Bitcoin Blogger Robbed. Russia Mining Investment. Steven Mnuchin. Venezuela Coin. More China FUD.

sobuka (49)in #dtube • 7 years ago

Hi guys. Hope everyone had a good weekend and holiday if you had one. Let me jump right away on some interesting news to get you started for the morning.

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I Did Not Draw This

First news of the day comes from Russia where a popular Russian blogger was robbed. Supposedly thieves stole more than $400k worth of crypto currencies from the guy. After he bragged online about how he got rich from buying cryptos, folks obviously found the guy and ended up robbing him. So if you are a YouTuber out there blogging about how much you have made...ahm ahm..bitconnect. You guys better watch your back and be very careful. As I have said on my channel, I have no cryptocurrencies. But if you guys want to donate to my channel, I will gladly use those funds right away and buy some bubble gum, because that is how much money I am currently making is bubble gum money.

So next news is a good segue to more Russian content where a Russian businessman buys power stations to mine cryptocurrencies. Just lately the Russian government has opened its doors to cryptocurrencies allowing small cap ICOs to raise money. And just last year they opened up electricity reserves allowing a few companies to mine Bitcoin off their excess electricity. So this news about this Russian businessman buying power stations comes to no surprise to me at all. It will be interesting how this adoption of cryptocurrency will help Russia. It is definitely bullish for the cryptocurrency market in general as countries like China and Indonesia become even more and more crypto resistant.

And another good segue to this story is about Steven Mnuchin. If you guys do not know who Steven Mnuchin is, he is the Treasury Secretary of the US who's job is to do something with our money that we do not know about. Anyway he does not think that Russia's adoption of cryptocurrency will have any major impact to the world's financial system. But that is yet to see. Some people still think that the Trump administration is still pro-Russia. So given Steven Mnuchin's reaction, I am also not surprised. Anyway the reason why I bring the Secretary up is because he is stated as saying in the G-20 meeting the following quote...:

“If you have a wallet to own Bitcoins, that company has the same obligation as a bank to know [you]. We can track those activities. The rest of the world doesn’t have that, so one of the things we will be working very closely with the G-20 is making sure that this doesn’t become the Swiss bank account.”

So as a result to that statement we can assume more government regulation in terms of AML/KYC so governments can know who is transacting in cryptocurrencies from a global scale. So for Steven Mnuchin I personally wish you the best especially as most individuals have the ability to store the high end cryptocurrencies on their own personal wallet.

Now transitioning to Venezuela, Steven Mnuchin also does not really care what Venezuela does with it's new oil backed cryptocurrency. Here President Mondeuro is hoping that its partnership consisting of 10 countries agree to participate and buy their oil backed cryptocurrency. I think the coming few weeks will be interesting on what happens next. These cryptos by Venezuela will be pre-mined and backed by oil. With the Venezuelan economy still down, his administration is hoping this move could jump start their economy however the President and his associates are experiencing some road blocks with his own Parliament calling this cryptocurrency a scam and rip-off. Personally I am confused on why they are saying that. I would tell them to try it out first. If it does not work or its unsuccessful...well at least you tried something.

And lastly, we have more China FUD. But actually this is not FUD since its real news. And I understand everyone in the crypto space is getting real tied of China ban this and China ban that. This particular news is now geared towards market participants who are involved in exchanging or converting fiat for cryptocurrency and via versa. China is basically asking these market participants to stop doing that or else the government will come after them.

And that is basically all I have for the news. If you have forgotten all I have said in this video, the takeaway is if anyone asks you how much cryptocurrencies you have, kindly tell them it's none of your business in the kindest of your language.

Have a great day, and I'll probably be making more videos throughout the day.

Nick is a content creator for Sobuka with a background in programming, information technology, finance and digital forensics. He shares interest in cryptocurrencies by reporting on International Affairs. You can find myself, B, and Laura here from time to time.

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Sources:

1.https://cointelegraph.com/news/russia-blogger-who-boasted-about-crypto-wealth-beaten-and-robbed-for-425k

Disclaimer

The information on this blog is not financial advice. Before you invest in cryptocurrencies, please speak to a financial advisor.