Topic: Russia vs Cyprus financial crisis - Bitcoin not getting any boost this time - page 2. (Read 2356 times)
December 17, 2014, 04:55:50 PM
The oligarchs are too smart to keep their wealth in rubles.
December 17, 2014, 04:53:11 PM
Not sure many people understand the concept of safe haven, Gold IS a safe haven whatever the price is. People confuse safe haven with price.
Anyway Bitcoin IS a safe haven because it can't be printed so therefore its value can not be dissipated like when a currency collapses and a govermnet prints and prints to keep up with the drop in value. Can Bitcoin collapse, well only of everyone who holds Bitcoin decides one day it doesnt like Bitcoin but here's the thing a fiat currency once collapsed and printed into toilet paper can not regain its value. Bitcoin as interest increases again can.
So why is Bitcoin dropping in 'price'? cause it's priced by most people here in Dollars which are increasing in 'price' compared to Bitcoin. Economics 101.
Anyway Bitcoin IS a safe haven because it can't be printed so therefore its value can not be dissipated like when a currency collapses and a govermnet prints and prints to keep up with the drop in value. Can Bitcoin collapse, well only of everyone who holds Bitcoin decides one day it doesnt like Bitcoin but here's the thing a fiat currency once collapsed and printed into toilet paper can not regain its value. Bitcoin as interest increases again can.
So why is Bitcoin dropping in 'price'? cause it's priced by most people here in Dollars which are increasing in 'price' compared to Bitcoin. Economics 101.
December 17, 2014, 02:46:08 PM
the ruble is something that is very very recent. it takes time for people to receive their weekly/monthly pay cheque, and then the following week/month see that they cannot buy as much next payday.. and then it takes time to weed through all the investment scams out there, to then come across bitcoin. and time to then purchase bitcoins.
so just because its news this week do not expect an instant bitcoin surge. it can take upto a month or two for people to react as they are still believing the hype that all their wages/cost of living are not affected and that inflation is a myth..
many russians i have spoken to think that its just affecting bank /debt interest rates (due to media propaganda). and yet to see the impact inflation has on cost of living. so just wait until their next pay cheque and they cant buy as much. then they will see media has lied to them and they need to do something about it.
so just because its news this week do not expect an instant bitcoin surge. it can take upto a month or two for people to react as they are still believing the hype that all their wages/cost of living are not affected and that inflation is a myth..
many russians i have spoken to think that its just affecting bank /debt interest rates (due to media propaganda). and yet to see the impact inflation has on cost of living. so just wait until their next pay cheque and they cant buy as much. then they will see media has lied to them and they need to do something about it.
December 17, 2014, 02:30:11 PM
i would sell all BTC now. no more safe haven!
December 17, 2014, 02:17:36 PM
Roughly two years ago, Cyprus' banking system started imploding, leading to the first big price rally in bitcoin powered in large part by a surge in perceptions that it was a safe alternative to the flawed banking system in crisis.
Well, something similar could be happening in Russia right now - with the rubble collapsing, inflation heading up (wiping out savers purchasing power) and growing talk that Russia will impose capital controls to prevent capital from fleeing (just like Cyprus did).
But bitcoin isn't benefiting from crisis this time. It's been sinking along with the ruble.
In fact, bitcoin doesnt seem to be benefiting at all from many signs the entire global financial system might be heading for another implosion.
Is bitcoin no longer viewed as a safe haven? I think its instability over the past year has really damaged its prospects of being viewed as a safe haven. Looks like it's being treated as anything but a safe haven. It's been behaving like just another pump and dump altcoin.
Well, something similar could be happening in Russia right now - with the rubble collapsing, inflation heading up (wiping out savers purchasing power) and growing talk that Russia will impose capital controls to prevent capital from fleeing (just like Cyprus did).
But bitcoin isn't benefiting from crisis this time. It's been sinking along with the ruble.
In fact, bitcoin doesnt seem to be benefiting at all from many signs the entire global financial system might be heading for another implosion.
Is bitcoin no longer viewed as a safe haven? I think its instability over the past year has really damaged its prospects of being viewed as a safe haven. Looks like it's being treated as anything but a safe haven. It's been behaving like just another pump and dump altcoin.
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