this post was submitted on 10 Aug 2024
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Technology

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[–] [email protected] 15 points 2 months ago (2 children)

Dedollarization has been tried before: Saddam did it, Gaddafi did it, now Putin wants to join the club?

Wonder if the pattern will repeat 🤔

[–] [email protected] 9 points 2 months ago (1 children)

This has nothing to do with dedollarization imho but rather with circumventing sanctions. China has been refusing to use Swift over fear of Western sanctions. Now China and Russia might even use barter trades at larger scale by the end of this year.

[–] [email protected] 5 points 2 months ago (1 children)

Trading is trading and they'd be risking sanctions whether they take payment with Swift or Bitcoin.

[–] [email protected] 7 points 2 months ago (1 children)

Yes, but for the West it's just easier to block Swift than a decentralized network. But in principle I agree. That China and Russia haven't obviously found something better to arrange payments than barter and a blockchain is a clear sign imo that they are in big trouble.

[–] [email protected] 2 points 2 months ago* (last edited 2 months ago) (1 children)

Barter is not a unheard of way to conduct business, even between countries without sanctions. The SWIFT network itself has become a sort of barter system.

I'm guessing in this case, they both distrust each other's currency, so they might as well trade in Bitcoin as in any other currency they'd both trust more... if there was one.

Still, the USD losing that chunk of trade, weakens the USD, which the US might feel the need to strengthen with some "decisive action".

[–] [email protected] 2 points 2 months ago

they both distrust each other's currency

Yes, I fully agree especially with this, but also the other views.

[–] [email protected] 3 points 2 months ago (1 children)

US hegemony is over. Get used to it.

[–] [email protected] 9 points 2 months ago

I can't tell if you are sarcastic

[–] [email protected] 24 points 2 months ago (1 children)

Bitcoin finds a new use! Helping Russia finance its war of agression against Ukraine.

[–] [email protected] 11 points 3 months ago (1 children)
[–] [email protected] 17 points 3 months ago (1 children)

They banned it after it kept driving up energy prices.

[–] [email protected] 5 points 2 months ago (1 children)

I wonder how quickly they reverse this decision if Ukraine manages to reach a certain nuclear power plant in a certain formerly Russian-controlled territory.

[–] [email protected] 2 points 2 months ago

I doubt they intend to mine it. For the Russian state is easier to acquire Bitcoin by hacking wallets than mining, and the plebs can't afford the electricity.