pliv84 (OP)
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July 04, 2015, 06:29:49 PM |
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Yes, Greece is certainly a big deal for Bitcoin. But it seems like the bigger "current event" is the collapse of China's stock market. 30% decline in just the last month, erasing $2 Trillion of value.
China had a huge influence on Bitcoin before. Isn't it possible that the Chinese are flocking to Bitcoin now, as a safe haven amidst their economic collapse?
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Greendragon
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July 04, 2015, 07:04:05 PM |
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but but ..
still down ?
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Amph
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July 04, 2015, 07:04:35 PM |
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it could not explain why bitcoin governments is against bitcoin bubble, and why they are dumping so many coins, if they need those in the case their economy collapse
i think those are merely guesswork
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jeffthebaker
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July 04, 2015, 11:47:18 PM |
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Forget China. What About Venezuela???
I recently saw a comment made by a Venezuelan that transfered all of his Venezuelan dollars to Bitcoin. Throughout his holdings, the official exchange rate of the Venezuelan money to USD dropped from 4.8:1 to 6.8:1. This sounds bad enough, but the real exchange rate that is recognized in the black market dropped from 150:1 to 480:1. By holding Bitcoin, he effectively tripled his money in local currency. Although he most likely did not gain triple the value on his investment, he was able to prevent losing more than 66% of his life savings due to a faulty currency.
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bryant.coleman
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July 05, 2015, 12:12:38 AM |
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The Chinese stocks were way too much overpriced. A correction was about to happen anyway. Some of the Chinese stocks had crazy P/E ratios reaching 700 or 800. The average P/E ratio for the whole exchange was close to 50, which is almost 3 times higher when compared to the other major exchanges such as NYSE and NASDAQ.
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Scamc0p
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July 05, 2015, 12:16:22 AM |
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China can take care of their own bitcoins. I doubt it influences their stock market. It was like this for other countries too at this time. Everybody had a loss this past week. |
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scarsbergholden
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July 05, 2015, 03:24:11 AM |
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by china being the #1 exporter on the world and pretty much having the biggest stacks of gold and dollars, we would never see such an event like what Greece is experiencing right now, chinas economy is more solid then 70% of the worlds economy.
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QQ88
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July 05, 2015, 04:16:00 AM |
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The Chinese stocks were way too much overpriced. A correction was about to happen anyway. Some of the Chinese stocks had crazy P/E ratios reaching 700 or 800. The average P/E ratio for the whole exchange was close to 50, which is almost 3 times higher when compared to the other major exchanges such as NYSE and NASDAQ.
This is the most appropriate answers for the crash of the stock price IMO. It has nothing to do with bitcoin. China has strictly regulated on the third party money transferring processors, it is not easy now to move a lart amount of money in or out the exchanges. |
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bryant.coleman
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July 05, 2015, 09:46:45 AM |
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by china being the #1 exporter on the world and pretty much having the biggest stacks of gold and dollars, we would never see such an event like what Greece is experiencing right now, chinas economy is more solid then 70% of the worlds economy.
Apart from having huge gold and silver stockpiles, China is also having trillions of dollars worth of sovereign bonds from all over the world in its reserves. The real problem with China is that they have all the money, but they don't have enough options to spend it. That is why they are making high risk investments, such as those in Africa and Russia. |
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countryfree
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Your country may be your worst enemy
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July 05, 2015, 10:48:51 AM |
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You can't compare. China has a booming economy which sells manufactured products all over the planet. Some stocks are overvalued but you should not worry about that. Some American Internet companies are also hugely overvalued, with a crazy market capitalization, and they may crash, but the overall economy will keep on going.
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I used to be a citizen and a taxpayer. Those days are long gone.
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edric
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July 05, 2015, 11:28:18 AM |
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by china being the #1 exporter on the world and pretty much having the biggest stacks of gold and dollars, we would never see such an event like what Greece is experiencing right now, chinas economy is more solid then 70% of the worlds economy.
Everybody might want to believe just that, and China's central banking has banned Financial Institutions from trading in with Bitcoin. China is known for its strict monetary codes and it never allows the value of it's currency to shoot up which works profitably in the export market where China is a giant trader. |
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Miracal
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July 05, 2015, 11:47:51 AM |
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You can't compare. China has a booming economy which sells manufactured products all over the planet. Some stocks are overvalued but you should not worry about that. Some American Internet companies are also hugely overvalued, with a crazy market capitalization, and they may crash, but the overall economy will keep on going.
Chine currently has the largest economy in this world which sells literally everything in this world lol. I did hear the over valuation of stocks was a big issue which was going to have a correction procedure performed soon. Some companies will crash, some will gain strength but I feel that economy collapse cannot happen for countries like china and US, as their currency and economy have their shit together at the moment. |
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greBit
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July 05, 2015, 01:55:35 PM |
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You can't compare. China has a booming economy which sells manufactured products all over the planet. Some stocks are overvalued but you should not worry about that. Some American Internet companies are also hugely overvalued, with a crazy market capitalization, and they may crash, but the overall economy will keep on going.
Chine currently has the largest economy in this world which sells literally everything in this world lol. I did hear the over valuation of stocks was a big issue which was going to have a correction procedure performed soon. Some companies will crash, some will gain strength but I feel that economy collapse cannot happen for countries like china and US, as their currency and economy have their shit together at the moment. Almost $4 trillion in market value has been cleared since markets went complete u turn last month. China has frozen share offers and set up a market-stabilization fund, as Beijing increased efforts to pull stock markets out of doom that is threatening the world's second-largest economy, and that is really scary because if the economy of China is effected, it effects economy of all the prime nations as they are co-related to each other  |
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qiwoman2
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Oikos.cash | Decentralized Finance on Tron
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July 05, 2015, 02:09:12 PM |
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This just means that a lot of whales will come and buy cheap stocks when they are rock bottom, we know that market manipulation is everywhere and it would be just as relevant to say it would exist in China on a bigger scale than we would ever dream of. You just need to know what stocks to pick and which companies would last through a depression.
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