Bitcoin Forum

http://m.rte.ie/news/2015/0628/711122-greece-economy/

-Greek banks won't open Monday to prevent bank runs
- ATMs have been drained of cash over the weekend
-Creditors want pensions cut AND taxes raised

I know I'm keeping an eye on this situation, as this could very well happen in other parts of the world soon. I think btc could start looking like a  REALLY attractive way to get peoples cash out of a collaspsing financial system...

I've been in Bitcoin for a long time and my gut feeling says you couldn't be more wrong.
I am very pro bitcoin but being in this depression for a long period I don't believe in purple unicorns anymore  ;)

In dire financial situations people don't look on the internet to find a volatile asset to put their money into. You aren't going to throw all your money on a roulette wheel and hope for number 17 :-).

They are more likely to invest in safe physical items (estate, gold, foreign obligations, etc.) or a permit to live in another country.


If you are correct then we would see increased adoption by countries like
- Equador
- Egypt
- Pakistan
- Venezuela
- Argentina
- Belize
- Cuba
- Cyprus
- Jamaica
- Ukraine
Reason is that this is a list of 10 countries close to bankruptcy.

I haven't been bothered to crossreference these countries with bitcoin but I don't believe people in these countries are flocking towards bitcoin to save them.

My 2cts


P.S. I also hope my bitcoins will make me millionare one day ;)

+ Gold & silver

Correct me if I'm wrong but I don't think any of those were using the Euro as currency. My point is that this is a more major currency tied into many other economies.  I agree, people may not necessarily flock now, but this could be the start of multiple countries finally facing their economies collapse

Yes Ron Paul has said to keep an eye on the price of gold too. He also predicted that the us dollar WILL collapse, its just aatter of time.

He successfully predicted in 2002-03 the housing bubble popping because he ACTUALLY UNDERSTOOD what the us gvt policies of loose lending was doing to home prices and how subprime mortgages would not end up helping people.

Also interesting is he is predicting that the dollar collapse could happen in a matter of HOURS not days or weeks...

Shit got real: http://www.zerohedge.com/news/2015-06-28/ignoring-tsipras-plea-calm-greeks-storm-atms-stores-gas-stations

http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2015/06-overflow/20150628_greece_9_0.jpg

https://twitter.com/Kons_u/status/615265783745236992/photo/1

https://pbs.twimg.com/media/CInc-CYWEAAkMhk.jpg

https://pbs.twimg.com/media/CIndEpCWEAAY33l.jpg:large

https://twitter.com/OmairaGill/status/615268158023315456/photo/1

https://pbs.twimg.com/media/CInfIQmWUAEKXm1.jpg:large

https://twitter.com/neweuropeinvest/status/615272434434969601/photo/1

https://pbs.twimg.com/media/CInjA28XAAEwa97.jpg:large

http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2015/06-overflow/20150628_greece_2_0.jpg

I do not think that it will directly affect this crisis but what matters is that due to money as well as capital controls bitcoin as a decentralized "currency" will gain legitimacy.

I don't think that they would convert their money into bitcoin instantly there are alots of people who still don't know about bitcoin. Its just sad to see that their money is losing value..

i realize that i don't have take cash from ATM ... since 20 years.
now, all my economies are in bitcoin only.

greek people are bizarre ... they want cash.

why ?

deploy bitcoin terminal and it's all, problem solve.

It's too late for the Greeks now. Capital controls are in effect and banks will be closed for a week. They can't move fiat into exchanges, they can't buy bitcoin.

These pics say it all, next up they will be rioting, lighting fires (again) and praying that tomorrow is better.

http://i.telegraph.co.uk/multimedia/archive/01538/police-fire_1538655i.jpg

https://www.vice.com/en_uk/read/greeks-are-withdrawing-all-their-cash-876

Reddit comments:


https://www.reddit.com/r/worldnews/comments/3bdu3k/greeks_are_emptying_their_bank_accounts_after/

Other comments:

The Greek situation is demonstrating precisely how useful bitcoin is, but unfortunately few people are paying attention. It's staggering to think that people actually still had money in Greek banks!

I am curious about how you can prevent a bank run in this day and age.
Are there restrictions on online transfers as well?

This was a pretty obvious scenario. I would have had all of my money out long ago.

Reuters is reporting tonight that Greece’s financial stability council recommended that ATMs should be closed on Monday, and that the €60 limit would then kick in on Tuesday. I think the limit is set too low but what can there be anything done about it, there is nothing much left in their banks anyway. Its sad watching the economy of Greece just fall apart.

Limit on card withdrawals is 60EUR/day. Ouch!

Within a few days the bitcoin economy will realize nothing will happten to the price,  the Greeks are not buying btc. We are looking at another long term down trend again.
Don't be fooled.

you and your hundred alt accounts are a comedian. this is a great time for people in greece to get into a safe haven like bitcoin where their shitty government can't harm them.

ATM withdrawals limited to €60 per card per day.

Foreign bank cards excepted from controls.

Pension payments will be exempt from the bank transaction restrictions, certain banks are opening today to serve citizens receiving their pension.

Paying by credit or debit card in shops and between Greek bank accounts continues as normal.

Online transactions inside Greece(between accounts held at greek banks) will not be affected.

Transfers of money to destinations outside Greece are prohibited and will require approval from a Ministry of Finance commission.

A new banking transactions approval committee will have to approve, on a case-by-case basis, any urgent transactions deemed “necessary to safeguard a public or social interest”, such as medical expenses or pharmaceutical imports.

Interest surcharges on due payments are prohibited during the period of closure.

Banks breaching the rules face fines of up to 10% of the amount of any transaction violating the control measures.

http://www.theguardian.com/world/2015/jun/29/greek-debt-crisis-key-points-athens-bank-controls

The greedy fiends of bitcoin are celebrating someones misfortune with hopes of profiting from it.
I think that there will be a small rise though. A rise high enough to motivate the zealots to take on new loans just to buy more bitcoins. And then there will be the dump, followed by posts "WHO WOULD BE THIS STUPID TO SELL NOW!"

In reality, the Greek situation won't have any real effect on bitcoin. If you want to take your money out of an unstable financial environment, then you trade it (if still possible) against currencies or assets that have been stable and predictable in the past. You would have to be really dumb if you would see bitcoin as a safe haven for your wealth. It would make as much sense as to emigrate from Denver to Ciudad Juárez to escape the crime and violence.
But the main thing here will be on what will be the Avarage Joe believe, who is balls deep in bitcoin with loans on his back. If he believes that the Greek situation will rise demand for bitcoin, then the sharks in control of the market will have their feeding time.

Yes! It's silly to think that Greece will pump the price.

Correct, it's not Greece or the Greek people flocking to bitcoin that effects the price. Most people do not know what Bitcoin is, let alone how it works. But I don't think may are claiming people who have experienced a 5 yr long depression are going to pump crypto. I think it is more people speculating on a rise & Noobs hearing about crypto, opening & Buying an amount of bitcoin as a hedge, maybe just for practical experience.

Whether these newbies are from peripheral Euro economies or from further afield doesn't matter: each banking crisis will expose more people to crypto and if only a small percentage decide to dip their toes in the water, it all builds towards a tipping point. Each crisis generates publicity for crypto as an increasingly viable SoV alternative.

Why wouldn't a small amount of people having heard about crypto buy part of a bitcoin / open a wallet? Granted it isn't overly useful or accepted in most places but it is an avenue that keeps some wealth outside of institutional banking control. Similar to the way I don't think we're ever going back to a gold standard but I have a small amount of gold as a hedge against financial turmoil because TPTB's generation still have the mindset of gold as their SoV (See many Reserve Banks of the world have large, and rising, holdings of gold).

Its a combination of Greece, and the negative effect on the euro that has potential to make an impact on btc price:

http://www.bloomberg.com/news/articles/2015-06-28/euro-may-open-lower-as-referendum-call-stokes-greek-exit-risks

Tsipras is doing a good job resisting the pressure of the troika. They know it's game over no matter what they do. If they stay getting buttfucked by merkel and company, their voters will turn their back on then, same goes for resisting and ruining the country, but at least some part of your voters will be happy. Greece is facing a dead end scenario no matter what, because they will not wake up and realize the monetary system as we know it is dead and crypto is the only way out.

maybe... bernanki once said after the cyprus bail-ins that cyprus could become contagious... well with that said we can see how contagious greece will become.. we are wtinessing the start of something here .. one thing i have learned is that certain people will play down stuff to keep the masses ignorant so that when it finally does happen they will be like all the greeks who waited until just after the last moment to get their money out the banks and to prepare. pretending that greece is a non event seems like a bad call imo. this aint about the greeks buying btc, its about those who are awake and can see what is going down who are buying btc.

Exactly what I was thinking. Even if the Greeks wanted BTC there is no way to get significant amounts in any sort of instant manner. You need to be verified at an exchange which can take weeks, then you need to transfer funds which can also take a week or two. Never mind the bank is closed so transfers are out of the question.
There's also the BTC learning curve to consider. I would be hesitant to rush and turn all my fiat into an experimental, volatile, easy to steal digital currency unless I felt I had studied it learned everything about it and felt secure in my knowledge to store it safely. One does not simply acquire BTC overnight...

If there was going to be any sort of BTC boom in Greece it would have already happened, started weeks ago, and ended by now.

Yes, and it's even more sad that the modern world has come to depend on banks like this. Seeing pictures of these long lines for a fait ATM makes me depressed and sick at the same time.

Nobody is celebrating.  Even if btc doubles, I will still be personally screwed because the economy has a good chance of tanking.  I sold almost all of my stock from the market, but a catylyst like this can cause a crash and economic devastation world wide that can not be avoided by the average person.  We are still suffering from the 2008 collapse.

That said, I think it is sad what happened in Greece.  The strange thing is you could see this coming well in advance, so it makes me wonder wtf the government was doing, because they clearly were not doing their jobs.  Playing golf maybe? Do they play golf in Greece?  I am not celebrating at all, the average greece citizen will get fleeced as usual, and the fat cats will get fatter.

It is interesting that BTC has had a strong rally, although I suspect this is not actual greek citizens buying them, but rather other investors who are speculating that as the world economy continues to go to shit, cryptos will become more attractive.

Even if we do benefit, we are not happy that the people over there are getting hurt.  Investing is like a math equation.  Crunch the numbers and make them work for you, but don't get emotionally involved. Getting emotionally involved in any way is how investors lose.  If the numbers go up for ANY reason, those of us holding should not feel guilty that we are in the money.  Holding cryptos is HIGHLY dangerous, and I don't feel guilty for making money on this, when I took the risk to do ti with my own money.  I am not celebrating, but I will take advantage of what the market give me, without emotional involvement.

************* EVERYONE ON BITCOINTALK ************

There is a great chance to get Bitcoin a bit of mainstream penetration. All the worlds press are on these feeds.

Retweet this and lets get it to float:

https://twitter.com/TaoOfSatoshi/status/615663017217392641

************************************************

if bottom line, people cant access to their cash then its a shit strom in general.

causes panic, then people will go buy whatever money they have on them to get bitcoin. Its the only way anyone can reduce the damage.