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Title: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: bubblesort on March 25, 2013, 02:47:07 AM EDIT: I'm sorry, the original title of this thread was misleading. I didn't know tomorrow is a holiday in Cyprus. It looks like the banks will reopen Tuesday. I edited the title and the post to reflect this. That said...
The banks in Cyprus probably open on Tuesday. Quick background: We have had a huge BTC boom over the past week or so, and many people think the boom is a run up in anticipation of this event. Many of the big depositors in Cyprus won't be able to get at their money, and the smaller depositors are going to have to deal with withdrawal restrictions and difficult international transfers. That said, many people are hoping that Cypriots will probably start buying bitcoins as soon as they can, which will hopefully happen on Tuesday. The million BTC question: What does this mean for the value of bitcoin on the exchanges on Tuesday?
Sure, making predictions like this right before the big event can make you look stupid... or it can make you look like a genius. Care to try your luck? Title: Re: Cypriot banks open in 4.5 hours... Who wants to make a prediction? Post by: 01BTC10 on March 25, 2013, 02:48:38 AM I think Monday is an holiday in Cyprus.
EDIT : http://en.wikipedia.org/wiki/Greek_War_of_Independence Title: Re: Cypriot banks open in 4.5 hours... Who wants to make a prediction? Post by: Vladimir on March 25, 2013, 02:51:07 AM Actually, no. Nobody expects any serious immediate cash flow into Bitcoin from Cypriots.
I guess some expectations of continuing interest from Russians, Canadians, French, British, Italian, Spanish, New Zealanders, Australians and others are not unreasonable. What is expected is another working week of capital inflows into mtgox and other exchanges. Cyprus is just like a litmus test that shows true intention of the banking cartel. What happens with that yellow or blue piece of litmus paper after the test is done? That is irrelevant. Title: Re: Cypriot banks open in 4.5 hours... Who wants to make a prediction? Post by: chrsjrcj on March 25, 2013, 02:52:49 AM Cyprus banks wont reopen until Tuesday.
Title: Re: Cypriot banks open in 4.5 hours... Who wants to make a prediction? Post by: Zangelbert Bingledack on March 25, 2013, 02:57:28 AM Only if there's a newsworthy bank run. It's not Cypriots, it's everyone else.
Title: Re: Cypriot banks open in 4.5 hours... Who wants to make a prediction? Post by: BitPirate on March 25, 2013, 02:59:57 AM The Cyprus news is important for Bitcoin, but it won't be this simplistic; No-one is going to drink the kool-aid that much. The effect will be a gradual acknowledgement of the lack of safety of traditional savings methods.
Furthermore people who have all their eggs in one basket (in a Cypriot bank), and are appalled by the EU move, are unlikely to move all their eggs into a speculative currency. However, this is a good thing. Overall, the news is massive, and has a long, positive tail for Bitcoin. It will improve buying pressure for many months, if not years, and will speed adoption. Title: Re: Cypriot banks open in 4.5 hours... Who wants to make a prediction? Post by: Vladimir on March 25, 2013, 03:01:09 AM yep.
1. Everyone now knows that no deposit over 100k is safe in EU. 2. Everyone makes damn sure that all their deposits are below 100k. 3. Banksters want another trillion. 4. ??? Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: bubblesort on March 25, 2013, 03:02:20 AM Woops, my mistake about the bank opening tomorrow. I fixed the thread title and first post to be more accurate.
Title: Re: Cypriot banks open in 4.5 hours... Who wants to make a prediction? Post by: Gatekeeper on March 25, 2013, 03:02:51 AM it could take a few weeks for people to learn about bitcoin and actually get to a point where they can buy it, i doubt there will be an immediate avalanche
Title: Re: Cypriot banks open in 4.5 hours... Who wants to make a prediction? Post by: Luno on March 25, 2013, 03:06:48 AM Only if there's a newsworthy bank run. It's not Cypriots, it's everyone else. Me to, going to visit my bank when it opens this morning and get rid of any of my European stocks and zero my accounts except what i need to pay my bills. Funny I sound like my gandma when I asked her about banks as a kid. Any good suggestions for reliable stocks or other assets? (I'm not looking for high risk high return ones) Is Asia good? Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: 01BTC10 on March 25, 2013, 03:11:48 AM Quote Eurozone finance ministers have agreed a deal on a 10bn-euro bailout for Cyprus to prevent its banking system collapsing and keep the country in the eurozone. http://www.bbc.co.uk/news/world-europe-21916102Laiki (Popular) Bank - the country's second-biggest - will be wound down and holders of deposits of more than 100,000 euros will face big losses. However, all deposits under 100,000 euros will be "fully guaranteed". Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: Sage on March 25, 2013, 03:24:01 AM Anyone in Cyprus, what's the boots-on-the-ground report?
I wouldn't put too much stock in the news reports on this topic. Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: samson on March 25, 2013, 08:15:41 AM It's too late for the people of Cyprus, their money is in the system and it will only be released when the government have took what they need to pay their European owners. At this point the secured bailout will bring a form of stability to the country.
People in Spain, Greece, Portugal and perhaps to a lesser extent Italy will be unsettled wondering if maybe they're next. Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: Pteppic on March 25, 2013, 10:10:53 AM It's too late for the people of Cyprus, their money is in the system and it will only be released when the government have took what they need to pay their European owners. At this point the secured bailout will bring a form of stability to the country. People in Spain, Greece, Portugal and perhaps to a lesser extent Italy will be unsettled wondering if maybe they're next. Absolutely. With the capital restrictions and withdrawal limits I don't think it will be the Cypriots themselves heading our way. http://www.telegraph.co.uk/finance/9951494/Cash-rationed-in-Cyprus-after-eurozone-inflicts-losses-on-biggest-bank.html (http://www.telegraph.co.uk/finance/9951494/Cash-rationed-in-Cyprus-after-eurozone-inflicts-losses-on-biggest-bank.html) Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: w1R903 on March 25, 2013, 10:56:36 AM Don't look toward Cyprus in the coming days. Look toward Bitcoin adoption in Spain and Italy. That's where the real impact of the situation in Cyprus will land.
Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: b!z on March 25, 2013, 01:46:12 PM Don't look toward Cyprus in the coming days. Look toward Bitcoin adoption in Spain and Italy. That's where the real impact of the situation in Cyprus will land. Finally someone who understands the situation fully :) Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: ArticMine on March 25, 2013, 03:27:48 PM It's too late for the people of Cyprus, their money is in the system and it will only be released when the government have took what they need to pay their European owners. At this point the secured bailout will bring a form of stability to the country. People in Spain, Greece, Portugal and perhaps to a lesser extent Italy will be unsettled wondering if maybe they're next. Absolutely. With the capital restrictions and withdrawal limits I don't think it will be the Cypriots themselves heading our way. http://www.telegraph.co.uk/finance/9951494/Cash-rationed-in-Cyprus-after-eurozone-inflicts-losses-on-biggest-bank.html (http://www.telegraph.co.uk/finance/9951494/Cash-rationed-in-Cyprus-after-eurozone-inflicts-losses-on-biggest-bank.html) They very well can head our way. They can withdraw 100 EUR a day from their bank accounts and buy Bitcoin in an Euro cost averaging way. One can build a decent Bitcoin portfolio by buying 100 EUR worth of Bitcoin a day even with current prices. Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: The-Real-Link on March 25, 2013, 03:55:11 PM I'd imagine the rich accounts hit in Cyprus could also look this way too after getting slammed with a hit at all. But true as was said, we can watch other countries' actions as being telling. Cyprus started a precedent that really, should have never come to be, and that's scary.
Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: Bitobsessed on March 25, 2013, 05:57:46 PM https://twitter.com/BBCTimWillcox (https://twitter.com/BBCTimWillcox)
>:( Tim Willcox @BBCTimWillcox 17m #cyprus State tv says Bank of Cyprus and Laiki to stay shut until Thursday. Other banks to open tomorrow Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: justusranvier on March 25, 2013, 06:10:17 PM Don't look toward Cyprus in the coming days. Look toward Bitcoin adoption in Spain and Italy. That's where the real impact of the situation in Cyprus will land. Karl "I piss on Bitcoin" Denninger has been writing accurate analyzes of the situation in Europe for a while, although he refuses to point out the obvious solution way for people who might be affected to escape.http://market-ticker.org/akcs-www?post=219106 (http://market-ticker.org/akcs-www?post=219106) Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: piramida on March 25, 2013, 07:35:57 PM Be realistic, if you just had some of your money stolen from you, will you run to some new kid of the block currency, with some potential, but also with a large risk of losing all? Burnt with a little loss, I think many people would just stash whatever they can salvage from their accounts either in paper or (smarter ones) in gold. Not online, sorry, even though it makes sense to you and me, but not to a scared herd.
Title: Re: Cypriot banks open in 4.5 hours... Who wants to make a prediction? Post by: rpietila on March 25, 2013, 07:51:00 PM Me to, going to visit my bank when it opens this morning and get rid of any of my European stocks and zero my accounts except what i need to pay my bills. I also go to cash only mode tomorrow morning. Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: ArticMine on March 25, 2013, 07:59:40 PM They very well can head our way. They can withdraw 100 EUR a day from their bank accounts and buy Bitcoin in an Euro cost averaging way. One can build a decent Bitcoin portfolio by buying 100 EUR worth of Bitcoin a day even with current prices. They also need to live with that money. Not with all of by a long shot. In a time of crisis it only makes more sense to cut out needless expenses. Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: bubblesort on March 25, 2013, 11:05:31 PM Anyone in Cyprus, what's the boots-on-the-ground report? I wouldn't put too much stock in the news reports on this topic. Follow Zeroday's posts in this thread, starting here (https://bitcointalk.org/index.php?topic=153959.msg1664316#msg1664316). Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: Cluster2k on March 25, 2013, 11:10:31 PM There is speculation that wealthy bank depositors have already withdrawn all their money from Cyprus.
http://www.zerohedge.com/news/2013-03-25/have-russians-already-quietly-withdrawn-all-their-cash-cyprus That leaves people with over 100k euro who potentially want to move their wealth, any any guaranteed deposit holders who are fearful and want to move their funds too. A much smaller market for bitcoins, but some none the less. Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: siulynot on March 25, 2013, 11:50:49 PM Many of the big depositors in Cyprus won't be able to get at their money, and the smaller depositors are going to have to deal with withdrawal restrictions and difficult international transfers. That said, many people are hoping that Cypriots will probably start buying bitcoins as soon as they can, which will hopefully happen on Tuesday. You contradict yourself in your post... You accept people will not have access to move their money in big quantities... Cypriots have been for more than a week without access to their money, and you are saying that the first thing they will do is go a buy a currency that not much people understand yet, and on top of that you say that they will do it as soon as they have their money in their pocket (as of tomorrow??) WTF! People have bills to pay, they have families to feed, they have mortgages to pay... not everyone has extra money to experiment on this new cryptocurrency... Im sure more than 90% of the people wont get it even if you explain it to them carefully. STOP THE FUD! You are making a lot of people believe something that is not real... if Cyprus bank issue will have an impact in bitcoin it will be long term... years will pass first before big herds come and use bitcoin as a bank. Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: bubblesort on March 26, 2013, 12:18:45 AM STOP THE FUD! You are making a lot of people believe something that is not real... if Cyprus bank issue will have an impact in bitcoin it will be long term... years will pass first before big herds come and use bitcoin as a bank. I didn't mean to spread FUD at all. I was interested in seeing what the community here thought about what would happen when the Cypriot banks open. When the Cyprus situation blew up last week, before we knew the banks would be closed for so long, I remember a lot of posts on the bitcoin subreddit saying "it will be interesting to see what happens when the banks reopen," then the price shot up another $20 US or so over the next few days. Add to that the mainstream press discovering bitcoin and saying that Cyprus is driving the bitcoin boom and well... this seems like it might be a useful conversation to have. Me, I'm new to this and I'm still wrapping my head around how the market moves. I can't forecast this at all, but I'm guessing that other people here can. If anything this thread is removing some FUD. I don't see a single person here saying that they expect everybody in Cyprus to convert fully to bitcoin and drive the price up over $100 US in a day or two. That makes sense to me, because I wasn't really buying the whole Cyprus is driving all the gains story either. Like I said, though, I'm new, so I'm not really in a good position to forecast. Full disclosure: I own no bitcoins, bitcoin derivatives or cryptocurrency assets at all right now. Today I plan to make a Linux partition with TrueCrypt, install the software and buy some BTC in order to buy VPN service with bitcoin because my current VPN provider is not that great, but I don't plan to invest until I've watched the volatility recede and have a deeper understanding of what I'm buying. Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: siulynot on March 26, 2013, 12:38:46 AM STOP THE FUD! You are making a lot of people believe something that is not real... if Cyprus bank issue will have an impact in bitcoin it will be long term... years will pass first before big herds come and use bitcoin as a bank. I didn't mean to spread FUD at all. I was interested in seeing what the community here thought about what would happen when the Cypriot banks open. When the Cyprus situation blew up last week, before we knew the banks would be closed for so long, I remember a lot of posts on the bitcoin subreddit saying "it will be interesting to see what happens when the banks reopen," then the price shot up another $20 US or so over the next few days. Add to that the mainstream press discovering bitcoin and saying that Cyprus is driving the bitcoin boom and well... this seems like it might be a useful conversation to have. Me, I'm new to this and I'm still wrapping my head around how the market moves. I can't forecast this at all, but I'm guessing that other people here can. If anything this thread is removing some FUD. I don't see a single person here saying that they expect everybody in Cyprus to convert fully to bitcoin and drive the price up over $100 US in a day or two. That makes sense to me, because I wasn't really buying the whole Cyprus is driving all the gains story either. Like I said, though, I'm new, so I'm not really in a good position to forecast. Full disclosure: I own no bitcoins, bitcoin derivatives or cryptocurrency assets at all right now. Today I plan to make a Linux partition with TrueCrypt, install the software and buy some BTC in order to buy VPN service with bitcoin because my current VPN provider is not that great, but I don't plan to invest until I've watched the volatility recede and have a deeper understanding of what I'm buying. Very nice that you clarify... People have tried to make believe that Cyprus have done something to do directly with the btc recent rise and thats not real. Reality is a little bit less optimistic, what in reality happened is that people is speculating that Cyprus WILL HAVE IN THE FUTURE something to do with bitcoin and are desperately buying now thinking that when people in Cyprus begin to buy bitcoins price will explode. Its called a bubble. Very good for you to wait for stabilization, very few newbies have that reasoning. Im proud of you. Every price above $15 has been pure speculation, there is no support on anything above $47, even from $25 to $40 there is no big supports either. Im sure price will eventually be below $20 before continuing to rise, if that doesnt happen, then bitcoin will fail miserably when less people expect it. Title: Re: Cypriot banks open in 4.5 hours... Who wants to make a prediction? Post by: jubalix on March 26, 2013, 01:15:04 AM Actually, no. Nobody expects any serious immediate cash flow into Bitcoin from Cypriots. I guess some expectation of continuing interest from Russians, Canadians, French, British, Italian, Spanish, New Zealanders, Australians and others are not unreasonable. What is expected is another working week of capital inflows into mtgox and other exchanges. Cyprus is just like a litmus test that shows true intention of the banking cartel. What happens with that yellow or blue piece of litmus paper after the test is done? That is irrelevant. This x 100 I can only cocur that cyprus has validated all the tinfoil hats from being conspiracy nuts to potentially credible The international commuinty now has irrevockable evidence they will come for your bank account Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: Littleshop on March 26, 2013, 01:16:17 AM Cyprus money will have little effect on bitcoin. Maybe as the terms become more clear, others in the weaker EU countries may start to think about bitcoin and that will have more of an impact. Cyprus is a small country and depositors are not going to get easy access to their money even if they wanted to buy bitcoins.
Title: Re: Cypriot banks open in 4.5 hours... Who wants to make a prediction? Post by: Littleshop on March 26, 2013, 01:20:22 AM I can only cocur that cyprus has validated all the tinfoil hats from being conspiracy nuts to potentially credible The international commuinty now has irrevockable evidence they will come for your bank account Well not really. It is not THEY who are coming for your bank account. It is that banks are not always safe due to poor investment choices. While it has been clearly spelled out in detailed news stories, few people seem to understand what happened in Cyprus. The money was LOST due to bad PRIVATE bank decisions. The government is doing a (poor) job of cleaning things up, but the money was already lost. It has been gone for a while actually. Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: Vladimir on March 26, 2013, 02:20:46 AM What is interesting to see is how fungible Euros are. By this I mean what premium black market will dictate for German Euros vs Cypriotic Euros.
Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: BitPirate on March 26, 2013, 02:56:07 AM How many people in Cyprus(from ~800,000), you believe they know bitcoin?? Again, why are people in this thread being so simplistic? It's the same kind of argument that spoils the debate on global warming, or GM crops. Yes, the Cyprus situation will have a net positive effect on Bitcoin. But no, that doesn't mean that it is a significant direct effect from people in Cyprus withdrawing their cash and putting it into BTC. BTC will benefit indirectly from a slight loss in confidence in the Euro. I expect this will initially come from existing BTC adopters, but their enthusiasm will bring on board new adopters too. So -- it's positive for Bitcoin, but the world isn't as small and simple as people are thinking. Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: BTC Books on March 26, 2013, 03:02:09 AM What is interesting to see is how fungible Euros are. By this I mean what premium black market will dictate for German Euros vs Cypriotic Euros. Are there any street numbers available for arbitrage? Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: Dargo on March 26, 2013, 03:29:24 AM Cypriot banks won't open till Thursday
http://finance.yahoo.com/news/cyprus-eu-imf-agree-draft-002707985.html Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: TraderTimm on March 26, 2013, 03:39:21 AM My sneaking suspicion is that those banks won't open at all.
They're only increasing the probability of a run, and they have to know that. Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: BTC Books on March 26, 2013, 04:38:41 AM Whoa!
It looks possible that the Russians got their money out. http://www.zerohedge.com/news/2013-03-25/have-russians-already-quietly-withdrawn-all-their-cash-cyprus They quote a fresh Reuters article: Quote While ordinary Cypriots queued at ATM machines to withdraw a few hundred euros as credit card transactions stopped, other depositors used an array of techniques to access their money. No one knows exactly how much money has left Cyprus' banks, or where it has gone. The two banks at the centre of the crisis - Cyprus Popular Bank, also known as Laiki, and Bank of Cyprus - have units in London which remained open throughout the week and placed no limits on withdrawals. Bank of Cyprus also owns 80 percent of Russia's Uniastrum Bank, which put no restrictions on withdrawals in Russia. Russians were among Cypriot banks' largest depositors. Amazing, if true. Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: nyusternie on March 26, 2013, 05:07:44 AM Whoa! It looks possible that the Russians got their money out. http://www.zerohedge.com/news/2013-03-25/have-russians-already-quietly-withdrawn-all-their-cash-cyprus They quote a fresh Reuters article: Quote While ordinary Cypriots queued at ATM machines to withdraw a few hundred euros as credit card transactions stopped, other depositors used an array of techniques to access their money. No one knows exactly how much money has left Cyprus' banks, or where it has gone. The two banks at the centre of the crisis - Cyprus Popular Bank, also known as Laiki, and Bank of Cyprus - have units in London which remained open throughout the week and placed no limits on withdrawals. Bank of Cyprus also owns 80 percent of Russia's Uniastrum Bank, which put no restrictions on withdrawals in Russia. Russians were among Cypriot banks' largest depositors. Amazing, if true. yeah, since i heard rumors of a 30% tax on the largest depositors, i have been patiently waiting for this to happen. americans know all too well from our recent wall street fiascoes that the rich NEVER lose. the system is so pathetic. those claiming FUD should realize that this extends way past cyprus, and will almost certainly ripple throughout the eu and beyond. and once this "debt haircut" precedent is set (whatever the outcome may be) there is almost certain to be "real" fear by the citizens of any country in slightest bit of financial troubles. i really don't believe the recent btc surge is a direct result of any new (or potential) cyprus / russian deposits; but more likely from all the worldwide press coverage that is introducing bitcoin (as a wealth storage mechanism) for the first time to the mainstream population. at this point, any mention of bitcoin (that doesn't reference drugs or gambling) is bound to have positive effect on the price. Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: Littleshop on March 26, 2013, 05:14:21 AM Whoa! It looks possible that the Russians got their money out. http://www.zerohedge.com/news/2013-03-25/have-russians-already-quietly-withdrawn-all-their-cash-cyprus They quote a fresh Reuters article: Quote While ordinary Cypriots queued at ATM machines to withdraw a few hundred euros as credit card transactions stopped, other depositors used an array of techniques to access their money. No one knows exactly how much money has left Cyprus' banks, or where it has gone. The two banks at the centre of the crisis - Cyprus Popular Bank, also known as Laiki, and Bank of Cyprus - have units in London which remained open throughout the week and placed no limits on withdrawals. Bank of Cyprus also owns 80 percent of Russia's Uniastrum Bank, which put no restrictions on withdrawals in Russia. Russians were among Cypriot banks' largest depositors. Amazing, if true. Not really true. There are limits on withdrawals. They 'locked down' at least 10% by reducing the balance on all accounts over the 100k euro limit. You cant pull money out past zero. Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: BTC Books on March 26, 2013, 05:53:20 AM Whoa! It looks possible that the Russians got their money out. http://www.zerohedge.com/news/2013-03-25/have-russians-already-quietly-withdrawn-all-their-cash-cyprus They quote a fresh Reuters article: Quote While ordinary Cypriots queued at ATM machines to withdraw a few hundred euros as credit card transactions stopped, other depositors used an array of techniques to access their money. No one knows exactly how much money has left Cyprus' banks, or where it has gone. The two banks at the centre of the crisis - Cyprus Popular Bank, also known as Laiki, and Bank of Cyprus - have units in London which remained open throughout the week and placed no limits on withdrawals. Bank of Cyprus also owns 80 percent of Russia's Uniastrum Bank, which put no restrictions on withdrawals in Russia. Russians were among Cypriot banks' largest depositors. Amazing, if true. Not really true. There are limits on withdrawals. They 'locked down' at least 10% by reducing the balance on all accounts over the 100k euro limit. You cant pull money out past zero. We'll see, I guess. I tend toward a bit more cynicism than that. Russian to banker: "You want to make a big mistake or a little mistake?" Banker: "What's the little mistake?" Russian: "You conveniently forget to put any restrictions at all on your branches in London and Russia." Banker: "Hmmm. And the big mistake?" Russian: "That's a little more... personal." Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: bubblesort on March 26, 2013, 07:45:08 AM So that's why the Kremlin didn't jump in to bail them out, LOL. They didn't have any assets left in the banks to protect.
Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: S3052 on March 26, 2013, 08:13:14 AM I bank run starting in Cyprus when those banks reopen and a spreading to other markets such as Italy, Spain could be in the cards
Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: bubblesort on March 27, 2013, 04:36:25 AM Everybody was pretty much right on this one.
The momentum continued, mostly unchanged after a bit of a dip over the weekend. We finally broke $80 US today, which we were hovering around for a while, so that was no huge surprise. There wasn't some ridiculously huge 50% spike in value when Cypriots all ran to spend their last Euro on bitcoins. Moral of the story: Individuals in the speculation forum might be crazy, but if you poll opinions the wisdom of the crowd seems to be pretty good here. Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: nyusternie on March 27, 2013, 05:02:21 AM Everybody was pretty much right on this one. what do you mean? are the banks now open? Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: bubblesort on March 27, 2013, 05:06:57 AM Everybody was pretty much right on this one. what do you mean? are the banks now open? LOL, no, I mean everybody was right when they said that the banks opening wasn't going to directly effect the bitcoin markets all that much. Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: contactluis on March 27, 2013, 07:09:21 AM The Cypriot issue was just good press and got Bitcoins in many people's radar screen (in Europe and the U.S.). Has anybody done any research to see if Cyprus has the infrastructure for it's citizens to buy Bitcoins. They are a small country and probably don't have a middle money service like Dwolla or bitInstand and if they do, how much are their fees? They almost revolted over a 6.95% tax, after successfully defeating that, I think that they are not going to want to pay 5% in fees (bitIstand) just to keep their money safe.
I think that returns are the main force behind last week and this week cash inflows. The one week return though Tuesday at midnight was 32.74% (closing 3/19/13- $59.14, 3/26 - $78.50 : based on closing prices as listed at http://bitcoin.clarkmoody.com/ ). I have not seen a news story about any returns this week which really surprised me. I think the media missed that the price fell 40% in less than 24 hours and was fully recovered by Sunday night. This should of been major news because it debunks the fallacy that the recent rise of the price of Bitcoins was/is a bubble. No bubble can withstand being hit by a hammer and not break and a 40% drop in price is a very big hammer. Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: Crazy on March 27, 2013, 07:16:10 AM That was a 24% drop, no?
Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: contactluis on March 27, 2013, 07:53:40 AM That was a 24% drop, no? Your right, went back and calculated it ($64.46 opening, $52 low = 25% drop). Thanks! Still, a 25% drop in 1/2 a day is still a pretty decent hammer and would bust any bubble. Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: nyusternie on March 27, 2013, 01:49:22 PM Still, a 25% drop in 1/2 a day is still a pretty decent hammer and would bust any bubble. agreed. still waiting for this cypriot drama to play out and maintain the idea that its the "media" attention driving the price and not "actual" deposits. add to the fact that we're approaching $100 / BTC as well as 1 billion market cap and there's still major "mainstream" media bait to send this price skyrocketing. i'm no expert, but there doesn't seem to be very much downside risk here and there's currently a strong trading wall at $95. I for one am still very bullish and putting my fiat where my mouth is ;) Title: Re: Cypriot banks open in Tuesday (not in 4 hours).. Who wants to make a prediction? Post by: S3052 on March 27, 2013, 09:48:43 PM Still, a 25% drop in 1/2 a day is still a pretty decent hammer and would bust any bubble. agreed. still waiting for this cypriot drama to play out and maintain the idea that its the "media" attention driving the price and not "actual" deposits. add to the fact that we're approaching $100 / BTC as well as 1 billion market cap and there's still major "mainstream" media bait to send this price skyrocketing. i'm no expert, but there doesn't seem to be very much downside risk here and there's currently a strong trading wall at $95. I for one am still very bullish and putting my fiat where my mouth is ;) tomorrow there will be a shit storm in Cyprus with the bankrun. will be interesting to watch... |