motherboards
+ Reply to Thread
Results 1 to 8 of 8

Thread: Russia bans bitcoin currency, other countries might follow suit

  1. #1
    Regular Member

    Status
    TeeBlack is offline

    Last Online
    Today @ 00:31
    Join Date
    Jul 2012
    Location
    NY
    Posts
    3,900
    CPU: Intel 2500K @ 4.5ghz
    M/B: Asrock P67 Extreme 4
    RAM: 16GB Patriot Viper Ram @ 1866mhz
    GPU: EVGA GTX 750Ti SC 2GB
    • TeeBlack's Full Spec's
      • Case:
      • Cooler Master Storm Trooper
      • PSU:
      • Corsair HX650
      • Cooling:
      • Swiftech H220
      • Sound:
      • Stock
      • Monitor:
      • Samsung 24" LCD
      • OS:
      • Windows 7 64bit
    Thanks
    135
    Thanked 369 Times in 306 Posts
    Points: 25,738, Level: 49
    Points: 25,738, Level: 49
    Level completed: 19%,
    Points required for next Level: 812
    Level completed: 19%, Points required for next Level: 812
    Overall activity: 99.8%
    Overall activity: 99.8%

    Default Russia bans bitcoin currency, other countries might follow suit

    The Russian government has clamped down on the bitcoin currency, believing it's too easy for criminals to use the currency to commit money laundering. The bitcoin currency has been banned in Russia due to increased threat of cyber criminals using the digital currency to launder funds. Money remains a state-controlled currency, so the rise of independent crypto currencies, such as bitcoin, makes it difficult to determine the right method to address these problems.



    "The monitoring of the use of virtual currencies shows an increasing interest in them, including for the purpose of money laundering, profit obtained through illegal means," prosecutors told Russian media.

    Bitcoin adoption has been a rather confusing effort, with an increasing amount of retailers accepting the digital currency - while government officials in the United States and overseas try to figure out what to do. The U.S. Department of Justice accusing a major bitcoin supporter of money laundering related to the online Silk Road marketplace. The national governments in China and India have expressed concerns related to bitcoin, while the United States is following closely but doesn't appear ready to ban the currency.




    Source: Russia bans bitcoin currency, other countries might follow suit | TweakTown
    You don't know me and that's the way i like it!

  2. The following user thanks TeeBlack For this above post:

    realneil (10-02-2014)

  3. #2
    Core Member

    Status
    killjoyjim is offline

    Last Online
    Yesterday @ 19:35
    Join Date
    Dec 2011
    Location
    corry pa
    Posts
    3,999
    CPU: INTEL i5 4670k
    M/B: ECS l337 gaming,gank,z87h3-a2x z87 chip set
    RAM: CORSAIR DOMINATOR PLATINUM 16GB 2133
    GPU: asus580 directcuII 1536 MB GDDR5 / 782HZ OVERCLOCK
    • killjoyjim's Full Spec's
      • Case:
      • Corsair 700d With custume pait Black Cherry with perial.
      • PSU:
      • AZZA TITAN 1000w
      • Cooling:
      • Laing DDC Pump. with XSPC CLEAR TOP,XSPC block for cpu, Koolance 4x120mm copper Vert rad in top,Black Ice 120mm in the front,Danger Den Dual bay res ,Primochill PRO-LRT Tubing.
      • Sound:
      • ASUS ROG THUNDERBOLT
      • Monitor:
      • 47'' samsung tv
      • OS:
      • windows 7
      • Misc:
      • OCZ 60gb fot OS. And a OCZ 240 ssd.
    Thanks
    30
    Thanked 327 Times in 294 Posts
    Points: 22,214, Level: 45
    Points: 22,214, Level: 45
    Level completed: 63%,
    Points required for next Level: 336
    Level completed: 63%, Points required for next Level: 336
    Overall activity: 99.6%
    Overall activity: 99.6%

    Default Re: Russia bans bitcoin currency, other countries might follow suit

    Thanks Tee.

  4. #3
    Regular Member

    Status
    TeeBlack is offline

    Last Online
    Today @ 00:31
    Join Date
    Jul 2012
    Location
    NY
    Posts
    3,900
    CPU: Intel 2500K @ 4.5ghz
    M/B: Asrock P67 Extreme 4
    RAM: 16GB Patriot Viper Ram @ 1866mhz
    GPU: EVGA GTX 750Ti SC 2GB
    • TeeBlack's Full Spec's
      • Case:
      • Cooler Master Storm Trooper
      • PSU:
      • Corsair HX650
      • Cooling:
      • Swiftech H220
      • Sound:
      • Stock
      • Monitor:
      • Samsung 24" LCD
      • OS:
      • Windows 7 64bit
    Thanks
    135
    Thanked 369 Times in 306 Posts
    Points: 25,738, Level: 49
    Points: 25,738, Level: 49
    Level completed: 19%,
    Points required for next Level: 812
    Level completed: 19%, Points required for next Level: 812
    Overall activity: 99.8%
    Overall activity: 99.8%

    Default Re: Russia bans bitcoin currency, other countries might follow suit

    figured the governments would get involved sooner or later.
    You don't know me and that's the way i like it!

  5. #4
    Moderator

    Status
    Cyberburnout is offline

    Last Online
    Yesterday @ 20:10
    Join Date
    Jul 2012
    Location
    GROVE CITY OHIO
    Posts
    4,167
    CPU: AMD FX8320 at 4.8ghz
    M/B: Gigibyte GA990fx-UD5
    RAM: 16GB Hyper-X Predator 2133mhz
    GPU: 3x Sapphire 7950 Dual-x 3GB
    • Cyberburnout's Full Spec's
      • Case:
      • Switch 810 Matte
      • PSU:
      • INWin Commander II 1200w
      • Cooling:
      • Customer H20 with XSPC cpu block. Swiftech 320 Rad 3 Phanteks 120mm fans.2 120mm NZXT Fans in Front, 1 120mm NZXT fan in rear Recon Fan controller. Blue UV cooling liquid
      • Sound:
      • ONBOARD
      • Monitor:
      • lG 55in lcd TV
      • OS:
      • WINDOWS 7 ULTIMATE X64
      • Misc:
      • Blue LED Lights
    Thanks
    47
    Thanked 806 Times in 491 Posts
    Points: 13,025, Level: 34
    Points: 13,025, Level: 34
    Level completed: 54%,
    Points required for next Level: 325
    Level completed: 54%, Points required for next Level: 325
    Overall activity: 99.7%
    Overall activity: 99.7%

    Default Re: Russia bans bitcoin currency, other countries might follow suit

    So you think the criminals give a flying crap that you banned it? Like they cant hop on the damn net and by the coins anyways haha. Stupid government. The only people hurt by this are those that want to use it legally. Really really brilliant thinking here guys.
    "If you got it, Build it"

    A+ Certified. Dell, Lenovo, HP, Lexmarks, Xerox, Panasonic and NEC Certified ASP.

  6. #5
    Moderator

    Status
    Solara2xb is offline

    Last Online
    Today @ 01:22
    Join Date
    Apr 2011
    Location
    Alta Loma, CA
    Posts
    4,704
    CPU: Intel Core i7 4820K
    M/B: ASUS X79 Sabertooth
    RAM: 32GB Corsair Vengeance 1866MHz
    GPU: XFX R9 290 (Crossfire) w/ XSPC Waterblocks
    • Solara2xb's Full Spec's
      • Case:
      • Corsair Air 540
      • PSU:
      • Corsair AX1200
      • Cooling:
      • Corsair H110 Corsair AF 140mm +120mm Fans Zalman 6 Channel ZF1 Fan Controller
      • Sound:
      • Creative Labs Titanium PCie SC
      • Monitor:
      • 3x Dell 24" IPS on XFX Triple Stand 5760x1200
      • OS:
      • Windows 7 Ultimate
    Thanks
    1,091
    Thanked 504 Times in 439 Posts
    Points: 79,062, Level: 87
    Points: 79,062, Level: 87
    Level completed: 40%,
    Points required for next Level: 1,088
    Level completed: 40%, Points required for next Level: 1,088
    Overall activity: 84.0%
    Overall activity: 84.0%

    Default Re: Russia bans bitcoin currency, other countries might follow suit

    The thing with bitcoin right now is that its not heavily regulated yet. Financial groups don't like this and there is no real backing on the value of bitcoin. The exchange on these change so fast it will make your head turn in a 360. And with new coins and new groups and exchanges that keep popping up overnight, this is scaring a lot of people in the finance industry.

    I've been mining bitcoin for a little bit, but recently stopped when these were getting way to complicated to cash out and exchange and sell.
    My knowledge on bitcoin is not extensive like some others I have seen, but the goose chase to finding out what coin is best to mine for is getting a little too complex for me...
    Wish I had the time to learn more about it, but I bowed out of mining at this time.

  7. #6
    Moderator

    Status
    Cyberburnout is offline

    Last Online
    Yesterday @ 20:10
    Join Date
    Jul 2012
    Location
    GROVE CITY OHIO
    Posts
    4,167
    CPU: AMD FX8320 at 4.8ghz
    M/B: Gigibyte GA990fx-UD5
    RAM: 16GB Hyper-X Predator 2133mhz
    GPU: 3x Sapphire 7950 Dual-x 3GB
    • Cyberburnout's Full Spec's
      • Case:
      • Switch 810 Matte
      • PSU:
      • INWin Commander II 1200w
      • Cooling:
      • Customer H20 with XSPC cpu block. Swiftech 320 Rad 3 Phanteks 120mm fans.2 120mm NZXT Fans in Front, 1 120mm NZXT fan in rear Recon Fan controller. Blue UV cooling liquid
      • Sound:
      • ONBOARD
      • Monitor:
      • lG 55in lcd TV
      • OS:
      • WINDOWS 7 ULTIMATE X64
      • Misc:
      • Blue LED Lights
    Thanks
    47
    Thanked 806 Times in 491 Posts
    Points: 13,025, Level: 34
    Points: 13,025, Level: 34
    Level completed: 54%,
    Points required for next Level: 325
    Level completed: 54%, Points required for next Level: 325
    Overall activity: 99.7%
    Overall activity: 99.7%

    Default Re: Russia bans bitcoin currency, other countries might follow suit

    Quote Originally Posted by Solara2xb View Post
    The thing with bitcoin right now is that its not heavily regulated yet. Financial groups don't like this and there is no real backing on the value of bitcoin. The exchange on these change so fast it will make your head turn in a 360. And with new coins and new groups and exchanges that keep popping up overnight, this is scaring a lot of people in the finance industry.

    I've been mining bitcoin for a little bit, but recently stopped when these were getting way to complicated to cash out and exchange and sell.
    My knowledge on bitcoin is not extensive like some others I have seen, but the goose chase to finding out what coin is best to mine for is getting a little too complex for me...
    Wish I had the time to learn more about it, but I bowed out of mining at this time.

    And the US $ is back by what again?" backed by the “full faith and credit” of the U.S. government.". Our dollar (Federal Reserve Note) can not be redeemed for anything since there is no other Lawful money. Our economy decides the value of our money. Very similar to what is going on now with these coins. What you are willing to exchange them for decides their value. Coins happen to be traded in real money, therefore they are an extension of the natural economy.

    Financial groups dont like it because they havent figured out how to screw everyone else out of the game and keep them broke. Government hasnt figured out how to tax it and regulate it because if they go in with standard approaches it will erode the ecosytem and make millions lose the value that had in Coins. Again causing more problems in the natural economy.

    best thing they can do is step back and watch. It will all short itself out. Its not like the US dollar hasnt had to do this a few times lol
    "If you got it, Build it"

    A+ Certified. Dell, Lenovo, HP, Lexmarks, Xerox, Panasonic and NEC Certified ASP.

  8. #7
    Moderator

    Status
    Solara2xb is offline

    Last Online
    Today @ 01:22
    Join Date
    Apr 2011
    Location
    Alta Loma, CA
    Posts
    4,704
    CPU: Intel Core i7 4820K
    M/B: ASUS X79 Sabertooth
    RAM: 32GB Corsair Vengeance 1866MHz
    GPU: XFX R9 290 (Crossfire) w/ XSPC Waterblocks
    • Solara2xb's Full Spec's
      • Case:
      • Corsair Air 540
      • PSU:
      • Corsair AX1200
      • Cooling:
      • Corsair H110 Corsair AF 140mm +120mm Fans Zalman 6 Channel ZF1 Fan Controller
      • Sound:
      • Creative Labs Titanium PCie SC
      • Monitor:
      • 3x Dell 24" IPS on XFX Triple Stand 5760x1200
      • OS:
      • Windows 7 Ultimate
    Thanks
    1,091
    Thanked 504 Times in 439 Posts
    Points: 79,062, Level: 87
    Points: 79,062, Level: 87
    Level completed: 40%,
    Points required for next Level: 1,088
    Level completed: 40%, Points required for next Level: 1,088
    Overall activity: 84.0%
    Overall activity: 84.0%

    Default Re: Russia bans bitcoin currency, other countries might follow suit

    Quote Originally Posted by Cyberburnout View Post
    And the US $ is back by what again?" backed by the “full faith and credit” of the U.S. government.". Our dollar (Federal Reserve Note) can not be redeemed for anything since there is no other Lawful money. Our economy decides the value of our money. Very similar to what is going on now with these coins. What you are willing to exchange them for decides their value. Coins happen to be traded in real money, therefore they are an extension of the natural economy.

    Financial groups dont like it because they havent figured out how to screw everyone else out of the game and keep them broke. Government hasnt figured out how to tax it and regulate it because if they go in with standard approaches it will erode the ecosytem and make millions lose the value that had in Coins. Again causing more problems in the natural economy.

    best thing they can do is step back and watch. It will all short itself out. Its not like the US dollar hasnt had to do this a few times lol
    No arguing what you have said, as I mentioned, its because of the "unknown" regulation (or in my words "not heavily regulated") of the coins that has cause such controversy. There isn't a way to the Government to see how and where these funds are coming from. Who knows who is funding what with what and that is the main reason its such a big issue right now. The way this is right now, no one know what is going to happen.

    With the Value of coins, the public "us" determining the value of the coins, at least in my opinion it a pretty volatile currency to be invested in. I guess its like any stock market, we all take the risk of getting rich somehow.. lolz.. But IMO, there is too much unknown to many to be heavily invest in one or if any at all.

    I've also been reading about some new coins coming up, but again, I am by all means no expert in this arena, but I personally do see some concerns that can come about this whole mining game we are playing, don't get me wrong, I've mined for bitcoins myself, but I can't see myself heavily invest $$ into something that can drop off overnight if it doesn't get regulated like the "paper currency" that the world now holds. This of course is just my opinion on it.

    But it will be interesting to see what this bitcoin currency will evolve into.

  9. The following user thanks Solara2xb For this above post:

    vinman (10-02-2014)

  10. #8
    Moderator

    Status
    Cyberburnout is offline

    Last Online
    Yesterday @ 20:10
    Join Date
    Jul 2012
    Location
    GROVE CITY OHIO
    Posts
    4,167
    CPU: AMD FX8320 at 4.8ghz
    M/B: Gigibyte GA990fx-UD5
    RAM: 16GB Hyper-X Predator 2133mhz
    GPU: 3x Sapphire 7950 Dual-x 3GB
    • Cyberburnout's Full Spec's
      • Case:
      • Switch 810 Matte
      • PSU:
      • INWin Commander II 1200w
      • Cooling:
      • Customer H20 with XSPC cpu block. Swiftech 320 Rad 3 Phanteks 120mm fans.2 120mm NZXT Fans in Front, 1 120mm NZXT fan in rear Recon Fan controller. Blue UV cooling liquid
      • Sound:
      • ONBOARD
      • Monitor:
      • lG 55in lcd TV
      • OS:
      • WINDOWS 7 ULTIMATE X64
      • Misc:
      • Blue LED Lights
    Thanks
    47
    Thanked 806 Times in 491 Posts
    Points: 13,025, Level: 34
    Points: 13,025, Level: 34
    Level completed: 54%,
    Points required for next Level: 325
    Level completed: 54%, Points required for next Level: 325
    Overall activity: 99.7%
    Overall activity: 99.7%

    Default Re: Russia bans bitcoin currency, other countries might follow suit

    Quote Originally Posted by Solara2xb View Post
    There isn't a way to the Government to see how and where these funds are coming from. Who knows who is funding what with what and that is the main reason its such a big issue right now. The way this is right now, no one know what is going to happen.

    With the Value of coins, the public "us" determining the value of the coins, at least in my opinion it a pretty volatile currency to be invested in. I guess its like any stock market, we all take the risk of getting rich somehow.. lolz.. But IMO, there is too much unknown to many to be heavily invest in one or if any at all.

    I've also been reading about some new coins coming up, but again, I am by all means no expert in this arena, but I personally do see some concerns that can come about this whole mining game we are playing, don't get me wrong, I've mined for bitcoins myself, but I can't see myself heavily invest $$ into something that can drop off overnight if it doesn't get regulated like the "paper currency" that the world now holds. This of course is just my opinion on it.

    But it will be interesting to see what this bitcoin currency will evolve into.

    I heard that each bitcoin can be traced all the way to its origins. All of that info is kept. Every transaction. Think I heard it on NPR but not sure.

    There is no doubt about it being volatile. Think of day traders in the late 1990s to mid 2000s. What a nightmare they created for those that did their homework before investing. It can be the same way now. If I had invested large somes of money into mining then I would be concerned too but I used what I already had sitting around. So whatever almost free to me. lol

    I think Bitcoin will be kind of all coins as it continues to grow. It already has a foothold and all other currencies are traded and valued against the Bitcoin vs the $$. There are waaaaaaayyyyyy tooooo many other coins. 99% are dog ****. lol
    "If you got it, Build it"

    A+ Certified. Dell, Lenovo, HP, Lexmarks, Xerox, Panasonic and NEC Certified ASP.

  11. The following user thanks Cyberburnout For this above post:

    vinman (10-02-2014)

+ Reply to Thread

Ads

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts

Similar Threads

  1. Japan and Russia agree to end WW2
    By Lil' ½ Dead in forum General Discussion
    Replies: 0
    Last Post: 02-05-2013, 22:51
  2. Meteorite Hits Russia!
    By criss_glitch666 in forum General Discussion
    Replies: 0
    Last Post: 15-02-2013, 13:08
  3. Top 10 richest countries by 2050
    By Lil' ½ Dead in forum General Discussion
    Replies: 1
    Last Post: 16-08-2012, 22:56
  4. Follow up to the sticky above.
    By reQuiem in forum Folding@home
    Replies: 0
    Last Post: 13-06-2008, 19:13
  5. First dual-core Celeron shipping, more to follow
    By News Team in forum Hardware News
    Replies: 0
    Last Post: 23-01-2008, 00:17

Search tags for this page

follow other countries

Click on a term to search for related topics.

Tags for this Thread