Topic: Leaving eurozone - Greece & Bitcoin (Read 1966 times)

Given that banks don't pay any measurable interest on checking/savings accounts any more, I think it would be VERY prudent for citizens of other indebted economies to be putting a good chunk of their savings in bitcoin at this point. Greece ought to be a wake-up call.

Cnn money calls the greece drama a tiny cloud that what could happen in china with the current stocks falls do to margin stock buying http://money.cnn.com/2015/07/06/investing/stocks-market-china-greece/index.html?iid=hp-toplead-dom

check it out, if the #2 economy falls how big with the hype get with bitcoin?

Maybe then Spain, Portugal and Italy should start hoarding BTC then just in case Myself I don't even have 50 in cash on me ever, unless I go clubbing or something.. Maybe it is good to have some more lying around just in case..

The way I see it, you've got an alcoholic (Greece), and a bartender (Germany) who should know better but kept giving him drinks. The alcoholic bears full responsibility for their actions, but a pox on the bartender as well for aiding and abetting the acoholic's dysfunctional behavior.

In my mind it's downright immoral for people to be buying the government debt of heavily indebted countries like Japan, Greece, USA, Italy, Spain, etc. All you are doing is helping them sell their own children (literally!) into debt slavery.

FWIW, Bitfinix, located in Italy is now leading in volume.

That's human nature in general. Greeks should've educated themselves on alternatives six or more months ago. If it does happen in another country it'll be the same cycle. Those who could've benefited left it far too late to protect themselves.

Another key issue... I know people from all these countries, and they are worried about going the same way as Greece or worse, but they aren't really doing much to search for an exit way. Unfortunately I think most Europe will only search for Bitcoin when they hit the dead end!

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bryant.coleman

I cannot make definitive comments on Greece, only offer observations based on financial behavior and history.

Clearly there have been many years of misbehavior by Greece (mainly corruption and too much spending).  And there is LOTS of blame to go around.  But recall that the last government of Greece was Socialist.  And Tsipras (Syriza), even more Socialist, won by promising a more radical solution than the prior governments.

I only see difficult problems for Greece.  They need BIG CHANGES, including to their culture (not just cutting spending, etc.).  Granted, the Troika needs to bend some, but Greece does owe the money.


"The problem with socialism is that you eventually run out of other people's money."
- Margaret Thatcher

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Varoufakis may (and I don't know...) have left to avoid becoming a scapegoat.

Tsipras has replaced the extremist Yanis Varoufakis with the more moderate Euclid Tsakalotos. Perhaps he is signalling that Greece still want to remain in the Eurozone. Now it is up to frau Merkel and François Hollande to decide, whether they want to lose Greece to Russia or avert that by writing off a part of the Greek debt. 

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ebliever & jonald_fyookball

Correct!  While it is too late (for now) for Greeks to buy into BTC in a wholesale way, it is NOT too late for people in the other countries at risk:

Portugal
Spain
Italy

and France?

If Greece "bails-in" bank accounts for anything like 30%, then I would think that citizens of those countries at risk would start to act. 

Who wants to lose 30% of their savings?

Greece isn't the point.  The point is, if they can give a haircut, whose next?
Your money isn't safe in fiat. 

1. As many have mentioned, Greeks currently are cash-poor and likely to remain such in the near term, so they can't easily buy bitcoin directly.

2. On the flip side, some observe that this is an excellent opportunity for Greek businesses, particularly tourist ones, to start accepting bitcoin as a means of evading currency controls and the whole banking system. Once bitcoin starts flowing in through tourism and any other export industries, it can begin circulating within a new Grecian bitcoin ecosystem and more Greek businesses begin accepting it.

3. Greeks are beginning to grow very anxious, and the reports that banks may run dry within a day or two, and rumors of huge confiscations of bank deposits are going to cause desperation sooner than later. If the right tools are presented to them to use bitcoin, I think we could indeed see a great many Greeks turn to bitcoin because of that desperation and frustration with the powers that be.

I said a few days ago that I don't really see a near-term risk to the price of bitcoin. So far so good, but I think this is just the prologue unless one side caves quickly in the political squabbling. And even then there is a lot of damage to be done, which will still help drive people to bitcoin.

There are millions more in Portugal, Spain, Italy and elsewhere who also have to be looking at this and thinking "Geez, I can't afford to wait until the banks close on me. I've got to make sure I have an exit strategy NOW!" Bitcoin and the alts will be fighting with gold/silver for their funds.

Bitcoin is till treated by majority of its users as a speculation tool instead of full fledged payment method and currency. We still are community full of holders.
Linking Greece with bitcoin is wishful thinking imo, for greeks Bitcoin is just hipster tool, it is not suitable replace euro on a daily basis.
Maybe Bitcoin will be utilized more when Greeks will return to Drachma (if they do it) Because with strong euro there is no point really.

70% of bitcoin users wants to be rich using bitcoin..

some want the price to rise not because they need to be rich, but because they can acquire more thing with just one bitcoin, spending bitcoin now with such ridiculous value, it feel like a waste, when you consider that in the future a whole bitcoin can buy you a car or even an house, in a very distant future...

I think he didn't do wrong in leaving. Nobody liked him in the Eurogroup, Tsipras handles negotiations pretty well (some greeks say that he should be prime minister and replace Varoufakis at the same time) and Varoufakis would probably make too many demands, prolonging the negotiations way further and making things worse for Greece.


Yes, quite a lot of b€n€fits as you can see

Well sadly some people only care about profit but there are different types of bitcoiners. Some care about bitcoin actually freeing or liberating people whilst others just want a quick profit. Of course there are those in between too. I'd like the price to rise but only so I can get more bang for my buck and would want to actually spend my coins on goods/services as opposed to cash them out.

Some peoples wish a Grexit only to see the bitcoin price increasing and sell them

flip side

Yea is fun to see the media just making more and more statement about bitcoin and what could be a possible solution, just in this week alone we have seen a 40 usd raise on the price, imagine if there was some promo about bitcoin in Greece or if Roger ver was in Greece right now!

It is good speculation for bitcoin actually, it is very awesome haha, I remember bitcoin's first bubble came in early 2013, because of Cyprus, so we can see the price is going up again, I think people are speculating bitcoin and Greece, we may see next bubble for bitcoin is incoming, let's make fiat money from this time, and sell high buy low is the always the best tactic.