Why isn't everyone talking about China's currency devaluation?!

[pliv84]

This is exactly what we have all been waiting for! When fiat currency goes to sh*t, Bitcoin will go to the moon.

After China devalued it's currency twice in two days, I would have expected both more discussion in the forums, and also a huge move in the price of Bitcoin. Why not?!

China's move to devalue it's currency by 3.6% is not the last event. China will go further, and also other countries will have to respond with similar action to remain competitive in the world economy. This is very likely to be the beginning of worldwide inflation - AKA the demise of fiat. This is going to be A HUGE DEAL for Bitcoin. I really don't understand why the markets have not already responded.

[MinerHQ]

What is the link between china currency and bitcoin? why bitcoin should jump when their currency is down? I don't think any link between these two currencies.

[clementinal]

i really dont think that things which are currently happening over there would make a totable impact on bitcoin

[n2004al]

Bitcoin is yet a lateral currency to be part of those big movements of the world economy. The market of bitcoin is yet insignificant to reflect these changes. There were be more and more others movements like this and bitcoin will not reflect none of those. The time of bitcoin is hoping to be more and more in the future for these kind of things.

[BTC_ISTANBUL]

If you want BTC price to increase or go to moon, there must be a war.A big war, which rich countries like states, EU countries and Japan participates.People will try to migrate to safe heavens.The easiest way to transfer their wealth will be BTC.
Of course the default of Greece has created the same result but it was limited to an extent regarding the relatively small economy and population of Greece.If this happened either in Spain or in Italy the results would be more dramatic.

[alva5763]

A lot of people are talking about China's devaluation of the yuan especially the traders as can be seen with losses on all major stock exchanges. How many stock exchanges list bitcoin as a tradeable currency?

[tyz]

Because it is a normal and overdued value adaption. The Yuan increased of about 30% against the US-Dollar over the last years. The Chinese central bank is just adapting the price to a normal and a fair niveaue. This adaption was around 5% over the last week. Not that much. I can not see that there is a fiat currency war some people are talking about.

[fullypak]

Because there is no link between china currency vs bitcoin price hence no one is talking this topic here. Whether any world currency go up or down but bitcoin price will never follow those movements because bitcoin is a decentralized networks. Bitcoin price is decided purely by demand and supply of bitcoins, if more and more businesses adopt using bitcoins for their daily transactions the it will create a demand and bitcoin prices will surely move up.

[BlackPanda]

bitcoin can actually disadvantaged ascending yesterday ..

[boopy265420]

If you want BTC price to increase or go to moon, there must be a war.A big war, which rich countries like states, EU countries and Japan participates.People will try to migrate to safe heavens.The easiest way to transfer their wealth will be BTC.
Of course the default of Greece has created the same result but it was limited to an extent regarding the relatively small economy and population of Greece.If this happened either in Spain or in Italy the results would be more dramatic.

Chinese govt devalued its currency to help their exports to increase.Yuan doesn't have any link with Bitcoin's price.As you mentioned need some big war if that happens as you draw the scenario then Bitcoin will lose as there will be no internet.Bitcoin depends on internet so there is no logic.I think this is fair price of Bitcoin what it is now at present.

[Erdogan]

Why is not everyone creating new topics about creating new topics about the china currency devaluation?

[goosoodude]

Maybe because most of the hot bitcoin related topics are more extreme examples of fiat disadvantages compared to bitcoin, similar to the situation
that happened to Greece. But then again, if the CNY continues to loose value in an even more sharp numbers, there's no doubt that it's going to be a hot topic here.
One question tho; shouldn't we focus more on advancement of bitcoin, than just comment and flame fiat ?!

[MF Doom]

Maybe because most of the hot bitcoin related topics are more extreme examples of fiat disadvantages compared to bitcoin, similar to the situation
that happened to Greece. But then again, if the CNY continues to loose value in an even more sharp numbers, there's no doubt that it's going to be a hot topic here.
One question tho; shouldn't we focus more on advancement of bitcoin, than just comment and flame fiat ?!

I don't think the cny is losing value "sharply". They are strategically devaluing to increase exports. This seems like a proactive act to strengthen their economy. Yes their dollars will buy less, but if overall exports go up it's a net benefit to their economy

[lottery248]

i have to say, not all of them are talking about the CNY devaluation, you know.

lol i smell bitmain is gonna decrease the price of their ASIC, and those ASIC vendors would be jelly to bitmain. look, chinese devalued the CNY, rest of the countries decided to war with china to prevent the deflation which crashes the country.

[clementinal]

did someone manage to get some profit arbitrating BTC/USD up againsts BTC/CNY?

[Pab]

what Yuan devaluation,why people didnt talk about usa dollar devaluation,now euro devaluation
Now all financial world is talking about  Yuan ,becouse Yuan was most stable fiat money in the all world

[botany]

what Yuan devaluation,why people didnt talk about usa dollar devaluation,now euro devaluation
Now all financial world is talking about  Yuan ,becouse Yuan was most stable fiat money in the all world

Devaluation of other currencies happens due to market forces. Governments may decide how much money to print, but the markets decide the exchange rate. In the case of China, the Government is involved in setting the exchange rates. That is where the difference is.