Topic: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? - page 2. (Read 4838 times)
March 25, 2013, 08:16:17 PM
Cyprus money will have little effect on bitcoin. Maybe as the terms become more clear, others in the weaker EU countries may start to think about bitcoin and that will have more of an impact. Cyprus is a small country and depositors are not going to get easy access to their money even if they wanted to buy bitcoins.
March 25, 2013, 08:15:04 PM
Actually, no. Nobody expects any serious immediate cash flow into Bitcoin from Cypriots.
I guess some expectation of continuing interest from Russians, Canadians, French, British, Italian, Spanish, New Zealanders, Australians and others are not unreasonable.
What is expected is another working week of capital inflows into mtgox and other exchanges.
Cyprus is just like a litmus test that shows true intention of the banking cartel. What happens with that yellow or blue piece of litmus paper after the test is done? That is irrelevant.
I guess some expectation of continuing interest from Russians, Canadians, French, British, Italian, Spanish, New Zealanders, Australians and others are not unreasonable.
What is expected is another working week of capital inflows into mtgox and other exchanges.
Cyprus is just like a litmus test that shows true intention of the banking cartel. What happens with that yellow or blue piece of litmus paper after the test is done? That is irrelevant.
This x 100
I can only cocur that cyprus has validated all the tinfoil hats from being conspiracy nuts to potentially credible
The international commuinty now has irrevockable evidence they will come for your bank account
March 25, 2013, 07:38:46 PM
STOP THE FUD! You are making a lot of people believe something that is not real... if Cyprus bank issue will have an impact in bitcoin it will be long term... years will pass first before big herds come and use bitcoin as a bank.
I didn't mean to spread FUD at all. I was interested in seeing what the community here thought about what would happen when the Cypriot banks open. When the Cyprus situation blew up last week, before we knew the banks would be closed for so long, I remember a lot of posts on the bitcoin subreddit saying "it will be interesting to see what happens when the banks reopen," then the price shot up another $20 US or so over the next few days. Add to that the mainstream press discovering bitcoin and saying that Cyprus is driving the bitcoin boom and well... this seems like it might be a useful conversation to have.
Me, I'm new to this and I'm still wrapping my head around how the market moves. I can't forecast this at all, but I'm guessing that other people here can.
If anything this thread is removing some FUD. I don't see a single person here saying that they expect everybody in Cyprus to convert fully to bitcoin and drive the price up over $100 US in a day or two. That makes sense to me, because I wasn't really buying the whole Cyprus is driving all the gains story either. Like I said, though, I'm new, so I'm not really in a good position to forecast.
Full disclosure: I own no bitcoins, bitcoin derivatives or cryptocurrency assets at all right now. Today I plan to make a Linux partition with TrueCrypt, install the software and buy some BTC in order to buy VPN service with bitcoin because my current VPN provider is not that great, but I don't plan to invest until I've watched the volatility recede and have a deeper understanding of what I'm buying.
Very nice that you clarify...
People have tried to make believe that Cyprus have done something to do directly with the btc recent rise and thats not real. Reality is a little bit less optimistic, what in reality happened is that people is speculating that Cyprus WILL HAVE IN THE FUTURE something to do with bitcoin and are desperately buying now thinking that when people in Cyprus begin to buy bitcoins price will explode.
Its called a bubble.
Very good for you to wait for stabilization, very few newbies have that reasoning. Im proud of you.
Every price above $15 has been pure speculation, there is no support on anything above $47, even from $25 to $40 there is no big supports either. Im sure price will eventually be below $20 before continuing to rise, if that doesnt happen, then bitcoin will fail miserably when less people expect it.
March 25, 2013, 07:18:45 PM
STOP THE FUD! You are making a lot of people believe something that is not real... if Cyprus bank issue will have an impact in bitcoin it will be long term... years will pass first before big herds come and use bitcoin as a bank.
I didn't mean to spread FUD at all. I was interested in seeing what the community here thought about what would happen when the Cypriot banks open. When the Cyprus situation blew up last week, before we knew the banks would be closed for so long, I remember a lot of posts on the bitcoin subreddit saying "it will be interesting to see what happens when the banks reopen," then the price shot up another $20 US or so over the next few days. Add to that the mainstream press discovering bitcoin and saying that Cyprus is driving the bitcoin boom and well... this seems like it might be a useful conversation to have.
Me, I'm new to this and I'm still wrapping my head around how the market moves. I can't forecast this at all, but I'm guessing that other people here can.
If anything this thread is removing some FUD. I don't see a single person here saying that they expect everybody in Cyprus to convert fully to bitcoin and drive the price up over $100 US in a day or two. That makes sense to me, because I wasn't really buying the whole Cyprus is driving all the gains story either. Like I said, though, I'm new, so I'm not really in a good position to forecast.
Full disclosure: I own no bitcoins, bitcoin derivatives or cryptocurrency assets at all right now. Today I plan to make a Linux partition with TrueCrypt, install the software and buy some BTC in order to buy VPN service with bitcoin because my current VPN provider is not that great, but I don't plan to invest until I've watched the volatility recede and have a deeper understanding of what I'm buying.
March 25, 2013, 06:50:49 PM
Many of the big depositors in Cyprus won't be able to get at their money, and the smaller depositors are going to have to deal with withdrawal restrictions and difficult international transfers. That said, many people are hoping that Cypriots will probably start buying bitcoins as soon as they can, which will hopefully happen on Tuesday.
You contradict yourself in your post...
You accept people will not have access to move their money in big quantities...
Cypriots have been for more than a week without access to their money, and you are saying that the first thing they will do is go a buy a currency that not much people understand yet, and on top of that you say that they will do it as soon as they have their money in their pocket (as of tomorrow??) WTF!
People have bills to pay, they have families to feed, they have mortgages to pay... not everyone has extra money to experiment on this new cryptocurrency... Im sure more than 90% of the people wont get it even if you explain it to them carefully.
STOP THE FUD! You are making a lot of people believe something that is not real... if Cyprus bank issue will have an impact in bitcoin it will be long term... years will pass first before big herds come and use bitcoin as a bank.
March 25, 2013, 06:10:31 PM
There is speculation that wealthy bank depositors have already withdrawn all their money from Cyprus.
http://www.zerohedge.com/news/2013-03-25/have-russians-already-quietly-withdrawn-all-their-cash-cyprus
That leaves people with over 100k euro who potentially want to move their wealth, any any guaranteed deposit holders who are fearful and want to move their funds too. A much smaller market for bitcoins, but some none the less.
http://www.zerohedge.com/news/2013-03-25/have-russians-already-quietly-withdrawn-all-their-cash-cyprus
That leaves people with over 100k euro who potentially want to move their wealth, any any guaranteed deposit holders who are fearful and want to move their funds too. A much smaller market for bitcoins, but some none the less.
March 25, 2013, 06:05:31 PM
Anyone in Cyprus, what's the boots-on-the-ground report?
I wouldn't put too much stock in the news reports on this topic.
I wouldn't put too much stock in the news reports on this topic.
Follow Zeroday's posts in this thread, starting here.
March 25, 2013, 02:59:40 PM
They very well can head our way. They can withdraw 100 EUR a day from their bank accounts and buy Bitcoin in an Euro cost averaging way. One can build a decent Bitcoin portfolio by buying 100 EUR worth of Bitcoin a day even with current prices.
They also need to live with that money.
Not with all of by a long shot. In a time of crisis it only makes more sense to cut out needless expenses.
March 25, 2013, 02:51:00 PM
Me to, going to visit my bank when it opens this morning and get rid of any of my European stocks and zero my accounts except what i need to pay my bills.
I also go to cash only mode tomorrow morning.
March 25, 2013, 02:35:57 PM
Be realistic, if you just had some of your money stolen from you, will you run to some new kid of the block currency, with some potential, but also with a large risk of losing all? Burnt with a little loss, I think many people would just stash whatever they can salvage from their accounts either in paper or (smarter ones) in gold. Not online, sorry, even though it makes sense to you and me, but not to a scared herd.
March 25, 2013, 01:10:17 PM
Don't look toward Cyprus in the coming days. Look toward Bitcoin adoption in Spain and Italy. That's where the real impact of the situation in Cyprus will land.
Karl "I piss on Bitcoin" Denninger has been writing accurate analyzes of the situation in Europe for a while, although he refuses to point out the obvious solution way for people who might be affected to escape.http://market-ticker.org/akcs-www?post=219106
March 25, 2013, 12:57:46 PM
https://twitter.com/BBCTimWillcox
Tim Willcox @BBCTimWillcox 17m
#cyprus
State tv says Bank of Cyprus and Laiki to stay shut until Thursday. Other banks to open tomorrow
Tim Willcox @BBCTimWillcox 17m
#cyprus
State tv says Bank of Cyprus and Laiki to stay shut until Thursday. Other banks to open tomorrow
March 25, 2013, 10:55:11 AM
I'd imagine the rich accounts hit in Cyprus could also look this way too after getting slammed with a hit at all. But true as was said, we can watch other countries' actions as being telling. Cyprus started a precedent that really, should have never come to be, and that's scary.
March 25, 2013, 10:27:48 AM
It's too late for the people of Cyprus, their money is in the system and it will only be released when the government have took what they need to pay their European owners. At this point the secured bailout will bring a form of stability to the country.
People in Spain, Greece, Portugal and perhaps to a lesser extent Italy will be unsettled wondering if maybe they're next.
People in Spain, Greece, Portugal and perhaps to a lesser extent Italy will be unsettled wondering if maybe they're next.
Absolutely. With the capital restrictions and withdrawal limits I don't think it will be the Cypriots themselves heading our way.
http://www.telegraph.co.uk/finance/9951494/Cash-rationed-in-Cyprus-after-eurozone-inflicts-losses-on-biggest-bank.html
They very well can head our way. They can withdraw 100 EUR a day from their bank accounts and buy Bitcoin in an Euro cost averaging way. One can build a decent Bitcoin portfolio by buying 100 EUR worth of Bitcoin a day even with current prices.
March 25, 2013, 08:46:12 AM
Don't look toward Cyprus in the coming days. Look toward Bitcoin adoption in Spain and Italy. That's where the real impact of the situation in Cyprus will land.
Finally someone who understands the situation fully
March 25, 2013, 05:56:36 AM
Don't look toward Cyprus in the coming days. Look toward Bitcoin adoption in Spain and Italy. That's where the real impact of the situation in Cyprus will land.
March 25, 2013, 05:10:53 AM
It's too late for the people of Cyprus, their money is in the system and it will only be released when the government have took what they need to pay their European owners. At this point the secured bailout will bring a form of stability to the country.
People in Spain, Greece, Portugal and perhaps to a lesser extent Italy will be unsettled wondering if maybe they're next.
People in Spain, Greece, Portugal and perhaps to a lesser extent Italy will be unsettled wondering if maybe they're next.
Absolutely. With the capital restrictions and withdrawal limits I don't think it will be the Cypriots themselves heading our way.
http://www.telegraph.co.uk/finance/9951494/Cash-rationed-in-Cyprus-after-eurozone-inflicts-losses-on-biggest-bank.html
March 25, 2013, 03:15:41 AM
It's too late for the people of Cyprus, their money is in the system and it will only be released when the government have took what they need to pay their European owners. At this point the secured bailout will bring a form of stability to the country.
People in Spain, Greece, Portugal and perhaps to a lesser extent Italy will be unsettled wondering if maybe they're next.
People in Spain, Greece, Portugal and perhaps to a lesser extent Italy will be unsettled wondering if maybe they're next.
March 24, 2013, 10:24:01 PM
Anyone in Cyprus, what's the boots-on-the-ground report?
I wouldn't put too much stock in the news reports on this topic.
I wouldn't put too much stock in the news reports on this topic.
March 24, 2013, 10:11:48 PM
Quote
Eurozone finance ministers have agreed a deal on a 10bn-euro bailout for Cyprus to prevent its banking system collapsing and keep the country in the eurozone.
Laiki (Popular) Bank - the country's second-biggest - will be wound down and holders of deposits of more than 100,000 euros will face big losses.
However, all deposits under 100,000 euros will be "fully guaranteed".
http://www.bbc.co.uk/news/world-europe-21916102 Laiki (Popular) Bank - the country's second-biggest - will be wound down and holders of deposits of more than 100,000 euros will face big losses.
However, all deposits under 100,000 euros will be "fully guaranteed".
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