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FutureMoneyTrends (OP)
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August 06, 2014, 02:02:45 AM |
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Just last week Argentina defaulted on their debt. The United States also has an unsustainable amount of debt. Back when Cyprus issues happened there was a big bitcoin rally; why not this time? Argentina default:https://www.youtube.com/watch?v=yWocplJDdyk |
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TheButterZone
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Activity: 3052
Merit: 1032
RIP Mommy
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August 06, 2014, 02:08:23 AM |
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Because people saw that BTC crashed after Cyprus?
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Saying that you don't trust someone because of their behavior is completely valid.
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FutureMoneyTrends (OP)
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August 06, 2014, 02:09:26 AM |
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Because people saw that BTC crashed after Cyprus?
good point |
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jaberwock
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Activity: 2730
Merit: 1127
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August 06, 2014, 02:10:37 AM |
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Because Cyprus is in the Euro zone, so they feared that it would be the beginning of an generalized Euro crysis.
Argentina is already small in the international commerce, and everyone pretty much expected them to default, given her ecomic politics and hystory.
There is not generalized fear and crysis in the market, so no bitcoin pump
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money420weed
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Activity: 78
Merit: 10
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August 06, 2014, 03:05:05 AM |
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Because people saw that BTC crashed after Cyprus?
The price of BTC did fall somewhat after it rose significantly after Cypress. However the net effect was a large increase in the value of bitcoin. |
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FutureMoneyTrends (OP)
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August 06, 2014, 03:43:38 AM |
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Because people saw that BTC crashed after Cyprus?
The price of BTC did fall somewhat after it rose significantly after Cypress. However the net effect was a large increase in the value of bitcoin. maybe cuz we're just on the tail end of a bubble burst this time there was near no effect |
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TaunSew
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August 06, 2014, 03:47:13 AM |
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Cyprus was an oversea tax haven or an oversea bank account with better rates. Maybe the wealthiest Russian oligarchs got their money out of Cyprus but then you have guys like that guy here on Bitcointalk who lost $600K (and he wasn't even the 1% as those funds were for his business).
the people who put money into Cyprus thought it was safe when it wasn't. So when they got their money taken away many looked into alternatives like Bitcoin.
Argentina on the other hand, due to having a weak peso for the past decade(s), was detached from world finance to an extent and Argentina was never an oversea bank account for foreigners.
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There ain't no Revolution like a NEMolution. The only solution is Bitcoin's dissolution! NEM!
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beetcoin
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August 06, 2014, 04:39:30 AM |
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there was probably more panic in cypress since government was taking money from peoples' pension plan and they were trying to put money anywhere they could.
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BitcoinAddicts
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August 06, 2014, 04:54:05 AM |
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Because bitcoin is already too expensive... the impact is too small...
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beetcoin
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August 06, 2014, 04:58:19 AM |
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Because bitcoin is already too expensive... the impact is too small...
right, if a group of people were to pour say $20 million into bitcoin over a 1 month span it wouldn't do anything to the price of bitcoin... the exchanges don't even work with that many bitcoins in volume. |
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Hawker
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Activity: 1218
Merit: 1001
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August 06, 2014, 11:21:29 AM |
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Just last week Argentina defaulted on their debt. The United States also has an unsustainable amount of debt. Back when Cyprus issues happened there was a big bitcoin rally; why not this time? Argentina default:https://www.youtube.com/watch?v=yWocplJDdykArgentina didn't need to default - it chose to because it objected to the "holdouts" who refused to accept the haircut. The US does not have an unsustainable amount of debt. If you believe in market forces at all, you'd accept the judgement of the markets which is that US bonds are such good value that they pay an interest rate below the inflation rate. |
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desired_username
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August 06, 2014, 11:57:34 AM |
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Back when Cyprus issues happened there was a big bitcoin rally; why not this time?
Cyprus had nothing to do with the rally, sadly certain news sources are desperate to connect dots without supporting their arguments (or more like clickbaits) with proof. Most people don't have the skills and/or hardware to utilize bitcoin. If you consider the basic requirements: - Internet connection - Smartphone/laptop/pc - Bitcoin accepting places - Basic level of tech knowledge it's clear that the world is not ready for mass adoption of bitcoin. Currently it exists on its own without significant connection to the "mainstream" economy. |
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lihuajkl
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Activity: 1596
Merit: 1000
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August 06, 2014, 12:43:42 PM |
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because the Argentina gov banned the BTC to prevent peso depreciating too much.No exchange platform is available for the people to buy BTC. So the demand for BTC is still weak!
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Lohoris
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August 06, 2014, 12:47:02 PM |
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Cyprus had nothing to do with the rally, sadly certain news sources are desperate to connect dots without supporting their arguments (or more like clickbaits) with proof. And your source is...? |
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FutureMoneyTrends (OP)
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August 06, 2014, 06:58:04 PM |
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Just last week Argentina defaulted on their debt. The United States also has an unsustainable amount of debt. Back when Cyprus issues happened there was a big bitcoin rally; why not this time? Argentina default:https://www.youtube.com/watch?v=yWocplJDdykArgentina didn't need to default - it chose to because it objected to the "holdouts" who refused to accept the haircut. The US does not have an unsustainable amount of debt. If you believe in market forces at all, you'd accept the judgement of the markets which is that US bonds are such good value that they pay an interest rate below the inflation rate. That's ridiculous. People will say anything facing the strongest army the world has ever seen. |
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desired_username
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August 06, 2014, 07:09:55 PM |
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Cyprus had nothing to do with the rally, sadly certain news sources are desperate to connect dots without supporting their arguments (or more like clickbaits) with proof. And your source is...? Can you show me a frequented cypriot bitcoin forum? http://www.internetworldstats.com/eu/cy.htm Based on the available statistics, internet adoption is lacking there which makes widespread bitcoin adoption impossible. |
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Lohoris
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August 06, 2014, 07:12:11 PM |
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Cyprus had nothing to do with the rally, sadly certain news sources are desperate to connect dots without supporting their arguments (or more like clickbaits) with proof. And your source is...? Can you show me a frequented cypriot bitcoin forum? What does it have to do with that? I'm in Eurozone and when Cyprus crysis hit, I bought some more BTCs, since it was a threat for the EUR in general. |
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Leina
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August 06, 2014, 07:38:36 PM |
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One single event from a small country can't move bitcoin price.
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Hawker
Legendary
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Activity: 1218
Merit: 1001
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August 06, 2014, 07:41:45 PM |
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Just last week Argentina defaulted on their debt. The United States also has an unsustainable amount of debt. Back when Cyprus issues happened there was a big bitcoin rally; why not this time? Argentina default:https://www.youtube.com/watch?v=yWocplJDdykArgentina didn't need to default - it chose to because it objected to the "holdouts" who refused to accept the haircut. The US does not have an unsustainable amount of debt. If you believe in market forces at all, you'd accept the judgement of the markets which is that US bonds are such good value that they pay an interest rate below the inflation rate. That's ridiculous. People will say anything facing the strongest army the world has ever seen. Debt is a market - possibly the bond market the only true free market in that it can close down a country. If US bonds are priced as being value, the free market is wrong. I don't think so... |
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moni3z
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August 06, 2014, 07:44:18 PM |
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It's easy to get money out of Cyprus but not Argentina where there are strict currency trading regs. Cypriots could buy Bitcons no problem. You could set up a fake online store and sell Bitcoins to Argentinians for Rapipaygo money transfers or some other method possibly but they'd prob shut it down as soon as the gov found out about it.
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