank worked out for them. The only people with money in Russia are the ones with foreign currency in the form of cash or Crypto. You can't use your AMEX card in Russia right now.
Beerfloat
Posts: 864 +1,589
I guess I don't get what point you're trying to make. The fact that fraud already existed doesn't mean we should cheer on new ways to commit it. And crypto as it currently exists is rife with it.
As for Russians not having access to international trade right now.. that's the point of sanctions.
brucek
Posts: 1,743 +2,724
Easy enough to turn down Ukraine's request which has no legal basis. If it was say the US Treasury Department ordering Coinbase to do it, we'd have a different story.
Either way, this high profile event will probably accelerate global pressure from established governments to bring crypto under control, although the attention from ransomware alone was probably sufficient already.
Either way, this high profile event will probably accelerate global pressure from established governments to bring crypto under control, although the attention from ransomware alone was probably sufficient already.
BuckarooBonzaii
Posts: 461 +326
There are sides to this. We must also think about all the Putin sympathizers around the world and crypto will be able to fund the War efforts for him. There must be a limit on crypto and a regulated or controlled decentralization. Putin being a former KGB probably has people or had people set up Crypto accounts around the World for him long ago, of course under fake names.
QuantumPhysics
Posts: 6,306 +7,258
Anyone suckered into Bitcoin as the price rose past $40,000 is gonna be subject to a nice good ole fashioned Rug Pull soon.
I'm not sure why you feel that quoting another widely condemned example of moral bankruptcy justifies the Crypto Exchanges lack of ethics and decency?
George Keech
Posts: 265 +458
I never said Crypto is dead, I said public opinion has turned.
Squid Surprise
Posts: 5,611 +5,244
You do know how the price of commodities works right? It’s basically the expression of public opinion…
Squid Surprise
Posts: 5,611 +5,244
It doesn’t justify it… it shows that the fault isn’t crypto… as the exact same thing has been happening since we have had a way to save money…
George Keech
Posts: 265 +458
Maybe in an ideal world, Prices of commodities are an expression of buying demand. if you think the public is all equally responsible for the buying power in the world then you are very much mistaken.
Squid Surprise
Posts: 5,611 +5,244
When it comes to crypto - the reason it will succeed or fail is based on “buying demand”….
StrikerRocket
Posts: 227 +191
Underdog
Posts: 433 +308
I did say "usually" not always. If you scratch far enough below the surface of capitalism you find exploitation and greed.
The actions of the elected Russian Government show clearly why Crypto should not exist, the world is not ready for an unregulated currency. The citizens of Russia using crypto SHOULD be sanctioned since they elected the Putin Government and are responsible for his and their actions, and lets remember that the people and their relatives pulling the triggers of the guns and missiles are "normal" Russian citizens. Shame on the crypto exchanges for looking after their income stream ahead of the lives of the Ukrainian citizens. This is where Anonymous should step in and DDos their sites.
True - the fault is the Exchanges not crypto per se. The Exchanges must be brought to account.
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