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I am surprised at the selloff given that bit coin is completely impervious to government control. That is the whole point of bit coin. We buy bit coins because
by minimax 13y ago
I am surprised at the selloff given that bit coin is completely impervious to government control. That is the whole point of bit coin. We buy bit coins because we all read about what happened in Cyprus and we don't want to worry about capital controls ourselves. We bit coin buyers are innovating beyond government sponsored/manipulated money (and hopefully getting filthy rich in the process).
- yapcguy 13y agoIf you're worried about Cyprus style theft happening in your country you need to start planning. Putting your life savings into Bitcoin given the volatility is crazy. It's not (yet) a stable store of weath. You should try to keep deposited funds below the insurance limit set for your country, consider acquiring hard assets and precious metals which could be held off-shore in a country with good financial and legal regulation, and consider depositing funds in countries which are creditor nations with rock-solid banks which have minimal exposure to derivatives and other toxic assets e.g. Hong Kong and Singapore.
- XorNot 13y agoThe lesson of Cyprus is that allowing your government to create a financial sector which is worth more then your entire country, and can't default on that debt for fear of Russians murdering a lot of people is a bad idea. It sure wasn't that Bitcoin somehow escapes you from the problem, since very few people are likely to have wanted to buy any Cyprian currency with Bitcoin - the bump is more a product of Bitcoin being an incredibly small economy.