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Comment by alkonaut | Hacker News Reader

Anyone who ran across the border and hoped to get their savings from inside Russia once out were naive (or more likely just in a hurry). This is one of few good use cases for cryptocurrency.

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Getting hard currency in Russia right now is a long and difficult process, there's a massive shortage.

How difficult is it to get access to BTC? Does it trade at a premium?

What's wrong with getting savings across border using ATM cash withdrawal while abroad? Limits are quite high for debit cards (and could be customized via client support), ATM commissions in first world countries are more than reasonable (up to 0%).

There's a chance that this triggers EU, NATO, and partner countries to ban or heavily regulate cryptocurrencies.

Already on it, according to the director for cybersecurity and secure digital innovation for the US White House National Security Council.

https://events.trmlabs.com/trm-labs/TRM-Talks-Russia-Sanctio...

(They ask you to register to view but viewing is possible without verifying the e-mail)

Yes, imagine, you only need to remember 12 words!

This is still not a usecase for 'cryptocurrencies' at all. In fact the big crypto exchanges have now blocked Russian users.

[citation needed]? I only know that Binance and Kraken specifically spoken against blocking the country.

Great, they can ban Russians when forced to anyway? So much for no censorship on crypto tokens even a South Korean crypto exchange has done it. [0]

We both know the writing is on the wall and crypto will end up being useless for Russian users.

[0] https://cryptopotato.com/south-korean-crypto-exchanges-block...

While you may know this, I know otherwise. Time will tell which of us has the more predictive knowledge.

To be more specific: They did not speak out about blocking "the country" but about closing accounts and restricting access for all Russian citizens/residents. They are, however, complying with targeted sanctions of the individuals on the sanction list.

If the scope of the OFAC sanctions forces the exchanges to start blocking Russian passport holders and/or residents, that will change, of course.

Kraken CEO tweet thread: http://nitter7bryz3jv7e3uekphigvmoyoem4al3fynerxkj22dmoxoq55...

There are ways to exchange fiat for cryptocurrency without going through a regulated business. Bisq, localcryptos, coordinating over chat and meeting up IRL.

Good luck finding someone to trade crypto tokens with without burning up the planet as with all these tokens do.

By the time you found someone and agreed, the price would have dropped 30%.

You might as well use the existing system.

Ok. So there's a war on, and I make a public post online advertising that I have a bunch of cash and I'd like to meet up to facilitate a trade...

Did you check out the anonymity properties of Bisq and localcryptos?

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