Poland Foreign Exchange Reserves (EUR) - Investing.com

Turkish Unrest and Bitcoin Volume=Regime Troubles

Citizens when they are witness to economic unrest in their own countries usually begin to buy foreign currency and keep it in reserve against the devaluation of their own currency. This is normal during troubled times, and we were beginning to see the same thing occurring in Turkey. However, Erdogan thisa number of weeks ago called for all Turkish citizens to sell their foreign currencies to prop up the Lira. This sort of a call is usually code for “we are going to confiscate your money when we find it” so you better sell it now, as well as a tacit admission that the Lira’s value is in serious trouble. Thus, the economy as well.
In my opinion due to the tacit threat of monetary confiscation we are now seeing a flight to bitcoin and this is also a clue to the unrest that Erdogan is dealing with. Why is this problematic? Since Turkey can’t confiscate currency that is online and untraceable. We can see the flight to Bitcoin by comparing Forex crosses against bitcoin volume.
In this light we can see a trend whereby that out of the top 8 Bitcoin traded countries/currency (USD, JPY, EURO, GBD, KRW, PLN, TRY, RUB/RUR) only 4 (USD, JPY, EURO and GBD) are in the top 8 Forex pairings. The others are minor currencies.
The Top 8 Forex crosses are:
EUUSD 37% of total volume
USD/JPY 13% of total volume
GBD/USD 12% of total volume
AUD/USD 6% of total volume
USD/CHF 5% of total volume
USD/CAD 4% of total volume
EUJPY 2% of total volume
EUCHF 2 % of total volume
Based upon the comparison between the Bitcoin and Forex Volume we can conclude that there is a feeling of unrest in Korea, Poland, Russia and Turkey. Why put discretionary cash in bitcoin if you feel secure! Add to this the protests, negative economic indicators and international isolation and we can conclude that Turkey is ripe for unrest and the citizens wanting regime change. This does not mean that they will succeed as Erdogan controls the military. However, as we have seen in the past (example the revolution in Egypt) once the upper echelon of the army personally starts to feel the economic results of its leaders’ policies and the people start to demand change, the military almost always sides with the people for their own self-preservation and the betterment of the country they serve.
submitted by profblockchaindfw to economy [link] [comments]

Polish Exchange Bitcurex Looses 2300 Bitcoin (6 Million Polish Zloty) of Customer Funds in Hack

This is an automatic summary, original reduced by 47%.
One of Poland's largest digital currency exchanges, Bitcurex.com, announced today that its servers were breached by hackers.
Bitcurex staff claim that errors at "Third-party" systems were responsible for the loss of 2300 BTC of customer deposits, which at current exchange rates translates to approximately 6.2 Million Polish zloty.
The exchange went down on October 14, 2016, citing technical problems.
According to a rough English translation of today's statement on the Bitcurex homepage, the theft took place on the 13th of October.
"The website owner reserves, that due to technical issues, the time to verify the information contained in it can take up to 7 days from the date of receipt of the form along with the required attachments." Bitcurex experienced a similar theft in March of 2014, when hackers managed to steal a portion of the Bitcoin that resided on the exchange's hot wallet; the amount of BTC that was stolen in 2014 was not disclosed by Bitcurex.
Centralized exchanges have been Bitcoin's Achilles' heel since inception, but the rise of P2P-style, decentralized crypto-currency exchanges such as Bitsquare may be a solution.
Summary Source | FAQ | Theory | Feedback | Top five keywords: exchange#1 Bitcurex#2 theft#3 today#4 BTC#5
Post found in /btc, /worldnews, /CryptoCurrency, /BitcoinAll and /RazorForex.
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Foreign Exchange Reserves are the foreign assets held or controlled by the country central bank. The reserves are made of gold or a specific currency. They can also be special drawing rights and ... Gold Reserves in Poland increased to 228.70 Tonnes in the second quarter of 2020 from 228.60 Tonnes in the first quarter of 2020. Gold Reserves in Poland averaged 110.09 Tonnes from 2000 until 2020, reaching an all time high of 228.70 Tonnes in the second quarter of 2020 and a record low of 102.80 Tonnes in the first quarter of 2000. This page provides - Poland Gold Reserves - actual values ... Foreign exchange reserves are central bank funds used to make sure there's enough foreign currency to pay for imports. ... has used part of its forex reserves for recapitalizing some of its state-owned banks.   Seventh, most central banks want to boost returns without compromising safety. They know the best way to do that is to diversify their portfolios. They'll often hold gold and ... The reserves are made of gold or a specific currency. They can also be special drawing rights and marketable securities denominated in foreign currencies like treasury bills, government bonds, corporate bonds and equities and foreign currency loans. A higher than expected number should be taken as positive to the PLN while a lower than expected number as negative Foreign exchange reserves (also called Forex reserves) in a strict sense are only the foreign currency deposits held by central banks and monetary authorities. However, the term foreign exchange reserves in popular usage (such as this list) commonly includes foreign exchange and gold, SDRs and IMF reserve position as this total figure is more readily available, however it is accurately deemed ... Foreign Exchange Reserves in Poland increased to 143116.60 USD Million in October from 139496 USD Million in September of 2020. Foreign Exchange Reserves in Poland averaged 58157.14 USD Million from 1991 until 2020, reaching an all time high of 143116.60 USD Million in October of 2020 and a record low of 3485.70 USD Million in June of 1993. Saudi Arabia is the top country by foreign exchange reserves in the world. As of last month, foreign exchange reserves in Saudi Arabia was 446,630.8 million US dollars that accounts for 20.79% of the world's foreign exchange reserves. The top 5 countries (others are Republic of Korea, Brazil, Thailand, and Indonesia) account for 74.92% of it. The given financial reserves represents the dollar value for the stock of all financial assets that are available to the central monetary authority for use in meeting a country's balance of payments needs as of the end-date of the period specified. This category includes not only foreign currency and gold, but also a country's holdings of Special Drawing Rights in the International Monetary ... Global Firepower tracks the values of Reserves of Foreign Exchange and Gold in relation to a nation's economic health and power on the world stage. This value is an indicator of a nation's ability to repay foreign obligations (namely debt) while also continuing to support, and strengthen, their domestic economy. Two-thirds of the world's reserves are currently held by powers in Asia (China ... Get the FX Reserves (EUR) results in real time as they're announced and see the immediate global market impact.

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