Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
Fatman3001
on 19/02/2015, 21:25:01 UTC


right ..... but that is a different discussion all together, there are logistics involved in moving large amounts of hot money no matter how you dice it. Though chances are if you have private jets worth of notes in cyprus stored in a luxury apartment, then you can probably do with not moving it for a month in the case capital controls are in place and all the banks shut and your usual friendly bank manager cannot help you out or you cannot deposit and transfer the cash to an exchange if going down the BTC route.

I was talking about how buying BTC is not an option for people that are already in a country that capital controls have been placed (and maybe expecting a haircut or a massive devaluation) as you would not be able to access those funds to buy BTC with.

If you've already lost access, then you're S.O.L., but you could use localbitcoins and pay a premium if you can pull your money out but not take it across the border.  An sd card is also less tempting for thieves and robbers (private sector or public) than a suitcase full of cash.

There was some back and forth in mid March and some restrictions were temporarily lifted for a while, but only a tiny fraction of the money deposited by wealthy russians made it into BTC. If it was a significant portion BTC would have gone way past the $1200 we saw later that year. There were quite a few dorment coins back then so the supply of coins would not have been able to trickle in fast enough.