Ruble in freefall... Too bad for those people they outlawed Bitcoin! hahaha - page 2.

solex

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100 satoshis -> ISO code

Quote from: redhawk979 on December 17, 2014, 07:11:50 PM

Quote from: Lauda on December 17, 2014, 05:24:35 PM

Quote from: seriouscoin on December 16, 2014, 09:11:04 PM

I too hope Russian economy completely collapse. Gives the ppl the chance to rebuild their government. Its corrupted far too long.

Definitely nowhere near as corrupted as the US, or a few countries in Europe. Well never corner someone who has over a few thousand nukes, is my opinion.
Well the news with Ruble is horrible, the people there suffer.

lmao if you actually believe the US is worse than Russia in terms of corruption.

Well, yes, that's what I keep telling myself, until I read the word "Corzine" again.

Lauda

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Terminated.

Quote from: tarmi on December 17, 2014, 05:59:28 PM

but bitcoin isnt different. bitcoin by decree is money.

the only difference is that it isnt issued by government.

Bitcoin =/= fiat. It's simple as that. Now, if you were to go deeper and look at the differences, you'd know why it doesn't apply to Bitcoin.

Quote from: redhawk979 on December 17, 2014, 07:11:50 PM

Quote from: Lauda on December 17, 2014, 05:24:35 PM

Definitely nowhere near as corrupted as the US, or a few countries in Europe. Well never corner someone who has over a few thousand nukes, is my opinion.
Well the news with Ruble is horrible, the people there suffer.

lmao if you actually believe the US is worse than Russia in terms of corruption.

There is a difference between thinking and knowing.

*waves to NSA.

redhawk979

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Quote from: Lauda on December 17, 2014, 05:24:35 PM

Quote from: seriouscoin on December 16, 2014, 09:11:04 PM

I too hope Russian economy completely collapse. Gives the ppl the chance to rebuild their government. Its corrupted far too long.

Definitely nowhere near as corrupted as the US, or a few countries in Europe. Well never corner someone who has over a few thousand nukes, is my opinion.
Well the news with Ruble is horrible, the people there suffer.

lmao if you actually believe the US is worse than Russia in terms of corruption.

gollum

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In Hashrate We Trust!

The problem with bitcoin is imbalance:
merchants accept bitcoin, hedge it for dollar instantly since they pay expenses in dollar - which leads to a steady shift downwards on the supply demand curve as more merchants accept bitcoin payments.

In the end I belive bitcoin (or ripple) will be used mostly by payment processors as a payment system and not as money, a decentralized kind of SWIFT.
The market cap of bitcoin will in that case depend on the volume of transactions per second and how long time each party holds their bitcoins:
the shorter the time they keep their coins, the lower the price will be (more bitcoin supply available on the market)

tarmi

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but bitcoin isnt different. bitcoin by decree is money.

the only difference is that it isnt issued by government.

marcus_of_augustus

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Eadem mutata resurgo

Quote from: gollum on December 17, 2014, 05:33:02 PM

“At the end fiat money returns to its inner value—zero.”
- Voltaire

Bitcoin is by definition a fiat currency:

The value of fiat money is derived from the relationship between supply and demand rather than the value of the material that the money is made of. Historically, most currencies were based on physical commodities such as gold or silver, but fiat money is based solely on faith. Fiat is the Latin word for "it shall be".
http://www.investopedia.com/terms/f/fiatmoney.asp

fiat means "by decree" ... as in the govt says "this piece of paper shall be money" and the people take it on faith (shared illusion).

Oxford english definition of fiat

Quote

A formal authorization or proposition; a decree: e.g. the reforms left most prices fixed by government fiat

Investopedia is a lightweight useless reference source it seems.

Bitcoin has collectable, numismatic, utility and cost of production value as determined by the market and NO government has decreed it as money. It is demonstrably NOT a fiat money.

gollum

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In Hashrate We Trust!

“At the end fiat money returns to its inner value—zero.”
- Voltaire

Bitcoin is by definition a fiat currency:

The value of fiat money is derived from the relationship between supply and demand rather than the value of the material that the money is made of. Historically, most currencies were based on physical commodities such as gold or silver, but fiat money is based solely on faith. Fiat is the Latin word for "it shall be".
http://www.investopedia.com/terms/f/fiatmoney.asp

Lauda

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Terminated.

Quote from: seriouscoin on December 16, 2014, 09:11:04 PM

I too hope Russian economy completely collapse. Gives the ppl the chance to rebuild their government. Its corrupted far too long.

Definitely nowhere near as corrupted as the US, or a few countries in Europe. Well never corner someone who has over a few thousand nukes, is my opinion.
Well the news with Ruble is horrible, the people there suffer.

TKeenan

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Quote from: galbros on December 16, 2014, 09:23:18 PM

I feel sorry for the Russian people.

Let the fuckers shiver and eat red beets. They wanted Crimea - so this is what they get.

traderman

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It's not just Russia, it is happening across the entire world. http://www.zerohedge.com/news/2014-12-17/soaring-inflation-around-globe-cartier-hikes-russian-prices-50-suntory-whiskey-price

Quote from: turvarya on December 17, 2014, 05:53:29 AM

Quote from: exoton on December 17, 2014, 12:17:51 AM

Quote from: galbros on December 16, 2014, 09:23:18 PM

I feel sorry for the Russian people. Signs of hyper inflation are setting in with people rushing to stores to buy capital goods.

However, we can't laugh too hard, year to date bitcoin is down more versus the USD than the ruble is.

Russia is not actually experiencing hyper inflation, it's prices of domestically produced goods are generally the same, however the prices of imported good are increasing dramatically.

The percentage that the price of bitcoin has dropped is roughly the same as the percentage decline of the Russian Ruble. It is just that the Ruble's decline is accelerating and even massive hikes in interest rates are not slowing it down, nor has ~$100 billion in intervention slowed it down.

As far as I know, they import a lot of stuff.
Let's look at the stats, instead of speculating:

http://www.tradingeconomics.com/russia/inflation-cpi
Seems like high inflation to me.

turvarya

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Quote from: exoton on December 17, 2014, 12:17:51 AM

Quote from: galbros on December 16, 2014, 09:23:18 PM

I feel sorry for the Russian people. Signs of hyper inflation are setting in with people rushing to stores to buy capital goods.

However, we can't laugh too hard, year to date bitcoin is down more versus the USD than the ruble is.

Russia is not actually experiencing hyper inflation, it's prices of domestically produced goods are generally the same, however the prices of imported good are increasing dramatically.

The percentage that the price of bitcoin has dropped is roughly the same as the percentage decline of the Russian Ruble. It is just that the Ruble's decline is accelerating and even massive hikes in interest rates are not slowing it down, nor has ~$100 billion in intervention slowed it down.

As far as I know, they import a lot of stuff.
Let's look at the stats, instead of speculating:

http://www.tradingeconomics.com/russia/inflation-cpi
Seems like high inflation to me.

CoinProfitProgram

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Russian people should open their eyes and understand, that it's not possible any more to live in a bubble. Global economy, global politics, global relationship and global citizenship. This how World is working now.

exoton

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Quote from: galbros on December 16, 2014, 09:23:18 PM

I feel sorry for the Russian people. Signs of hyper inflation are setting in with people rushing to stores to buy capital goods.

However, we can't laugh too hard, year to date bitcoin is down more versus the USD than the ruble is.

Russia is not actually experiencing hyper inflation, it's prices of domestically produced goods are generally the same, however the prices of imported good are increasing dramatically.

The percentage that the price of bitcoin has dropped is roughly the same as the percentage decline of the Russian Ruble. It is just that the Ruble's decline is accelerating and even massive hikes in interest rates are not slowing it down, nor has ~$100 billion in intervention slowed it down.

TKeenan

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Quote from: marcus_of_augustus on December 16, 2014, 09:24:24 PM

Quote from: seriouscoin on December 16, 2014, 09:11:04 PM

I too hope Russian economy completely collapse. Gives the ppl the chance to rebuild their government. Its corrupted far too long.

mmm, I agree ... and the european and the american and the british ... seems there is a lot of corruption awaiting the long overdue cathartic collapse and jubilee times.

Bitcoin price will go sky high like the first Bitcoin run up to $70 caused by Cypress - starting tomorrow. Capital flight from a large country like Russia is going to be fun. Mark my post with its time stamp - this shit is about to get fun. Let's give them all about a week to find a Bitcoin dealer, then watch the fight for a ruble exit happen. I'd say Bitcoin at $1,400 in about 6 weeks. Note I posted this at a recent bitcoin low. But the run is coming!!! You should get your bitcoin while they are cheap before the Russians bid up the price.

Profiting on Russian misery makes it twice as sweet. I sure hope they enjoy their stupid Crimea!

marcus_of_augustus

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Eadem mutata resurgo

Quote from: seriouscoin on December 16, 2014, 09:11:04 PM

I too hope Russian economy completely collapse. Gives the ppl the chance to rebuild their government. Its corrupted far too long.

mmm, I agree ... and the european and the american and the british ... seems there is a lot of corruption awaiting the long overdue cathartic collapse and jubilee times.

galbros

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I feel sorry for the Russian people. Signs of hyper inflation are setting in with people rushing to stores to buy capital goods.

However, we can't laugh too hard, year to date bitcoin is down more versus the USD than the ruble is.

seriouscoin

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I too hope Russian economy completely collapse. Gives the ppl the chance to rebuild their government. Its corrupted far too long.

TKeenan

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Quote from: marcus_of_augustus on December 16, 2014, 08:11:19 PM

Quote from: TKeenan on December 16, 2014, 06:56:41 PM

Quote from: leopard2 on December 16, 2014, 06:49:00 PM

It was clear that Russia would not accept Ukraine to become a NATO member, losing access to the Black Sea. Is Crimea worth WW3?

US arrogance is unlimited. Obama and Putin should be put in a room together with water and bread until they have worked something out Grin

Russia captures Crimea - the US arrogance is unlimited. OK.

Fuck Russia. They get what they deserve. Why do you think millions of them are shivering tonight eating beet soup while millions of Americas are eating big fat steaks and lobster?

No Bitcoin for Russia. They've got no fags and no Bitcoin. Outlawed them both. http://www.cnn.com/2014/12/16/world/europe/chance-russia-gay-rights/index.html?hpt=hp_t2 Sounds like sound governmental policy. Let's see how that holds up for them.

pride goeth before the fall ... enjoy your steaks and lobster while they last is about all i can say.

hint: it is a currency war and has very little to do with ukraine or crimea much more to do with US$, oil, gas and gold.

I am in Spain buddy - but I'll enjoy my porto and jamon just the same. Whatever you say. All I know is Russia told its people Bitcoin was too dangerous for volatility, then they made it illegal just in case the people didn't listen, then the Ruble ate shit (not lobster).

But I do find it interesting that very shortly after a powerful country made bitcoin illegal - their whole economy ate shit and their currency is about to become worthless. There is no greater endorsement for Bitcoin in my mind. Cypress is boring. Argentina is nothing. Russia is another matter.

marcus_of_augustus

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Eadem mutata resurgo

Quote from: TKeenan on December 16, 2014, 06:56:41 PM

Quote from: leopard2 on December 16, 2014, 06:49:00 PM

It was clear that Russia would not accept Ukraine to become a NATO member, losing access to the Black Sea. Is Crimea worth WW3?

US arrogance is unlimited. Obama and Putin should be put in a room together with water and bread until they have worked something out Grin

Russia captures Crimea - the US arrogance is unlimited. OK.

Fuck Russia. They get what they deserve. Why do you think millions of them are shivering tonight eating beet soup while millions of Americas are eating big fat steaks and lobster?

No Bitcoin for Russia. They've got no fags and no Bitcoin. Outlawed them both. http://www.cnn.com/2014/12/16/world/europe/chance-russia-gay-rights/index.html?hpt=hp_t2 Sounds like sound governmental policy. Let's see how that holds up for them.

pride goeth before the fall ... enjoy your steaks and lobster while they last is about all i can say.

hint: it is a currency war and has very little to do with ukraine or crimea much more to do with US$, oil, gas and gold.

TKeenan

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Quote from: ticoti on December 16, 2014, 07:55:46 PM

this is actually shutting up many people

bitcoin is so volatile they said...

Yep - they said Bitcoin volatility is dangerous for their people. ...and that the Russian people should hold Ruble instead to 'protect them'. See what happens when the people listen to their government about currencies? Now, everything those Russians own is worth HALF what it was last month. You think that is funny? Wait until next month. It's going to half again.

Long live fiat!!!!

When the government tells you Bitcoin is 'too dangerous for volatility', be sure to listen carefully.

Topic: Ruble in freefall... Too bad for those people they outlawed Bitcoin! hahaha - page 2. (Read 4192 times)