Topic: Eurocollapse, PIIGS, and capital controls - page 2. (Read 4071 times)

I refer to Ilana Mercer of Ilanamercer.com. If you search her archives, you will find her 1st person account of her escape with her life savings in her shoes. Or message her. She will confirm the story.

Would you rather have the banks closed and all your savings disappear, or the banks closed and your savings safe in a deflationary currency? Just because the banks are closed today does not mean they will be so tomorrow.

I am from South Africa and what you talk about here I cannot relate to? When did this happen in South Africa ?

This might be bit of topic but if you are going to point to South Africa without actual proof Id prefer you dont.

One of the huge things that will suffer if the € collapse is the $ since it's kept lower than the € to generate more european revenue.

It doesn't matter that Bitcoin is in the early stages. Greeks can buy bitcoin for Euros NOW and they should, because later it will be too late. The refugees will be able to trade Bitcoin for whatever local currency they need. If they choose to stay in Greece, then they will need physical euros or gold but capital controls won't be their biggest problem.

it's a good idea.  quite timely - and a good riff off Bitcoin and current affairs.

you don't need 'posts' to support a good idea - all you need is the idea.

send a PM to theymos...

I tend to think Bitcoin is in a very early stage still, and unfortunately cannot work in the coming collapse of our countries.

Think that the value that people (at large) assign to Bitcoin is the value of the exchanges, and the exchanges need the current banking system to be able to work. This is the only way at the moment to spread adoption and usage.

If Greece collapses, the banking system goes out the window as well, so who would have a way to objectively determine the value of a bitcoin? What good would it do to get a 100$ quote for a BTC on Tradehill, if I cannot actually execute this trade because fiat money cannot be moved around since banks are closed for business.

It takes years of wide adoption for a new currency to get a balanced fair value on the market. We've had this in Greece with hyperinflation after the German Occupation in WW II. People were giving out a gold sovereign for a pair of shoes or half a dozen eggs, because they could not negotiate prices, since they did not know what the fair value of gold was.

So, all in all, this is a nice thought, but like our bailouts it's "too little, too late". And Jaime's post above shows exactly how we are being treated (no offense to you Jaime). Last thing we want is another bailout, from Bitcoin miners this time. All those who are "saving" the country right now, are in it for the sweet deals.

We might just as well get a hard-backed currency and give up our Internet connectivity. Simple and tried.

In any case, time will tell. I might be wrong.

I am thinking of proposing to the admins a Greek subforum, I just don't have that many posts to support my position.

There is always the option of inflating like hell to save the greeks. In fact, that is exactly what the ECB wanted to do but the european population dont want to pay with higher prices for the mess the greeks got into (which is understandable). But the european politicians and the bankers want to save the greeks so they can keep paying the debts they own.

I have always said that the ECB will talk tought to keep the central-european population happy, but at the end of the dayt it will bail out the PIGS no matter how much inflation it has to create. It will talk tough, but it will NOT act tought.

Either way, default or inflation, Bitcoin is a very good option. I have met a greek in the OTC chat room. There is an european one: #bitcoin-otc-eu . I am sure you can find someone from Greece there.

1. learn greek.

2. locate the financial blogs that seem appropriate.

3. PROFIT!!!

It's generally understood that the European Central Bank is merely prolonging the inevitable financial collapse of insolvent countries on its periphery. Giving governments emergency loans when they haven't gotten their spending under control licks the can down the road, but solves nothing. Eventually, the countries of Greece, Ireland, Italy, Spain and Portugal are going to default on their sovereign debt, which in turn will destroy the large international banks holding their I.O.U.s.

We don't know when this will happen exactly, but it will likely happen within a few years if not sooner. This would be a seismic event and might take down the entire global financial system. It's beyond the scope of this post to discuss if this would be a good or bad thing for the global economy in the long term. What is terribly important is for us to recognize the risk and determine the best course of action to take AS INDIVIDUALS when TSHTF. 

When Greece defaults, the government will be able to obtain few if ANY additional loans and even those loans will be at usurious (loan shark) rates. The Greek government will be forced to function on only the money it can obtain through taxation. IT WON'T BE ABLE TO DO THIS. The government will start to crumble. Riots will intensify and capital flight will become torrential. To prevent a run on the nation's banks, capital controls will be implemented. People will be legally prevented from taking their money out of the country.  In desperation, they will physically cross the borders with cash hidden in their shoes. If they get caught, they will lose all their money at a minimum. It's possible they could even be imprisoned.

This isn't theory. This has already happened in some places such as South Africa. It won't just stop in Greece. Debt contagion and capital controls will spread from country to country as the dominoes fall.  People in these countries need to learn about Bitcoin, the best way to safeguard against capital controls.

What's the best way to warn these people of the dangers and to educate them about how Bitcoin could be the solution?