Russian Gov. Blocking Bitcoin Websites

How do you feel of Russian ( or any Government for that matter ) doing this : http://www.latestcasinobonuses.com/article/russia-blocks-several-bitcoin-websites ?

Are you for or against the bitcoin and other crypto-currencies, and why ?

We have several threads at DT that discuss such currencies including the latest Finnish currency that will be distributed as it accumulates to all Finnish citizens who request it.

I doubt this has specifically to do with gambling. The way the Ruble currency is falling they just don't want anyone to sell it. I believe the Ruble has lost 50% in the last six months or so.

Quote: DRich

I doubt this has specifically to do with gambling. The way the Ruble currency is falling they just don't want anyone to sell it. I believe the Ruble has lost 50% in the last six months or so.

and how has BIT COIN done?

http://www.newsweek.com/bitcoin-worse-investment-rouble-2014-292851

Quote: Zuga

How do you feel of Russian ( or any Government for that matter ) doing this : http://www.latestcasinobonuses.com/article/russia-blocks-several-bitcoin-websites ?

Are you for or against the bitcoin and other crypto-currencies, and why ?

I was going to post a quote similar to coilmans. I read that bitcoin lost 46% in a month.

Money as an exchange medium should have some intrinsic value that makes it unable to lose 50% of it's value in a month. Money is suppose to be a store of value that we exchange for our labor. It is a complete fraud for our or any government to be able to steal our labor after the fact.

IMO, digital currency is as risky as any virtual trading in something that doesn't exist. I read where the bitcoin bank had been broken into at least twice. Also the FBI confiscated a sum of bitcoins [I forget the amount] but was substantial and it seemed like they waited until the most vulnerable time and dumped them on the market.

Play all you want, it's like virtual gambling, just don't confuse it with real money.

I agree with you the Bitcoin is super risky but if I was in Russia and Bitcoin was my only alternative to Rubles I would probably buy the Bitcoins for the near term.

Personally, I think all fiat currencies will fail including the US Dollar.

Quote: DRich

I agree with you the Bitcoin is super risky but if I was in Russia and Bitcoin was my only alternative to Rubles I would probably buy the Bitcoins for the near term.

Personally, I think all fiat currencies will fail including the US Dollar.

The US dollar has lost more than 97% of it's value since the Federal reserve act of 1913 was put into law. That is a pretty near fail.

You guys might like to read my buddy's blog on his 2 year trip ...here is one that is right up whats being talked about here

http://100saturdays.com/2014/11/14/half-price-sale-in-buenos-aires/

Quote: petroglyph

The US dollar has lost more than 97% of it's value since the Federal reserve act of 1913 was put into law. .

So you think what you could buy in 1913
for a dollar, costs two dollars now? Really?
What a dollar bought in 1913 now costs
$24.

Quote: EvenBob

So you think what you could buy in 1913
for a dollar, costs two dollars now? Really?
What a dollar bought in 1913 now costs
$24.

Hmmmm. EvenBob, I think you are only confirming what petro says while appearing to contradict or ridicule him. Your comment about costing $2 now could only come about if you are taking the 97% loss in value in a completely wrong way(97% of its value today?).

The 97% loss in value is based on 97% of its value at 1913 which would mean that what $1 bought in 1913 would cost ((100/(100-97))x1)= about $33 which is not far from the $24 that you assert.

Quote: DRich

I doubt this has specifically to do with gambling. The way the Ruble currency is falling they just don't want anyone to sell it. I believe the Ruble has lost 50% in the last six months or so.

yes that is correct, and bitcoin value has lost almost the same % in the past year. Tho I do not think this measure was directed at protecting the Ruble, more so for preventing fishy schemes and money laundering with the use of bitcoin.

Then again this might be yet another attempt to reinforce the internet censorship in Russia.