Rouble crash didn't give a chance to Bitcoin?

[innocent93]

The Rouble has fallen sharply against the dollar recently
but why this didn't call a strong buy in Bitcoin and bring the price up while the gold and oil are also going down?

[fenican]

Remember Bitcoin has crashed from $1,000+ down to $330. If you're exiting Rubles after a 50%+ fall, last thing you want to be in is a currency that might fall another 70%.

Ditto for Gold and Silver both are in severe bear markets.

[Fernandez]

In addition, Russians wanting to get into other options can't get into Bitcoin as Putin doesn't like it. They will eventually start getting into it once the initial panic is finished.

[seriouscoin]

Remember Bitcoin has crashed from $1,000+ down to $330. If you're exiting Rubles after a 50%+ fall, last thing you want to be in is a currency that might fall another 70%.

Ditto for Gold and Silver both are in severe bear markets.

both can be taken away from you. And good luck storing them or transferring them with you

Gotta love goldbugs once in a while.

[Beliathon]

bitcoin is still mostly "user-unfriendly", so even the vast majority of those getting financially raped by their governments (argentina, Russia, soon USA) aren't comfortable divesting from fiat.

It's hard to teach an old dog new tricks, especially when that old dog was indoctrinated to think a certain way about money from its formative years.

[katafrag]

MAYBE SOME RUSSIANS ARE SELLING THEIR BITCOINS TO HAVE DOLLARS, PUT THESE DOLLARS UNDER THEIR MATRASSES IN ORDER TO SURVIVE THIS WINTER , WHEN NOTHING WILL BE SOLD IN ROUBLE ANYMORE.

READ ABOUT APPLE STOP SELLING IN RUSSIA ETC

[hyphymikey]

A good majority of Ruble holders do not even know what Bitcoin is

[IamCANADIAN013]

The Rouble has fallen sharply against the dollar recently
but why this didn't call a strong buy in Bitcoin and bring the price up while the gold and oil are also going down?

Considering the drop in the price in Rouble, and the sharp increase in interest rates, I doubt buying bitcoin is the first thing on their minds.  Bitcoin isn't exactly a strong investment these days either.  I'm sure most are worried about keeping a roof over their head and food on the table.  Russia is in tough right now, especially with the hard sanctions that have been places against them because of Putin.  Bitcoin as it sits isn't some miracle fix when a currency fluctuates, especially when bitcoin is just as volatile.

The price of oil will go up eventually as will the value of the Ruble.

[cyberpinoy]

The Rouble has fallen sharply against the dollar recently
but why this didn't call a strong buy in Bitcoin and bring the price up while the gold and oil are also going down?

I am just astounded as to the many people in bitcoins that just have no clue as to trading and its basic model mechanics.

firstly Bicoin is NOT on thge foreign exchange, ( where all those others are traded daily) so the values of the other commodities you mentioned have absolutely no effect on bitocins value or its influence on others.

also you mentioned 2 manipulated markets in there, and Bitcoin is not a market safe haven. Its a get rich quick scheme to investors, if they have extra cash laying around they might invest in bitcoins.

Now your post in general shows how much you just do not understand currency trading, commodities and their power against each other.

First the Rouble is not part of the USD index thus has absolutely no power in USD value. Gold however is greatly influenced by the USD and vice Versa. if USD value goes up gold goes down. OIL that is just a heavily manipulated market everywhere in the world. those guys are worse than the banks.

So if in your post I see that the USD became stronger against rouble that tells me it is getting stronger by index because rouble has nothing to influence the USD value, in knowing this I would automatically ASSUME Gold and Oil will be decreasing, and guess what SO WILL SILVER

now why did the USD get stronger, Because of low inventories reported and high consumer buying, in November. But this is an expected movement but it could have been higher than expected. This in addition to maybe some gold contracts possibly getting bought about this time would heavily influence both gold and USD.

ADDED NOTE ( now if consumer spending increased higher than estimated what dopes that tell you about Bitcoins? NO ONE IS BUYING THEM OR USING THEM AND MORE PEOPLE ARE STILL USING CASH THAN WAS EXPECTED!!!!!)

Absolutely NONE of this however, has any influence on Bitcoins value or its demand as an investment.

[turvarya]

The Rouble has fallen sharply against the dollar recently
but why this didn't call a strong buy in Bitcoin and bring the price up while the gold and oil are also going down?

I am just astounded as to the many people in bitcoins that just have no clue as to trading and its basic model mechanics.

firstly Bicoin is NOT on thge foreign exchange, ( where all those others are traded daily) so the values of the other commodities you mentioned have absolutely no effect on bitocins value or its influence on others.

also you mentioned 2 manipulated markets in there, and Bitcoin is not a market safe haven. Its a get rich quick scheme to investors, if they have extra cash laying around they might invest in bitcoins.

Now your post in general shows how much you just do not understand currency trading, commodities and their power against each other.

First the Rouble is not part of the USD index thus has absolutely no power in USD value. Gold however is greatly influenced by the USD and vice Versa. if USD value goes up gold goes down. OIL that is just a heavily manipulated market everywhere in the world. those guys are worse than the banks.

So if in your post I see that the USD became stronger against rouble that tells me it is getting stronger by index because rouble has nothing to influence the USD value, in knowing this I would automatically ASSUME Gold and Oil will be decreasing, and guess what SO WILL SILVER

now why did the USD get stronger, Because of low inventories reported and high consumer buying, in November. But this is an expected movement but it could have been higher than expected. This in addition to maybe some gold contracts possibly getting bought about this time would heavily influence both gold and USD.

ADDED NOTE ( now if consumer spending increased higher than estimated what dopes that tell you about Bitcoins? NO ONE IS BUYING THEM OR USING THEM AND MORE PEOPLE ARE STILL USING CASH THAN WAS EXPECTED!!!!!)

Absolutely NONE of this however, has any influence on Bitcoins value or its demand as an investment.

You logic is really flawed. Rouble lost value. There are more currencies than USD and Rouble.

https://www.google.at/search?hl=en&sclient=psy-ab&q=jpy+rub&oq=jpy+rub&gs_l=serp.3...0.0.0.2046.0.0.0.0.0.0.0.0..0.0.msedr...0...1c..60.psy-ab..0.0.0.L9kmjzztvVA&pbx=1
https://www.google.at/search?hl=en&sclient=psy-ab&q=jpy+rub&oq=jpy+rub&gs_l=serp.3...0.0.0.2046.0.0.0.0.0.0.0.0..0.0.msedr...0...1c..60.psy-ab..0.0.0.L9kmjzztvVA&pbx=1#hl=en-AT&q=eur+rub

[gabbello]

Like other eastern European countries in Russia there is a clear separation in society between "modern" people (guys who travel, uses internet for more than porn and facebook/vk, know a foreign language, etc) and utterly stupid and imbecile peasants (have few savings, go to church each Sunday and then straight to localbar to get some vodka, consider voting for Putin/former communists, never went farther than 300 km from hometown, don't have/watch any foreign tv station, etc).

In Russia the split is around 20/80, hence it is very easy for putin regime to demonize anything they want via their brainwashing (and amusing for westerners) mass-media.

This being said, the "smart" guys already have their savings (or even salaries) in EUR/USD/gold etc. They are affected in a small part by falling rouble, and anyway they can't mitigate this with bitcoins.

For the rest of  80%, they are highly affected by this, but  they are at a living standard their parents and grandparents never dream of (they have electricity, running water, a WC in house and not back of the yard) so there is still a lot to "cut" until they will actually try to think about this. They are all used with "hard times" and even if they try to think/do something about it they will miserably fail since they don't have the knowledge or capacity to think for themselves when it comes to stuff like "should I keep my savings in a cryptocurrency or not"

[redsn0w]

In addition, Russians wanting to get into other options can't get into Bitcoin as Putin doesn't like it. They will eventually start getting into it once the initial panic is finished.

I think the same , putin will never accept bitcoin because he can't control it.  However maybe it will be a chance for the european countrie ( Like UK, spain , greece, etc...).

[Vessko]

Off-topic joke.

Q: What is the exchange rate between the pound, the ruble and the dollar?
A: One pound of dry rubles is worth a dollar.

[SolidBitShop]

The problem is not, not knowing the bitcoins. The problem is getting anything for RUB, like USD or bitcoins. There is a limit for buying USD and there is not many place to echange RUB.
You can use some indirect transfers of rouble with lots of fees. And the process is complicated.
Once You get ie. USD what to do with them? Send them back to Your account and risk it will go away ? Sure You can always send it to a bank account abroad.
Some say its the end of RUB but it has to stop at one point.
Not sure if it helps for RUB holders but recently Bitcoin exchange Bitcurex.com has been supporting direct RUB wire transfer.

more info here:
https://bitcointalk.org/index.php?topic=792350.msg9858395#msg9858395

[katafrag]

watch max keiser , he said it all in his show max keiser report, special episode about ruble , ruble had a fire baptism, was introduced in the forex with free floating and i think possibility for short selling

[vvv8]

Off-topic joke.

Q: What is the exchange rate between the pound, the ruble and the dollar?
A: One pound of dry rubles is worth a dollar.

good one 

[piramida]

The problem is not, not knowing the bitcoins. The problem is getting anything for RUB, like USD or bitcoins. There is a limit for buying USD and there is not many place to echange RUB.
You can use some indirect transfers of rouble with lots of fees. And the process is complicated.
Once You get ie. USD what to do with them? Send them back to Your account and risk it will go away ? Sure You can always send it to a bank account abroad.

Wow, some load of misinformation, from start to end not a single word of truth.

No, there is no problem buying anything for rouble. In fact, the russian exchange btc-e is one of the top exchanges in the world by volume, there are many localbitcoins high volume sellers, etc etc. The problem is, as was said above, not many people view bitcoin as a safe haven, most people with money flee to USD/EUR, and most common folk just spend their roubles on merchandise like cars and electronics while it's cheaper than anywhere else in the world.

[Coinshot]

The Russian government can ban BTC anytime. To the average Russians it does not have much appeal. Gold and silver on the other hand are well known and have survived for hundreds of years.

[NotLambchop]

... In fact, the russian exchange btc-e is one of the top exchanges in the world by volume...

Last I checked it was Bulgarian



But yeah, I get your point, an anon exchange doesn't quite spell "safe haven."

[gentlemand]

I think Bitcoin fans are humongously overestimating its position in the world at present.

Similar to the Cyprus thing. I seriously doubt more than a tiny handful of people in the firing line there put a bean into BTC. It was a catalyst for a reasonable number of people elsewhere who were already ideologically inclined to get into it.

We'll see real flights into it a few more years down the line.