Mixed Feelings

Crypto and Ukraine

Jake Chervinsky @jchervinsky

If we can't figure this out, what are we even doing here?

Ryan Selkis 📖 🖊🔑 @twobitidiot

One of the best things we could do as an industry is figure out how to support the Ukrainian people and their resistance with crypto contributions.

I believe in the ideals of permissionless digital asset systems, but I would be remiss to not acknowledge the potential drawbacks. We are seeing both the potential good and bad play out in the Russia-Ukraine(-hopefully not the whole world) conflict in real time. Let’s start with the potential good.

Illia Polosukhin (root.near) (🇺🇦, 🇺🇦) @ilblackdragon

The crypto story grows stronger. First Canadian banks and now at the time most needed for Ukrainians US companies like @brexHQ are blocking transactions with Ukraine.

CNBC @CNBC

Bitcoin donations to the Ukrainian military are soaring as Russia invades

cnb.cxBitcoin donations to the Ukrainian military are soaring as Russia invadesBitcoin donations to the Ukrainian army are soaring after Moscow launched a large-scale offensive against Ukraine early Thursday.

The CNBC article above states that

in the first 12 hours of Russian occupation of Ukraine “nearly $400,000 in bitcoin was donated to Come Back Alive, a Ukrainian NGO providing support to Ukraine’s armed forces.”

Bitcoin Magazine reports that that number is now $4.4 million and that $23,500 has been donated to Kyiv Independent, “an English news publication based in Ukraine.” (All of this data is public via the blockchain.)

And then we have Sam Bankman-Fried, CEO of crypto platform FTX (and second largest donator to Biden’s presidential campaign), just giving money to Ukrainian FTX users.

SBF @SBF_FTX

we just gave $25 to each Ukrainian on FTX do what you gotta do

I’m more pumped about the latter above than the former. While I obviously support Ukraine’s military forces and want with my whole heart for this brave gentleman below to return safely home to his family after defeating the Russians, it is important

Journoloji @journoloji

Ukrayna'da bir baba, ailesini güvenli bölgeye gönderirken vedalaşma anı kameraya böyle yansıdı. #Kiev #Ukraina #worldwar3

to note that Bitcoin could just as easily be used to support terrorists as it is to support defensive forces (and that those terms can be used interchangeably depending on what side you are on). Also, while I tend to disagree with most hot trash takes on cryptocurrency from The New York Times, I will admit that it would not be a good thing if Putin could actually circumvent potential SWIFT sanctions via the Bitcoin network.

With the above said, crypto’s role in Ukraine right now is far less important to me than the response from Russians who are protesting the war.

Ragıp Soylu @ragipsoylu

Look at the size of anti-war protestors in St Petersburg, Russia. Wow

Flossie Krosse 🇺🇦❤️🇺🇸 @FlossieKrosse

@Scaramucci Protesters in St. Petersburg today:

I’ve been in contact with friends in Russia, and they are wholeheartedly against the Russian invasion of Ukraine. I admire the courage of my friends and the courage of all of the Russians who have either shown up in the streets or posted on social media to protest this invasion. They are doing so knowing full well that their leader has a history of brutally punishing dissenters. My thoughts and prayers are with them.

Best,

Frank

Twitter: @frankcorva

Barry Silbert @BarrySilbert

To what address do I mail my gold to support the people of Ukraine?