Bitcoin Forum

Ruble fell 12% against dollar on Monday alone.  Still think Bitcoin is volatile?
Read it and weap: http://money.cnn.com/2014/12/16/news/economy/russia-ruble-collapse-options/index.html?hpt=hp_t2 (http://money.cnn.com/2014/12/16/news/economy/russia-ruble-collapse-options/index.html?hpt=hp_t2)
Poor Russians got nowhere to turn - so they are stuck holding that crap fiat ruble not worth a penny these days.

and the Bitcoin price is down again... today

Russian misery should not be laughed at
after all they have more tanks

...and some nuclear weapons.

Tanks are useless nowadays in modern warfare.

And nuclear weapons wont hit target by themselves.

I say Putin did a good job fcking up Russia future. China will take this opportunity to become "number 2"

I think China might technically be #1 already....

When creating the internet, it was a primary objective to make it continue to operate in the event of a major nuclear strike.  Bitcoin today enjoys the very same attribute.  Russia can aim ALL of their nuclear weapons toward bitcoin and they will fail to stop it from advancing. 

Long live the Bitcoin!

Yup there will always be a node somewhere, and if all nodes go down then a new node will come online starting from where the chain 'paused' eventually,. well, as long as there is miners , of course.

Actually, even if all the miners are gone, you can fork that too.  ;)

I am surprised that Bitcoin price is down even with the Ruble collapsing. You'd think there'd be a rush out of the Ruble and BTC would be one of the safe havens, like with Cyprus. What am I missing? Or does it take a little time for something like that to happen? I wasn't around (in crypto) when the Cyprus crisis hit.

First safe haven is still the USD, but its time is numbered, yes.
OP, could you please reduce the title hahaha to haha, or even ha, it´s embarrassing.

https://www.youtube.com/watch?v=qq0ykF2mHgQ

I don't get it either, if Russians can convert RUB into EUR or USD, then they should be able to buy XBT on exchanges outside Russia as well. I mean, for the EUR/USD conversion the currency has to cross the border.

Capital controls are not in place and still, XBT does not benefit.

Fiat has made leaders corrupt, dumb and addicted. Otherwise they would recognize that XBT is a solution, not a threat. Russia would just have to buy some XBT, then start selling a small percentage of their oil for XBT, which would get them out of USD dependence for free without making them dependent on someone else (because XBT is not controlled by anyone).

The socialist US envies the freedoms and capitalism of Russia, how have times changed.

The Western governments are dumb like shit. What do they try to accomplish, destroying Russias economy, CORNERING A NUCLEAR SUPERPOWER?

I really wonder if this is an attempt to trigger WW3, to reset the fiat superbubble? But it makes no sense because everyone will be fucking dead. Absolutely idiotic.

It was clear that Russia would not accept Ukraine to become a NATO member, losing access to the Black Sea. Is Crimea worth WW3?

US arrogance is unlimited. Obama and Putin should be put in a room together with water and bread until they have worked something out  ;D

Not only Russia, if any of the nuclear powered countries aim ALL of their nuclear power on earth, then there will be no last entity left who can use bitcoin !!! I heard only cockroaches can survive a nuclear attack.

Russia captures Crimea - the US arrogance is unlimited.  OK.

Fuck Russia.  They get what they deserve.  Why do you think millions of them are shivering tonight eating beet soup while millions of Americas are eating big fat steaks and lobster?  

No Bitcoin for Russia.  They've got no fags and no Bitcoin.  Outlawed them both.  http://www.cnn.com/2014/12/16/world/europe/chance-russia-gay-rights/index.html?hpt=hp_t2 (http://www.cnn.com/2014/12/16/world/europe/chance-russia-gay-rights/index.html?hpt=hp_t2)  Sounds like sound governmental policy.  Let's see how that holds up for them.

this is actually shutting up many people

bitcoin is so volatile they said...

Yep - they said Bitcoin volatility is dangerous for their people.  ...and that the Russian people should hold Ruble instead to 'protect them'.  See what happens when the people listen to their government about currencies?  Now, everything those Russians own is worth HALF what it was last month.  You think that is funny?  Wait until next month.  It's going to half again.  

Long live fiat!!!!  

When the government tells you Bitcoin is 'too dangerous for volatility', be sure to listen carefully.

pride goeth before the fall ... enjoy your steaks and lobster while they last is about all i can say.

hint: it is a currency war and has very little to do with ukraine or crimea much more to do with US$, oil, gas and gold.

I am in Spain buddy - but I'll enjoy my porto and jamon just the same.  Whatever you say.  All I know is Russia told its people Bitcoin was too dangerous for volatility, then they made it illegal just in case the people didn't listen, then the Ruble ate shit (not lobster). 

But I do find it interesting that very shortly after a powerful country made bitcoin illegal - their whole economy ate shit and their currency is about to become worthless.  There is no greater endorsement for Bitcoin in my mind.  Cypress is boring.  Argentina is nothing.  Russia is another matter. 

I too hope Russian economy completely collapse. Gives the ppl the chance to rebuild their government. Its corrupted far too long.

I feel sorry for the Russian people.  Signs of hyper inflation are setting in with people rushing to stores to buy capital goods. 

However, we can't laugh too hard, year to date bitcoin is down more versus the USD than the ruble is.

mmm, I agree ... and the european and the american and the british ... seems there is a lot of corruption awaiting the long overdue cathartic collapse and jubilee times.

Bitcoin price will go sky high like the first Bitcoin run up to $70 caused by Cypress - starting tomorrow.  Capital flight from a large country like Russia is going to be fun.  Mark my post with its time stamp - this shit is about to get fun.  Let's give them all about a week to find a Bitcoin dealer, then watch the fight for a ruble exit happen.  I'd say Bitcoin at $1,400 in about 6 weeks.  Note I posted this at a recent bitcoin low.  But the run is coming!!!  You should get your bitcoin while they are cheap before the Russians bid up the price.

Profiting on Russian misery makes it twice as sweet.  I sure hope they enjoy their stupid Crimea!

Russia is not actually experiencing hyper inflation, it's prices of domestically produced goods are generally the same, however the prices of imported good are increasing dramatically.

The percentage that the price of bitcoin has dropped is roughly the same as the percentage decline of the Russian Ruble. It is just that the Ruble's decline is accelerating and even massive hikes in interest rates are not slowing it down, nor has ~$100 billion in intervention slowed it down.

Russian people should open their eyes and understand, that it's not possible any more to live in a bubble. Global economy, global politics, global relationship and global citizenship. This how World is working now.

As far as I know, they import a lot of stuff.
Let's look at the stats, instead of speculating:

http://www.tradingeconomics.com/russia/inflation-cpi
Seems like high inflation to me.

It's not just Russia, it is happening across the entire world. http://www.zerohedge.com/news/2014-12-17/soaring-inflation-around-globe-cartier-hikes-russian-prices-50-suntory-whiskey-price

Let the fuckers shiver and eat red beets.  They wanted Crimea - so this is what they get.
https://nativejedi.files.wordpress.com/2011/08/red-beets-sliced.jpg

Definitely nowhere near as corrupted as the US, or a few countries in Europe. Well never corner someone who has over a few thousand nukes, is my opinion.
Well the news with Ruble is horrible, the people there suffer.

“At the end fiat money returns to its inner value—zero.”
- Voltaire

Bitcoin is by definition a fiat currency:

The value of fiat money is derived from the relationship between supply and demand rather than the value of the material that the money is made of. Historically, most currencies were based on physical commodities such as gold or silver, but fiat money is based solely on faith. Fiat is the Latin word for "it shall be".
http://www.investopedia.com/terms/f/fiatmoney.asp

fiat means "by decree" ... as in the govt says "this piece of paper shall be money" and the people take it on faith (shared illusion).

Oxford english definition of fiat (http://www.oxforddictionaries.com/definition/english/fiat)


Investopedia is a lightweight useless reference source it seems.

Bitcoin has collectable, numismatic, utility and cost of production value as determined by the market and NO government has decreed it as money. It is demonstrably NOT a fiat money.

but bitcoin isnt different. bitcoin by decree is money.

the only difference is that it isnt issued by government.

The problem with bitcoin is imbalance:
merchants accept bitcoin, hedge it for dollar instantly since they pay expenses in dollar - which leads to a steady shift downwards on the supply demand curve as more merchants accept bitcoin payments.

In the end I belive bitcoin (or ripple) will be used mostly by payment processors as a payment system and not as money, a decentralized kind of SWIFT.
The market cap of bitcoin will in that case depend on the volume of transactions per second and how long time each party holds their bitcoins:
the shorter the time they keep their coins, the lower the price will be (more bitcoin supply available on the market)

lmao if you actually believe the US is worse than Russia in terms of corruption.

Bitcoin =/= fiat. It's simple as that. Now, if you were to go deeper and look at the differences, you'd know why it doesn't apply to Bitcoin.

There is a difference between thinking and knowing.

*waves to NSA.

Well, yes, that's what I keep telling myself, until I read the word "Corzine" again.

Russia's mistake was to equate the blockchain with Bitcoin. Big mistake. Huge.

And just to balance thing up for all those who owe the rest of us $10Tn ... ;-)
and think they own their own home ...

 https://www.youtube.com/watch?v=-zzSAoD2mzU

Honestly curious, tell me why the USA is worse. The NSA is pretty bad, but Russia seems to have a habit of killing dissidents in broad daylight in crowded areas, censoring internet and monitoring their citizens. At least when the US invades a county we lie about why (lmao yellow cake in Iraq), but Russia just straight up does whatever (Ukraine).

I see the Ukraine incident as not giving a fuck/having power, not being corrupted. Can't really make an example of that.
Well you're right I guess, but Russia at least doesn't monitor me, who is not a citizen of it.

NAILED IT

Its pretty naive to believe the US is the only country monitoring non-citizens. They were just dumb enough to get caught/have that info released. There were even notes in Snowdens documents that MI6 was doing it too.

The US does not jail people for speaking out against the government, this is something that Putin routinely does. The government also literally controls the media in Russia which essentially makes it impossible for the fact that they are corrupt in the first place from being made public (it makes dissemination of this information much more difficult)

This is not to say that the US is not corrupt at all, but at least the US tries to fight corruption

Agreed, but we (as a country) seem to be on a slippery slope. I don't think it is a matter of law, but a matter of politics. It seems our own politicians need to "ride the party line" if they want to keep their jobs. This does not create an atmosphere where one can freely think and speak out of the box.

But it does jail and torture people without trials and prosecution (Guantanamo, CIA prisons in eastern Europe). Sure, you can say that it's somehow justified, but it only shows you that all the noble principles of freedom, justice etc. are nothing but the empty words.

You are allowed to criticise US government probably only as long as your opinion is worthless. If they see you + others as a real threat, you could expect a reaction, possibly something in cointelpro style.

http://en.wikipedia.org/wiki/COINTELPRO (http://en.wikipedia.org/wiki/COINTELPRO)

That's just a bold statement backed up by nothing.

Are you telling me you honestly believe that the US is the only country who does this?

Tough talking Putin had a meeting today with the press - but still failed to put the many billions of dollars worth of economic loss he caused.  The people still suffer.  All their shit worth $1million yesterday is now worth .5.  "chained bear with no claws and no teeth" - lol   What a fantasy that guy has.  The whole fucking world is mad at him for taking Crimea - not just the US.  He is so fucking jealous of the US it is pathetic. 

Russians are such pussies or they would have replaced him long ago.  He is a dirty player way past his manipulated term limits.  How soft are the Russians?  They stand by for this shit?  How much can they take?  They must like being cold and hungry.

I disagree. First of all, the supreme court has ruled that people being held in Guantanamo have the right to petition for a writ of habius corpus so the court system does have oversight over these prisoners. 

Additionally, the US is not putting people in these prisons for speaking out against the government they are putting them in these prisons because they are trying to kill and terrorize innocent people. The people jailed often do not have any value to their opinions, and are not known to even the people they support until they carry out their terrorist attack

The problem is, bitcoin fell from $380 to $310 just in a week. That is 19% fall. So it is still volatile.

You are an idiot with your uneducated false hope posts!

Bitcoin has seen a 12% to 20% drop every month since JUNE with an overall 57% drop in 6 months DAH, wake up bro. Please learn something, anything about currency markets. Bitcoin price 370 (December 1 2014) down to 312 (Today) that is a 15% drop.

Bitcoin is not a safe haven currency or commodity (Gold) so they would not fall back on bitcoins even if it wasn't outlawed. They would and have fallen to9 gold or silver to keep their value of the roubles they own.

Now, the Rouble drop was due to oil prices dropping in the west. Because a lot of Russias economy rests in its production and export of crude and refined oils when the western price of oil drops so does their unit of money. More than likely this was due to a high supply and lower demand, in addition with the sanctions.

The difference between bitcoin and the Rouble, Bitocin has no demand to strengthen its market, and Russias rouble will bounce back when the oil prices rise again, even if sanctions are not lifted when the supply becomes lower than the demand prices of oil will go back up strengthening the Rouble against the dollar again.

What does bitocin have behind it pushing its demand ....NOTHING!!!!!

Putin has complete knowledge of the state apparatus. Every morning he receives three folders. The first is domestic intelligence, everything happening within Russia, secondly, foreign intelligence (which must be a big read), the third is apparatchik contacts: who is communicating to who. Nothing significant happens without his knowledge.
http://www.newsweek.com/2014/08/01/behind-scenes-putins-court-private-habits-latter-day-dictator-260640.html

I find it difficult to believe anybody in that kind of position could be well informed.  The only way to be even worse informed would be to read newsweek. 

It has recovered somewhat post that fall. I would say the outlook for Bitcoin is far better than the outlook for the Rouble.
Improvement in the price of Rouble requires sanctions to be removed and that requires some change in the attitude of the Russian government. It doesn't look like this would happen quickly.

Many tried, everyone failed, No one will succeed in OUTLAWING the bitcoin.

They won't succeed. Their efforts may however result in bitcoin being pushed to the fringes in their respective countries.