To all the economists, both professional and amateur, out there - given that Varoufakis has ruled out Greece adopting btc nationally (and, lets face it, at this stage who can blame him ?) do any of you have any practical suggestions how a nation like Greece might best be able to utilise btc/the blockchain, moving forward from here ?
What small scale initiatives might Varoufakis adopt ? He is, after all, sympathetic and not averse to bitcoin.
I guess education is the starting point - but what are your thoughts ?
What small scale initiatives might Varoufakis adopt ? He is, after all, sympathetic and not averse to bitcoin.
I guess education is the starting point - but what are your thoughts ?
Now the Greece is again without risks to go out of EU but one day it will be not a surprise for me to see that out. So have meanings answering to this main post of this thread.
Varoufakis has no idea what have told (if he has told that Greece must - or will, or need to - adopt bitcoin as a national currency). As always he want the attention of the others versus him an not speak the needed and with meaning thing. It will be a big wrong adopt as a national currency a currency which is a world currency. Which is own by no one and for more which cannot be owned by no one (including Greece). I don't know where will find Varoufakis the bitcoins with which will pay the salaries and the pensions to the Greeks and where will find the bitcoins the Greek commercial banks to operate. They will go out of EU within one day. So the new money needed the tomorrow of that day. They have nothing. So cannot buy bitcoin to use it within the country. They cannot find money to buy bitcoin because no one give them money (because they will pretend to not return back those to the owners). But even will find institutions or countries which will be ready to borrow money to them It will be the amount of bitcoins in the bitcoin market enough to satisfy the Greek economy with the needs for money which this economy will have ongoing? I am sure that not. This excludes even the possibility to use bitcoin as a currency even if the goes out of Greece from EU will be not within a day but within a period of time. Whatever will be that period of time. So the suggestion (if true) of Varoufakis it is simply a stupidity.
It is another thing if Greece create its digital money. But even this option it is impossible to be realized. Can be to much the reasons that can be. I will mention here one. In the case of the out of Greece from EU needed money since the tomorrow of the goes out. And this coin need time to be produced. Then must be produced in a such quantity before the time in which will be launched in market that be able to cover all the needs of the entire economy of Greece for a certain period. Such quantity need much much more time to be produced. Even if the EU will give a period of time to goes out this period is not enough to produce that amount of money. What will do Greece during this time? Will live with barter?
A Varoufakis the answer.
