Topic: Can bitcoin really save Greece? - page 5. (Read 10440 times)
So tomorrow is the big day, what would happen if they dont agreed to a bailout amount, hopefully we get some bitcoin media coverage included with the greece drama in this coming days, well and now the price back at 300 lets see.
If this would be happening 10 years from now, make no mistake, we would be having tons of tons of money coming into the bitcoin ecosystem way before the capital controls started (Which is where you want to do those kind of movements, now when you are limited already). People will learn from their mistakes, future generations will not get trapped into being some old dudes making long queues to get some hyperinflated fiat limited to x/daily. They'll know better, Bitcoin will be insanely strong and powerful and full of features and easy to use, but right now, nope, it cant do the job. Remember that we are still pioneers, people is lagging behind us for a decade or so, and we will be compensated for our long term vision.
it is unlikely in the extreme that the Greek government will opt for Bitcoin.
However, ordinary Greeks are apparently using a lot of Bitcoin lately to do one of the things that Bitcoin was supposedly designed to do: protect their savings from the Greek government
However, ordinary Greeks are apparently using a lot of Bitcoin lately to do one of the things that Bitcoin was supposedly designed to do: protect their savings from the Greek government
Can bitcoin really save Greece?
no Unfortunately...
Because the Bitcoin network cannot sustain the transactional flow that would be required for the daily commerce usage of a population of 11 million people right now.
no Unfortunately...
Because the Bitcoin network cannot sustain the transactional flow that would be required for the daily commerce usage of a population of 11 million people right now.
Nope, you don't need people to necessarily use Bitcoin for transactional flows.
If they are able to convert their savings into bitcoins and keep it away from the hands of bankers and government officials, Bitcoin has saved them.
well bitcoin is here to be used, not to be cold storaged all day, if they convert they saving in bitcoin, they how can they will survive? they should dump at least a portion every day, and with the current limit the network will be queue to death...
Why couldn't they use the same banking system, and then just back it by Bitcoin? Not necessary for each individual to own a Bitcoin wallet, but rather still using a checking account where all the Bitcoin is stored in the bank - and most importantly - can be verified online.
i'm not aware of any bank for bitcoin at the moment, at best there are some good online service like xapo, but still you need to convert your btc if you want to spend them and you can't use it directly
so what's the point of converting everything in btc in the first place?, i think it's better for them to convert a small portion in bitcoin, for future saving, and the rest for their living
Not sure what you mean.. by "bank" I mean a business/government/(or bank??) that is "backed" by "Bitcoin" - basically a master Bitcoin wallet/address for everyone.
The only "flaw" would be the bank playing fair, giving away more BTC than it really has - but again the bank could store all the BTC it has in one wallet as proof.
This is exactly like backing up currency with something such as Gold - except it can be fully verified by anyone in the world.
You, me, the president, aliens from outer space, etc.
with bank i mean a regular bank that offer you the same protection as a real bank but they will store bitcoin for you, basically like xapo, but regulated from the government
anything backed by bitcoin would be susceptible to its instable nature, i can't see this working at all, perhaps it could be done with fully adoption, but not for the time being
Perhaps people whose lives have completely changed because banks are taking power over them wouldn't mind trying something regulated by technology/math/algorithms..
Bitcoin, a technology that has proven time and time again each year to be reliable and sometimes profitable in sudden urges of media attention and countries failing...
But I guess it also comes down to what you deem as risky... Bitcoin - this crazy insane technology HAS been around for 4-5 years now without any government or business control and HAS recovered from each and every single crash. --- When is it we finally decide this technology is more reliable than anything any current government has to offer? Maybe Greece can finally set a trend, though rocky in the start, they would have to offer something to the Bitcoin economy to succeed.
What can they offer? The people.
The people who back the government, who back currency--can instead--directly back a complex math/algorithms open sourced program.
Will Greece be the first country to ask another country - Do you take Bitcoin?
Can bitcoin really save Greece?
no Unfortunately...
Because the Bitcoin network cannot sustain the transactional flow that would be required for the daily commerce usage of a population of 11 million people right now.
no Unfortunately...
Because the Bitcoin network cannot sustain the transactional flow that would be required for the daily commerce usage of a population of 11 million people right now.
Nope, you don't need people to necessarily use Bitcoin for transactional flows.
If they are able to convert their savings into bitcoins and keep it away from the hands of bankers and government officials, Bitcoin has saved them.
well bitcoin is here to be used, not to be cold storaged all day, if they convert they saving in bitcoin, they how can they will survive? they should dump at least a portion every day, and with the current limit the network will be queue to death...
Why couldn't they use the same banking system, and then just back it by Bitcoin? Not necessary for each individual to own a Bitcoin wallet, but rather still using a checking account where all the Bitcoin is stored in the bank - and most importantly - can be verified online.
i'm not aware of any bank for bitcoin at the moment, at best there are some good online service like xapo, but still you need to convert your btc if you want to spend them and you can't use it directly
so what's the point of converting everything in btc in the first place?, i think it's better for them to convert a small portion in bitcoin, for future saving, and the rest for their living
Not sure what you mean.. by "bank" I mean a business/government/(or bank??) that is "backed" by "Bitcoin" - basically a master Bitcoin wallet/address for everyone.
The only "flaw" would be the bank playing fair, giving away more BTC than it really has - but again the bank could store all the BTC it has in one wallet as proof.
This is exactly like backing up currency with something such as Gold - except it can be fully verified by anyone in the world.
You, me, the president, aliens from outer space, etc.
with bank i mean a regular bank that offer you the same protection as a real bank but they will store bitcoin for you, basically like xapo, but regulated from the government
anything backed by bitcoin would be susceptible to its instable nature, i can't see this working at all, perhaps it could be done with fully adoption, but not for the time being
Can bitcoin really save Greece?
no Unfortunately...
Because the Bitcoin network cannot sustain the transactional flow that would be required for the daily commerce usage of a population of 11 million people right now.
no Unfortunately...
Because the Bitcoin network cannot sustain the transactional flow that would be required for the daily commerce usage of a population of 11 million people right now.
Nope, you don't need people to necessarily use Bitcoin for transactional flows.
If they are able to convert their savings into bitcoins and keep it away from the hands of bankers and government officials, Bitcoin has saved them.
well bitcoin is here to be used, not to be cold storaged all day, if they convert they saving in bitcoin, they how can they will survive? they should dump at least a portion every day, and with the current limit the network will be queue to death...
Why couldn't they use the same banking system, and then just back it by Bitcoin? Not necessary for each individual to own a Bitcoin wallet, but rather still using a checking account where all the Bitcoin is stored in the bank - and most importantly - can be verified online.
i'm not aware of any bank for bitcoin at the moment, at best there are some good online service like xapo, but still you need to convert your btc if you want to spend them and you can't use it directly
so what's the point of converting everything in btc in the first place?, i think it's better for them to convert a small portion in bitcoin, for future saving, and the rest for their living
Not sure what you mean.. by "bank" I mean a business/government/(or bank??) that is "backed" by "Bitcoin" - basically a master Bitcoin wallet/address for everyone.
The only "flaw" would be the bank playing fair, giving away more BTC than it really has - but again the bank could store all the BTC it has in one wallet as proof.
This is exactly like backing up currency with something such as Gold - except it can be fully verified by anyone in the world.
You, me, the president, aliens from outer space, etc.
Can bitcoin really save Greece?
no Unfortunately...
Because the Bitcoin network cannot sustain the transactional flow that would be required for the daily commerce usage of a population of 11 million people right now.
no Unfortunately...
Because the Bitcoin network cannot sustain the transactional flow that would be required for the daily commerce usage of a population of 11 million people right now.
Nope, you don't need people to necessarily use Bitcoin for transactional flows.
If they are able to convert their savings into bitcoins and keep it away from the hands of bankers and government officials, Bitcoin has saved them.
well bitcoin is here to be used, not to be cold storaged all day, if they convert they saving in bitcoin, they how can they will survive? they should dump at least a portion every day, and with the current limit the network will be queue to death...
Why couldn't they use the same banking system, and then just back it by Bitcoin? Not necessary for each individual to own a Bitcoin wallet, but rather still using a checking account where all the Bitcoin is stored in the bank - and most importantly - can be verified online.
i'm not aware of any bank for bitcoin at the moment, at best there are some good online service like xapo, but still you need to convert your btc if you want to spend them and you can't use it directly
so what's the point of converting everything in btc in the first place?, i think it's better for them to convert a small portion in bitcoin, for future saving, and the rest for their living
Can bitcoin really save Greece?
no Unfortunately...
Because the Bitcoin network cannot sustain the transactional flow that would be required for the daily commerce usage of a population of 11 million people right now.
no Unfortunately...
Because the Bitcoin network cannot sustain the transactional flow that would be required for the daily commerce usage of a population of 11 million people right now.
Nope, you don't need people to necessarily use Bitcoin for transactional flows.
If they are able to convert their savings into bitcoins and keep it away from the hands of bankers and government officials, Bitcoin has saved them.
well bitcoin is here to be used, not to be cold storaged all day, if they convert they saving in bitcoin, they how can they will survive? they should dump at least a portion every day, and with the current limit the network will be queue to death...
Why couldn't they use the same banking system, and then just back it by Bitcoin? Not necessary for each individual to own a Bitcoin wallet, but rather still using a checking account where all the Bitcoin is stored in the bank - and most importantly - can be verified online.
Can bitcoin really save Greece?
no Unfortunately...
Because the Bitcoin network cannot sustain the transactional flow that would be required for the daily commerce usage of a population of 11 million people right now.
no Unfortunately...
Because the Bitcoin network cannot sustain the transactional flow that would be required for the daily commerce usage of a population of 11 million people right now.
Nope, you don't need people to necessarily use Bitcoin for transactional flows.
If they are able to convert their savings into bitcoins and keep it away from the hands of bankers and government officials, Bitcoin has saved them.
well bitcoin is here to be used, not to be cold storaged all day, if they convert they saving in bitcoin, then how can they will survive? they should dump at least a portion every day, and with the current limit the network will be queue to death...
Can bitcoin really save Greece?
no Unfortunately...
Because the Bitcoin network cannot sustain the transactional flow that would be required for the daily commerce usage of a population of 11 million people right now.
no Unfortunately...
Because the Bitcoin network cannot sustain the transactional flow that would be required for the daily commerce usage of a population of 11 million people right now.
Nope, you don't need people to necessarily use Bitcoin for transactional flows.
If they are able to convert their savings into bitcoins and keep it away from the hands of bankers and government officials, Bitcoin has saved them.
Not only that, if the governments completely adapted Bitcoin, they would more than likely still use the same exact banking systems - or it would just appear that way to the common, but they would still understand they are using Bitcoin instead of the Euro.
In that way, Bitcoin's network flow would not be any issue at all - even if Bitcoin had days delay instead of minutes to an hour.
Can bitcoin really save Greece?
no Unfortunately...
Because the Bitcoin network cannot sustain the transactional flow that would be required for the daily commerce usage of a population of 11 million people right now.
no Unfortunately...
Because the Bitcoin network cannot sustain the transactional flow that would be required for the daily commerce usage of a population of 11 million people right now.
Nope, you don't need people to necessarily use Bitcoin for transactional flows.
If they are able to convert their savings into bitcoins and keep it away from the hands of bankers and government officials, Bitcoin has saved them.
There are serious capital controls implemented in Greece right now:
You can only withdraw €60 from your bank account in one day, and no overseas transfers.
That's insane!
If they'd switch to btc - then there would be no problems with protecting their savings.
I mean, blockchain can't just close and say 'oh no, we aren't working today - come tomorrow' like banks in Greece currently do.
You can only withdraw €60 from your bank account in one day, and no overseas transfers.
That's insane!
If they'd switch to btc - then there would be no problems with protecting their savings.
I mean, blockchain can't just close and say 'oh no, we aren't working today - come tomorrow' like banks in Greece currently do.
Not really. I don't think Greece can be saved by buying bitcoins anymore. Firstly they dont have enough money to buy it and might not be aware of the opportunities . plus they dont have enough places to spend their bitcoins at even if they buy it and there is a chance that it may be hacked like hell
I'd agree to that, that is the exact point. So all these people who are talking like Bitcoin could be the savior Greece needs...eh, no. Greece can't afford Bitcoin, firstly. And the whole default situation took place because Greece could not really afford euro, you think they would be fine with bitcoin which will multiply 55 times just as they adopt it. I don't think they should doom themselves any further.
Can bitcoin really save Greece?
no Unfortunately...
Because the Bitcoin network cannot sustain the transactional flow that would be required for the daily commerce usage of a population of 11 million people right now.
no Unfortunately...
Because the Bitcoin network cannot sustain the transactional flow that would be required for the daily commerce usage of a population of 11 million people right now.
There are serious capital controls implemented in Greece right now:
You can only withdraw €60 from your bank account in one day, and no overseas transfers.
That's insane!
If they'd switch to btc - then there would be no problems with protecting their savings.
I mean, blockchain can't just close and say 'oh no, we aren't working today - come tomorrow' like banks in Greece currently do.
You can only withdraw €60 from your bank account in one day, and no overseas transfers.
That's insane!
If they'd switch to btc - then there would be no problems with protecting their savings.
I mean, blockchain can't just close and say 'oh no, we aren't working today - come tomorrow' like banks in Greece currently do.
Not really. I don't think Greece can be saved by buying bitcoins anymore. Firstly they dont have enough money to buy it and might not be aware of the opportunities . plus they dont have enough places to spend their bitcoins at even if they buy it and there is a chance that it may be hacked like hell
And how is a country supposed to just up and switch one day to using Bitcoin? It's very far off (if ever) what you are suggesting. At most, Bitcoin will help the few there who already knew about it - by not having their money locked in the bank. The People wouldn't know or care what you're talking about.
You are absolutely right. They cant all of a sudden accept bitcoin one day. Only is beneficial for people who might have already invested in it. Firstly they don't have anymore money to buy bitcoin,they can spend it in only limited places and they can be easily hacked so there is high risk
If they did the network would crash for starters, or it would become extremely slow. The price would go to the moon because there's no liquidity, its a small market to run an entire economy under it.
We need time, it will eventually be ready.
And how is a country supposed to just up and switch one day to using Bitcoin? It's very far off (if ever) what you are suggesting. At most, Bitcoin will help the few there who already knew about it - by not having their money locked in the bank. The People wouldn't know or care what you're talking about.
You are absolutely right. They cant all of a sudden accept bitcoin one day. Only is beneficial for people who might have already invested in it. Firstly they don't have anymore money to buy bitcoin,they can spend it in only limited places and they can be easily hacked so there is high risk
The Greek problem can't be solved with money, it's a problem of their economic and politic structure, the only benefit for a greek to hold BTC is that nobody can take it from him or tell him how much he is allowed to spend. Same is with Cash so no real benefit there.
BUT whilst the EUR value is going down BTC is going up -> Not bad especially for the poor greek guy.
BUT whilst the EUR value is going down BTC is going up -> Not bad especially for the poor greek guy.
plus there aren't enough resources where they can spend their bitcoins because not many places accept bitcoins till now
There isnt any country yet that has "enough resources" for you to spend your BTC either. This is the hard truth about BTC however if Greece was to adopt BTC then that could change as the whole country will be shifting to BTC but do note that this will not be the extreme solution for them because their problem will be pretty much unsolved already
and there is a high risk of losing these by being hacked
BTC is not unhackable , every wallet that is connected to the network is not safe at all and it is pretty normal. The same thing with holding FIAT as you are exposing yourself to be robbed as well .
It would if they was opened to it before but now after this issue they have , I don't think bitcoin will save them or anything else , basically they don't have enough companies or services that accepts Bitcoins like China or something , and they cannot buy for the moment since and as you said they can't withraw money from ATM . It's kinda hopeless if you ask me They had to think about it before it happens , because now it's simply late .
It could be the better opportunity to smallest countries and theirs citizens to get benefits buying BTC cheap.
Jump to: