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Title: Bitcoin should raise when Ruble fall, No ? Post by: YoannR on December 18, 2014, 09:15:53 AM Hello everyone !
Here is (was) my point of vue: The ruble collapsed. A Russian who would sell his rubles against bitcoins the time of the fall of the ruble would avoid losing its money. And, sa a consequence, the bitcoin will raise. But the contrary is happenning ! I don't understand why. Thanks for your answers ! Title: Re: Bitcoin should raise when Ruble fall, No ? Post by: Grinder on December 18, 2014, 10:28:31 AM The Russian market is only a tiny share of the global Bitcoin market so it's not enough to stop the Bitcoin from falling.
Title: Re: Bitcoin should raise when Ruble fall, No ? Post by: YoannR on December 18, 2014, 12:24:32 PM Ah, ok. I though it was very big, just after China... So is there links between the two events, Ruble fall and bitcoin fall ? What I heard is Ruble is falling because petrol price is falling and Europe want to decresase their trades with Russia. But I didn't find information about the bitcoin fall, do we know why is it falling ? Thanks in advance. Title: Re: Bitcoin should raise when Ruble fall, No ? Post by: 1Referee on December 18, 2014, 12:42:58 PM Ah, ok. I though it was very big, just after China... So is there links between the two events, Ruble fall and bitcoin fall ? What I heard is Ruble is falling because petrol price is falling and Europe want to decresase their trades with Russia. But I didn't find information about the bitcoin fall, do we know why is it falling ? Thanks in advance. Russian economy and oil are well connected, lower oil price is not in the benefit of Russia. I think oil takes probably 20to30% of their total economy, so imagine what will happen if the oil price stays this low. As far as Bitcoin goes, I think it's the lower difficulty that causes the price to go down. Miners have more income due to lower difficulty thus there are more coins on the market. Title: Re: Bitcoin should raise when Ruble fall, No ? Post by: youngmike on December 18, 2014, 12:55:30 PM I think it makes gold more valuable :)
Title: Re: Bitcoin should raise when Ruble fall, No ? Post by: Darude Sandstorm on December 18, 2014, 03:24:47 PM I can see your logic but just because the Ruble is collapsing doesn't mean people are automatically going to buy bitcoin (though some may). They could also buy USD or something as well.
Title: Re: Bitcoin should raise when Ruble fall, No ? Post by: tatu on December 18, 2014, 03:34:03 PM As much as I love bitcoin transfering your wealth from one unstable currency to another isn't such a good idea, though maybe bitcoin will do better in the long run but some people cannot afford to take that chance.
Title: Re: Bitcoin should raise when Ruble fall, No ? Post by: YoannR on December 18, 2014, 03:55:17 PM I agree with you Darude, it is safer to buy dollars than bitcoin for most people :)
Thank you 1Referee for your answer, so the last thing to be explained is: why the difficulty decrease ? It's mean less people are seeking bitcoins, but why? An explanation could be that there is a lot of mining farms in Russia and because the electricity is getting more exepensive (that is to be confirmed), it is not profitable for them to continue to mine bitcoins. So less seekers means cheaper bitcoins for the ones continuing to mine and the bitcoin decrease. What do you think ? Title: Re: Bitcoin should raise when Ruble fall, No ? Post by: HeroCat on December 18, 2014, 04:06:24 PM No, ruble is Russian currency, which is mainly used in Russia. In international Forex market main currency are USD, EUR, GBP, AUD, CAD, JPY and others. And also BTC users in Russia I think is not so many
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