[Crypto- / Russian Tangents:] In Which Coindesk's "Supposed Facts" Fall Well-Short Of Supporting The Conclusion / Headline It Offers...

We are seeing -- in real time -- how effective a well-unified global sense of opprobrium, in the finance markets can decimate even a mighty economy, stem to stern. [Without even formal UN financial resolutions and the like, as of yet, at least.]

That is unassailable. That is a. . . fact. Russia will no doubt now take decades to recover from these few weeks, even if all stops tomorrow (though experience tells us it won't stop tomorrow).

Yet and still, as an affiliated organ of Coinbase, the paper goes on to make the claim that this means Bitcoin and crypto- are poised to step in and fill the gap created by the fiats of the planet. That assertion finds no credible support at anything like the scale needed to power even the Russian air-fleet, let alone its chip needs, or high end linens, for that matter.

In sum, while Bitcoin may allow a precious few oligarchs (perhaps fewer than 20 or so) to partially avoid the pain of these sanctions, for a relatively short period of time -- in the longer run, just as Craig Wright was proved to be a fraud, on the public blockchain addresses he claimed to control... these crooks too, will be. . . outed.

The pressure to avoid trading with these addresses will be overwhelming. It may take a couple months, but it will come. And the claims made by Coinbase, and Coindesk. . . will die an ugly death.

. . .Trade restrictions are looking just as devastating. Taiwan has said it will halt semiconductor exports to Russia. Industry observers believe the Russian commercial airfleet, made up largely of Boeing and Airbus planes, is two to three weeks away from complete shutdown because of an embargo on parts. Apple Pay and other consumer payments services have been cut off for some customers, reportedly causing disruptions including slowdowns in Moscow’s subway system.

The total impact reaches down into the very guts of Russian society. It was seemingly not much of an exaggeration, then, when France’s finance minister promised on Tuesday, March 1 that “We are going to cause the collapse of the Russian economy. . . .”

Still, what we’re seeing is a significant vindication of the underlying skepticism of traditional banking that drives many in crypto, and particularly those committed to Bitcoin specifically. . . .

Now you know. Onward, smiling into the deeply chilling night air. . . .

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