RE: Putin Puts An End To Shitcoins

Putin's goal is to keep demand for the Ruble high, he has done so internationally by setting up swap lines to purchase Russian exports in Rubles, now he has to sure up things on the home front and keep businesses, individuals, and funds trading and settling in the local currency.

Dear @chekohler , Do you claim that Putin can increase the international value of the ruble through war?
I remember that the ruble has no international exchange value as much as dollars and euros.

Demand for the ruble means banks can lower the interest rates which the Russians raised to around 20% to defend their currency. It's now moved down to 9.5% but it's still around double what it was prior to the war.

When a country's interest rates are high it slows down economic growth, it makes it harder for businesses to borrow, for people to pay back loans and as the currency strengthens, less currency needs to change hands driving deflation.

Russia cannot afford to have a deflationary spiral right now, so it needs to get currency flowing locally and more rapidly, how they will do this is anyone's guess.

Do you claim that Putin started the war with the aim of increasing the international circulation of the ruble by raising the price of international oil?

I don't see Putin as someone who isn't thinking clearly, he obviously feels he needs to sure up things, but he does see that bitcoin plays a part in Russia's future, just not as a medium of exchange.

I remember you argued that Bitcoin would be a means of saving, not a means of trading.
So, do you speculate that Putin will make Bitcoin a savings vehicle for himself and Russia's future?

President Putin expressed enthusiasm for Bitcoin mining, when he said that Russia had “certain competitive advantages” including a “surplus of electricity and well-trained personnel available in the country” to mine the currency.

Something I'd be surprised if he doesn't take on, with the abundance of energy he has available in his country.

So why my heading? You see shitcoins promote gambling and pretend to be a medium of exchange, it wants to compete as a way to make transactions so if that use case is gone what is the point?

Bitcoin is a savings technology, it's what the vast majority of people use it for so it isn't going to be that big a problem to have this regulation put in place. In fact it's encouraging Russians to be hodlers.

People around me generally perceive Bitcoin as a commodity of stock and foreign exchange speculation.
So, they see the rise and fall of the price of Bitcoin every day, and they buy and sell to pursue short-term profits.
Unlike you, they don't see bitcoin as a saving technique.
Why do you claim Bitcoin as a saving technique?😯