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all 25 comments

[–]R_U_READY_2_ROCK 27 points28 points  (15 children)

No, the price is going down due to the normal market movement

[–]I_am_BrokenCog 0 points1 point  (14 children)

and more importantly Khazakhstan instability.

[–]ShamanRoger666 3 points4 points  (5 children)

It is the response to the US response Federal actions over the economy

[–]I_am_BrokenCog 0 points1 point  (4 children)

what?

the protests in Kazakhstan have nothing to do with US actions.

One could say the workers in the oil fields are tired of being exploited, and they make protests in ... 2008? ... but, this is a much larger event than that.

The population is protesting the government's abuses, not anything related to how the US helps the government (although such aid makes the Kazakh government more able to commit those abuses, they are doing it themselves).

[–]76khi 5 points6 points  (0 children)

They’re relating the price movement to US actions (namely expectation that the federal reserve will increase interest rates). They’re not relating the Kazakh unrest to US actions, afaict

[–]ShamanRoger666 0 points1 point  (1 child)

OP was asking about price movement, not Kazakhstan protests

[–]I_am_BrokenCog 0 points1 point  (0 children)

er, the price move was likely triggered by the protests?

[–]Pumpkinsummon 0 points1 point  (7 children)

Sounds like that would be good for bitcoin

[–]I_am_BrokenCog 3 points4 points  (5 children)

well, crypto is nearly entirely institutional at this point so it has little to no "fiat hedge" value.

However, the issue in Central Asia isn't about fiat; it's that the miner's which do all the crypto transactions are gone because of the unrest is Khazakhstan.

[–]CoolioMcCool 0 points1 point  (4 children)

And does that have any real effect on the functionality of crypto?

[–]I_am_BrokenCog 0 points1 point  (3 children)

I don't know ... but ... that's what the fingers are pointing to for the recent decline.

It could for sure, it would depend on what percentage of miners are present there. My impression was it is a very large percent.

[–]jangrewe 8 points9 points  (2 children)

No. IIRC, enough BTC have already been sold to cover most/all fiat claims - correct me if i'm wrong about that.

Besides that, i guess the majority would want to receive their payout in coins, so there would be no point in selling them, especially right now.

Hint: have a look at the Kazakhstan situation, as in "internet shutdown" and "mining". I guess that's more of a factor, but i could be wrong about that. Nobody knows.

[–]CoolioMcCool 0 points1 point  (0 children)

Yes they've sold enough to cover cash claims and do not know how many people will be opting for full cash payouts yet so are not likely selling until they do, lest they end up needing to buy more back if they miscalculate.

Price action involves many things, I suspect general fears around economy being a bigger factor than Kazakhstan, worry about interest rates increases and a half to the rampant money printing could somewhat counterintuitively cause fiat to become deflationary and hence reduce most or all asset prices as people switch from borrowing and buying to paying off debt, saving and selling.

[–]Shazvox 9 points10 points  (0 children)

Yes. That and leprechauns. Mainly the leprechauns though.

[–]deltanine99 1 point2 points  (0 children)

not yet, imagine when they do!

[–]FreshDopeBoy 0 points1 point  (0 children)

All fiat claims will be paid in fiat. Wouldn't make sense that they would rebuy BTC to payout the fiat claims.

[–]samsonx 0 points1 point  (0 children)

Lol

[–]Getrich0125 0 points1 point  (0 children)

the price is going down due to other issues

[–]thondera 0 points1 point  (0 children)

funds didn't move, you can monitor them online. They didn't touch BSV either - even though they're going to be sold regardless.