In the midst of bitcoin euphoria reaching new heights by the minute, Russia's Economic Development Minister, Maksim Oreshkin, has made quite a contrary sentiment by stating that for unqualified people, bitcoin is “worse than casinos.”
2017 has been more than a breakthrough year for bitcoin: its value has skyrocketed and continues to break new ground each day (at the moment, one BTC was equivalent to $6367), the blockchain split that went on over the summer produced bitcoin cash and casinos and operators everywhere are racing to embrace BTC users everywhere by introducing the currency to their ranks. In short, the future of the digital currency looks as rosy as Marie Antoinette's bed chamber.
But, not everyone sees it that way. In fact, there are multiple opponents warning against the volatile nature of the bitcoin, foreseeing its demise as nothing short of catastrophic. JP Morgan and Tidjane Thiam, the CEO of Credit Suisse, are among more illustrious names that deem the cryptocurrency to be a form of FRAUD and the “very definition of a bubble”—and now, a re-emerging superpower's officials seem to adhere to these opinions.
During a discussion at the World Festival of Youth and Students in the city of Sochi, Maksim Oreshkin stated: “As for bitcoin, if you look at how the value of this asset fluctuates, it's dozens of percent up, then dozens of a percent down. An asset that can be available for an unqualified investor should not have such characteristics because it's worse than casinos. First, you earn, then you will lose everything and be left with nothing. Those who do not know how to manage risks in instruments with such volatility, should not be able to invest because in 99.9 percent of cases it results in losses for such people and then they will find themselves in a difficult life situation, which is not good."
Oreshkin advocates granting the rights for BTC trading to qualified investors only. As he went on to explain, that would make only those having at least 6 million rubles ($100,000) in their bank account eligible – also, they would need to have made at least 40 transactions per year with the same amount of turnover money. Back in August, despite working on regulated trading, Moscow Exchange representatives confessed to being skeptical about investments being public. “There is a point of view that cryptocurrencies like bitcoin are a financial pyramid, and it’s hard to argue with this point of view,” said Russia's Deputy Finance Minister, Aleksey Moiseev.
One could argue that this anti-bitcoin investment stance that looks to keep Russian citizens from buying may stem from the fact that the Russian government is actively working on the nation's official cryptocurrency – the CryptoRuble. This would make the country the first in the world to launch national cryptocurrency that is, according to reports, based on a blockchain, similar to bitcoin and Ethereum, with the government having complete control over it.
Do you agree with Russia minister's sentiments?
Source:
“Bitcoin is ‘Worse than Casinos’, Says Russia’s Economic Development Minister”, cryptocoinsnews.com, October 20, 2017.
coolsongss 6 years ago Hero Member
It is interesting to read this kind of a warning article which was written when the BTC value was only(?) $6,367. Worse than Casinos and Financial Pyramid are very interesting expressions and might be correct. And I am also a little surprised about the CyptoRuble. So, if they make it, it would be the official currency...
It is interesting to read this kind of a warning article which was written when the BTC value was only(?) $6,367. Worse than Casinos and Financial Pyramid are very interesting expressions and might be correct. And I am also a little surprised about the CyptoRuble. So, if they make it, it would be the official currency of Russia ? How would it be valued to rubble ? :) I am wondering if this plan is still going on.
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cheztwins 6 years ago Hero Member
poop on this. first of all, any system completely controlled by the government is by no means a free thinking system. Russi just wants everybody to use their cryptocurrency....the CryptoRuble or whatever. Instead of countries being retarded like this, why dont they put their time and efforts into learning more about bitcoin...
poop on this. first of all, any system completely controlled by the government is by no means a free thinking system. Russi just wants everybody to use their cryptocurrency....the CryptoRuble or whatever. Instead of countries being retarded like this, why dont they put their time and efforts into learning more about bitcoin so they can be part of the system, not just make their own.
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Pointman 6 years ago Jr. Member
Now, the minister is partly right, but his intentions for saying such about Bitcoin may not be, as Russia mostly would love to control all aspects, including transactions, in the country, which Bitcoin denies them. So, in effect he doesn't want the cryptocurrency he can't control thereby forming their own.
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gaswar04 6 years ago Newbie
For those whom have had the unfortunate experience of what money and it's evil poisons do to one's mind ie: GREED, foolishness beyond the moral fiber of humanity. Makes strange bedfellows during and after the smoke clears. Remember good always conquers over evil. Have faith, Crypto is hear and not going away. Look through...
For those whom have had the unfortunate experience of what money and it's evil poisons do to one's mind ie: GREED, foolishness beyond the moral fiber of humanity. Makes strange bedfellows during and after the smoke clears. Remember good always conquers over evil. Have faith, Crypto is hear and not going away. Look through deception accept Trump as a competent leader not a Clinton old school out of touch criminal. The dollar is going to be the world monetary backbone as it shall shed the dirt of past, already latched on to the future of the worlds economy a new skin will dominate only with two superpowers instead of one.
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Fridayhigh 6 years ago Newbie
That would be a breakthrough, if Russia actually backed a crypto currency, on a blockchain structure. They could even have the currency backed by a hard asset, not sure how that would work. But with all central banks printing off fiat currency like no tomorrow and crypto currency value based on nothing more than its transactions....
That would be a breakthrough, if Russia actually backed a crypto currency, on a blockchain structure. They could even have the currency backed by a hard asset, not sure how that would work. But with all central banks printing off fiat currency like no tomorrow and crypto currency value based on nothing more than its transactions. We the people the world over are still looking for "money" that actually has some clout, like the days of gold backed.
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gaswar04 6 years ago Newbie
Anyone ever hear of Russian Roulette, Well the two sides of the coin folded in meaning that Russian Minister is only trying to persuade current and future CRYPTO purchasers to be Crypto Ruble fans , Hey he is right in his mind, the 40 Billion BTC frenzy would make any profit starved economy or Wall street greed hound want...
Anyone ever hear of Russian Roulette, Well the two sides of the coin folded in meaning that Russian Minister is only trying to persuade current and future CRYPTO purchasers to be Crypto Ruble fans , Hey he is right in his mind, the 40 Billion BTC frenzy would make any profit starved economy or Wall street greed hound want a piece of the action. But the real score is that he thinks only people with money (100K) should be able to profit. Nonsense, an old boys network complacent at that, forgets who the backbone of any community or nation is. Remember what happened to the Czar and his family, in early 1900's...just a thought that Mr. know it all Economic Minister should think about.
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