Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[empowering]

Forgive my ignorance but what does Greece have to do with the price of BTC?

Directly... at this point in time.... very little.

Indirectly... a lot.


I am not sat here with my cock in hand hoping for a financial crash in hopes of escaping capital outflows benefiting BTC, because well at this point in time I do not see it happening.

However, there is an increasing possibility no matter how the current situation pans out, that we may see capital controls put in place (not just in greece either) due to the situation in Greece.  there is a perfect storm scenario where the Greece leaves the union, and the ECB declare they will not provide temporary liquidity to cover the capital flight from greece.  In fact there is the scenario where even if it does not go that far, the billions of euros a week that are currently leaving the greek banking system, continues and accelerates, even without a grexit. Basically capital controls could be put in place, and directly at this point in time, the effect for BTC will be very little.. but, it will be yet another exhibition of capital controls, and even if the greeks are not thinking about it, others will be.

So if the Swiss unpeg was the first canary in the mine.... perhaps Greece is our second canary..

Plus also BTC does not operate in a vacuum anymore than Greece or Europe does...  as I said earlier if Greece leaves it it relevant to most, and certainly to anything to do with the economy/investments etc. I have posted on here in the past about my view of how BTC may be impacted by a (medium sized) financial crisis.

Medium sized crisis.

The thing about those, is they start small, then end BIG.  We are well into medium already.  Should continue to develop into big over the next couple years.

Sorry to clarify:  We are in the middle of a enormous financial crisis shit-storm, the likes of which we have never seen before. What I meant was that a Lehman collapse, or a Grexit, are medium sized crisis (which are in fact symptoms of the enormous financial shit storm)  

I think "big" and "huge" and "enormous" crisis would be events such as , G8 nation defaulting, or a catastrophic bond market collapse, or a dollar collapse, or full disintegration of the Euro or a tsunami wipes out Tokyo,  or a dirtbomb hits a major city, a major hot war between superpowers etc etc ... those kind of events.. which are all possible.   They are what I would call a big crisis. But make no mistake, the world is in the middle of a huge event now no doubt about it, I think that a grexit itself for example would be medium crisis event in the  much larger shit storm.

[pippo]

Greece and Russia will not go into BTC they will go in DRK.

pippo ----- Russia

Darkcoin lol get out of it

Tell me why pls

[empowering]

"Evo Morales Raids Bolivia’s Pension Pots"

http://blog.panampost.com/roberto-ortiz/2015/02/17/evo-morales-raids-bolivias-pension-pots/

Fun read but how is it discussion related?

obvious is obvious.

[billyjoeallen]

BFX swaps @ 19,885. Only borrowed coins are being sold. They will have to be repurchased.

I love it when a plan comes together.

[JorgeStolfi]

"Evo Morales Raids Bolivia’s Pension Pots"
http://blog.panampost.com/roberto-ortiz/2015/02/17/evo-morales-raids-bolivias-pension-pots/

Well, he hasn't confiscated them, just nationalized them.   Which may be the first step to siphoning money out of them, but also may protect them from madoffitis or lehmannbrodosis. 

(In my 20s I contributed for several years to a private pension fund that eventually goxxed.  A few years ago the neocon governor of the State of São Paulo privatized the state workers' pension fund, which among other things means less transparency and accountability, and less obligation for the state in case the fund sinks, and put his cronies at the helm.  So, frankly, I do not feel much about Morales's move, either way.)

[bad trader]

I don't believe Cyprus had much direct effect on the BTC price. The idea that the Cyprus crisis was causing a price boost was mentioned in the news in the US and Europe, which generated some hype. Some Europeans bought bitcoins, but I don't think much of the buying actually came from Cyprus.

Bitcoin was new and exciting back then. I'm not convinced another financial crisis now would have a similar effect.

[mrkavasaki]

bought back in,and now the price drops

[tarmi]

BFX swaps @ 19,885. Only borrowed coins are being sold. They will have to be repurchased.

I love it when a plan comes together.

I threw in an extra hundred bucks just for shits and giggles.

great plan!

btw thanks for an extra hundred bucks!

[gentlemand]

I don't believe Cyprus had much direct effect on the BTC price. The idea that the Cyprus crisis was causing a price boost was mentioned in the news in the US and Europe, which generated some hype. Some Europeans bought bitcoins, but I don't think much of the buying actually came from Cyprus.

Bitcoin was new and exciting back then. I'm not convinced another financial crisis now would have a similar effect.

Anyone who thinks the average Cypriot read up on BTC and then bought in within the space of a few days is tripping their tits off. It was inspiration for existing believers to buy more and that's about it.

[barbs]

to the moon!!!

[LewiesMan]

to the moon!!!

Not just yet,

[fonzie]

bought back in,and now the price drops

 

[LewiesMan]

bought back in,and now the price drops

Hold and it will rebound.

[KryptoFoo]

bought back in,and now the price drops

The god of trading demands pain before gain. Sweat it out.

[LewiesMan]

bought back in,and now the price drops

The god of trading demands pain before gain. Sweat it out.

Hmm, kungfoo but for bitcoin?

[billyjoeallen]

"Evo Morales Raids Bolivia’s Pension Pots"
http://blog.panampost.com/roberto-ortiz/2015/02/17/evo-morales-raids-bolivias-pension-pots/

Well, he hasn't confiscated them, just nationalized them.   Which may be the first step to siphoning money out of them, but also may protect them from madoffitis or lehmannbrodosis. 

(In my 20s I contributed for several years to a private pension fund that eventually goxxed.  A few years ago the neocon governor of the State of São Paulo privatized the state workers' pension fund, which among other things means less transparency and accountability, and less obligation for the state in case the fund sinks, and put his cronies at the helm.  So, frankly, I do not feel much about Morales's move, either way.)

My God your statist blinders are thick. He doesn't even have to be intentionally stealing. All he has to do is convince himself that he's borrowing the funds short term, then for an extended term and then something else becomes more important than replenishing them. It's like giving a loan to your drug-addicted cousin. You're almost certain that you'll never see that money again.

[empowering]

I don't believe Cyprus had much direct effect on the BTC price. The idea that the Cyprus crisis was causing a price boost was mentioned in the news in the US and Europe, which generated some hype. Some Europeans bought bitcoins, but I don't think much of the buying actually came from Cyprus.

Bitcoin was new and exciting back then. I'm not convinced another financial crisis now would have a similar effect.

I agree, apart from anything else, they had their accounts frozen, out of the blue (ish) and therefore they would not have been able to buy, unless they a) already had cash and in which case, problem already solved no need for BTC, or b) they already held money in accounts abroad, and in which case problem solved. The money they had in accounts in Cyprus apart from the very luck few, had capital controls imposed on them  so they could not buy BTC with them if they wanted.

However, I DO think that the occurrence spoke to many people, I do not think it was entirely insignificant for the argument in favor of decentralised crypto-currencies.

Remember it was not just capital controls, they also got a haircut for their troubles.

[mcplant]

so i've been doing a lot of price speculation thinking this last week and i came across an interesting question.  the btc/usd not only depends on the btc market but the usd market. if the usd started steadily losing value how would we see this effecting btc/usd prices.

[billyjoeallen]

BFX swaps @ 19,885. Only borrowed coins are being sold. They will have to be repurchased.

I love it when a plan comes together.

I threw in an extra hundred bucks just for shits and giggles.

great plan!

btw thanks for an extra hundred bucks!

lol market timing was never my strong suit. At least with such a small amount I can afford to ride it out. I may yet have something to crow about. Just threw in another hundred.

[NotLambchop]

...It's like giving a loan to your drug-addicted cousin...

With Bitcoin, you simply become your drug-addicted cousin.