I realize lots of factors affect BTC price, and that the Core/XT Fork Wars are heightening insecurities, but...
When the relatively small Greek economy was in peril in June, price skyrocketed, in part because 3 other relatively small economies (relative to the entire EU, or China, or U.S.) might follow (Portugal, Italy, Spain).
But when the largest economy in the world sees its currency devalued by historic proportions, and when the U.S. markets respond by the biggest market decline in 7 years, wouldn't one think BTC would surge? Or go up? Or hold its value? Or not go down further?
Greece, and Cyprus before it, did not threaten to destabilize the world's economy - or even leave Europe in financial ruin - the way that China and few other countries can. And of course defaulting on an IMF loan is not the same economic event as stock markets declining. BUT...the Greek government's bank closures and limits did not wipe out billions in wealth the way the Dow/NYSE drop did since Thursday, when Americans check their retirement accounts and see a 15% decline in 5 days. And maybe a shift to crypto-currencies is far more gradual - first, people have to sell off stocks or mutual funds, learn about BTC, open an account...
Yet the price increase happened in nearly real-time in June and July when Greece approached default, and was fed almost entirely by BTC purchasers NOT in Greece. (There was also turmoil in the Chinese economy in late June, but not to this week's degree).
So I wonder why we're not yet seeing - or if others expect to see - BTC's value jump when two of the world's largest government currencies and centralized markets go into (hopefully temporary) free fall. In the big picture, Greece, China, and U.S. each saw its government backed fiat, and centralized markets, seriously stumble. Isn't that precisely what makes Bitcoin so attractive as a currency, and so potentially undervalued in price?
Even a market correction - assuming the U.S. Stock exchanges are just overvalued, instead of completely linked to China like a breastfeeding baby - should feed a corresponding upwards BTC market correction, no?
Submitted August 25, 2015 at 12:24AM by hobbes03 http://bit.ly/1U9LAXc
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