Bitcoin Forum

http://www.cnbc.com/id/102275772

Yea ok

It was inevitable.

Sounds good but why does the price of bitcoin keeps on tanking? There must some selling pressure coming from somewhere. Another explanation i convince myself is i expect the drop in bitcoin price is a reflection of the strength or gain in us dollar like what is happening against all other currencies with bitcoin losing no exception.

BTC might be flowing into XRP but I don't know for sure.

from the 6-times-an hour issuance of course. no big mystery.

On explanation is, that people are selling their bitcoin to buy X-mas-gifts.

And take their losses for a nice tax refund

I don't see anywhere a good increment of volume so as to say that statement

maybe...
the russian maybe buying bitcoin but then quickly cashing into fiat of their destination

Seems like that's true. I guess there must be a big problem buying USD in Russia.

It's a cold war propaganda piece. Russia Times promotes Bitcoins outside of Russia, most likely in the hopes that it catches on and hurts the dollar/euro.

CNBC tries to get Russians to switch to Bitcoins most likely in the hopes that it hurts the ruble.

Where is Yakov Smirnov when you need him?

They haven't bought enough! Sorry to point it out, but it looks like BTC is going down with the ruble.

This is news of last weeks.

This week:
bitcoiners move into ruble as bitcoin tanks.

i was looking for the thread on this. most people knew it would eventually happen with the falling price of the ruble. gold traders must be living well.

it doesn't seem to be affecting btc price though.

The people of Russia need bitcoin to catch on in their country much more then the Russian government needs the Dollar to "fail"

The Ruble has fallen by ~50% this year while the dollar has held steady, plus even if bitcoin is successful over the long term it will probably only have marginal effects on the dollar

BTC? why they choose btc? Its the worst investment of 2014
$ or € are more stable

because btc is easier to buy and send abroad than $ ???

i think you have to fill a form or something if you want to buy large amount of $

When you buy large quantities of $ or €, you have to store them in bank accounts (You can't stuff them under your pillow!!)
This is always dangerous when the country is in a crisis and can seize assets.

With Bitcoin, you are your bank. Much safer in such a situation.

Not really. You can easily convert your ruble deposit to a dollar one just by going to your bank. Getting dollar cash might be a bit harder if there's a lack of dollars at the bank (dollars are sometimes bought faster than they are brought from bank vaults).

On the contrary, getting into Bitcoin is harder for an average Russian. There are no ATMs, so you have to use online payment systems to buy Bitcoin.

Most Russians would just buy dollars and keep them in banks in neighboring countries...like Cyprus.

the problem is capital control, how you get the dollar out of russia ???

I don't know where you got that idea, but there are no capital controls in Russia of that kind. You are allowed to have bank accounts anywhere you want, provided that you don't evade taxes.

And most Russian don't do that anyway. They're keeping dollars either at their local bank, or under the mattress.

i heard on the news that many russians are just buying items that hold their value over time. maybe such as electronics or appliances.

The chinese are doing that as well, but more with precious metals and gemstones, the chinese government has actually advised them to do it.

http://www.bullionbullscanada.com/index.php?option=com_content&view=article&id=2545:china-urges-citizens-to-buy-gold-silver&catid=48:gold-commentary&Itemid=131

Man, those lucky countries which don't have a current account deficit.  :-\
In other countries with current account deficits, there are heavy curbs/quantitative restrictions on such purchases.

RussiaCoin is well placed to take advantage of the Russian Economic downturn http://www.russiacoin.info/

With just over 7.7 Million RC coins, RC is POS and is sitting at 93 sats (with less than 1% of RussiaCoin's listed at BlueTrade ~ https://bleutrade.com/exchange/2129 )

Check us out at Facebook https://www.facebook.com/RussiaCoin

and follow us on Twitter https://twitter.com/RussiaCoin

You can buy RussiaCoins with BitCoins, LiteCoins, DogeCoins and even US dollars.

I don't think buying a plasma TV is a very good store of value. That's just ridiculous. There are better things, like silver. That's already gone down so far, it's just teasing for a reversal.

I don't think they are using it as a store of value. It's more like rushing to buy some relatively expensive durable goods before prices rise more.

It's certain that Bitcoin's future seems brighter than Ruble right now; but don't forget Ruble has a government power, also we need some governments support to fly to the moooon! :)

Clearly the value from Rouble is not moving into Bitcoin, otherwise we would have seen a rise in prices. I think right now they are banking more on Gold or USD.

now, if Russia would be going into BTC as a country. then i would be rich rich RICH!

yup, I agree its clearly that bitcoin continues to drop slowly. Russians arent moving to bitcoin if they were, we would have seen a large rise in the value

I think the mass has no clue about it and some might actually put some of their savings and turn it into BTC. Its actually pretty smart to do, but i'd rather invest in oil ATM.

I was hoping there would be a big rise like that happened when banks were taking the money in Cyprus. The Russians for some reason are looking elsewhere. It may be due to all the negative news Bitcoin has with being labelled the worst investment of 2014.