More candid revelations from German Gref, CEO of Russia's Sberbank
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Even ruskies are getting redpilled on Bitcoin. For how long can you remain on the denial stage?
More candid revelations from German Gref, CEO of Russia's Sberbank
Christopher Powell
Logan Morgan
You just can't escape the redpill. The ones that resist the most will suffer the most.
Charles Reed
Austin Sullivan
Gee, I wonder why the CEO of sperbank wants to ditch reliance on the Ruble?
> "Russia's Largest Bank Warns Of A 'Full-Scale Banking Crisis'"
> Evgeny Gavrilenkov, the chief economist at the investment banking arm of Russia's largest lender Sberbank CIB, has warned that actions taken by the Russian authorities to bail out Russia's troubled banking sector could cause a "full-scale banking crisis".
>In essence he thinks that banks may prove unable to pay back loans from the central bank with interest rates now set at 17% and the collateral that they pledge in exchange for it may not be of sufficient quality to cover the losses.
>He estimates that servicing over 7.3 trillion rubles of debt at current interest rates will cost the banks somewhere in the region of 1.2-1.3 trillion rubles ($20 billion) a year.
> Indeed he pointed the finger for the plight of the ruble, which has fallen over 40% this year, squarely at the central bank and the Russian Finance Ministry for "pumping the economy with additional liquidity". In remarks that could be interpreted as highly critical of the government, he also said the unprecedented injections of liquidity had "coincided with a significant increase budget expenditures".
Jonathan Kelly
What good is money in the context of wealth if it disappears when the power goes out or the internet stops working?
Crypto is great for transacting, but it is absolutely not a store of wealth in the same sense that a commodity is.
Colton Mitchell
How long before German Gref is found dead in some hotel room with radiation poisoning?
Isaac Williams
average inflation inflation
CPI Russia 2016 23.50%
CPI Russia 2015 15.55 %
CPI Russia 2014 7.80 %
CPI Russia 2013 6.77 %
Sperbank has essentially stopped all loans to small businesses and liquidity is non existent in most parts of Russia.
If I was Russian, I'd change my rubles for any shitcoin I can get.
Bentley White
I love this article. I think a "permissioned" GoldmanSachsCoin would be amazing. I have never bought any cryptos, mostly because I hate libertarians, but I would buy GSC in a heartbeat. I think its amazing we can now just create multiple commodities out of thin air that don't exist in the real world. Forget actually having a real product, that's so last century.
John Ross
BTC illegal in Russia - OP you smoking weird shit
fuk russia - go Ukraine
Elijah Williams
Not that i'm believing in the ruble, but your article is from 2014.
finance.yahoo.com
And your chart is like half-year old too... it's 65:1 atm
Brandon Brooks
I would buy it, for the pump and dump so I can get more BTC.
Iintelligent, in-the-know people that has been in the game for a while, has already understood the futility of permissioned blockchains, when one that's decentralized, and has the strongest network on the planet, and is the olderst surviving one, already exists, and this cannot be changed unless you have a time machine to invent a blockchain before Bitcoin.
What we are seeing with all those attempts to rebrand Bitcoin into "blockchain technology" and whatnot, is a mere exercise of damage control, just like every nocoiner on the planet in 2016. They can't cope with the objective fact that anything that's worth existing will be running under the Bitcoin blockchain, including it's up and comming sidechains.
The recent $81M hack of the SWIFT network is a good example of what Goldman Sachs can expect on their permissioned blockchains. They will soon come to realize the costs of reversing fraudulent transactions and paying for trusted signing authorities doesn't match proof of work settlement. They will realize that there are some places in the world where trust cannot be purchased at any price and in those places Bitcoin will eat their lunch.
Adrian Brooks
My cold-storaged encrypted Bitcoins printed in a piece of paper that have never seen the internet for years are laughing at you.
Alexander Edwards
This is what intelligent russians are doing.
The rest are still coping thinking that muh fiat is safer because what if the internet gets shut down? just lol.
Brayden Hughes
You're the one that posted the link, dumbass. Why post a link showing how cool it is that Goldman Sach is creating a crypto if you don't think it's going anywhere? You're fucking retarded lol
Ayden Campbell
>solar storm takes out power grid
>two weeks later you're starving
>trying to barter for some bread
>people laugh when to offer them a piece of paper with gibberish on it
>"b-but muh bitcoins"
Kek
Christian Clark
>he thinks currencies matter in his mad max aspie scenario
You are legit lost.
Jackson Hernandez
i'm not even a coiner but if we got hit with a solar storm big enough to take out the entire btc ledger, that'd only be possible if it was big enough to wipe out the power of the entire earth.
if that were to happen, dollars/gold/silver wouldn't be of much use either. you can't eat em.
Dylan Harris
it is very unlikely that emp would ruin personal commuters in any scenario.
emp is largely overhyped most of the stuff that will get rekt real bad have long cables / wires like antennae power lines and stuff.
personal computers have reasonably short wires inside and the steel reinforced concrete construction of most homes would greatly reduce the emp effect anyways.
so the answer is the power and internet can be temporarily down on parts of the earth but that's the worst of it.
Jace Harris
Temporary only in the sense that it'll eventually be back up, but we wouldn't be talking days or weeks, but at the absolute very best it would be six months for the various US grids to even begin to come back online. Computers and personal electronics should be alright, provided they aren't affected by the initial power surge, so the blockchain should eventually be back online, but in the meantime, those bitcoins don't mean anything.
Luke Myers
>unlikely that emp would ruin personal commuters in any scenario.
he speaks the truth
Elijah Bennett
except for the shitty typo commuters huh?
sorry about that.
Jaxson Morris
You watch too many movies.
Daniel Rodriguez
>trusting a white greasy guy with a fu manchu and a literal rats tail growing out of his temple
Ryder Taylor
>we wouldn't be talking days or weeks
2-3 days more like it
Nicholas Lewis
worst case for bitcoin is not that the internet partially shuts down that's okay.
worst thing if the net splits to 2-3 subnets and all have their own ledger and only one of them will be accepted as the true ledger when the internet merges again and all those people that thought they had bitcoin that received them in the meantime will suddenly realize history can rewrite itself and they got cucked hard.
there is a possibility that the transactions will be incorporated in the new block-chain but many sawy buyer will double-spend his bitcoins with very high prio transactions and some people will cry rivers because they had a mistaken idea how bitcoin works and what it means to "own" them.
best thing to do if the net splits especially if china splits off the main net is not to receive a fucking coin. wait for it to consolidate and only accept cash in the meantime.