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Author Topic: Will the end-of-year budget showdown cause the next price spike?  (Read 947 times)
minarchist
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July 27, 2013, 07:05:57 PM
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The first price spike was related to the heavy handedness by the government of Cyprus.  There is expected to be a budget showdown in Congress late this year over funding for the Affordable Care Act.  Since budget debates of this nature tie directly into the issue of inflation and overall reliability (rather the lack thereof) of fiat currency, lately I have been wondering if this showdown will lead to the next spike in the price of a bitcoin.
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joesmoe2012
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July 27, 2013, 08:10:06 PM
 #2

The first price spike was related to the heavy handedness by the government of Cyprus.  There is expected to be a budget showdown in Congress late this year over funding for the Affordable Care Act.  Since budget debates of this nature tie directly into the issue of inflation and overall reliability (rather the lack thereof) of fiat currency, lately I have been wondering if this showdown will lead to the next spike in the price of a bitcoin.

I don't think the Cypriots had that much of an impact...

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July 27, 2013, 08:32:22 PM
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nope
vokain
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July 27, 2013, 08:54:36 PM
 #4

The first price spike was related to the heavy handedness by the government of Cyprus.  There is expected to be a budget showdown in Congress late this year over funding for the Affordable Care Act.  Since budget debates of this nature tie directly into the issue of inflation and overall reliability (rather the lack thereof) of fiat currency, lately I have been wondering if this showdown will lead to the next spike in the price of a bitcoin.

I don't think the Cypriots had that much of an impact...

not directly, but it did show that bitcoin users in cyprus would not have been affected. any way, I can't answer the OP's question. Although, I don't think Congressional budget debate will be a relevant reason enough to impact bitcoin as a primary, or even a strong secondary factor. macroeonomically, diminishing ability to pay back debts on the other hand....

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JimboToronto
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July 27, 2013, 09:31:20 PM
 #5

The first price spike was related to the heavy handedness by the government of Cyprus. 

First price spike? The one in 2011? Or do you mean the second Bitcoin bubble?

BTC bubble II was already well underway before the Cyprus fiasco.
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July 28, 2013, 02:25:12 PM
 #6

There is no proof that the cypriot debacle was the cause of the last bubble. This was just proclaimed by some media. I seriously doubt that it was the cause for the spike.


ya.ya.yo!
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July 28, 2013, 04:01:36 PM
 #7

Strawman strawman everywhere. Come on guys. No one's saying the cypriot fiasco DIRECTLY CAUSED the recent bubble. But you cannot deny that it had a significant effect. Ok - wait for it - ok, time to respond to cyprus strawman #2 - "But, you just said that cypriot citizens buying bitcoins caused the 2013 bubble! That's bullshit!" Strawman strawman everywhere. Did not say that. Cypriots didn't buy bitcoins. At least, very few of them did. But the cypriot fiasco did set a SIGNIFICANT precedent for banks and governments to go around grabbing money. People around the world saw this, and saw bitcoin, and said, "hey, I think I'll protect some of my money."
Bubble. Pop.

Most people aren't saying: 
(1) Cypriot fiasco was the direct, only, 100%, single, cause for the 2013 bubble,
(2) Cypriot citizens buying bitcoins were a significant part of the 2013 bubble.
That is what most of the pathetic cypriot strawmen address, though. You know, an invisible non-existent argument that no one is actually making. It's kind of like you erect a man made of straw in front of your opponent, call it by your opponent's name, and then proceed to set it on fire. God do I seriously have to spell this stuff out?

What most folks are saying is:
"The effect of Cyprus's deposit theft on precedent and worldwide perception of the safety of government-insured bank deposits partially but significantly contributed to a widespread renewal of interest in Bitcoins as a safe haven."

Now, can we please have a discussion without a million people jumping on and posting something to the effect of: "Lol u idiot, cyprus didn't cause the bubble." Demonstrate some critical reading and thinking skills, for once. Wink
yayayo
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July 28, 2013, 09:21:33 PM
 #8

What most folks are saying is:
"The effect of Cyprus's deposit theft on precedent and worldwide perception of the safety of government-insured bank deposits partially but significantly contributed to a widespread renewal of interest in Bitcoins as a safe haven."

I seriously doubt that (the Bitcoin part), too. Media reports on Bitcoin were numerous at that time even considering only sources which did not mention the so called "Cyprus's deposit theft" at the same time.


ya.ya.yo!

ruletheworld
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July 28, 2013, 10:15:31 PM
 #9

Doubt it. There were several such showdowns in the past that didn't really affect the BTC price significantly.
Luckybit
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July 29, 2013, 02:33:03 PM
 #10

The first price spike was related to the heavy handedness by the government of Cyprus.  There is expected to be a budget showdown in Congress late this year over funding for the Affordable Care Act.  Since budget debates of this nature tie directly into the issue of inflation and overall reliability (rather the lack thereof) of fiat currency, lately I have been wondering if this showdown will lead to the next spike in the price of a bitcoin.

The first spike was actually due to the reward halving. The next major spike will be 2017 and Bitcoin will be $10,000+.
yayayo
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July 29, 2013, 05:01:19 PM
 #11

The first spike was actually due to the reward halving. The next major spike will be 2017 and Bitcoin will be $10,000+.

This makes a lot more sense imho... however I wouldn't bet on this as it can't be proven neither...

Let's see what's going to happen after the next halving.


ya.ya.yo!
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