Re:Russia is abandoning SSL certs in favor of their own
by Salgat on Thursday March 10, 2022 @06:02PM
(#30633818)
I think you're forgetting how small Russia is. They're on par GDP-wise with Australia or Brazil (equivalent to Ohio and Pennsylvania together). Sure, not negligible, but at the same time not enough to revolutionize the world finance order.
Re:Russia is abandoning SSL certs in favor of their own
by argsnd on Friday March 11, 2022 @04:53AM
(#30638119)
It is very wishful to pretend that Russia can cut itself off from rich countries amounting to over half the world’s economic output and still come out fine. They are already incredibly poor by western standards, they will only get poorer.
Re:Russia is abandoning SSL certs in favor of their own
by ashwagary on Friday March 11, 2022 @08:37AM
(#30639692)
>It is very wishful to pretend that Russia can cut itself off from rich countries amounting to over half the world’s economic output and still come out fine
China and India rising will make these "rich countries" start to seem poorer at an accelerating rate and the "half the world’s economic output" fact will not be true for very much longer.
Re:Russia is abandoning SSL certs in favor of their own
by argsnd on Friday March 11, 2022 @07:57PM
(#30647968)
I am willing to bet that the GDP per capita of neither China nor India will surpass that of the United States within this century or the next.
Re:Russia is abandoning SSL certs in favor of their own
by ashwagary on Saturday March 12, 2022 @04:21AM
(#30650162)
I would take that bet, my understanding is China's GDP could easily 2x to 4x the US's in 50-100 years.
Re:Russia is abandoning SSL certs in favor of their own
by argsnd on Wednesday March 16, 2022 @05:39PM
(#30704457)
GDP yes, per capita unlikely.
Re:Russia is abandoning SSL certs in favor of their own
by ashwagary on Wednesday March 16, 2022 @11:47PM
(#30707452)
Possibly, I'm not 100% certain though. History says they are capable of surpassing all established western economic metrics.
Re:Russia is abandoning SSL certs in favor of their own
by rosndo on Thursday March 10, 2022 @05:52PM
(#30633711)
> They have the BRICS sphere of influence on their side.
So and so, my banks in BRICS countries are refusing to accept incoming transfers from Russian banks. At least in China, India and the UAE Russian money seems to be a no-go.
Pretty sure other BRICS countries are only providing moral support at this point.
More likely, the SWIFT sanctions will prove a mistake for "the West," when it realizes the downstream effects of cutting off Russia from the dominant payment network of the global reserve currency. Russian banks have already started offering accounts in yuan. This will lead to further balkanization (unfortunate pun notwithstanding) of world reserve currencies, which means increased decentralization and a reduced dependency on the dollar. Eventually the world will naturally diversify their reserve holdings to the point that the dollar loses its power as leverage in diplomatic negotiations.
At this point, there will be jockeying for position of a dominant currency, and it will be more than just fiat currency in the race. In the next 5 years, we will almost certainly see the emergence of a central bank digital currency. Within the next 10 years, it will be clear that paper USD will not be the dominant currency in 2040, and it will likely be obvious which currency will take its place.
As far as the SSL certs go, all these arguments also apply to balkanization of internet infrastructure. In fact, they'll happen together, since the information networks banning Russians refuse to interface with their payment networks anyway.
Is this actually the greatest opportunity for Russian entrepreneurs since the fall of the Soviet Union? Suddenly there is demand for an alternative to every Western online service. The products that were previously 80% as good as their Western counterparts now find themselves as the leading option in the local market.
This same pattern happened in China when they introduced The Great Firewall — the censorship regime favored local providers, so they had a route to catch up with the Silicon Valley companies. Now look at the Chinese internet economy. Russia doesn't have nearly the population of China, nor the population growth that China did the past twenty years, but it's not unreasonable to expect significant growth in Russian internet sector over the next 5-10 years (after the dust settles on sanctions and the winners emerge).