Ruble in freefall... Too bad for those people they outlawed Bitcoin! hahaha

[galbros]

I feel sorry for the Russian people.  Signs of hyper inflation are setting in with people rushing to stores to buy capital goods. 

However, we can't laugh too hard, year to date bitcoin is down more versus the USD than the ruble is.

[marcus_of_augustus]

I too hope Russian economy completely collapse. Gives the ppl the chance to rebuild their government. Its corrupted far too long.

mmm, I agree ... and the european and the american and the british ... seems there is a lot of corruption awaiting the long overdue cathartic collapse and jubilee times.

[TKeenan]

I too hope Russian economy completely collapse. Gives the ppl the chance to rebuild their government. Its corrupted far too long.

mmm, I agree ... and the european and the american and the british ... seems there is a lot of corruption awaiting the long overdue cathartic collapse and jubilee times.

Bitcoin price will go sky high like the first Bitcoin run up to $70 caused by Cypress - starting tomorrow.  Capital flight from a large country like Russia is going to be fun.  Mark my post with its time stamp - this shit is about to get fun.  Let's give them all about a week to find a Bitcoin dealer, then watch the fight for a ruble exit happen.  I'd say Bitcoin at $1,400 in about 6 weeks.  Note I posted this at a recent bitcoin low.  But the run is coming!!!  You should get your bitcoin while they are cheap before the Russians bid up the price.

Profiting on Russian misery makes it twice as sweet.  I sure hope they enjoy their stupid Crimea!

[exoton]

I feel sorry for the Russian people.  Signs of hyper inflation are setting in with people rushing to stores to buy capital goods.  

However, we can't laugh too hard, year to date bitcoin is down more versus the USD than the ruble is.

Russia is not actually experiencing hyper inflation, it's prices of domestically produced goods are generally the same, however the prices of imported good are increasing dramatically.

The percentage that the price of bitcoin has dropped is roughly the same as the percentage decline of the Russian Ruble. It is just that the Ruble's decline is accelerating and even massive hikes in interest rates are not slowing it down, nor has ~$100 billion in intervention slowed it down.

[CoinProfitProgram]

Russian people should open their eyes and understand, that it's not possible any more to live in a bubble. Global economy, global politics, global relationship and global citizenship. This how World is working now.

[turvarya]

I feel sorry for the Russian people.  Signs of hyper inflation are setting in with people rushing to stores to buy capital goods.  

However, we can't laugh too hard, year to date bitcoin is down more versus the USD than the ruble is.

Russia is not actually experiencing hyper inflation, it's prices of domestically produced goods are generally the same, however the prices of imported good are increasing dramatically.

The percentage that the price of bitcoin has dropped is roughly the same as the percentage decline of the Russian Ruble. It is just that the Ruble's decline is accelerating and even massive hikes in interest rates are not slowing it down, nor has ~$100 billion in intervention slowed it down.

As far as I know, they import a lot of stuff.
Let's look at the stats, instead of speculating:

http://www.tradingeconomics.com/russia/inflation-cpi
Seems like high inflation to me.

[traderman]

It's not just Russia, it is happening across the entire world. http://www.zerohedge.com/news/2014-12-17/soaring-inflation-around-globe-cartier-hikes-russian-prices-50-suntory-whiskey-price

I feel sorry for the Russian people.  Signs of hyper inflation are setting in with people rushing to stores to buy capital goods. 

However, we can't laugh too hard, year to date bitcoin is down more versus the USD than the ruble is.

Russia is not actually experiencing hyper inflation, it's prices of domestically produced goods are generally the same, however the prices of imported good are increasing dramatically.

The percentage that the price of bitcoin has dropped is roughly the same as the percentage decline of the Russian Ruble. It is just that the Ruble's decline is accelerating and even massive hikes in interest rates are not slowing it down, nor has ~$100 billion in intervention slowed it down.

As far as I know, they import a lot of stuff.
Let's look at the stats, instead of speculating:

http://www.tradingeconomics.com/russia/inflation-cpi
Seems like high inflation to me.

[TKeenan]

I feel sorry for the Russian people.

Let the fuckers shiver and eat red beets.  They wanted Crimea - so this is what they get.

[Lauda]

I too hope Russian economy completely collapse. Gives the ppl the chance to rebuild their government. Its corrupted far too long.

Definitely nowhere near as corrupted as the US, or a few countries in Europe. Well never corner someone who has over a few thousand nukes, is my opinion.
Well the news with Ruble is horrible, the people there suffer.

[gollum]

“At the end fiat money returns to its inner value—zero.”
- Voltaire

Bitcoin is by definition a fiat currency:

The value of fiat money is derived from the relationship between supply and demand rather than the value of the material that the money is made of. Historically, most currencies were based on physical commodities such as gold or silver, but fiat money is based solely on faith. Fiat is the Latin word for "it shall be".
http://www.investopedia.com/terms/f/fiatmoney.asp

[marcus_of_augustus]

“At the end fiat money returns to its inner value—zero.”
- Voltaire

Bitcoin is by definition a fiat currency:

The value of fiat money is derived from the relationship between supply and demand rather than the value of the material that the money is made of. Historically, most currencies were based on physical commodities such as gold or silver, but fiat money is based solely on faith. Fiat is the Latin word for "it shall be".
http://www.investopedia.com/terms/f/fiatmoney.asp

fiat means "by decree" ... as in the govt says "this piece of paper shall be money" and the people take it on faith (shared illusion).

Oxford english definition of fiat

A formal authorization or proposition; a decree: e.g. the reforms left most prices fixed by government fiat

Investopedia is a lightweight useless reference source it seems.

Bitcoin has collectable, numismatic, utility and cost of production value as determined by the market and NO government has decreed it as money. It is demonstrably NOT a fiat money.

[tarmi]

but bitcoin isnt different. bitcoin by decree is money.

the only difference is that it isnt issued by government.

[gollum]

The problem with bitcoin is imbalance:
merchants accept bitcoin, hedge it for dollar instantly since they pay expenses in dollar - which leads to a steady shift downwards on the supply demand curve as more merchants accept bitcoin payments.

In the end I belive bitcoin (or ripple) will be used mostly by payment processors as a payment system and not as money, a decentralized kind of SWIFT.
The market cap of bitcoin will in that case depend on the volume of transactions per second and how long time each party holds their bitcoins:
the shorter the time they keep their coins, the lower the price will be (more bitcoin supply available on the market)

[redhawk979]

I too hope Russian economy completely collapse. Gives the ppl the chance to rebuild their government. Its corrupted far too long.

Definitely nowhere near as corrupted as the US, or a few countries in Europe. Well never corner someone who has over a few thousand nukes, is my opinion.
Well the news with Ruble is horrible, the people there suffer.

lmao if you actually believe the US is worse than Russia in terms of corruption.

[Lauda]

but bitcoin isnt different. bitcoin by decree is money.

the only difference is that it isnt issued by government.

Bitcoin =/= fiat. It's simple as that. Now, if you were to go deeper and look at the differences, you'd know why it doesn't apply to Bitcoin.

Definitely nowhere near as corrupted as the US, or a few countries in Europe. Well never corner someone who has over a few thousand nukes, is my opinion.
Well the news with Ruble is horrible, the people there suffer.

lmao if you actually believe the US is worse than Russia in terms of corruption.

There is a difference between thinking and knowing.

*waves to NSA.

[solex]

I too hope Russian economy completely collapse. Gives the ppl the chance to rebuild their government. Its corrupted far too long.

Definitely nowhere near as corrupted as the US, or a few countries in Europe. Well never corner someone who has over a few thousand nukes, is my opinion.
Well the news with Ruble is horrible, the people there suffer.

lmao if you actually believe the US is worse than Russia in terms of corruption.

Well, yes, that's what I keep telling myself, until I read the word "Corzine" again.

[elvizzzzzzz]

Russia's mistake was to equate the blockchain with Bitcoin. Big mistake. Huge.

And just to balance thing up for all those who owe the rest of us $10Tn ... ;-)
and think they own their own home ...

 https://www.youtube.com/watch?v=-zzSAoD2mzU

[redhawk979]

but bitcoin isnt different. bitcoin by decree is money.

the only difference is that it isnt issued by government.

Bitcoin =/= fiat. It's simple as that. Now, if you were to go deeper and look at the differences, you'd know why it doesn't apply to Bitcoin.

Definitely nowhere near as corrupted as the US, or a few countries in Europe. Well never corner someone who has over a few thousand nukes, is my opinion.
Well the news with Ruble is horrible, the people there suffer.

lmao if you actually believe the US is worse than Russia in terms of corruption.

There is a difference between thinking and knowing.

*waves to NSA.

Honestly curious, tell me why the USA is worse. The NSA is pretty bad, but Russia seems to have a habit of killing dissidents in broad daylight in crowded areas, censoring internet and monitoring their citizens. At least when the US invades a county we lie about why (lmao yellow cake in Iraq), but Russia just straight up does whatever (Ukraine).

[Lauda]

Honestly curious, tell me why the USA is worse. The NSA is pretty bad, but Russia seems to have a habit of killing dissidents in broad daylight in crowded areas, censoring internet and monitoring their citizens. At least when the US invades a county we lie about why (lmao yellow cake in Iraq), but Russia just straight up does whatever (Ukraine).

I see the Ukraine incident as not giving a fuck/having power, not being corrupted. Can't really make an example of that.
Well you're right I guess, but Russia at least doesn't monitor me, who is not a citizen of it.

[solex]

I see the Ukraine incident as not giving a fuck/having power, not being corrupted. Can't really make an example of that.
Well you're right I guess, but Russia at least doesn't monitor me, who is not a citizen of it.

NAILED IT