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Author Topic: Russians move into bitcoin as ruble tanks (CNBC)  (Read 4058 times)
God27
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December 17, 2014, 01:57:29 PM
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http://www.cnbc.com/id/102275772

Yea ok

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December 17, 2014, 01:59:15 PM
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It was inevitable.
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December 17, 2014, 02:15:49 PM
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Sounds good but why does the price of bitcoin keeps on tanking? There must some selling pressure coming from somewhere. Another explanation i convince myself is i expect the drop in bitcoin price is a reflection of the strength or gain in us dollar like what is happening against all other currencies with bitcoin losing no exception.

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December 17, 2014, 02:17:27 PM
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Sounds good but why does the price of bitcoin keeps on tanking? There must some selling pressure coming from somewhere. Another explanation i convince myself is i expect the drop in bitcoin price is a reflection of the strength or gain in us dollar like what is happening against all other currencies with bitcoin losing no exception.

BTC might be flowing into XRP but I don't know for sure.

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December 17, 2014, 02:24:15 PM
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Sounds good but why does the price of bitcoin keeps on tanking? There must some selling pressure coming from somewhere.

from the 6-times-an hour issuance of course. no big mystery.

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December 17, 2014, 02:27:22 PM
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Sounds good but why does the price of bitcoin keeps on tanking? There must some selling pressure coming from somewhere. Another explanation i convince myself is i expect the drop in bitcoin price is a reflection of the strength or gain in us dollar like what is happening against all other currencies with bitcoin losing no exception.
On explanation is, that people are selling their bitcoin to buy X-mas-gifts.

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December 17, 2014, 02:28:08 PM
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Sounds good but why does the price of bitcoin keeps on tanking? There must some selling pressure coming from somewhere. Another explanation i convince myself is i expect the drop in bitcoin price is a reflection of the strength or gain in us dollar like what is happening against all other currencies with bitcoin losing no exception.
On explanation is, that people are selling their bitcoin to buy X-mas-gifts.

And take their losses for a nice tax refund

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December 17, 2014, 03:04:55 PM
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I don't see anywhere a good increment of volume so as to say that statement
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December 17, 2014, 03:08:03 PM
 #9

Sounds good but why does the price of bitcoin keeps on tanking? There must some selling pressure coming from somewhere. Another explanation i convince myself is i expect the drop in bitcoin price is a reflection of the strength or gain in us dollar like what is happening against all other currencies with bitcoin losing no exception.
maybe...
the russian maybe buying bitcoin but then quickly cashing into fiat of their destination

"...I suspect we need a better incentive for users to run nodes instead of relying solely on altruism...",  satoshi@vistomail.com
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December 17, 2014, 04:37:22 PM
 #10

Sounds good but why does the price of bitcoin keeps on tanking? There must some selling pressure coming from somewhere. Another explanation i convince myself is i expect the drop in bitcoin price is a reflection of the strength or gain in us dollar like what is happening against all other currencies with bitcoin losing no exception.
maybe...
the russian maybe buying bitcoin but then quickly cashing into fiat of their destination

Seems like that's true. I guess there must be a big problem buying USD in Russia.

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December 17, 2014, 04:42:59 PM
 #11

It's a cold war propaganda piece. Russia Times promotes Bitcoins outside of Russia, most likely in the hopes that it catches on and hurts the dollar/euro.

CNBC tries to get Russians to switch to Bitcoins most likely in the hopes that it hurts the ruble.

Where is Yakov Smirnov when you need him?

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December 17, 2014, 05:14:20 PM
 #12

They haven't bought enough! Sorry to point it out, but it looks like BTC is going down with the ruble.

If you're looking for a trading/lending place,
better avoid Poloniex, as it socializes losses.
Learn more about it on this topic.
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December 17, 2014, 05:30:01 PM
 #13

This is news of last weeks.

This week:
bitcoiners move into ruble as bitcoin tanks.

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December 17, 2014, 05:55:25 PM
 #14

i was looking for the thread on this. most people knew it would eventually happen with the falling price of the ruble. gold traders must be living well.

it doesn't seem to be affecting btc price though.
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December 18, 2014, 12:17:02 AM
 #15

It's a cold war propaganda piece. Russia Times promotes Bitcoins outside of Russia, most likely in the hopes that it catches on and hurts the dollar/euro.

CNBC tries to get Russians to switch to Bitcoins most likely in the hopes that it hurts the ruble.

Where is Yakov Smirnov when you need him?
The people of Russia need bitcoin to catch on in their country much more then the Russian government needs the Dollar to "fail"

The Ruble has fallen by ~50% this year while the dollar has held steady, plus even if bitcoin is successful over the long term it will probably only have marginal effects on the dollar

.BITWIN.

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December 18, 2014, 12:31:18 AM
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BTC? why they choose btc? Its the worst investment of 2014
$ or € are more stable

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December 18, 2014, 02:32:59 AM
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BTC? why they choose btc? Its the worst investment of 2014
$ or € are more stable

because btc is easier to buy and send abroad than $ Huh

i think you have to fill a form or something if you want to buy large amount of $

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December 19, 2014, 03:01:24 AM
 #18

BTC? why they choose btc? Its the worst investment of 2014
$ or € are more stable

When you buy large quantities of $ or €, you have to store them in bank accounts (You can't stuff them under your pillow!!)
This is always dangerous when the country is in a crisis and can seize assets.

With Bitcoin, you are your bank. Much safer in such a situation.
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December 19, 2014, 06:05:20 AM
 #19

Sounds good but why does the price of bitcoin keeps on tanking? There must some selling pressure coming from somewhere. Another explanation i convince myself is i expect the drop in bitcoin price is a reflection of the strength or gain in us dollar like what is happening against all other currencies with bitcoin losing no exception.
maybe...
the russian maybe buying bitcoin but then quickly cashing into fiat of their destination

Seems like that's true. I guess there must be a big problem buying USD in Russia.
Not really. You can easily convert your ruble deposit to a dollar one just by going to your bank. Getting dollar cash might be a bit harder if there's a lack of dollars at the bank (dollars are sometimes bought faster than they are brought from bank vaults).

On the contrary, getting into Bitcoin is harder for an average Russian. There are no ATMs, so you have to use online payment systems to buy Bitcoin.
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December 19, 2014, 09:35:40 AM
 #20

Sounds good but why does the price of bitcoin keeps on tanking? There must some selling pressure coming from somewhere. Another explanation i convince myself is i expect the drop in bitcoin price is a reflection of the strength or gain in us dollar like what is happening against all other currencies with bitcoin losing no exception.
maybe...
the russian maybe buying bitcoin but then quickly cashing into fiat of their destination

Seems like that's true. I guess there must be a big problem buying USD in Russia.
Not really. You can easily convert your ruble deposit to a dollar one just by going to your bank. Getting dollar cash might be a bit harder if there's a lack of dollars at the bank (dollars are sometimes bought faster than they are brought from bank vaults).

On the contrary, getting into Bitcoin is harder for an average Russian. There are no ATMs, so you have to use online payment systems to buy Bitcoin.

Most Russians would just buy dollars and keep them in banks in neighboring countries...like Cyprus.

First seastead company actually selling seasteads: Ocean Builders https://ocean.builders  Of course we accept bitcoin.
Seastead talk at http://seasteadtalk.org
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