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Russia possibly using crypto to evade sanctions is the more important story than a few millions in crypto donations - and it's not FUD if politicians and media focus on that

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by COINS NEWS 172 Views

Okay, last post before I disappear from here for a week or two, this sub has become absurd since the war started and I really lost all motivation to participate in it anymore.

Right now, a post is quickly rising, saying "Elizabeth Warren is yet again hitting out on crypto, claiming Russia could use it to evade sanctions. Yet all evidence points to a democratic country Ukraine using and has received $20 million in crypto donations. Why not support whats going on instead of creating a non-story to spread FUD? Shame". Let me tell you why that's an awful take:

Firstly, it's not an either or situation - just because there's "evidence" that there are donations, that doesn't mean that, because of that, Russia won't be able to use it to avoid sanctions. Yes, there is not just "evidence pointing to it", there are donations being made in crypto. Which is absolutely great - seemingly, right now it's about 37 millions and pretty much all mainstream media around the world are reporting on it, because that's, well, new.

Secondly, however: while that's great, it's not all that relevant, for two reasons. On the one hand, while of course every dollar counts, the total amount of crypto donations pales compared to what they are getting from other channels. The EU alone, as an institution, will provide €500 million in arms, and individual countries, inside and outside the EU, have promise or sent huge amounts in fiat or goods as well, they are receiving billions in total. On the other hand it's not even the only way for ordinary people to donate, I donated to an organization there using PayPal, because why would I use crypto? I assume that many of the crypto donations would have been made using other channels if crypto wasn't an option. So while, again, the crypto donations are great, it's really only a tiny part of the total donations they are receiving from both governments and citizens - even if you might have a different perception if you spend too much time on here.

Finally, the fact that Russia could use crypto to evade sanctions naturally is the more important one. If they do, this could mean the West's biggest instrument of making them stop could become kinda useless. We are not talking about a few millions that could be sent around here, but about billions. This could - could, not will - be the reason this war continues and Russia does not stop the attack.

So a politician or a medium only mentioning the latter and not the former is absolutely fine - yeah, there's one good and one bad thing, but one is objectively more relevant than the other. Barely anyone will see this post because it will immediately get downvoted but if you, dear reader, do: at least consider if what I am saying could make sense. Thank you. I'll check in on this sub in a week or two, maybe all the bad takes have been made by then.

submitted by /u/mic_droo
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