Russia to Drop USD as reserve currency - could mean 5000+ USD bitcoins

[leopard2]

Even if they do not choose cryptocurrencies as an alternative option, this could trigger a massive USD devaluation which in turn will be good for crypto:

http://in.reuters.com/article/2014/03/04/ukraine-crisis-russia-us-idINDEEA2305J20140304

“We will have to move into other currencies, create our own settlement system.”

Yay. How about a sanction proof global currency? BTC

[farlack]

It wont matter, they can drop what ever they want, sanctions will screw them.

[thejewelrytech]

I highly doubt they will go the crypto route but then again you never know maybe the people will? but not the govs..... The most likely scenario is Russia and China will team up and they will start a new currency system backed by GOLD as both countries have been secretly stockpiling reserves over the years and have a larger stock pile then U.S and both countries have been slowly pulling away from the dollar because people are WAKING UP that the federal dollar is worthless with no end to it's printing and Inflation
There is also the possibility of them trying to form a World Currency and this is the excuse and push for it as Putin is also just a Puppet for the IMF bank like all these so called World LEADERS and they strive for a 1 world government. There is always someone pulling these strings as War is highly profitable and the best way to instill FEAR AND Propaganda and to keep people in line! as they make moves too solidify their secret agendas and ulterior motives an use this as a distraction for the One World Government..........

[leopard2]

It wont matter, they can drop what ever they want, sanctions will screw them.

I am not so sure. Let's see:

1. Russia - main export goods natgas, oil, palladium and so on - all things with intrinsic value. Harder to sell under US sanctions, but the market is there. Can be happily sold for other currencies or BTC.

2. USA - main export good is USD. No intrinsic value. Only accepted because other countries view it as THE currency. Can be replaced by any other form of numbers in computers.

Who is more vulnerable ... (both have nukes)?

[LiteCoinGuy]

yeah...to da mooon 

actually i dont think they will buy any btc or that we see a price change of btc because of russia.

[Snail2]

Only some 3 percent of the Russian export goes to the USA. The EU don't want to shot itself in the leg by imposing strict sanctions, in addition many EU countries dependent on the russian natgas. So I'm not sure if sanctions will work.

[franky1]

if they drop USD. they have an oppertunity to change all their bureau de change so that 1 russian ruble is worth 1million dollars..

that way it stops US from trying to get lots of rubles. while at the same time devaluing the USD. keeping food and resources for russians at the same rate, but offering a better deal when purchasing dollars for the russians. and worse deal for americans purchasing dollars

imagine how epic that would be

[Littleshop]

Even if they do not choose cryptocurrencies as an alternative option, this could trigger a massive USD devaluation which in turn will be good for crypto:

http://in.reuters.com/article/2014/03/04/ukraine-crisis-russia-us-idINDEEA2305J20140304

“We will have to move into other currencies, create our own settlement system.”

Yay. How about a sanction proof global currency? BTC

Sorry.  Quote the BILLIONS of dollars Russia has had and it sounds big.  Realize that it takes TRILLIONS of dollars to move the market.  Russia in the past few weeks has already dumped 1/2 of it's USD holdings/bonds etc with almost ZERO effect.


If China or Germany did it there would be a problem.  Not Russia.

[bananas]

Russia is a small economy, can't devalue the USD price in more than a few cents.

[Joshuar]

http://www.businessinsider.com/putin-aide-threats-2014-3


Russia is not dropping the U.S Dollar as a reserve currency, that would mean HUGE debts and loans for many Russian Banks and Corporations...Not gonna happen.

[Bit_Happy]

Even if they do not choose cryptocurrencies as an alternative option, this could trigger a massive USD devaluation which in turn will be good for crypto:

http://in.reuters.com/article/2014/03/04/ukraine-crisis-russia-us-idINDEEA2305J20140304

“We will have to move into other currencies, create our own settlement system.”

Yay. How about a sanction proof global currency? BTC

Sorry.  Quote the BILLIONS of dollars Russia has had and it sounds big.  Realize that it takes TRILLIONS of dollars to move the market.  Russia in the past few weeks has already dumped 1/2 of it's USD holdings/bonds etc with almost ZERO effect.


If China or Germany did it there would be a problem.  Not Russia.

Russia was first out and got the best prices.
China wants out too, but doesn't want all their current holdings to crash.
"It's the end of the world as we know it..."

[bomb7]

Where did you get the $5000+ figure from? Random guess?

[Tripjammer]

The rest of the world is the US, EU, japan, South Korea, Australia, Canada, Mexico....they will never drop the usd as the reserve currency.

We could end up with two reserve currencies....but not likely.

Russia is not as huge economy like the us or the eu or even china. Sure they export lots of natural gas to the eu but if the sanctions hit their exports and the us supplies the eu with us natual gas, Russia is done. But right now there is no way the US can easily export it's natual gas.

If Russia tries to take Ukraine they will get fucked economically.

China is fragile too...look at the bank runs. Plus china hates crypto currencies too.

You guys do know that if china and russia banded together they could be a formidable block of economic and military power but if they ruled the world you can kiss crypto good bye.

Bitcoin is still going to go to $5000 just because of all the turmoil that's probably going to happen in the next 10 months. Bitcoin has to shake off this china shit once and for all first.

[tayfun73]

In the meantime, BTC prices drops to below $500 

[64dimensions]

Reality here: The GDP of California is larger than Russia ($2.2T versus $2.0T  2013) California would be the 8th largest country in the world by GDP.

[franky1]

not sure where your getting your information from that russia cannot devalue the dollar vs ruble..

lets say out of hours trading. russia decides tomorrow morning we will cancel all orders of trade. and then re open the market at a X price.

that THIEIR exchanges wont allow a ruble to be sold any lower then for $1000.

its not about allowing the market traders decide, its about the exchange.. (basically the national banks) resetting the trades for more favourable prices.

at first there will be a lull where Americans wont want to buy so high. but that's also a strategy Russia can use to de-throne themselves away from "the dollar reserve"

as i said before. this dropping the US reserve from russia is the perfect time that russia can change its value vs the dollar

[cbeast]

if they drop USD. they have an oppertunity to change all their bureau de change so that 1 russian ruble is worth 1million dollars..

that way it stops US from trying to get lots of rubles. while at the same time devaluing the USD. keeping food and resources for russians at the same rate, but offering a better deal when purchasing dollars for the russians. and worse deal for americans purchasing dollars

imagine how epic that would be

[hello_good_sir]

that THIEIR exchanges wont allow a ruble to be sold any lower then for $1000.

So?  That would cripple Russia and wouldn't hurt the US in the slightest.  If people can't buy rubles at the market rate then Russians won't be able to engage in international trade.

If anything, the result would be a more dominant US.

[epplercharles]

Everyday bitcoin drops like anything. Today it reached $500 level. Price is going downwards only not upwards.

[franky1]

Everyday bitcoin drops like anything. Today it reached $500 level. Price is going downwards only not upwards.

today the price went down to $470..  and now ................... $520

i call that an upward price..

so lets go extreme, tell me the price last year (march 2013) and tell me the price today
so lets go extreme, tell me the price last year (march 2012) and tell me the price today
so lets go extreme, tell me the price last year (march 2011) and tell me the price today

i can show you stats that in 2012 bitcoin went to $6 then dropped to $4, then went to $14 and dropped to $8 before rising even higher.

i can show u stats of 2013, blah blah blah..

in general the price does go up. and if you panic on the drops then please 'man up' and realise there are good and bad days. nothing is a utopian dream come true that is always perfect very day