# Lifestyles & Discussion > Bitcoin / Cryptocurrencies >  Russians move into bitcoin as ruble tanks

## NACBA

"The high trading volumes with the ruble is to be expected, given the flight away from this struggling currency. Bitcoin is therefore a natural destination, as well as other strong central bank currencies."

Start of a Russian shift to cryptocurrency?



http://www.cnbc.com/id/102275772

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## fatjohn

Well...

yes its true but they missed the volume of trades with the volume of bitcoins traded.
So 819 bitcoins traded instead of 819 number of transactions in the RUR/BTC market on BTC-e.

Thats about $250,000 in trading volume.
Hardly worth an article if you ask me.

Wake me up when its 81,900 bitcoin.

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## Zippyjuan

Both made the list of "worst investments for 2014" list. 

http://www.newsweek.com/bitcoin-wors...le-2014-292851




> The Currency That's Dropped Further Than the Rouble This Year: Bitcoin
> 
> Bitcoin, the online cryptocurrency recently hailed as the most successful of its kind, has been valued as potentially the worst investment in 2014 by business site Quartz.
> 
> Bitcoin’s value has plummeted massively in the last 12 months, currently showing a bigger drop than the Greek stock exchange or the Argentine peso. According to the Guardian, one bitcoin is now worth less than half of what it was this time last year, having devalued by 52% since the start of 2014.
> 
> Even the Russian rouble which was declared the worst performing currency of 2014 and which has registered single day falls worse than those seen in Russia’s 1998 economic crisis, had outperformed Bitcoin as of Wednesday morning GMT.
> 
> Currently the rouble’s rate of devaluation in 2014 is 51%.
> ...


More at link.

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## Zippyjuan

In Russia you can be fined for even distributing or mining bit coins. 

http://www.coindesk.com/russia-lower...in-activities/




> Russia’s Ministry of Finance has reduced the proposed fines both individual and institutional bitcoin users would potentially face *for creating, issuing or promoting digital currencies* under a draft bill that s*eeks to outlaw the use of so-called "money surrogates" like bitcoin.*
> 
> The updated bill decreases penalties for individuals, who under the latest version would only incur a maximum 50,000 ruble fine (roughly $1,050), down from 60,000 rubles ($1,314) in the previous iteration.
> 
> Under the new terms, individuals who disseminate money substitutes directly could be fined 20,000–40,000 rubles (about $431–$862), down from 30,000–50,000 rubles ($646–$1,078) in the original proposal. Further, those who disseminate information about money substitutes face fines of 5,000–30,000 rubles ($107–$646), reduced from 5,000–50,000 rubles ($$107–$1,078)).

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## muh_roads

> Both made the list of "worst investments for 2014" list. 
> 
> http://www.newsweek.com/bitcoin-wors...le-2014-292851
> 
> 
> 
> More at link.


Of course a media in bed with the banking system couldn't wait to publish these FUD articles exactly 1 year from the ATH of Dec 16th 2013.  Lets forget the fact that Bitcoin rose 6,125% in 2013.

It's also funny how libertarians who want to see legal tender laws abolished loved the bad Bitcoin press.

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## kpitcher

I'd be happy with a doubling or tripling of BTC like the cyprus problem, the US government shutdown, or the Chinese really jumping in like last year.

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