Bitcoin up 3000$ today !

[bizman]

What's going on in crypto land ?

Just checked the latest bitcoin rate, it's up $39.800 ?

 

[Martin Everson]

$44k+ as I type.

Why Bitcoin price is increasing amid Russia-Ukraine war

 

[JohnLocke]

The war is doing nothing bad for neither the Gold price not Bitcoin.

 

[khinkali]

Just as 9-11 was used ad an excuse for FATCA and COVID-19 was used as an excuse for ridiculous crypto reporting provisions in the infrastructure bill, I predict that politicians will use Ukraine invasion as an excuse to frustrate crypto markets.

Bloomberg: Lindner Says G-7, EU Officials Working on Crypto Sanctionability

“The problem is known and we are working on it,” Lindner said in an interview with Welt TV on Wednesday. “It’s about maximally isolating Russia at all levels” and having a “maximum ability to sanction -- and that also includes crypto assets.”

This is at a time when Russia is implementing strong currency controls. So the little guy gets hampered from both directions.

I guess it's time to read the draft MICA directive. It's only 70,000 words or so...

 

[Martin Everson]

I would not be surprised if banks start banning crypto activity altogether for fear for violating any future sanctions against Russia.

 

[JackAlabama]

I would not be surprised if banks start banning crypto activity altogether for fear for violating any future sanctions against Russia.

Which proofs its point and at least some its promises similar to gold.
My bet is there will be only sandboxed, heavily kycd activities allowed ideally just from one exchange to the next, effectively trying to create a two tiered system. Maybe the price of these two will not be identical.

 

[khinkali]

sandboxed

That's it. You can transfer from VASP to VASP, as long as all the VASPs have strong KYC and are willing to transfer your private information to each other and the Kremlin or SEC or whatever.

They will continue to invent concepts such as "unhosted wallet". Yes, I could have a $20 bill or £20 note or €20 note or ₽500 in my wallet. So now it is an "unhosted wallet"? It used just to be a wallet.

Russia, China, USA, EU; they will all play the same game. We know what they are planning.

 

[boomy]

Can't come to an suprise to anyone that the time right now is to plan for the future, what to do with your bitcoins and how to clean them.

 

[JackAlabama]

Can't come to an suprise to anyone that the time right now is to plan for the future, what to do with your bitcoins and how to clean them.

That is not so easy. If your assets are owned by someone else than you, you will be eventually disowned.
It is just march and we already saw a lot of examples this year.

 

[backpacker]

My bet is there will be only sandboxed, heavily kycd activities allowed ideally just from one exchange to the next, effectively trying to create a two tiered system. Maybe the price of these two will not be identical.

Good bet! To a certain degree we already have that today.

This sandbox would bring in more regulation and with that comes more legitimacy (optimism is vital these days).
People who are able be compliant can stay within the system and receive the 'real" price. People who can not/do not want to be compliant will have to rely on dubious buyers who pay something like half of the official price.
To a certain degree that is already a harsh reality for users of BTC cash ATM's: The price you get is vastly different from the real price, i.e. lower. I am always wondering who is using these machines ... .

I am not sure if a two-tired system is a bad scenario - it is what hapened to cash and PM a long time ago (-> not talking about grocery shopping here).

That is not so easy. If your assets are owned by someone else than you, you will be eventually disowned.
It is just march and we already saw a lot of examples this year.

Indeed, and prominent source earned publicly Kraken CEO Warns Users to “Get Your Coins Out” of Centralized Exchanges

What he did not explain: How do you get these coins back into the system (to get a fair price and to actively use the proceeds) once you took them out?

 

[boomy]

It is just march and we already saw a lot of examples this year.

please link or elaborate, would really like to learn more?

 

[JackAlabama]

Good bet! To a certain degree we already have that today.

This sandbox would bring in more regulation and with that comes more legitimacy (optimism is vital these days).
People who are able be compliant can stay within the system and receive the 'real" price. People who can not/do not want to be compliant will have to rely on dubious buyers who pay something like half of the official price.
To a certain degree that is already a harsh reality for users of BTC cash ATM's: The price you get is vastly different from the real price, i.e. lower. I am always wondering who is using these machines ... .

I am not sure if a two-tired system is a bad scenario - it is what hapened to cash and PM a long time ago (-> not talking about grocery shopping here).


Indeed, and prominent source earned publicly Kraken CEO Warns Users to “Get Your Coins Out” of Centralized Exchanges

What he did not explain: How do you get these coins back into the system (to get a fair price and to actively use the proceeds) once you took them out?

The Kraken CEO is right.

You need to flip your analysis and the pricing is the other way around if the screws get tightened on you as you will not be able to do much with your monitored stuff expect spending it in woke coffeeshops by buying one avocado toast and a latte per month.

 

[backpacker]

You need to flip your analysis and the pricing is the other way around if the screws get tightened on you as you will not be able to do much with your monitored stuff expect spending it in woke coffeeshops by buying one avocado toast and a latte per month.

Not sure about that.

If your assumption is right then there is no incentive for being compliant. Do authorities want that?

 

[JackAlabama]

Not sure about that.

If your assumption is right then there is no incentive for being compliant. Do authorities want that?

The incentive is for not being market as a financial terrorist helping enemy XYZ or at best just being unpatriotic.

If the "sandbox" system is safer/more convienient and free to transact, than that price would be surely higher than anything else.
But in such a case, we would not even need something else.

Can authorities control markets? No, they cannot do that even in totalitarian states.

 

[KDX]

Just as 9-11 was used ad an excuse for FATCA and COVID-19 was used as an excuse for ridiculous crypto reporting provisions in the infrastructure bill, I predict that politicians will use Ukraine invasion as an excuse to frustrate crypto markets.

Bloomberg: Lindner Says G-7, EU Officials Working on Crypto Sanctionability


This is at a time when Russia is implementing strong currency controls. So the little guy gets hampered from both directions.

I guess it's time to read the draft MICA directive. It's only 70,000 words or so...

I hate this whole 9/11 excuse bulls**t... I support Russia getting sanctioned but for fucks sake do we have to get more EUSSR spying on us? They even are talking about getting rid of golden visa programs for ANYONE no matter what nationality...

 

[backpacker]

They even are talking about getting rid of golden visa programs for ANYONE no matter what nationality..

In which context? Where did you hear that and what countries??
I can imagine that European countries will stop them since they are mostly used by Russians which makes these programs almost non-viable in the future. However, other parts of the world will hardly care.

 

[KDX]

In which context? Where did you hear that and what countries??
I can imagine that European countries will stop them since they are mostly used by Russians which makes these programs almost non-viable in the future. However, other parts of the world will hardly care.

EU bans SWIFT from select Russian banks, limits Golden Visa programs for Russians

https://ec.europa.eu/commission/presscorner/detail/en/statement_22_1423 Third, we commit to acting against the people and entities who facilitate the war in Ukraine and the harmful activities of the Russian government. Specifically, we commit to taking measures to limit the sale of...

www.offshorecorptalk.com

 

[backpacker]

EU bans SWIFT from select Russian banks, limits Golden Visa programs for Russians

https://ec.europa.eu/commission/presscorner/detail/en/statement_22_1423 Third, we commit to acting against the people and entities who facilitate the war in Ukraine and the harmful activities of the Russian government. Specifically, we commit to taking measures to limit the sale of...

www.offshorecorptalk.com

Well, this only mentioned Golden Passport programs in relation to Russians. Even though Golden Visa will for sure also be abolished for this clientele.

However, nowhere does it mention that Golden Visa programs will be abolished for everyone.

 

[Golden Fleece]

The war is doing nothing bad for neither the Gold price not Bitcoin.

The war might be bad for the price of Bitcoin as people suddenly flood the market and liquidate billions of dollars in Bitcoin. It has not yet happened, but many inquiries are now being made. It also appears that the UAE may soon become a target (read the story below).

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.

Russians Liquidating Billions of Crypto in the UAE

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.

www.newsmax.com

 

[backpacker]

The war might be bad for the price of Bitcoin as people suddenly flood the market and liquidate billions of dollars in Bitcoin. It has not yet happened, but many inquiries are now being made. It also appears that the UAE may soon become a target (read the story below).

Russians Liquidating Billions of Crypto in the UAE

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.

www.newsmax.com

I was wondering about that, too. However, nothing has happened so far. On the contrary, the price of BTC is quite stable considering the circumstances.

During normal times I would agree that the UAE will become a target. However, we do not live in normal times. Today the West needs oil which means "Western democracies" will be very careful about creating artificial trouble in the UAE and GCC.
It wouldn't surprise me if the UAE suddenly vanishes from the FATF grey list without having done anything to justify such a removal