Argentina default, why didn't bitcoin go up more? - page 2.

desired_username

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Quote from: FutureMoneyTrends on August 05, 2014, 09:02:45 PM

Back when Cyprus issues happened there was a big bitcoin rally; why not this time?

Cyprus had nothing to do with the rally, sadly certain news sources are desperate to connect dots without supporting their arguments (or more like clickbaits) with proof.

Most people don't have the skills and/or hardware to utilize bitcoin.

If you consider the basic requirements:

- Internet connection
- Smartphone/laptop/pc
- Bitcoin accepting places
- Basic level of tech knowledge

it's clear that the world is not ready for mass adoption of bitcoin.

Currently it exists on its own without significant connection to the "mainstream" economy.

Hawker

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Quote from: FutureMoneyTrends on August 05, 2014, 09:02:45 PM

Just last week Argentina defaulted on their debt. The United States also has an unsustainable amount of debt.

Back when Cyprus issues happened there was a big bitcoin rally; why not this time?

Argentina default:
https://www.youtube.com/watch?v=yWocplJDdyk

Argentina didn't need to default - it chose to because it objected to the "holdouts" who refused to accept the haircut.

The US does not have an unsustainable amount of debt. If you believe in market forces at all, you'd accept the judgement of the markets which is that US bonds are such good value that they pay an interest rate below the inflation rate.

beetcoin

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Quote from: BitcoinAddicts on August 05, 2014, 11:54:05 PM

Because bitcoin is already too expensive... the impact is too small...

right, if a group of people were to pour say $20 million into bitcoin over a 1 month span it wouldn't do anything to the price of bitcoin...

the exchanges don't even work with that many bitcoins in volume.

BitcoinAddicts

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Because bitcoin is already too expensive... the impact is too small...

beetcoin

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there was probably more panic in cypress since government was taking money from peoples' pension plan and they were trying to put money anywhere they could.

TaunSew

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Cyprus was an oversea tax haven or an oversea bank account with better rates. Maybe the wealthiest Russian oligarchs got their money out of Cyprus but then you have guys like that guy here on Bitcointalk who lost $600K (and he wasn't even the 1% as those funds were for his business).

the people who put money into Cyprus thought it was safe when it wasn't. So when they got their money taken away many looked into alternatives like Bitcoin.

Argentina on the other hand, due to having a weak peso for the past decade(s), was detached from world finance to an extent and Argentina was never an oversea bank account for foreigners.

FutureMoneyTrends

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Quote from: money420weed on August 05, 2014, 10:05:05 PM

Quote from: TheButterZone on August 05, 2014, 09:08:23 PM

Because people saw that BTC crashed after Cyprus?

The price of BTC did fall somewhat after it rose significantly after Cypress. However the net effect was a large increase in the value of bitcoin.

maybe cuz we're just on the tail end of a bubble burst this time there was near no effect

money420weed

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Quote from: TheButterZone on August 05, 2014, 09:08:23 PM

Because people saw that BTC crashed after Cyprus?

The price of BTC did fall somewhat after it rose significantly after Cypress. However the net effect was a large increase in the value of bitcoin.

jaberwock

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Because Cyprus is in the Euro zone, so they feared that it would be the beginning of an generalized Euro crysis.

Argentina is already small in the international commerce, and everyone pretty much expected them to default, given her ecomic politics and hystory.

There is not generalized fear and crysis in the market, so no bitcoin pump

FutureMoneyTrends

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Quote from: TheButterZone on August 05, 2014, 09:08:23 PM

Because people saw that BTC crashed after Cyprus?

good point

TheButterZone

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RIP Mommy

Because people saw that BTC crashed after Cyprus?

FutureMoneyTrends

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Just last week Argentina defaulted on their debt. The United States also has an unsustainable amount of debt.

Back when Cyprus issues happened there was a big bitcoin rally; why not this time?

Argentina default:
https://www.youtube.com/watch?v=yWocplJDdyk

Topic: Argentina default, why didn't bitcoin go up more? - page 2. (Read 1569 times)