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Russia Bans Bitcoin
mask.of.sanity writes "Russia has banned digital currency Bitcoin under existing laws and dubbed use of the crypto-currency as 'suspicious'. The Central Bank of Russia considers Bitcoin as a form of 'money substitute' or 'money surrogate' (statement in Russian) which is restricted under Russian law. However, unlike use of restricted foreign currencies, Bitcoin has been outright banned. The US Library of Congress has issued a report examining the regulatory approaches national financial authorities have taken to the currency."
They have not yet made an acceptable response. therefore, f*** Beta. On my last few days here unless there is a total and unequivocal reversal of course on Dice' behalf
I have been a user for about 10 years. This ends Feb 2014. The site's been ruined. I'm off. Dice, FU
It's only an increase if you convert it to something useful, like real currency before the market crashes. Which it will. Bitcoin wasn't "designed" to do anything useful. It's a science fair experiment. As with many other prototypes, it got rolled into production without any thought whatsoever, and it is causing chaos. I wish the experiment well. Perhaps the lessons learned after the inevitable crash and burn will inform the next digital currency, which may actually succeed.
Now that russians have banned bitcoin, Western press and media will rush to praise this currency and write statements about how russians want to destroy the western and are intolerants.
Western governments might have to admit they want to do as evil as the russians have done regarding Bitcoin or let people escape their monetary control with the propaganda of the "freedom and liberty in the western "