Putin Thinks Crypto is the Solution – So Do I, but for a Different Reason

Putin is dealing with the reality of the worldwide financial sanctions crippling his economy.

His solution is to create a financial system based on distributed finance or DiFi. An example is cryptocurrency.

Using DiFi, Putin thinks he can get around sanctions. There are, of course, a couple of holes in this logic.

First, who besides his close friends would buy Russian backed crypto?

Second, crypto requires massive amounts of compute power to run at scale. Right now they don’t have enough chips to do what they need to do. Where will they get the compute power to run this new crypto?

Next, it would only work among countries that are ignoring western sanctions because as soon as he makes this operational, the west will add it to the sanctions list.

But my reason for thinking this is a good idea is that there have been billions of dollars in losses this year in crypto and DiFi among companies that are well funded and have very bright engineers. If Russia does this at any scale, the NSA, CIA, GCHQ and others would have a soft target to completely wreak havoc by subtly messing with the transactions. Given the primitive state of Russia’s software development, combined with the fact that hundreds of thousands of engineers have fled Russia in the wake of the war and I think it would be a great plan. The odds of Putin making anything like this, at scale, bug free is, basically, zero.

So go ahead and do it. It could represent a great opportunity for the west to deal a smashing blow to Putin’s crumbling economy. Credit: CyberNews

by