Bitcoin Forum

Will Greece's failure bring to a new rise of bitcoin price in next months? Maybe a bubble? How much? Tell your opinions.

Somewhere I heard that, cyprus was a wealth heaven, during the crisis the wealth was exported using bitcoin. I don't know if would be the same scenario with greece.  

That is true. A lot of Russians had deposits in Cyprus and when capital controls / deposit cuts were imminent, converting fiat into Bitcoin was a workaround. In Greece, deposits belong to common citizens and the government won't be comfortable imposing haircuts.

Greece is the first of many, a tremor before the quake.

https://i1.wp.com/cagle.com/working/100507/darkow.jpg

1 BTC = $600+ by end of September. 1 BTC = $3,000+ by next fall. 1 BTC = $60,000+ by 2020. 1 BTC = Infinite fiat by 2040 (fiat = void / no value as currency except to collectors)

Bitcoin does not compete with fiat currencies.

http://ak-hdl.buzzfed.com/static/2014-11/18/10/enhanced/webdr08/anigif_enhanced-buzz-7071-1416325834-8.gif

It replaces them. It consumes their wealth with the cruel indifference of mathematics.

let us see what will happen with the greek banks in the next weeks - bail ins?

How can you be sure with the prices of bitcoins?
I agree that bitcoin will rise at $600, but 60k? seems unbelievable
but, we'll see :D there are many unpredictable events thats gonna happen, especially with economical crisis like this
cheers  ;)

Are you guys preparing the worst scenario? So the bitcoin demand is rising now. No one can predict that scenario precisely. I think the submitted proposals will be passed by the creditors. Greece will get bailout fund.

The problems in Greece {liquidity of the banks and the withdrawal limits} will be a short term problem.

My prediction is a 3rd Bailout and then the people will just go on as normal, just paying higher taxes to pay back these huge Bailouts.

The problem with Greece is the small amount of people actually paying the taxes that are due to the government, and to compound this problem, more than 25% of people are now unemployed. {So a smaller % of people are carrying the increased tax burden now}

After the 3rd Bailout failed, Greece will default again, and we will see the final economic collapse. Before this happens, loads of people would have withdrawn their savings from the banks and part of that money would find their way to Bitcoin. {So my prediction... Bitcoin will grow, until the end of this year...upwards to $600/BTC}  

I do not agree with you that due to the Greece crisis, Bitcoin would raise in a next or few months, if crisis boost the value of Bitcoin, then what about WHOOPING $1200 +/- value of per Bitcoin during the year 2013, there is no such a crisis issues.

EU dont want to loose Greek and Greeks want to stay in EU. Greeks will obey the demands of the creditors and the creditors will extend the deal.

If Greeks want to make the economy strong they must invest their money in export business to generate income to the country. If they start to buy BTC then only the first buyers could get coins before the price skyrocket and noone else could aford it.

How do they convert the fiat into bitcoin, in exchanes? There was capital control then. I do not think they can take money out of Cyprus.

I think after the greece failure, the bitcoin price may rise by 200$ or 300$ next few months

I say before 2015 ends we will see BTC at $600.

By the end of summer or early autumn Bitcoin could very well reach $400 if not more!

Everybody knows the trouble in Greece is not over.  Problems with Puerto Rico and China as well.


The World governments need growth,growth,growth and the only way to get that is messing with the currency.

Psssssssssssssst! Dont say this. It is a secret  ;)

Don't forget China, for some while they were able to bypass the capital controls with Bitcoins, but it won't repeat anymore.

I think Cyprus was nothing compared to China

Cyprus's GNP is less then ½ % o f China's GNP


I will look for the link.

http://countryeconomy.com/gdp/cyprus



2014--   23,269$---     -2.3%


http://countryeconomy.com/gdp/china


2014 ----- 10,360,105 ------- +7.4%



23269/10360105 =  0.002246    that is .2246%   which is lees then ½ of 1 percent.  (yeah me as the < ½ % I mentioned was a guess   ;)  )


So a major China meltdown would be impressive.

2014   10,360,105$   7.4%
2013   9,469,125$   7.8%
2012   8,386,678$   7.8%
2011   7,314,482$   9.3%
2010   5,949,648$   10.4%
2009   5,105,769$   9.2%
2008   4,547,716$   9.6%
2007   3,504,605$   14.2%
2006   2,793,159$   12.7%
2005   2,287,258$   11.3%
2004   1,944,674$   10.1%
2003   1,650,514$   10.0%
2002   1,455,560$   9.1%
2001   1,317,236$   8.3%
2000   1,192,854$   8.4%
1999   1,100,775$   7.6%

They have had   15 winning years look above.

They will most likely figure out some ways to get around this again.. If they really want it, they can get it..

It's too soon to predict the outcome. Cyprus or even Greece issue may not be the main driver. After the third bailout momentarily everybody will just forget that things ever happened. I think people should start to take things seriously and look for alternatives to secure their money. If they can't trust banks why not consider bitcoin.

That brings up an important observation. Just 10 years ago calling banks "evil" or not trusting them was only for radicals or conspiracy theorists. Today it is very common for people even the media to bash on the banks. I think the tide is slowly churning and in a while anyone who supports the banks will be viewed as the outsider. Bitcoin could be a very important puzzle piece to this transition.

Nothing really needs to happen inside Greece, it's the rest of the world speculating about what can or cannot happen that can drive the price nuts. Now more people are aware on Bitcoin and what it can do vs back in the day with Cyprus, this only means the potential bubble could be bigger, hopefully setting a new higher ceiling (every bubble will set a higher ceiling pretty much add infinitum until like 2030 or so when the inflation aspect of BTC starts being tiny).

Or by, you know, just devouring Earth till there's nothing left but toxic wasteland.

The Impossible Hamster (https://www.youtube.com/watch?v=Sqwd_u6HkMo)

The 1200 bubble was for the most part produced by WillytheBot (MtGox) and his followers. Cyprus crisis had about the same impact on Bitcoin price as Greece has right now. Problem is mainly, when the banks are closed, people are not able to buy Bitcoins.

Perhaps a large bubble could occur
10% Large
50% Medium
30% Small
10% Nothing
At least that is what I put my odds at for now
I did hear a Greece hotel owner say he was investing in Digital currency on local tv so it might catch on yet.

Cyprus was loaded with deposits from wealthy Russian investors. When these billionaires wanted to move some of their money, Bitcoin was a natural fit. In the case of Greece, that is not happening. Even if the banks were open, Greeks would withdraw Euros and keep it with them.

Yes. Bitcoin is also much bigger now than 2 years ago. It is affected by Greece to lesser degree.

Greek and Cyprus are two different scenarios as others have mentioned there were a lot of Russian investors in Cyprus and greeks's access to fiat is so restricted that they can not invest in bitcoin big time even if they want to.
but all that said the market movements are indicating a different thing, and looks like another bubble is shaping , we have to wait and see.

We will have to wait and see, but i agree to this.

This. And part of the current price development is a Fontas-like pump and dump cycle: pump on good news (Greeks need to buy cryptos), dump some five days later. Get ready for a moderate correction this week. We won't see lower than $250 figures, though.

crisis aside, the bitcoin needs trust as currency and as technology by large investors

That is true. If investors/traders believe, that greeks will buy a lot of Bitocoins, price can raise, no matter if its true or not. This seems to be much likely the scenario now.

If there had been a messy Grexit with Greek banks going bankrupt it could have sparked a really big bubble. Now it seems like they have reached a bail out agreement the bubble seems much less likely. I think you're right about the dump this week. As more people across the world hear about the bail out agreement there will be more dumps.

I see a lot of mention of Russian investors moving their money out of Cyprus using Bitcoin.
Have you got any links to where you got that information from?
Because last I remember Cyprus lost MANY of those Russian investors (due to the haircut) that relocated their business to the Isle of Man or some other tax heaven.
And I didn't really see any huge price rise considering they would have moved millions/billions of Euros through Bitcoin.

AFAIK the only money that left the island of Cyprus at the time was before the haircut and was done by those that had inside information.

There are always whales manipulating the btc market. And at the time of Cyprus crisis the whales took the opportunity and made a great deal of money.
And now also they will be doing the same.

They are similar but not same. But, hey! People are same. So we can see another big bubble according to Greece/EU's economical fail. It's all pure speculation though.

Looks like you were right. Greece gets his money and all is back to normal, like before. And what happens to the bitcoin price? It drops when it showed up that they will get the money to proceed the way they proceeded till now. ::)

When Greece's capital controls is lifting, we may see money moving out of Greece. How much of that will be going into bitcoin? Not much I think. Euro is a strong currency comparable to US dollars, so it will not devalue much. They are better off keeping Euro.

I hope we do not see another bubble.  Slow and steady progress will be better for mass adoption in the long run.

not exactly it it did not dropped back to where it was before the greece drama, we were at 220-250 before, now 250-275, to me this is a good progress, i don't know if it was for greece of for litecoin, but there is definitely a growth

It is a little late to tell my opinion because things are more cleared now but I don't think that Greeks will buy bitcoins. First because the common people don't have money, second because they need money to spend in everyday things (so no possibility to save), and third because now they have signed the agreement of the help with the European Countries.

This is exactly the reason why we need to push the distribution of BTC ATMs. The more we rely on these banks for getting input bitcoin, the better chance we have on flourishing the industry.

They are better off keeping it in Euro, but in a bank outside Greece.
Greeks would have learnt from this episode. Better to have money outside the clutches of the Greek government when the next crisis strikes.

I think there is no real reason that the bitcoin price can hold that level. It can't grow higher, the last days showed that. So i think it will crash again to a lower level.

Yes of course the last few days have shown that.
The whales are buying the bitcoin which they sold at 315$ and waiting to create a new pump.

IMHO, after they saw what happened with the last rush($1000+ price) when the country economy steered most of them here. And then they saw the giant dumps that took place, I doubt they will make the same mistake as there are hundreds if not thousands waiting for the price to go back up so they can dump as well.


Once again this is IMHO(in my honest opinion).

I don't think so, now people know bitcoin is just a pump and dump thing so nobody follows this time, and you can see the price, can't go up, and dumped again, in the near future, we will see 200 usd again, maybe lower because bitcoin is a bubble thing, and the bubble was broken since 1200 USD huge pump.

i see it only as a test to see if 315 or any value above 300 was sustainable, and apparently it was not, i'm obsessed with the fact that there is someone that is trying genuinely to rise the price of bitcoin, slowly

people buying in mass can't control the market so precisely

There are many newbie that will still follow the price jump and buy on higher prices or manipulated prices.

Yes they can control the market so precisely that no one notices.
They create buy orders in a way that the market prices remains just the same.
They place many micro orders and pile up huge amount of Bitcoin and wait for right moment to dump.

no they cannot because they can not coordinate between each other, none of them will know when the other will buy, unless you're talking about a group, which wasn't my point

OK I understand.
But in my opinion they can coordinate by using irc(Internet relay chat).
What do you think????

well then you're talking about a group  ;D, but random users all around the world will never coordinate they don't even know about each other

so this pump, with this steady grow must have been done by a group or single powerful entity

No cipro and even Greece, what we need is the return of the bot willy to see a new bubble    ;D ;D ;D

looks like Greece didn't have enough power to make a big change in the market and i think this recent rise is more because of the news of Greece rather than the actual Greeks buying in .

on the other hand i believe chinese had a big impact on the market which all in all lead to the $277 level that we are at right now

This is the “quiet before the storm” with a period of tight consolidation. It’s usually the time when the smart money quietly accumulates supply without trying to move prices up too high.

i hear everywhere that whales are accumulating coins, but they already had plenty of time to do so. i think it's more due to the fact that traders overal aren't ready for a price jump.