So what is fueling the support now? Is that potential Greece collapse?

[zby]

A nasty melt-down in Europe can send bitcoin price sky high - do you think it is happening now?  Or do you think the politicians will settle down again for a few months, just like they have been doing for a year already, postponing the crisis, and letting the evident down trend do it's turn before we are back to the rally?

Update: I changed the title - that was a mistake what I meant was support, but now it is even more than that.

[jwzguy]

Caught out short?

[tvbcof]

Although it seems like there could be, I've never seen much indication that the external economy impacts Bitcoin much.  And of course Bitcoin is such a tiny spec that it isn't going to influence anything externally.  So, I would not expect general macro trends involving the EU to have much impact on Bitcoin.

Now, the way Greece could have a giant impact on Bitcoin is by imposing capital controls within their boarders (thus making the advantages solution suddenly very obvious even to the slowest members of the population.)  There is a non-trivial chance that Greece will do just that.  Hopefully the Bitcoin community will take some actions to maximize the positive impact of such an event.

[JusticeForYou]

A nasty melt-down in Europe can send bitcoin price sky high - do you think it is happening now?  Or do you think the politicians will settle down again for a few months, just like they have been doing for a year already, postponing the crisis, and letting the evident down trend do it's turn before we are back to the rally?

For a very small few, BTC might be a way to protect the value of a currency until it is exchanged into another form.

And it would be a smart bet. If I were Greek, I would transfer a chunk of personal wealth into BTC and then back out again when the new currency comes on line.

[hazek]

A nasty melt-down in Europe can send bitcoin price sky high - do you think it is happening now?  Or do you think the politicians will settle down again for a few months, just like they have been doing for a year already, postponing the crisis, and letting the evident down trend do it's turn before we are back to the rally?

There's no stopping this snowball that started rolling ever since 07-08. Greece is weeks away from Argentina 2001 Nov - Dec shit storm.

EDIT: Evidence of the severity of the situation: http://www.zerohedge.com/news/has-greek-bank-run-started

[bitcool]

I am just wondering,  what Europeans are doing to protect their savings if they are worried? Apparently it's not gold, silver, or Bitcoins... USD???

[tvbcof]

I am just wondering,  what Europeans are doing to protect their savings if they are worried? Apparently it's not gold, silver, or Bitcoins... USD???

As best I can tell, most Europeans are as stupid as most Americans.  So I suspect that what they are doing is, for the most part, not much of anything.

[hazek]

And this is what scares me the most about the whole thing: http://www.zerohedge.com/news/majority-neo-normal-greek-cops-vote-neo-nazi

In a somewhat stunning revelation, especially after our earlier note on the Golden Dawn leader's 'position' on the issues of the day, GreekReporter notes via the news paper To Vima, that more than half of all police officers in Greece voted for pro-Nazi party Golden Dawn in the elections of May 6th.

[Kettenmonster]

A nasty melt-down in Europe ...

... uhm where?
Greece? No, it´s just the playground to learn how a country can leave the Euro.
I doubt they can come up with working a government after next election in June, thus being bankrupt in July or so.
But why worry? The money needed has already been put aside.

On a longer run Spain or Italy might become an issue. But by then there is enough pressure in the EU to enforce a financial transaction tax.
This would either flush in the money needed to pay twice any debt you can even think of or - more likely - dry out the speculation against certain countries. Either way problem solved.

p.s.
If you want to understand what happens in Greece today, take a look at the Weimar Republic.

[hazek]

A nasty melt-down in Europe ...

... uhm where?
Greece? No, it´s just the playground to learn how a country can leave the Euro.
I doubt they can come up with working a government after next election in June, thus being bankrupt in July or so.
But why worry? The money needed has already been put aside.

On a longer run Spain or Italy might become an issue. But by then there is enough pressure in the EU to enforce a financial transaction tax.
This would either flush in the money needed to pay twice any debt you can even think of or - more likely - dry out the speculation against certain countries. Either way problem solved.

p.s.
If you want to understand what happens in Greece today, take a look at the Weimar Republic.

I don't know.. I think Argentina 1999 - 2002 compares a lot better and yes I agree, Spain and Italy are where it's going to really hit the fan.

[FreeMoney]

I am just wondering,  what Europeans are doing to protect their savings if they are worried? Apparently it's not gold, silver, or Bitcoins... USD???

As best I can tell, most Europeans are as stupid as most Americans.  So I suspect that what they are doing is, for the most part, not much of anything. yelling "savings? what savings? LOL"

More like that probably.

[realnowhereman]

On a longer run Spain or Italy might become an issue. But by then there is enough pressure in the EU to enforce a financial transaction tax.
This would either flush in the money needed to pay twice any debt you can even think of or - more likely - dry out the speculation against certain countries. Either way problem solved.

Ha.  Taxation as the solution to growth problems -- great idea.  I almost hope they'll do it so they get the object lesson they so richly need.

[hazek]

KABOOM:

ECB Stops Monetary Policy Operations To Some Greek Banks http://www.zerohedge.com/news/ecb-stops-policy-operations-some-greek-banks

[Kettenmonster]

Ha.  Taxation as the solution to growth problems ...

The opposite is the case. Taxation as a tool to dry out the growth of speculation is the idea.

[Cluster2k]

There's no stopping this snowball that started rolling ever since 07-08. Greece is weeks away from Argentina 2001 Nov - Dec shit storm.

EDIT: Evidence of the severity of the situation: http://www.zerohedge.com/news/has-greek-bank-run-started

Those queues are truly shocking.  It looks almost like... any typical lunchtime in a busy shopping mall in my city.

We'll know the bank run is under way when people are lining up outside banks around street corners, ala Northern Rock or Zimbabwe.

[hazek]

You both do understand that these pictures weren't really the evidence of the run that is in fact happening, right?

[hazek]

3 guys in line at an atm is pretty lol for being used of evidence of anything.

You're missing the point. What you are saying above DID NOT HAPPEN. The pictures weren't the evidence. Read the article to learn what the evidence is.

[hazek]

3 guys in line at an atm is pretty lol for being used of evidence of anything.

You're missing the point. What you are saying above DID NOT HAPPEN. The pictures weren't the evidence. Read the article to learn what the evidence is.

trust me i know very much what is going on, what went on, and what will go on. i just loled at the photo.

The photo was merely a poorly chosen illustration for the zerohedge article and practically irrelevant is my point. I guess I could have dropped it when I posted about the article but I decided against it in favor a little visual stimulation.. perhaps a mistake.

[zby]

Bloomberg: "Greece may have only a 46-hour window of opportunity should it need to plot a route out of the euro." http://www.bloomberg.com/news/2012-05-22/war-gaming-greek-euro-exit-highlights-hazards-in-46-hour-weekend.html

And later in the same article what you get?  Yes - capital controls!

[RodeoX]

Maybe support is just increcing as little by little people are hearing about BTC?