Bitcoin Forum

UAE exchange opens in Dubai:

http://www.coindesk.com/uae-first-bitcoin-exchange-dubai/

Bullish. As. Hell. 

Some rich people there.  ;D

During the global financial crisis the emirate called on its neighbor Abu Dhabi for $20 billion in emergency loans in order to avoid default.

The emirate still had debt problems now.

http://gulfbusiness.com/2013/07/dubais-debt-wall-still-looming/#.VAChQ4FdVKY

Is the exchange complying with international standard?

That is, if I use the exchange, will I be black listed by my bank?

yes you will if you use any exchangers, AML and KYC and "bank dislike & ban" always apply to you

a new exchanger won't change anything, people is still geting out and bitcoin is going down!

Do you know this for certain? Or are you pulling fact out from thin air?

Dead Cat Bounce buddy!

If they really enter in the market there will be a new huge jump in price, let's hope it will happen.

Well aml and kyc do not equal a ban by any wild stretch of the imagination, so the fact he says one means the other should point out that he's just talking shit like always

Arab money moving into the BTC world. Get ready for liftoff. Next year is going to be fun, specially after seeing all these fallling retarded posts.

This is not for certain, the actual rich elite of Dubai likely have already established ways to get coins OTC if they want them. This is what is really behind the price drop, an expansion of the OTC market keeping the majority of transactions off exchanges.

This is actually a good news for bitcoin.

Arab can ditch US bond and invest in bitcoin instead, they have a huge stash of USD they have no idea what to do with.

I doubt they will do this. It has also been suggested that oil be traded in terms of bitcoin but this will also not happen anytime soon.

I would not however be surprised if oil rich countries in the middle east start to diversify their holdings into bitcoin somewhat.

People there really have a ton of money readily available. We basically only need the "just to be safe" money invested in BTC and observe a respectable increase, I believe. Yeah they had some economical problems, but the economy itself and especially those super-rich people over there still aren't exactly broke...

Oil money there basically make everyone there extremely wealthy.

They have a system of reverse tax. That is, you will get paid by the government after reaching certain age.

I think it won't have much impact. Of course there are "some rich people" there, but most of them don't know / don't care about bitcoin. If they knew about bitcoin, they could have already invested easily via other international exchanges. You also have to know that "exchange" means there are buyers and sellers. It's not one-way. There may be some positive effect, but it will not stand out against the effect of general worldwide bitcoin adoption.

ya.ya.yo!

7441 BTC Volume in last 24h, current price 518?

I heard they get very cheap government subsidized electricity there. That would give their miners a chance to undercut most of the others who pay more for electricity.

arbitrage.  It doesn't matter if bulls are there - more bots will be around to correct the price with a spread from other liquidity. 

I don't think this is true for most of their citizens, otherwise many more people would be flocking there. I am pretty sure that most of the money the government earns from sales of oil goes to the government and the royal family.

Being a grammar nazi, I love Failllllling.

I always think he keeps on falling in and out of love with Bitcoin ;)

This is not even a real exchange but some coinbase-like thing with 1% commission.

it has nothing to do with grammar. a ban is when something isn't allowed to happen. if something is banned, why would know your customer and anti money laundering regulations be involved? if KYC and AML is involved, its regulated by the government so its not just grey market legal, it is fully legal, aka the exact opposite of when something is banned.

Dubia will build a mile high tower called Bitcoin Tower. All 200 floors of it will be filled with mining ASICs. Visitors who wish to take the elevators to the moon observation deck will have to pay in Bitcoin. The tower will become with single most profitable structure per (footprint) square foot ever known to mankind. They will then proceed to build more of these towers, fueling the Bitcoin price to $1,000,000 each and beyond.

You can see the Palm Islands from space, so a mile high tower would not surprise me.

Also, each tower will be made out of materials containing 40% bitcoin.

I don't think these kinds of towers would have much effect on the price of bitcoin. They would, if really built the way you propose would certainly cause the difficulty to go up a lot. Although I am not sure how profitable this would actually be as it is very hot in Dubai.

If designed properly, they could use the rising heat to draw air in at the lower levels, creating a nice breeze toward the tower for everyone around it to enjoy.

Don't underestimate the remittance part. From the Coindesk article:
http://www.coindesk.com/uae-first-bitcoin-exchange-dubai/

As well as having a concentration of high net-worth individuals among its citizens, about 60% of the UAE’s workforce consists of expat Indian workers, both professional and manual, who often send their money back home.

In fact, foreign citizens make up a staggering 91% of the UAE’s population of 9.2 million, with 1 million Indians representing the country’s largest overall group.

Day said that, given that India is currently igot’s largest market outside Australia, its presence in the UAE puts the company in a very interesting position.

Dubai is just a small country, we need china.

IMO this is extremely good news! Dubai has lots of filthy rich citizen, so there is a change some of that money will go to bitcoin. Also, the foreign workers sending money back to India (etc.) is very nice for the price of bitcoin, and for those poor workers.

I have been waiting for this.

So what you are saying is Dubai are using their towers to take bitcoin to the moon?

You smell that? That's desperation, son. Nothing else in the world smells like that.
I love the smell of desperation in the morning.

This is good enough for many investors as they do not need to deal with bank regulation issues when sending money abroad.

So it was Cyprus  , then China ....then the failures of trying to build hype up again

Remember kimpochi and Kenya? Then India ? Argentina?  Venezuela? No , no single country will drive another boom with an exchange opening there.

Here in the usa, thats called social security, lol.. but Im sure in Dubai, they get a  lot more money. I had a friend that lived there, worked for an american university and he made a shit ton of money. Traveled the world, etc. but the cost of living is higher than average, but not as high as you would think.

FTFY.  Heady times ahead!

Not small in terms of the money involved, not a country either. :)

Ha yeah, it's an Emirate and a city, but it's the de facto capital of the Arab financial world. Its growth over the past decades is nearly unprecedented I guess and the wealth over there is just mezmerizing. If some of the people there just to decide to drop "a few bucks" in Bitcoin, the price will react. A lot.

one same answer to your questions,

what if a small part of GOLD market fund goes to bitcoin,
what if a small part of STOCK market fund goes to bitcoin,
what if a small part of OIL market fund goes to bitcoin,
what if a small part of ALL WORLD FINANCIAL CAPITAL, PAYPAL,WESTERN UNION goes to bitcoin,
what if a small part of Cyprus Argentine Greece capital goes to bitcoin

No, they just don't, at least not for a very long time if bitcoin can live that long

Well, but people are getting invested. What about SecondMarket? If the "big money" isn't "really invested" as of now, we'd still be at a very early phase of the Ponzi pyramid, if it was one. :)

That has nothing to do with rich individuals there. And there are some insanely rich individuals there, like 1 billion $ is pocket change. Bullish as hell here too...

We don't need investors in bitcoin. We need people who accept bitcoins as payments and people who use bitcoins to shop and pay their bills.

Yes, a greater adoption is good. But a rising price attracts the peoples' interest like nothing else, and fuels Bitcoins development! Bitcoin also is great for storing wealth, so why not use that potential, too?

Dubai is a small country but it has some big whales who can enter in the market and pump the price.

We'll have to wait and see what materializes eventually! But You always have to keep in mind that they really do have a ton of money, and also the remittance market is very big (a lot of migrant workers from India!!!) This may be a perfect proving ground!

Probably if only ONE of the rich guys in Dubai will enter in bitcoin, he could increase the value by hundreds of dollars alone.

And middle east countries are filthy rich with oil money. Imagine if any of the government just invest 1-5% of their revenue into bitcoin.

This could be even bigger than wall street etf.

Yeah, well they'd be smart to do this gradually. But even if they did that, the price would benefit quite a bit, I guess! Let's see if they join the party. I guess the whole remittance market won't push the price up too much, but it will still help people and bring Bitcoin to new countries.

Yeah well, the more I think about this, the more I tend to believe that they will be the catalyst of the next bubble. And they may not be billions of people (like in China), but they're people with billions of $

You are correct that hot air rises, but hot air blowing on you will not have the same effect as a "breeze" also from this description the building will not be occupied by many people (likely only people who manage the ASICs).

Either way it would likely not be profitable with or without cooling costs.

This is exactly correct. What we need to see if people using bitcoin to pay for good/services and the seller of these goods/services to pay their expenses in bitcoin (and their suppliers, ect.).

You don't need the government investing. Just one of the sheikhs taking a fancy to bitcoin would do.  :)

Yeah, I don't know why we would need a government actually investing... When they're investing, we'd jeopardize some of Bitcoin's independence! On the other hand, other governments may be tempted to do the same and thus creating a decentralized mutually assured stability pact, so to say.

The cat is made of pure rubber, who knows where it'll end up :p  volatility is high

That is not unfeasible.   The use of silver in the early eighties as a proxy for failing dollar, caused a very large spike in that market.    There is some history on that and of course in that case a billionaire backed the idea plus silver was the original backing for the dollar. 
  Bitcoin would be a much bigger leap to make but sure its possible if bitcoin can make itself credible as an alternative, it would probably help alot to sell it in actual coin form as has been done a few times

I hope some royal prince starts 'collecting' bitcoins. Stranger things have led to price increases.  :)

Well then they will just have to keep building taller and taller towers to utilize cooler air at higher altitudes. The mile high one is just the first one. It will end when one of these towers actually physically touches the moon! Then there will be no denying the fact ever again in all of human past present and future that BTC went to the moon.

PROOF IS IN THE TA

http://i61.tinypic.com/2irn15k.png

But the moon is still very, very far away from the top of Burj Dubai.

bitcoin is going to the final capitulation sell or lose everything!

https://i.imgur.com/LL6QD2P.pnghttps://i.imgur.com/F7v3lBx.png

AGAIN!?!?!?!?   ???:o

Seems to me the April low could be the despair part of that cycle.    The general trend both on the example and real price graph is an overlying rise, the overblown volatility above and below that slow appreciation is the where the speculation and emotional fallout occurs.     The best idea is to be involved regularly if possible, not buying once and hold waiting as it can take a while for any real gain or progression to the phenomenon as many 'investments' do