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Title: CNY devaluation first, is EUR second ? Post by: mirana12345 on October 23, 2015, 01:13:00 AM There were many theories that the primal tank of the bitcoins price was directly linked with the eastern market, due to high volume trading there,
which as a result raised the prices across all other exchanges, and it's not stopping.. So my question is; what will happen if/when GB leaves EU ? It will no doubt shake up minds and wallets of financial players - but will it have great impact on bitcoin as an alternative ? I think it will. EU is already starting to show it's problems and discontent as Germany starts to lead unpopular private politics, and tention is only growing ever since. I don't know what will end result of bitcoin be til the end of the year (even when i hope for atlease 300-350$), but next year; if this above scenario really happens; we will have both halving and massive influx of speculators and supporters. This only leads me to believe that the market price of bitcoin next year at this time will be no less than 2 000 USD minimum. Some ref. http://www.telegraph.co.uk/news/newstopics/eureferendum/11324069/When-is-the-EU-referendum.html http://www.coindesk.com/bitcoin-price-breaks-260-to-hit-two-month-high/ This reminds me of Delboy Trotter's saying "This time next year, we're going to be milionaires" Title: Re: CNY devaluation first, is EUR second ? Post by: rebuilder on October 23, 2015, 04:37:44 AM No significant effect on BTC. At least I hope not. The scenario where people rush out to buy BTC en masse to escape a falling currency would be a nightmare currently. The network can't support that many users and there are no mature, trustless off-chain solutions yet. Mass adoption of BTC at the moment would mean mass adoption of IOUs from exchanges and payment processors, not on-chain BTC.
Title: Re: CNY devaluation first, is EUR second ? Post by: Snail2 on October 23, 2015, 12:20:56 PM There is a big problem with panic buying en-mass, sooner or later after that we will see a really huge dumping as well. Actually I liked the relative stability of BTC price in this year :).
Title: Re: CNY devaluation first, is EUR second ? Post by: Raimonn on October 23, 2015, 01:53:15 PM I don't believe on an euro official devaluation, but euro will go down if it central european bank makes QE or impress more money. In this cases euro will go down against Btc and Gold. But could be little movements against dollar because Americans made similar movements to up its economy.
Title: Re: CNY devaluation first, is EUR second ? Post by: Paashaas on October 23, 2015, 02:16:25 PM There is a big problem with panic buying en-mass, sooner or later after that we will see a really huge dumping as well. Actually I liked the relative stability of BTC price in this year :). I agree, but we need to make sure that we're gonna be the first wave of sellers. I don't believe on an euro official devaluation, but euro will go down if it central european bank makes QE or impress more money. In this cases euro will go down against Btc and Gold. But could be little movements against dollar because Americans made similar movements to up its economy. ECB president ''super Mario Draghi'' pumped up the stockexchanges with some talks about a new QE, the Euro wil not get into devaluation anytime soon. Title: Re: CNY devaluation first, is EUR second ? Post by: ajareselde on October 24, 2015, 11:22:42 AM No significant effect on BTC. At least I hope not. The scenario where people rush out to buy BTC en masse to escape a falling currency would be a nightmare currently. The network can't support that many users and there are no mature, trustless off-chain solutions yet. Mass adoption of BTC at the moment would mean mass adoption of IOUs from exchanges and payment processors, not on-chain BTC. Well the network didn't feel any impact now when China speculators and investors are using it as a getaway from CNY devaluation, so i doubt it would be a "massive" impact, and also; the users would buy from exchanges and keep, as store-of-value , which would not make them network "weigh". I for one hope to some extent that this happens, given the fact that EU is already becoming bitcoin-friendly in recent events. |