Bitcoin Forum

So far the largest financial crisis to impact Bitcoin has been Cyprus. What a tiny tiny tiny tiny little country.

What happens when China plummets...........

If China plummets it's bringing everything else with it.

So yes, hold on to your seats.

What happen in Cyprus?

China is where 99% of the mining goes on. So if china goes down bitcoin may well collapse.  ???

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

shutting down those miners would be the best thing that happened.....

Just don't ban bitcoin please

We are in a completely different time period right now. Bitcoin has matured and isn't very news responsive anymore. I am sure some old fashion investors will switch to Bitcoin, but that will happen anyway as they see Bitcoin has a lot room for growth.

As of jan 1st 2016 it became legal for the banks to raid private accounts in euro countries. Forget china, the entire western world is about to collapse.

I dont think they have 99% mining power, can you provide a link where it is stated ?  ???

People love to exaggerate.

The 'Bail-ins'.

A 'fundamental event' indeed......which powered the MtGox 'Willy Bot' manipulated April 2013 ramp with the necesarry emotional fuel, if not actually physically driving it via Cypriots fleeing into Bitcoin to escape the bail-ins.....after all, how the fuck they going to buy Bitcoins, on a Bitcoin exchange, with their Fiat, if their government just declared a 'bank holiday'?



If that is the case, then your Bitcoin investments will truly turn to dust, except perhaps for a brief moment somewhere between the flash, and the bang.

First I have heard of this. Might aid in bitcoins growth as more will put their confidence into to it further while turning away from the banks that are holding their current currency for ransom.

sure, we need more independent miners, not just those Chinese miners.
we want decentralization, instead of mining power centralization in bitcoin.

Indeed, their growth is just less than previous years. Their growth is slowing down, not their economy.

Pumps like this are not likely from fleeing people though, more likely some single buyers who draw in the day traders.

Here I was thinking you had something new to post :)

Do you think PBOC will sit and watch china-man evade the yuan control through btc?

They'll force close down chinese exchanges at the very least should btc gain traction as an evasion method.

Well the Chinese had to deal with some losses, they closed their markets earlier than usual, I guess what would happen is that whenever something goes down, bitcoin goes up again.

Any links for this? I recall them working on it but have not seen anything since then.

The Chinese market went down to the red marks yesterday and bitcoin went up while this happened.
So I think the opposite will happen with bitcoin when the china goes down.

Didn't happen, will not happen. Much more complicated than this. Government can take money from your account to repay bank debts, but only accounts with more than 100k€

So not a lot of people!

The rules are what they are until they change, which they will as soon as it becomes convenient. Link incoming.

http://theeconomiccollapseblog.com/archives/january-1-2016-the-new-bank-bail-in-system-goes-into-effect-in-europe

no in fact they own 60% only, maybe this % is bigger now, but is nowhere near 80% let alone 99%

Yeah i think if china goes the world is going to change at least for a while.  I run my current business mostly around buying crap from china like a gazillion other people.  I'd like to see what happens.

It's decades away from being any type of safe haven, if ever. It'll be the first thing to go in anyone's portfolio if times become hard. If your choice is being homeless or hanging on to one's bet for a future which may never arrive then I'd go for a roof over my head.

Interesting. Pretty shitty law.

I did see something about a year ago where they want to change the wording of bank deposits to investments. That way the money you deposit is no longer your money, you have given it to the bank to invest as they wish. If they lose money while investing your money, they will not be held accountable legally.

An investment with a 0% return is a pretty shitty investment.

Well, people said that Cyprus was a test for Europe. They tested how people react when the government takes their money. People who said this got called conspirancy theorists. As so often. And as so often, those conspirancy theorists were right.

In fact I used those exact words at the time. They wanted to see what they could get away with, and now they know, and so they will do it.

current movement with china tanking says otherwise. For the poor bitcoin is out of reach, but for the rich, you are going to watch while your fortunes disappear?

The rich have land, property and other assets. Bitcoin is microscopic and painfully illiquid. It has the future potential to be something special but I think it's naive to think of it as a genuine contender in its present condition.

yes yes.... its all a conspiracy.......

http://i87.photobucket.com/albums/k145/randuro/Decorated%20images/infowars_flyer2.jpg

https://static.infowars.com/images/Default-Share-Icon.jpg

Answer this question. Every week Bitcoin becomes more and more liquid... true or false.....

Bitcoin liquidity even compared to 2013 is insanely better today.

What is more important is that bitcoin has everything that allows it to become the MOST liquid of ANY asset period. Why ignore the obvious simply because today you can't unload 25 million in bitcoin at market....?

The next bubble burst will be china, once china's economy has done its course, trillions of dollar will try to leave china through bitcoin due to capital control

Well then it would be wise not to deposit all your money at your bank right?! Buy gold and store it at home.Buy Bitcoin and put it in cold storage.
"And then what?",one might ask.
Answer: Just wait!!  :)

I don't think that Cyprus is the reason why bitcoin price has been increased today, people are getting back from vacation and started investing a little bit in bitcoin.

http://www.bbc.co.uk/news/business-35248798

True indeed. That still doesn't make it ready or desirable as a safe haven in any upcoming giant financial crisis for more than a handful of people. It may well be in the years to come but there's a lot of stuff that needs ironing out and vastly more volume is required for it to be a practical choice for large numbers.

Well for a very large class of human Bitcoin is liquid enough right now. The market decides what is a safe haven, you do not, when economy goes down and your asset goes up in value it is a haven for those with buying power.

Bitcoin right now simply proves you wrong. Bitcoin is up while the world market is down...... just a fact

ahahaha young boys...
when wikileaks got restriced what happened ;) ?

Actually such an unexpected crisis had nothing to do with the size of Cyprus' economy, but was caused by numerous underlying factors, then if China plummets it does not mean that Bitcoin will face a similar crisis because bitcoin conditions are totally different.

Mate I have family in Cyprus and have been there many times. I honestly thought he had new information on their economy that I hadn't seen but it was all old news that somehow he correlated with this week's BTC rise

That's what all "economists" say until the bubble without reason to exist explodes. Letting most people peniless and few companies rich as fuck.
Always be careful for incredible markets movements not based on anything, they're mostly manipulation.

Pre-fucking-cisely!

I marvel at the faerie stories fundamental events cited in BTC as the reasons for either parabolic rises, or brutal crashes.

It's all bullshit. All of it.

Same in the wider world of 'real' markets. 7 Billion people on the planet, steadily consuming increasingly limited resources, yet in 2013, we have $150 oil because of 'Peak Oil' and 2 years later, we don't have 'Peak Oil' anymore, now have $30 Oil, cos 'China aint buying/Saudi's are Squeezing US Fracking/US is trying to nail Putin. All of it, or 95% of it, is fucking bullshit. These 'fundamental' stories come about and/or are used to add justification or emotional fuel to the Financial Funny Numbers game, which is simply a game of Buy it Low, Ramp it and then sell it High as Fuck to any sucker stupid enough to buy it.

Modern day markets are nothing but elaborate grand charades, whose purpose is merely to enrich the masters of those markets at the aggregate expense of the rest, yet the whole of modern society and economy is totally subordinate to them.

Back to Bitcoin. Bitcoin will not parabolically rise because of the *halving* or because of *the Chinese*. It will parabolically rise because a cabal of BTC whales will conspire to manufacture a parabolic rise, in which fundamental *reasons* such as the Halving or the Chinese will be used as 'justifcations' to the public to pile into Bitcoin and keep piling into Bitcoin until the point of pile in exhaustion. By all means, try and profit from these parasitic Financial Funny Number games, but don't fall into the trap of actually 'believing' in any of it. Otherwise, find yourself one day either staring at a fraction of your once fat n juicy gains, or worse still, and even more likely, finding yourself one day being a net bag holder when the Market Makers take the floor out from under Bitcoins feet, and you are left clinging to a whole bunch of Bitcoin paradigms that once upon a time, all 'made sense' and made you feeling rather clever for being smart enough to 'know them', but which suddenly, somehow, just don't seem to apply anymore.

The price will probably not rise as quickly as previous bubbles ever again.

I'd say about 80% of HODLers are waiting for that fast jump upwards and they want to be that one person to sell at the top. When everyone is waiting to do that same thing, the price will not go super high.

Mixing strategies is often a mistake imo. If you are focused on maxing profits by trading at just the right time you are not thinking like an investor but like a trader. Personally, I follow the SSS method. I already know when I will sell and how much. The market goes to 2000 or a million, I'll be ready for it. Can people who are trying to catch the top really say the same?

If the price is going up, why sell? You're basically buying fiat money...which is created to lose value.


https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FgE8hDnY.jpg&t=559&c=1nOlIQdj-Aly3A

Fluorid destroys the pineal gland. The pineal gland produces DMT. Google DMT and see what a powerfull substance it is. They try to avoid that humanity moves forward. But yeah, conspirancy theory for most people again.

That's what everyone thinks until they're stuck in the middle of it. They'll wait it out and blow it again. That's how human nature works and it's not changing any time soon.

The problem here is, nobody actually knows what new ATH will be, so when the crash will start (if a pump ever happens soon), it will not be easy to get out of the game, and many will lose...

That's why people will think they are clever and get out at the first sign of the price going down. Most bubbles had 2 or 3 down days on the way up. The first down day will be the end of the bubble and people will think they got out at the top. Everyone will be itching to be the first to get out, the one who pops the bubble leaving everyone else holding the bag.