Bitcoin Forum

It happened all before with Cyprus in 2013:

Shares of the cyber-currency bitcoin have surged in the past week as investors seek safe havens following the unprecedented bailout of Cyprus' banks.

http://money.cnn.com/2013/03/28/investing/bitcoin-cyprus/

And today:

Schaeuble Warns Defaults Can Surprise Before Greece Test

“Experience elsewhere in the world has shown that a country can suddenly become unable to pay its bills,” Schaeuble said in an interview with Frankfurter Allgemeine Sonntagszeitung published Saturday.

http://www.bloomberg.com/news/articles/2015-05-09/greece-huddles-with-creditors-ahead-of-ecb-test-as-support-slips

I think if you relate the price increase to Cyprus back in 2013, that is more like mere coincidence. We have seen Greece showing signs of defaults and then we have the bailouts but that hardly move the price. Personally I don't see any correlation between both.

Nah, Cyprus had nothing to do with it and I'm sick and tired of this nonsense about Greece leaving the Eurozone.

 If you live in the EU and think that the banking system might collapse or that the Euro might collapse, you don't purchase BTC, you try to withdraw as much money as you possible can and keep it in cash. If the government ever implements a pesofication of all depositor accounts you can bet people will be trying to smuggle euros into other, more stable European countries.

how they can fuel it if they have no money even for surviving practically...

no the new really of btc will not happen because some country is bankrupted

The point is it will cause capital flight to Bitcoin, Greece collapsing would certainly shake up the EU to that point and Switzerland has already exited the Euro.

Could Greece bankruptcy fuel the next Bitcoin rush? The answer is no. Here is why:

1. People from other countries don't care about Greece bankruptcy that much. For them is just another news from far away.
2. It does not make people suddenly realise that something like bitcoin is here. People don't know about bitcoin.
3. Even if people knew what bitcoin is there is not enough of infrastructure to use bitcoin in normal life on everyday basis.
4. Bitcoin is still too volatile when one day you have 1 BTC and it cost $300 and next your bitcoin is only worth $225.

Obviously, NO the Greece bankruptcy will not 'fuel' the next bitcoin rally. If we want to see again 1'000 dollars per bitcoin, that in this case we need a person with a lot of dollars (billion or also million $$) and he should buy bitcoin and continue to buy.

every week since 4 months ... the greek country must do default.
but they don't ... every time.

that's the financial sector, a bunch of lies ...

Switzerland was never in the Euro to begin with! The Swiss Franc was pegged to the Euro, but they were never part of the Eurozone.


I suggest we bring back Willy and Markus.

It's "Schäuble", not "Scha-eble". Since you are most probably someone from far away from the area of interest: Just believe me, Cyprus ain't Greece nor has given Bitcoin anything. More like nothing. What's left from the Cyprus Effect?

You have some fine points, but 4 is partially true. Bitcoin isn't that volatile at the moment. Take a look at the 6 month chart, we've only had 1 big decline in that time period.
Things are going to improve over time. I Greece goes bankrupt, I could see some wealthy individuals buying into Bitcoin. They do have to hear about it first and learn how it works and how to use it.

The answer is YES:
Almost anything "could" happen and Bitcoin is primed for a huge rally with all the investor money pouring into related companies.
The pessimism in this thread (and 'all over' the forum) is actually a clear sign that the market is ready to go much higher:
Contrarian investing = "In finance, a contrarian is one who attempts to profit by investing in a manner that differs from the conventional wisdom, when the consensus opinion appears to be wrong."
http://en.wikipedia.org/wiki/Contrarian_investing

Fed up hearing that Greeks are poor and have no money..  ::)


As the Greek economy teeters on the verge of bankruptcy, millions of panicking citizens have completely cleared their accounts - pulling more than €28 billion out of banks and pushing the total cash revenue held in the country's financial institutions to a 10-year low.

http://www.dailymail.co.uk/news/article-3068975/Greece-introduces-mandatory-surcharges-cashpoints-desperate-attempt-raise-money-stop-panicked-citizens-withdrawing-life-savings-country-s-beleaguered-banks.html

It would be great to see a steady but healthy growth over a long period of time. For that to happen there must be genuine demand. I prefer to have genuine demand and a steady rise, rather than a few wealthy investors buying up coins to dump it again at some point. And no, I don't think Greece can trigger a rally.

Anyone knows exactly to what extent the cyprus bailout was responsible for the bitcoin rally? that would very useful information to try to develop an analysis adapted to the current greek situation. I only expect a small % of people doing it because unfortunately, most people are clueless and there are people hidding money literally under sofas already because they dont know any better.

cyprus had no impact on bitcoin. it was pure coincedence. greece bankruptcy will also not have an impact on bitcoin as there are safer ways of getting money out of the country.

I wouldn't necessarily call it a coincidence. I very much doubt that a single Cypriot got involved but it could well have inspired people who were already into BTC to go deeper into it. It's exactly the type of situation it's best suited for in theory and they would've gotten all excited.

The peoples from neighboring countries may not care but the banking institutions of said countries sure will, as many of them are Greek creditors. Italy, France, germany also have economic problems and the market will start to ask questions - we're already seeing bond prices turn, with Germany leading the way. No one wants Greece to default as the repercussions are unknowable.

It won't make people realize overnight that bitcoin is the answer but when it comes to money being confiscated (by bail in, devaluation or 'policy'), I'll bet people learn quick. Doesn't have to be the greeks themselves, likely to be other EU members. I would say in the event of a Greek exit people won't be coming to bitcoin so they can do the groceries, they'll be looking to keep their wealth away from TPTB and store their value.

Volatility is a problem with Bitcoin but in a crisis its a problem with everything.

Yes exactly.  Its too late for greeks but the more heavy handed their govt is the more it will create a background of distrust in fiat currencies that will fuel btc demand.

i understand your point. and yes that might have been playing a certain role in the peak at that time. but it didn't last while the problems in cyprus and other countries were getting worse.

As in any area, those ahead of the curve are looking to preserve their wealth and authorize a portion of said wealth into some serious growth factors. In true form, the wealthy-money conscious are more in-tune w/ strategies sooner than the rest so I'd expect the likes of those Greeks to come into our fertile ground prior to the rest. So many of the regulars there are simpletons and focusing on what the government should do for them rather than believing in themselves to find an escape route.

This of coarse is the first thing the majority of people will do, try to withdraw cash. But when everyone is in hard cash and unbanked how will people make international or even some local payments with cash especially when your wealth is in $100 bills?
I think bitcoin will prove a store of wealth in this situation and might attract moderate attention, but I think that Bitcoin will mostly take off as a medium of small and personal online payments especially.

I agree. It's likely to have provided a spike of excitement to those already in the know and nothing more.

I think the Greeks played for time, come November podemos might win in Spain. A UKIP win in May will also work in their favor.
A rebellion by more southern states -against Germany- is a question of time.
The Greeks just need to hang in there as long as they can and hope that change comes..

I dont think it would effect the price that much. At least not in the current market. It would give it a bit of a bump. We're going flat for a few months, I think. Hey, maybe this new found stability will get some eyes on bitcoin, bring the price up slowly and steadily.

To the greek government, the use of the euro is in practise the same as the use of relatively sound money. The euro is sound in the sense that the government (of Greece) can not manipulate it, although the eurogroup can and does.

So if you wonder what sound money will do to governments, look only to Greece.

So here we go?

Bitcoin surges as Grexit worries mount, posts best run in 18 months

http://www.cnbc.com/id/102763842

So this is the full speech but where can we see it translated in to English? https://youtu.be/_9rj_Q454lM

Indeed, it seems it's turn for the Greek now. This is Cyprus 2.0 all over again. If only they know better and fully adopted Bitcoin instead of trying to fight an already lost war, they would get somewhere, but they will keep failing into the same traps. Unfortunately politicians are too moronic when it comes to BTC. I hope that at least it serves well for individuals trying to keep their wealth away from the up and coming total freezing of financial assets.

Today an announcement was posted of the first Bitcoin ATM in Greece in the Greek section of bitcointalk. It should help individuals buy Bitcoins in case of the total freezing of financial assets. I guess it's going to get a lot of business very quickly.

https://bitcointalk.org/index.php?topic=1091701.0

Here is a Google translation of it.

Greeks are rushing to Bitcoin

Ten times as many Greeks are registering to trade bitcoins on the German marketplace Bitcoin.de than usual, according to CEO Oliver Flaskaemper. Bitcoin trades from Greece have shot up 79% from their ten-week average on Bitstamp, the world's third-largest exchange.
Even trading platforms in China are getting interest. LakeBTC, headquartered in Shanghai, is seeing a 40% increase in visitors using computers in Greece.

http://money.cnn.com/2015/06/29/technology/greece-bitcoin/

Too late for the Greeks to make a big impact, however the rest of the world is taking notice.

Capitol controls can happen anywhere, prepare accordingly unless you would like to help to bail out your mismanaged government.

to be honest i didn't expect to see a nearly one month old post about what is going on right now.

i say that the recent rise to $260 was as the result of Greeks moving towards bitcoin.

but do you think that this is the start of the rally? and how high do you think it is going to go?

one is hoping that the greece could start a chain reaction, were many other nations, will follow and boost even more what bitcoin is aiming

if this will not happen, it's a bit illusional to think that greece's crisis, will rise bitcoin to a very good level