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Topic: Bitcoins to save Greece? (Read 799 times)

hero member
Activity: 938
Merit: 1002
August 27, 2012, 07:17:50 AM
#8
Anyway, back to the subject at hand: What Greece needs is movement of the economy and taxation. Fair and enforced taxation. One of the main reasons Greece is falling apart is that the populace has been cheating the government out of all monies for decades (centuries?), but are expecting that same government to fulfill all sorts of duties that they don't have money for.

That is one solution, but I can't agree that it's easiest to accomplish, nor is preferable (at least according to my views). I'm guessing Greeks are all thinking that better governance is the solution (while at the same time avoiding taxes themselves nonetheless), and ones who aren't in that camp are thinking moving away from "money" (== "evil") is the key (while taking all chances to make money). Yet, this is the mentality which lead to the situation in the first place.

"Saving money" would have saved the day by the way. You can't keep your traditional tempo AND demand to live like Americans. Nor there is anything to be gained by living like them. You can in fact be happy, if not happier automatically, without spending like crazy.

Bitcoin may be nice for people that have a problem with authority but for a population that cannot afford to use EUR, BTC is going to be much too expensive to obtain in any amount that is useful to help anyone.

Although I agree that it's not for Greeks, the unit value of BTC doesn't matter. Moving to a non-inflating-like-crazy currency that is freely exchangeable would be pretty useful in such cases. Privatize public services, and you will have all you need without pouring money into a black box.
member
Activity: 148
Merit: 10
August 27, 2012, 07:14:34 AM
#7
If they used Btc, they could stop paying their taxes... oh wait.
sr. member
Activity: 306
Merit: 250
Donations: http://tny.im/nx
August 27, 2012, 06:46:27 AM
#6
Why are miners going to take a hit in income in the next few months? Is this when the difficulty increases?

No, it's the block reward drop to half (25 BTC vs. current 50 BTC) I think. If the difficulty changes accordingly to that reward drop, then it may not be such a hit in the income.
newbie
Activity: 5
Merit: 0
August 27, 2012, 06:37:55 AM
#5
Why are miners going to take a hit in income in the next few months? Is this when the difficulty increases?
member
Activity: 73
Merit: 10
August 27, 2012, 12:52:28 AM
#4
Bitcoin mining was never intended to be a money maker. It's intended to guard the security of the network and distribute the initial coins. Because it requires a significant investment in hardware to mine, the protocol provides an incentive for doing so.

This incentive however is temporary and will diminish over time. If you look at the fees that are being paid now, miners will either take a significant hit in income in the next few months or the transaction fees will have to multiply by an uncomfortable factor. From looking at blockchain.info, the average fee per transaction is 0.0005BTC and with only a few hundred transactions per block that's only a few BTC (if even >1) per block.

Anyway, back to the subject at hand: What Greece needs is movement of the economy and taxation. Fair and enforced taxation. One of the main reasons Greece is falling apart is that the populace has been cheating the government out of all monies for decades (centuries?), but are expecting that same government to fulfill all sorts of duties that they don't have money for.

Bitcoin may be nice for people that have a problem with authority but for a population that cannot afford to use EUR, BTC is going to be much too expensive to obtain in any amount that is useful to help anyone.
newbie
Activity: 9
Merit: 0
August 26, 2012, 08:07:19 PM
#3
True but what about students with access to "free" hardware?
OTOH, that hardware probably won't be loaded up with high-end GPUs.
hero member
Activity: 938
Merit: 1002
August 26, 2012, 07:37:54 PM
#2
Bitcoin mining doesn't magically create money out of thin air, it's even likely to produce a negative sum, and probably not enough to live off even if you do it right. It has considerable investment risk for an unemployed person looking to make money to live. If you are earning enough through mining, you likely have already invested enough money in it and work enough hours to consider it a business. Nonetheless, it's not guaranteed to make you more money than any other business you can build with that skill set.

When I read the title, I thought you were thinking about Greeks moving away from Euro and embracing Bitcoin to do business. Not likely to happen. Greeks would start using Bitcoin well after most of the western world.
newbie
Activity: 9
Merit: 0
August 26, 2012, 07:24:55 PM
#1
Just a wacky thought there:  With 50% youth unemployment across Greece, I wonder how many people there are using Bitcoin mining to earn or supplement an income?
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