Too convoluted system. Not anonymous at all (you have to give your ID card to participate).
Their website is down for the last few days (maybe Orthodox Easter holidays). (www.tem-magnisia.gr). You could find some of their page in Google Cache and then translate them but many things will be lost in the translation.
It's a zero sum currency. There are as many TEM debits as there are TEM credits at any time. The fact that everyone has a 300 TEM credit limit (they cannot spend more than that without acquiring some), makes it inflationary by design.
Examples given suggest that this is a mediocre attempt to revitalize the local economy, without much of actual value. They suggest that shops should give a discount in Euros and collect the discounted amount in TEM. Too easy to cheat with this. Apart from personal barter of products and services, it doesn't offer much of a benefit.
No talk of security measures for their "centralised database" of transactions. If it grows enough it will soon be the target of the University of Volos Computer Department. Or the government itself. Too easy to kill.
That's my first view. I'll try to monitor it (f they come back online) and report more here.
Topic: Bitcoin + TEM = BitTem? - page 2. (Read 4818 times)
You can't afford items in euro yet a TEM equals a Euro? 
Quote
A few months ago, an alternative currency was introduced in the Greek port city of Volos. It was a grass-roots initiative that has since grown into a network of more than 800 members, in a community struggling to afford items in euros during a deepening financial crisis.
http://www.bbc.co.uk/news/world-europe-17680904
Quote
From jewellery to food, electrical parts to clothes, everything here is on sale through a local alternative currency called TEM.
It works as an exchange system. If you have goods or services to offer, you gain credit, with one euro equivalent to one TEM.
"It's a very good idea because we need to make people realise we can all buy and sell something; we don't only need euros."
"We have reached the bottom of our lives and we now have to think in a different way," says Tasos, a vegetable-seller.
It works as an exchange system. If you have goods or services to offer, you gain credit, with one euro equivalent to one TEM.
"It's a very good idea because we need to make people realise we can all buy and sell something; we don't only need euros."
"We have reached the bottom of our lives and we now have to think in a different way," says Tasos, a vegetable-seller.
What are the chances of this Greek community, among others, reaching out to Bitcoin?
~Bruno~
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