Russians move into bitcoin as ruble tanks (CNBC)

wadili89

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Quote from: H1N1 on December 27, 2014, 04:50:13 PM

Quote from: wadili89 on December 27, 2014, 03:54:54 PM

Clearly the value from Rouble is not moving into Bitcoin, otherwise we would have seen a rise in prices. I think right now they are banking more on Gold or USD.

yup, I agree its clearly that bitcoin continues to drop slowly. Russians arent moving to bitcoin if they were, we would have seen a large rise in the value

I was hoping there would be a big rise like that happened when banks were taking the money in Cyprus. The Russians for some reason are looking elsewhere. It may be due to all the negative news Bitcoin has with being labelled the worst investment of 2014.

Rub3n

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S> Cheap SocialMedia Hype's

I think the mass has no clue about it and some might actually put some of their savings and turn it into BTC. Its actually pretty smart to do, but i'd rather invest in oil ATM.

H1N1

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Quote from: wadili89 on December 27, 2014, 03:54:54 PM

Clearly the value from Rouble is not moving into Bitcoin, otherwise we would have seen a rise in prices. I think right now they are banking more on Gold or USD.

yup, I agree its clearly that bitcoin continues to drop slowly. Russians arent moving to bitcoin if they were, we would have seen a large rise in the value

Sakarias-Corporation

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Call me Alice. just Alice.

now, if Russia would be going into BTC as a country. then i would be rich rich RICH!

wadili89

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Clearly the value from Rouble is not moving into Bitcoin, otherwise we would have seen a rise in prices. I think right now they are banking more on Gold or USD.

bitcoinmining

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It's certain that Bitcoin's future seems brighter than Ruble right now; but don't forget Ruble has a government power, also we need some governments support to fly to the moooon!

RoadTrain

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Quote from: blackbird307 on December 27, 2014, 02:17:42 AM

Quote from: bitcon on December 19, 2014, 02:50:44 PM

i heard on the news that many russians are just buying items that hold their value over time. maybe such as electronics or appliances.

I don't think buying a plasma TV is a very good store of value. That's just ridiculous. There are better things, like silver. That's already gone down so far, it's just teasing for a reversal.

I don't think they are using it as a store of value. It's more like rushing to buy some relatively expensive durable goods before prices rise more.

blackbird307

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Quote from: bitcon on December 19, 2014, 02:50:44 PM

i heard on the news that many russians are just buying items that hold their value over time. maybe such as electronics or appliances.

I don't think buying a plasma TV is a very good store of value. That's just ridiculous. There are better things, like silver. That's already gone down so far, it's just teasing for a reversal.

RussiaCoinDotInfo

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botany

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Quote from: Lethn on December 19, 2014, 03:47:34 PM

Quote from: bitcon on December 19, 2014, 02:50:44 PM

i heard on the news that many russians are just buying items that hold their value over time. maybe such as electronics or appliances.

The chinese are doing that as well, but more with precious metals and gemstones, the chinese government has actually advised them to do it.

http://www.bullionbullscanada.com/index.php?option=com_content&view=article&id=2545:china-urges-citizens-to-buy-gold-silver&catid=48:gold-commentary&Itemid=131

Man, those lucky countries which don't have a current account deficit. Undecided

In other countries with current account deficits, there are heavy curbs/quantitative restrictions on such purchases.

Lethn

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Quote from: bitcon on December 19, 2014, 02:50:44 PM

i heard on the news that many russians are just buying items that hold their value over time. maybe such as electronics or appliances.

The chinese are doing that as well, but more with precious metals and gemstones, the chinese government has actually advised them to do it.

http://www.bullionbullscanada.com/index.php?option=com_content&view=article&id=2545:china-urges-citizens-to-buy-gold-silver&catid=48:gold-commentary&Itemid=131

bitcon

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i heard on the news that many russians are just buying items that hold their value over time. maybe such as electronics or appliances.

RoadTrain

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Quote from: noobtrader on December 19, 2014, 12:12:29 PM

Quote from: Elwar on December 19, 2014, 04:35:40 AM

Quote from: RoadTrain on December 19, 2014, 01:05:20 AM

Quote from: Houseman on December 17, 2014, 11:37:22 AM

Quote from: noobtrader on December 17, 2014, 10:08:03 AM

Quote from: Q7 on December 17, 2014, 09:15:49 AM

Sounds good but why does the price of bitcoin keeps on tanking? There must some selling pressure coming from somewhere. Another explanation i convince myself is i expect the drop in bitcoin price is a reflection of the strength or gain in us dollar like what is happening against all other currencies with bitcoin losing no exception.

maybe...
the russian maybe buying bitcoin but then quickly cashing into fiat of their destination

Seems like that's true. I guess there must be a big problem buying USD in Russia.

Not really. You can easily convert your ruble deposit to a dollar one just by going to your bank. Getting dollar cash might be a bit harder if there's a lack of dollars at the bank (dollars are sometimes bought faster than they are brought from bank vaults).

On the contrary, getting into Bitcoin is harder for an average Russian. There are no ATMs, so you have to use online payment systems to buy Bitcoin.

Most Russians would just buy dollars and keep them in banks in neighboring countries...like Cyprus.

the problem is capital control, how you get the dollar out of russia Huh

I don't know where you got that idea, but there are no capital controls in Russia of that kind. You are allowed to have bank accounts anywhere you want, provided that you don't evade taxes.

And most Russian don't do that anyway. They're keeping dollars either at their local bank, or under the mattress.

noobtrader

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Quote from: Elwar on December 19, 2014, 04:35:40 AM

Quote from: RoadTrain on December 19, 2014, 01:05:20 AM

Quote from: Houseman on December 17, 2014, 11:37:22 AM

Quote from: noobtrader on December 17, 2014, 10:08:03 AM

Quote from: Q7 on December 17, 2014, 09:15:49 AM

Sounds good but why does the price of bitcoin keeps on tanking? There must some selling pressure coming from somewhere. Another explanation i convince myself is i expect the drop in bitcoin price is a reflection of the strength or gain in us dollar like what is happening against all other currencies with bitcoin losing no exception.

maybe...
the russian maybe buying bitcoin but then quickly cashing into fiat of their destination

Seems like that's true. I guess there must be a big problem buying USD in Russia.

Not really. You can easily convert your ruble deposit to a dollar one just by going to your bank. Getting dollar cash might be a bit harder if there's a lack of dollars at the bank (dollars are sometimes bought faster than they are brought from bank vaults).

On the contrary, getting into Bitcoin is harder for an average Russian. There are no ATMs, so you have to use online payment systems to buy Bitcoin.

Most Russians would just buy dollars and keep them in banks in neighboring countries...like Cyprus.

the problem is capital control, how you get the dollar out of russia Huh

Elwar

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Quote from: RoadTrain on December 19, 2014, 01:05:20 AM

Quote from: Houseman on December 17, 2014, 11:37:22 AM

Quote from: noobtrader on December 17, 2014, 10:08:03 AM

Quote from: Q7 on December 17, 2014, 09:15:49 AM

Sounds good but why does the price of bitcoin keeps on tanking? There must some selling pressure coming from somewhere. Another explanation i convince myself is i expect the drop in bitcoin price is a reflection of the strength or gain in us dollar like what is happening against all other currencies with bitcoin losing no exception.

maybe...
the russian maybe buying bitcoin but then quickly cashing into fiat of their destination

Seems like that's true. I guess there must be a big problem buying USD in Russia.

Not really. You can easily convert your ruble deposit to a dollar one just by going to your bank. Getting dollar cash might be a bit harder if there's a lack of dollars at the bank (dollars are sometimes bought faster than they are brought from bank vaults).

On the contrary, getting into Bitcoin is harder for an average Russian. There are no ATMs, so you have to use online payment systems to buy Bitcoin.

Most Russians would just buy dollars and keep them in banks in neighboring countries...like Cyprus.

RoadTrain

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Quote from: Houseman on December 17, 2014, 11:37:22 AM

Quote from: noobtrader on December 17, 2014, 10:08:03 AM

Quote from: Q7 on December 17, 2014, 09:15:49 AM

Sounds good but why does the price of bitcoin keeps on tanking? There must some selling pressure coming from somewhere. Another explanation i convince myself is i expect the drop in bitcoin price is a reflection of the strength or gain in us dollar like what is happening against all other currencies with bitcoin losing no exception.

maybe...
the russian maybe buying bitcoin but then quickly cashing into fiat of their destination

Seems like that's true. I guess there must be a big problem buying USD in Russia.

Not really. You can easily convert your ruble deposit to a dollar one just by going to your bank. Getting dollar cash might be a bit harder if there's a lack of dollars at the bank (dollars are sometimes bought faster than they are brought from bank vaults).

On the contrary, getting into Bitcoin is harder for an average Russian. There are no ATMs, so you have to use online payment systems to buy Bitcoin.

panju1

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Quote from: DonQuijote on December 17, 2014, 07:31:18 PM

BTC? why they choose btc? Its the worst investment of 2014
$ or € are more stable

When you buy large quantities of $ or €, you have to store them in bank accounts (You can't stuff them under your pillow!!)
This is always dangerous when the country is in a crisis and can seize assets.

With Bitcoin, you are your bank. Much safer in such a situation.

noobtrader

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Quote from: DonQuijote on December 17, 2014, 07:31:18 PM

BTC? why they choose btc? Its the worst investment of 2014
$ or € are more stable

because btc is easier to buy and send abroad than $ Huh

i think you have to fill a form or something if you want to buy large amount of $

DonQuijote

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BTC? why they choose btc? Its the worst investment of 2014
$ or € are more stable

YinShuiSiYuan

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Quote from: Elwar on December 17, 2014, 11:42:59 AM

It's a cold war propaganda piece. Russia Times promotes Bitcoins outside of Russia, most likely in the hopes that it catches on and hurts the dollar/euro.

CNBC tries to get Russians to switch to Bitcoins most likely in the hopes that it hurts the ruble.

Where is Yakov Smirnov when you need him?

The people of Russia need bitcoin to catch on in their country much more then the Russian government needs the Dollar to "fail"

The Ruble has fallen by ~50% this year while the dollar has held steady, plus even if bitcoin is successful over the long term it will probably only have marginal effects on the dollar

Topic: Russians move into bitcoin as ruble tanks (CNBC) (Read 4115 times)