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

[klee]

Draghi gave Greek banks money hence maybe the dump (no Grexit)

As far as any thoughts of Greece abandoning the euro and adopting Bitcoin.

1. Greece will not default, they'll get bailed out. Any hyped news is just posturing by one side or the other for leverage.
2. Hardly anyone in Greece knows about Bitcoin. They are not a technologically advanced country where Bitcoin would be able to be of much use. Try telling the old Greek voter that they now have to use digital money backed by cryptography.

Pretty much agree.

[Sitarow]

[rebuilder]

As far as I can tell, the grexit -> BTC rally theory hinges on the idea that capital controls would immediately follow from Greece leaving the Euro behind. Doesn't make much sense to me - to escape capital controls, you'd need to get your funds out of reach of the Greek government/banking apparatus before capital controls were in place.

[ChartBuddy]

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Explanation

[derpinheimer]

Time for alts to crash? 

When did they rally? Lol

[Bicmac1973]

As far as I can tell, the grexit -> BTC rally theory hinges on the idea that capital controls would immediately follow from Greece leaving the Euro behind. Doesn't make much sense to me - to escape capital controls, you'd need to get your funds out of reach of the Greek government/banking apparatus before capital controls were in place.

Not necessarily. Capital controls woul only affect bank transfers to foreign accounts and cash outs. So bitcoins could be bought in Greece to circumvent capital controls.

[hmmkay]

It's been said before. But you're delusional and living in your own bubble if you think the grexit will influence btc whatsoever.
I'm a permabull and have enough realism to take all the greek/btc talk with a ton of salt.

[Bagatell]

But you're delusional and living in your own bubble if you think the grexit will influence btc whatsoever.

You're the one in the bubble if you think capital controls anywhere will have no effect.

[ChartBuddy]

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Explanation

[LFC_Bitcoin]

But you're delusional and living in your own bubble if you think the grexit will influence btc whatsoever.

You're the one in the bubble if you think capital controls anywhere will have no effect.

Agree with this, I'm a bull, very pro bitcoin. I'll admit there is literally 0 chance of Greece adopting BTC as their national currency BUT capital controls could definitely play a part in Greek people putting some or all of their fiat savings into BTC
Remember what happened with Cyprus? I don't remember the exact figure/sum but they were going to take peoples savings/money above a certain amount to save the countries economy. It was ridiculous, if that is a threat Greek people will get into BTC ASAP.

I found this from the banking crisis in Cyprus a few years ago -

• No cheques will be cashed, although cheque deposits will be allowed.

• Payments out of the country are suspended. Individuals will only be allowed to take €3,000 (£2,500) in cash on each trip out of the country.

• Unlimited use of credit cards is allowed within Cyprus, but there's a spending limit of €5,000 a month abroad.

• Import payments will be allowed when 'the relevant documents' are provided to the authorities and Cypriots can only transfer up to €10,000 a quarter for fellow citizens who are studying abroad.

• The measures will apply to all accounts, regardless of the currency used.

http://www.theguardian.com/world/2013/mar/27/cyprus-what-capital-controls-mean

(If something similar is about to be imposed on Greece I reckon we'll get a pump into BTC
 

[Elwar]

But you're delusional and living in your own bubble if you think the grexit will influence btc whatsoever.

You're the one in the bubble if you think capital controls anywhere will have no effect.

Agree with this, I'm a bull, very pro bitcoin. I'll admit there is literally 0 chance of Greece adopting BTC as their national currency BUT capital controls could definitely play a part in Greek people putting some or all of their fiat savings into BTC
Remember what happened with Cyprus? I don't remember the exact figure/sum but they were going to take peoples savings/money above a certain amount to save the countries economy. It was ridiculous, if that is a threat Greek people will get into BTC ASAP.

During Cyprus it was a perfect storm. The block reward had just halved, the US FinCen released their guidance on how the US was going to treat Bitcoin and a few rich people were starting to find out about it (Winklevoss twins, Andreeson, a few others). Cyprus helped to highlight Bitcoin's utility during that time.

Hardly anybody (see almost nobody) in Cyprus actually used Bitcoin at that point.

[ChartBuddy]

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Explanation

[Ov3R]

http://www.bloomberg.com/news/articles/2015-06-18/tourists-seek-greek-hotel-safes-to-stash-cash-as-bookings-soften

They should use bitcoin 

[ChartBuddy]

Coin
Explanation

[JimboToronto]

Good morning Bitcoinland.

Still sideways around $250 I see.

Will there be any real movement before next week?

Back to the old yawn. Better make some coffee to try to stay awake.

[empowering]

I do not see a Grexit having a direct effect, i.e Greeks buying BTC en masse.

However I do think that each case of capital control that is imposed, or even suggested, and each case of bail in's or potential bail ins that occurs, it does have an effect on the use case for Bitcoin for the rest of the world.

Also, in the event of an actual Grexit , it would send a shock wave around the entire globe, effecting most/all markets,  though it may be short lived, it would most likely happen, and there would be a knock on effect, and part of that effect could mean flight to perceived safety on a global level,  and in this case that could actually mean funds moving out of Bitcoin. Problem comes if the markets start to wobble,  there are people covering positions, getting margin calls, and moving to safety, and often in these situations, people do not sell what they have.... they sell what they can which means that the illiquid markets are stuffed, liquid markets are not so.

I would not discount the effect of a Grexit.

I do not think it would be good for most.

I do not see BTC being used as a safe harbour, maybe gold, bonds, yen, swissy... I could see some people that are already BTC investors could give it a kick up, perhaphs, but I would not count on it.

As far as BTC goes I think it would be more to do with how much exposure BTC investors have to other markets, that they could have to scramble to cover, in reality I do not think it would be too much of a problem.

If a grexit does occur and capital controls are put into place, then after the dust starts to settle, I can imagine the argument for the use case for BTC to have strengthened on a global scale... but this is not in any particular way useful for the people of Greece now... and I do not see them using BTC en masse to evade capital controls.. they are just not set up for it imo, barring a few tech savvy Greeks.

[Torque]

But you're delusional and living in your own bubble if you think the grexit will influence btc whatsoever.

You're the one in the bubble if you think capital controls anywhere will have no effect.

Agree with this, I'm a bull, very pro bitcoin. I'll admit there is literally 0 chance of Greece adopting BTC as their national currency BUT capital controls could definitely play a part in Greek people putting some or all of their fiat savings into BTC
Remember what happened with Cyprus? I don't remember the exact figure/sum but they were going to take peoples savings/money above a certain amount to save the countries economy. It was ridiculous, if that is a threat Greek people will get into BTC ASAP.

During Cyprus it was a perfect storm. The block reward had just halved, the US FinCen released their guidance on how the US was going to treat Bitcoin and a few rich people were starting to find out about it (Winklevoss twins, Andreeson, a few others). Cyprus helped to highlight Bitcoin's utility during that time.

Hardly anybody (see almost nobody) in Cyprus actually used Bitcoin at that point.

Cyprus being the reason behind Bitcoin's rise in mid-2013 is something that the media keeps spouting to this day.  But I still don't believe it.  I believe the media loves to "engineer" reasons for things, either in hindsight or in conjunction with other events.

For example, they also said the second rally in Nov 2013 was because of a retail buying frenzy on the good news that the U.S. chose not to ban bitcoin. Complete bullshit:  the whale pumpers "pumped" the bitcoin price because they already knew that the impending news from FinCen would be good/positive.  They had insider trading info for months in advance of the news. Retail buyers had nothing to do with the "pump", in fact many of them bought either at the peak of the rally or after it had popped.

[ChartBuddy]

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Explanation

[saturn643]

Will it go up from this price on Saturday/Sunday or down? If you look at the wider picture over the last few days it's still rising

[LFC_Bitcoin]

Starting to get worried we're set for a dump to take us below 240. It's eerily quiet on here, just a hunch but I sense a dump. People might have been waiting for the pump from the other day to continue. It hasn't so we've begun a little dump, I think people who look for small profits might sell now unfortunately.