A quick breakdown of what SWIFT is and why it matters
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Re: A quick breakdown of what SWIFT is and why it matters
#2Is there some sort of "tweet-chain combiner" extension?
Can't think of a worse format to share a few sentences of text.
Re: A quick breakdown of what SWIFT is and why it matters
#3Re: A quick breakdown of what SWIFT is and why it matters
#4Is there some sort of "tweet-chain combiner" extension? Can't think of a worse format to share a few sentences of text.
Re: A quick breakdown of what SWIFT is and why it matters
#5bitcoin is going to be tricky. unless most miners are in russia they can be convinced to fork chains
Re: A quick breakdown of what SWIFT is and why it matters
#6Is there some sort of "tweet-chain combiner" extension? Can't think of a worse format to share a few sentences of text.
For reading: https://threadreaderapp.com/
For authoring: https://threadstart.io/
but I’m sure there are more
Re: A quick breakdown of what SWIFT is and why it matters
#7>Russia has also been building an in-house system since 2014—the last time SWIFT cutoff was threatened—which may mean they are able to temper some of the impact a cutoff would have on its economy.
If they're building a replacement, doesn't that also mean we should use "cut off SWIFT" now, rather than later when it'll be ineffective?
Re: A quick breakdown of what SWIFT is and why it matters
#8No post body was provided.
Re: A quick breakdown of what SWIFT is and why it matters
#9bitcoin is going to be tricky. unless most miners are in russia they can be convinced to fork chains
1. Russia has been building up gold reserves, not crypo reserves
2. It's actually much harder than convincing 51% of miners that Russia is bad. You'll need to get them to agree on a list of addresses to freeze/sanction. Given that bitcoin addresses are pseudonymous, I'd imagine on agreeing on such a list would be politically impossible. Not to mention, how such action would affect trust in the network and the value of bitcoin
Re: A quick breakdown of what SWIFT is and why it matters
#10>Russia has also been building an in-house system since 2014—the last time SWIFT cutoff was threatened—which may mean they are able to temper some of the impact a cutoff would have on its economy. If they're building a replacement, doesn't that also mean we should use "cut off SWIFT" now, rather than later when it'll be ineffective?
I'm way too far away from power on anything like this so I might be terribly wrong, but I imagine that cutting off SWIFT might convince other countries doing bad things to consider adhering to Russia's system, if they see the West willing to cut them off as well. You then get fragmentation and SWIFT losing some of its "soft power".