Argentina default, why didn't bitcoin go up more?

Mobius

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Quote from: bigtimespaghetti on August 10, 2014, 04:04:12 PM

Quote from: Mobius on August 10, 2014, 01:09:55 AM

Quote from: deepestfear on August 08, 2014, 02:23:18 AM

guess it's still not easy for locals to actually buy bitcoins

Most of the BTC trade in Argentina is done on the "black market" and the BTC/peso exchange rate is showing a very large premium over other markets. I think this shows that a lot of people in Argentina are buying BTC.

This is what I've heard in one or two interviews with bitcoiners in Argentina.

I don't think the Argentina economy is large enough to make the same kind of impact that cyprus made.

DhaniBoy

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Quote from: FutureMoneyTrends on August 05, 2014, 10:02:45 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

it's prove to us that the argentina can change it's economy with acceptable currency like bitcoin

the cyprus doesn't getting ready for the revolution of economy

gmx95

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I also would like to understand why bitcoin did not jump on the default news? This probably means that bitcoin is still detached from the world economy and depends more on trolls pumping and dumping it.

leezay

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SWISSREALCOIN - FIRST REAL ESTATE CRYPTO TOKEN

Citizen of Argentina can not buy bitcoin from exchanges if the currency is blocked from sending money out.

kuroman

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I don't know if the BTC that being dumped by the US State departement, is a cause, but the price didn't budge for a couple of months now, for no apparent reason and despite a succession of good news such as the adoption of BTC by wikipedia, or Dell ....ect so Argentina defaulting (which is actually still up to question) didn't have the same effect as Cyprus

bigtimespaghetti

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bigtimespaghetti.com

Quote from: Mobius on August 10, 2014, 01:09:55 AM

Quote from: deepestfear on August 08, 2014, 02:23:18 AM

guess it's still not easy for locals to actually buy bitcoins

Most of the BTC trade in Argentina is done on the "black market" and the BTC/peso exchange rate is showing a very large premium over other markets. I think this shows that a lot of people in Argentina are buying BTC.

This is what I've heard in one or two interviews with bitcoiners in Argentina.

Mobius

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Quote from: deepestfear on August 08, 2014, 02:23:18 AM

guess it's still not easy for locals to actually buy bitcoins

Most of the BTC trade in Argentina is done on the "black market" and the BTC/peso exchange rate is showing a very large premium over other markets. I think this shows that a lot of people in Argentina are buying BTC.

wasserman99

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Quote from: moni3z on August 06, 2014, 03:44:18 PM

It's easy to get money out of Cyprus but not Argentina where there are strict currency trading regs. Cypriots could buy Bitcons no problem. You could set up a fake online store and sell Bitcoins to Argentinians for Rapipaygo money transfers or some other method possibly but they'd prob shut it down as soon as the gov found out about it.

When deposit holders in Cyprus had to take a small haircut there were restrictions that prevented people from taking their money out of Cyprus via the banking system. There was also fear that the problems with the banks in Cyprus would spread throughout Europe.

deepestfear

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guess it's still not easy for locals to actually buy bitcoins

Lohoris

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Bitgoblin

Quote from: desired_username on August 06, 2014, 03:57:08 PM

There have to be thriving online communities if bitcoin is popular in the country.

I already explained you that it doesn't have to be "popular in the country", in order to trigger an effect.
People from other countries may decide to buy.

FutureMoneyTrends

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Quote from: moni3z on August 06, 2014, 03:44:18 PM

It's easy to get money out of Cyprus but not Argentina where there are strict currency trading regs. Cypriots could buy Bitcons no problem. You could set up a fake online store and sell Bitcoins to Argentinians for Rapipaygo money transfers or some other method possibly but they'd prob shut it down as soon as the gov found out about it.

Geez, people need to get the hell out of there

desired_username

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Quote from: Lohoris on August 06, 2014, 03:12:11 PM

Quote from: desired_username on August 06, 2014, 03:09:55 PM

Quote from: Lohoris on August 06, 2014, 08:47:02 AM

Quote from: desired_username on August 06, 2014, 07:57:34 AM

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.

And your source is...?

Can you show me a frequented cypriot bitcoin forum?

What does it have to do with that?

I'm in Eurozone and when Cyprus crysis hit, I bought some more BTCs, since it was a threat for the EUR in general.

There have to be thriving online communities if bitcoin is popular in the country. Not to mention the flood of cypriots on every forum asking questions (which also didn't happen).

I stand by my opinion that the cypress bailout had nothing to do with the bitcoin rally.

moni3z

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It's easy to get money out of Cyprus but not Argentina where there are strict currency trading regs. Cypriots could buy Bitcons no problem. You could set up a fake online store and sell Bitcoins to Argentinians for Rapipaygo money transfers or some other method possibly but they'd prob shut it down as soon as the gov found out about it.

Hawker

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Quote from: FutureMoneyTrends on August 06, 2014, 02:58:04 PM

Quote from: Hawker on August 06, 2014, 07:21:29 AM

Quote from: FutureMoneyTrends on August 05, 2014, 10:02:45 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.

That's ridiculous. People will say anything facing the strongest army the world has ever seen.

Debt is a market - possibly the bond market the only true free market in that it can close down a country. If US bonds are priced as being value, the free market is wrong. I don't think so...

Leina

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One single event from a small country can't move bitcoin price.

Lohoris

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Bitgoblin

Quote from: desired_username on August 06, 2014, 03:09:55 PM

Quote from: Lohoris on August 06, 2014, 08:47:02 AM

Quote from: desired_username on August 06, 2014, 07:57:34 AM

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.

And your source is...?

Can you show me a frequented cypriot bitcoin forum?

What does it have to do with that?

I'm in Eurozone and when Cyprus crysis hit, I bought some more BTCs, since it was a threat for the EUR in general.

desired_username

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Quote from: Lohoris on August 06, 2014, 08:47:02 AM

Quote from: desired_username on August 06, 2014, 07:57:34 AM

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.

And your source is...?

Can you show me a frequented cypriot bitcoin forum?

http://www.internetworldstats.com/eu/cy.htm

Based on the available statistics, internet adoption is lacking there which makes widespread bitcoin adoption impossible.

FutureMoneyTrends

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Quote from: Hawker on August 06, 2014, 07:21:29 AM

Quote from: FutureMoneyTrends on August 05, 2014, 10:02:45 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.

That's ridiculous. People will say anything facing the strongest army the world has ever seen.

Lohoris

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Bitgoblin

Quote from: desired_username on August 06, 2014, 07:57:34 AM

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.

And your source is...?

lihuajkl

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because the Argentina gov banned the BTC to prevent peso depreciating too much.No exchange platform is available for the people to buy BTC. So the demand for BTC is still weak!

desired_username

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Quote from: FutureMoneyTrends on August 05, 2014, 10:02:45 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, 10:02:45 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 06, 2014, 12:54:05 AM

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, 11:05:05 PM

Quote from: TheButterZone on August 05, 2014, 10:08:23 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, 10:08:23 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, 10:08:23 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? (Read 1563 times)