Bitcoin rally on the back of Greece is bogus.

[nextgencoin]

Please MODS don't slip this away into the dark zone of the speculation thread.

I believe people thinking a banking collapse in Greece is fuelling a rally is purely psychological. The price is being bid up simply on the idea that it should be bid up.


Reason being, just like Cyprus the price of a Bitcoin didn't raise then cause Crypriots were rushing to Bitcoin. The fact is this, Greeks HAVE NOT LOST FAITH IN FIAT ONE LITTLE BIT. THEY ARE WORRIED ABOUT POLITICS AND BANKS! NO ONE THINKS THE EURO ITSELF HAS ANY RISKS! IF WE DID THE THE BANK RUNS WOULD BE ALL OVER EUROPE. ITS A BOGUS NARRATIVE AMONG BITCOINERS.

[Sharpe]

I believe people thinking a banking collapse in Greece is fuelling a rally is purely psychological. The price is being bid up simply on the idea that it should be bid up.

It's probably always psychological when something like this happens but it doesn't stop people speculating and trying to find a reason 'why' to pin it on. Happens everytinme the price moves. "Why's it going up", "why's it going down", and even "why's the price staying the same" and so and people always look to the news to for the reason when it probably doesn't have anything to do with anything but supply and demand and panic buying or selling.

[hodlmybtc]

Meh... everyone in the Euro zone knows that the Euro was a big failure, a good way to get more money from the poor to the 1%.

Greek capital controls show people that their money isn't their money in the times of a crisis like this in a country.

Greece people will lose their pensions, savings or at the very least a very big haircut on everything when they default.

People are buying BTC because of all these reasons, speculators jump aboard and who knows what will happen to the stock/forex/metals/BTC markets the coming weeks/months.

[odolvlobo]

It is not completely bogus. The reports of Greeks flocking to buy bitcoins is bogus, but we can assume that the awareness of the possibilities of countries limiting access to and/or confiscating money has raised interest in Bitcoin.

I believe that although increased interest in Bitcoin is a factor, speculation is the primary factor in this latest run-up. In the end, the results will be similar to the Cyprus event: a swift climb followed by a crash.

[nextgencoin]

And to be clear, I don't have a problem with the price going up, but like you said I don't think it's a demand supply change apart from the 'extra demand' from BITCOINERS wanting to get in on any rally. I just don't see a scenario of Greeks all rushing to buying Bitcoin now. If they didn't in the past two years then it's highly unlikely they are doing in the last week. The story does bolster the concept of Bitcoin Generally I do agree though. I'm sure more people are inclined to find out alternatives for their money, but as most Greeks are either holding euros in their hand or are locked out of their banks I don't see how they could easily buy Bitcojn anyway, that's the biggest joke about the narrative. They are bag holding fiat...

[nextgencoin]

And then the discussion stopped due to dogmatic MODS...

BUT still they leave articles about Greece in the discussion topic..

[hodlmybtc]

Greeks probably won't be buying many extra BTC (in absolute terms), people from other countries are because of this Greek crisis, especially people from countries also in problems in the Euro zone.

[RodeoX]

Well there is some evidence of it.

The world's largest Bitcoin exchanges tell CNNMoney they've seen a surge of business from Greece.
Ten times as many Greeks are registering to trade bitcoins on the German marketplace Bitcoin.de than usual...

http://money.cnn.com/2015/06/29/technology/greece-bitcoin/

[nextgencoin]

Well there is some evidence of it.

The world's largest Bitcoin exchanges tell CNNMoney they've seen a surge of business from Greece.
Ten times as many Greeks are registering to trade bitcoins on the German marketplace Bitcoin.de than usual...

http://money.cnn.com/2015/06/29/technology/greece-bitcoin/

I'm skeptacle to say the least. Since when has sites like CNN prompted Bitcoin?

I just read some guy I assume from Greece say that he thinks no one is buying Bitcoin in his country. Sure maybe interest has increased but if a Greek hasn't bought BTC in the last two years it's highly unlikely he has bought in the last week. Why and how could they, the whole point is Greeks are holding fiat Euros in their hands and are locked out of their accounts???

Call me crazy but I see an agenda in these reports. My crazy conspiracy side wonders even if some want to crash the system.


This article is more factual..

http://fortune.com/2015/06/29/bitcoin-price-hike-greece-grexit/

[Alley]

It sounds like you already made up your mind what you want to believe.

[HarHarHar9965]

Greeks probably won't be buying many extra BTC (in absolute terms), people from other countries are because of this Greek crisis, especially people from countries also in problems in the Euro zone.

Obviously greeks would not be able to buy extra btc, yes in the absolute terms... People are buying bitcoin thinking Greek will adopt bitcoin. That's some bullshit, Greek will never adopt bitcoin, it will fight till it dies out hoping to get the euro power. If Greek printed their own money, they would never land themselves in such a trouble. They would print themselves out of this shit.

[Scamc0p]

Greeks probably won't be buying many extra BTC (in absolute terms), people from other countries are because of this Greek crisis, especially people from countries also in problems in the Euro zone.

Obviously greeks would not be able to buy extra btc, yes in the absolute terms... People are buying bitcoin thinking Greek will adopt bitcoin. That's some bullshit, Greek will never adopt bitcoin, it will fight till it dies out hoping to get the euro power. If Greek printed their own money, they would never land themselves in such a trouble. They would print themselves out of this shit.

Just like Venezuela did 

[RodeoX]

Well there is some evidence of it.

The world's largest Bitcoin exchanges tell CNNMoney they've seen a surge of business from Greece.
Ten times as many Greeks are registering to trade bitcoins on the German marketplace Bitcoin.de than usual...

http://money.cnn.com/2015/06/29/technology/greece-bitcoin/

I'm skeptacle to say the least. Since when has sites like CNN prompted Bitcoin? ...

They are not promoting it? They are reporting what they have been told by exchanges.

The demand [for Bitcoin] in the last 4 weeks has risen by 400%.

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[gentlemand]

I believe people thinking a banking collapse in Greece is fuelling a rally is purely psychological. The price is being bid up simply on the idea that it should be bid up.

I think it's the same deal as Cyprus. I'm sure at least 3 or 4 Cypriots might have bought some BTC to help the price on its way up. All the other buying was from people who were already into it who took it as inspiration.

It's pure speculation as always. However the more it happens, one day the speculation will fall away and actual concern might fuel some buying. That's when it might get explosive.

[BillyBobZorton]

It is not completely bogus. The reports of Greeks flocking to buy bitcoins is bogus, but we can assume that the awareness of the possibilities of countries limiting access to and/or confiscating money has raised interest in Bitcoin.

I believe that although increased interest in Bitcoin is a factor, speculation is the primary factor in this latest run-up. In the end, the results will be similar to the Cyprus event: a swift climb followed by a crash.

At the end of the day all that matters is perception. If people perceive a lot of people is putting money into Bitcoin, first the people that's already in will speculate and drive the price up, then the clueless Joes that don't own any Bitcoin still at this point, will say "well, what do we have to lose at this point" and put their money in. Since we are still on the early days I doubt there are enough educated people in Greece about Bitcoin to make a serious impact but you never know.

[ThEmporium]

If those rally are bogus, why on this earth, leading newspapers are misleading us such as Greek investors likely to invest on Bitcoin. It would be better that any of Greek member in the forums come and clear this wide speculation running around.

[needFREElunch]

"Why?" People are more concerned and asking this question. They tend to make their own assumptions.Greece totally relying on Bitcoins is a bogus , but then somewhere Greeks might build up a possibility for Bitcoin.

[MinerHQ]

Greeks probably won't be buying many extra BTC (in absolute terms), people from other countries are because of this Greek crisis, especially people from countries also in problems in the Euro zone.

This is correct, in greece now people worried about their everyday expenses and not worrying about long term investments. With this news only traders are creating this artificial demand. Now it has already cooling down.