Bitcoin Forum

Roughly two years ago, Cyprus' banking system started imploding, leading to the first big price rally in bitcoin powered in large part by a surge in perceptions that it was an alternative to the flawed banking system in crisis.

Well, something similar could be happening in Russia right now - with the rubble collapsing and inflation heading up (wiping out savers purchasing power).

But bitcoin isn't benefiting from crisis this time. It's been sinking along with the ruble.

In fact, bitcoin doesnt seem to be benefiting at all from many signs the entire global financial system might be heading for another implosion.

Is bitcoin no longer viewed as a safe haven? I think its instability over the past year has really damaged its prospects of being viewed as a safe haven. Looks like it's being treated as anything but a safe haven. It's been behaving like just another pump and dump altcoin.

Altcoin market these days is terrible - but dont underestimate the opportunity available to any serious altcoin to displace bitcoin. Bitcoin is not the heavyweight it used to be anymore.

There was no boost from Cyprus.  There was almost nobody buying BTC in Cyprus.  Why would Russia be any different?


Russia is a country with a great inequality of wealth.  You really think a Russian billionaire is interested in this "magic internet money"?  No they'ld rather spend their billions on buying football teams, luxury cars and mansions in Britain, Florida and California.  The rest of Russian people are too poor (typical household is two working adults making under $10,000 a year and most of this money goes to food / rent) to make a dent in Bitcoin.

Russia's making all crypto coins illegal there in the new year. Apparently there are plans to fine people caught using crypto, but I wonder if they also plan to confiscate any crypto you hold. I cannot see them returning confiscated crypto coins to people who pay their fines.

Multiple factors can drive changes at the same time. Yes, China was a factor. What was also a factor, at the time, was growing global perception (not just in Cyprus) that bitcoin was a viable safe haven.

Not as many people see it as one anymore, which is my point.

The events of the last 25 years indicates that trends and directions aren't influenced by the Russians as much anymore, but from the Western world (even that intermezzos in the past, like the crazy man Lenin's revolution or the occupation of East Europe after the II. world war had serious effect on the whole world).
When Paypal and Microsoft start to trade Bitcoin then there is a better chance that Bitcoin goes mainstream than that the pathetic Russian Central Bank will wipe it out.

Even with Greece's financial system on the verge of potential collapse and Russia's in a tailspin, bitcoin's being treated like just another pump-and-dump altcoin now. All the big action is in shorting it.

Quite a difference from how it was treated during the Cyprus incident about a year ago.

A lot of people in a lot of places are looking for escape hatches, but not many apparently see bitcoin as a reliable one anymore.

lol_magic_internet_monies