Bitcoin Forum

There are serious capital controls (http://cointelegraph.com/news/114703/how-to-fight-capital-controls-in-greece) 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.

Of course it wont save them.. First they cant acces their money to buy bitcoin, second they don't enough places to spend coins, third everybody would be hacked ten times over..

I don' think so! At first the gov wouldn't adopt bitcoin as national currency! Even they maybe consider this idea, they can't afford to buy enough number of bitcoin as reserve currency. They are desperate for cash to repay the loan! The ppl's money are stuck in the bank as well!

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.

Bitcoin can save individual Greeks, but not the nation as a whole, not without a lot of development work on bitcoin for scalability, etc. And the clock has run out for that, so far as Greece is concerned.

Edit: Meghan McArdle's recent article on Greece makes a good point: No choice of currency can save a country if it keeps making poor choices and is fiscally irresponsible. Greece would be a basket case whether it was on the gold standard, Euro, bitcoin, or bonga-bonga shells because of the leadership it has had. Conversely, a firm and fiscally responsible government could keep its economy on a sound footing using anything with the right characteristics (scarcity, fungibility, etc.) as currency.

http://www.bloombergview.com/articles/2015-06-29/the-moral-of-the-greek-story

No, changing the currency will do nothing for the nation.  It might have helped individuals who were wise enough a few weeks ago to switch, but imo it is far too late for that sort of thing.  Their money is locked down in the banking system, so at this point the only thing that will help them is a solution.  But nobody can agree on what needs to be done, so the crap will hit the fan soon.

It can change some individuals but not a whole country.

bitcoin is not going to save Greece.
bitcoin is just a way for the people to save their money's worth and also keep their own money in their own hands and not in the banks being controlled by their government.

The conclusion is saving individuals and not the whole country.

There was a program by Max Keiser at the Keiser Report that addressed exactly this topic, it's worth checking out. It's from a couple months ago but still very relevant:


https://www.youtube.com/watch?v=3s7UVY5yv7Y

I think it could help in certain ways, but it's not guaranteed to 'save them' as bitcoin is probably just as risky as their fiat is now.


Not if the price plummets... though I think if a country mass adopted bitcoin the price would only continue to rise.

Well the answer is yes and no. You would have to define the word save in this case.
In one hand, using Bitcoin can save anyone (including Greeks) from the banking system and capital controls (obviously if you withdrew before).
In the other hand, Bitcoin can not solve the problems of Greece (it's economy and whatnot).

No.

Can Bitcoin save individual, self-interested Greek citizens?

Sure.

4B is a tiny amount for saving someone especially a whole country, bitcoin still look like not a serious asset with that marketcap, add a 2-3 zeroes and it may be used to save a country, but right now, there is no advantage for anyone to go with BTC

also they are too accustomed in printing money, and they cannot do the same with btc, from where they will get new money when all the btc that they possess will be distributed?

most likely individual that already hold bitcoin in greece most feel so good about their investment and not being handle by the banking restrictions like how the normal people are, i'm the experiences of some of this bitcoin holders in Greece will pass along them.

Not at all,Bitcoin can't save any country,and Greece will explode sooner or later

One needs to have realistic expectations. As a monetary system, bitcoin has only been around since 2009.

Majority of Greeks are not familiar with bitcoin, although exchanges have seen more trades from Greece lately, but its very tiny.

Greeks who know about bitcoin are very small minority. Greeks who know about bitcoin and believe that bitcoin could save their economy are probably non existent.
Why would Greece gravitate towards bitcoin when they have EURO? If they still had Drahma, their old currency Bitcoin could be the cure for them. But Euro won't collapse that easily.

obviously not for the reasons already given, but it amazes me that greeks have had a year to withdraw their euros and do something with them but instead most did nothing and left them in banks. enjoy having your life savings redenominated in a devalued drachma.

is most likely the tech savvy will be taking advance of the none ones, greece has about 11 million in total population lets say 1% knows about bitcoin thats just about 110,000 people that know about bitcoin right now thats if its 1%.

I think any greek guy hodling BTC is in a great position right now. He can buy stuff, he can make overseas transfer, can proberly sell BTC at overprice on Local bitcoins. Greek as a country switching to BTC is not an option, they need common accepted capita to do currency trade on the internatiol market.

This just makes me go back to a question that I've asked myself recently and wrote about in some post. A lot of people are claiming to be "ultimate" Bitcoin supporters, so why did nobody go there to make local conferences or something?
I understand that some people do not have time/money, as neither do I. However, I'm pretty sure that there are individuals who could have done this, and I'm asking myself why they didn't?

This would be beneficial to both Bitcoin and Greeks, unlike the Indiegogo campaign.

There is a lot jealousy in the bitcoin rich or just a every one for their own right now, some of then might be looking just to even get richer in bitcoin amounts and don't want the general public to begin paying attention to bitcoin, some of them are into regulating bitcoin and lobbying for bitcoin, some of then just dont give a crap about letting countries on distress know what bitcoin could offer them.

Thats wat we call denial.. The Greeks did not want to beleive something like this could happen.. More money will come, like always.. Hard lesson learned here..

well there some coverage and speculation from media about the topic people will love this

https://pbs.twimg.com/media/CI1x8H9WcAErvrn.jpg


https://twitter.com/Sonnenshein/status/616274021122969600



this will get the tech savvy from greece to job on the bitcoin investment movement or at lease have then to think about it.

bitcoin is the only way forward for the Greek people, in my opinion!

If you saw that something like this would happen, then you could have kept your savings in cash (€) as well. If you didn't see this coming then it doesn't matter if you don't have Euros or you don't have Bitcoin, its the same in the end.

On an individual level yes maybe Bitcoins could have been a solution, but were there any who gambled their life on bitcoin? As a country and economy as a whole, a cryptocurrency is probably not the solution. Also, imagine the number of transactions (block size?) per second if entire Greece (or well any single country) would fully switch to bitcoin.

I would not term it save, but bitcoin as alternative will stabilize the market moves, even if Germany keeps being so aggressive.

yea most likely an alternative means of investment for tech savvy and investors looking to keep part of their funds on the country banks would be most likely using bitcoin, has bitcoin is not ready for the general public and world transactions.

It would certainly be better than having money in the banks for them at the current time. They wouldn't have to deal with those withdraw limitations.

Only issue would be finding sellers who accept bitcoin instead of fiat. If more local people started using it instead of fiat, that issue would probably fade fairly quickly.

good to see media using bitcoin has a tool to save an economy.

we are more likely to see more media covering Greece and using bitcoin has an alternative tool to investors or so,
just keep in mind is positive for bitcoin to get some what in the picture against a country in on financial trouble,
this will turn a good amount of tech savvy and investors to bitoin.

I think the current situation Greece is facing, Bitcoin will unlikely be able to save her.
Nice to hear in theory but it just won't work out.

Bitcoin cannot save Greece, and it's not supposed to. Bitcoin is supposed to save people, and it can!

Giving people an alternative to any Government controlled fiat currency allows them to eliminate some country risk from their financial lives. There's also a secondary effect that Governments may do things differently if they know that an alternative currency exists, but the reality of this happening is driven by the people more than by Bitcoin.

It could, but do all Greeks really want to be saved? They keep getting ass-raped by capital controls and "haircuts" et al. If they were lifted at any point, every single bit of fiat currency should have been withdrawn from the banks and all other capital-controllable fiat stores like PayPal.

Question is: how will they buy Bitcoins with such severe capital controls?

And if they are able to buy and sell BTC easily, how long until Bitcoin gets banned from Greece once it turns out to be popular, and then what?

Heck no, bitcoin cannot save Greece's economy.  I have only taken two courses of macroeconomics in college but I don't see how it would unless everyone invested there switched over.  Even then I don't see it completely saving Greece.  Also there is the no guarantee on the future value of bitcoin.   

Bitcoin cannot save Greece, they are too deep into debt to be saved by Bitcoin. If the people could extract enough euro's from the banks, and convert it into Bitcoin, before they go back to the Drachma, they might protect the value of their money.

The biggest lesson MANY people around the world need to learn about this situation is this :

1. Access to your money in the bank is not guaranteed.
2. Banks look after their own interrest first.
3. Governments control Banks
4. Bitcoin is a alternative to Banks

When you look at this, and it sinks into your brain, you will know what real financial freedom feels like. {Or the closest to it}   

Bitcoin has been invented in 2008 and started to be operational in 2009, within these span of years, how can one to be expect Bitcoin as a Savior for Greece Crisis at the moment. Greece has it's own problem for their default, Fortunately bitcoin came into handy for them to invest on it due to the uncertainty in Greece economy, If Greeks put their hard effort and sincerity they will definitely come out of this financial problems in a few years.

why it should be banned? if there is a small chance that buying bitcoin will help their economic condition, than a don't think it will be banned at all, also last time i checked they are pro bitcoin and not agianst it

otherwise why they installed an atm there

Well then, such people shouldn't call themselves real supporters. What you gave me are good examples of excuses.
I guess the majority are very greedy. This is just one of the flaw that humans have, and I do not know how to help those with it? We could argue that this trait is the very reason why Greece is in this situation but that deserves a thread for its own.

Whoever withdrew a good sum before the controls can. For those who did not, it might be too late now.
I doubt that Greece would ban Bitcoin. That would probably be their last mistake.

The only way it can help greeks are if some of them already own a big enough amount of Bitcoin to start over in another country.

I'm not sure I understand you, why would they need to convert all their Euros to Bitcoin?

If you are saying that only they should change their Euros, what difference would it make for them? 1 € will be 1€ after/if the country goes completely bankrupt. So assuming they can withdraw their money (which is also needed if they want to buy Bitcoins), what difference does it make if I have 1 BTC in my wallet or 230€ cash?

If you are implying that they would be able to use Bitcoins better than Euros, then I think you have to reflect again on the scale of bitcoin in the everyday life.

Bitcoin has surpassed that point where it could have been saved and rescued, right after they made the default. The shit has hit the fans now.
Bitcoin cannot help Greece now, it could have helped smart ass Greeks who saw this coming and invested/transferred their money to bitcoins rather than let it get trapped in the bank and be screwed like this. Bitcoin cannot help Greece in any way now, not in a way to escape their doom.

It would be epic to see the bitcoin community raise money for a Greece bailout but is way too much 1.7b euro is pretty much half of the bitcoin market cap,
i would ratter see more bitcoin education and support on Greece.

converting to bitcoin would not save greece as whole. maybe the money of some residents at most. (hiding the money from vicious eyes of government)
Greece by it self is so deep in shit i cant even imagine how they are gonna dig out of it.

Probably not right now after the control that the banks have put in place. I can imagine if these were done (bitcoin as the alternative currency) much earlier, things would have been different. I can see bitcoin can benefit in a lot of ways where no one can actually exert a control to the extent of telling you what you can or cannot do with your money.

Volatility is volatility. By having your money in Bitcoin you are still taking a risk, your purchasing power is volatile. This, specially for old people is off putting. It's not for us since we understand the current context of Bitcoin, the technology etc, but for a totally clueless person, I understand the reticence. We are ahead of the 99% by at least 10 years by owning BTC alone.

I wonder whats gonna happen to the Greece economy once the government start printing their local currency, how would it stack up agaisnt the euro or btc alone, will the government take the peoples euro and just swap them by force that could be pretty volatile.

HAHAHAHA, yes! PRECISELY! THE SHIT HAS HIT THE FANS! How the fuck can bitcoin help Greece? By helping citizens by bitcoins to keep their money with themselves? Boofuckinghoo. Their money is stuck in the banks, it can't be fucked with now. Most of the Greeks don't even know what the hell is bitcoin, they don't even care so all the fake media news saying Greeks are running to buy btc is all false marketing but yay, good for bitcoin :P Its in the news ;)

I am not sure it can come to that. A government forcefully exchanging its peoples money to another currency? That would be....rude.

Regarding volatility, what do you think is more volatile, Euro or Bitcoins? Frankly, if I had to chose right now between a monetary system that has been running for centuries and one that was there for 6 years, I'd go for fiat and keep my savings in Euros. Considering the Greek crisis only, of course. A life's earnings cannot be gambled to see bitcoin whales cashing out big fat money if/when half Greece bought in.

naaah! Bitcoins can give them some hope but not save Greece. The fiat money has already damaged the economy so much that I dont think a virtual currency like bitcoin can save Greece from its misery. Plus, you cannot get bitcoins by doing nothing, and the problem with Greece is that people are doing nothing..

The problem with Greece is that people aren't able to do nothing. I think its time they take control in their own hands because their government has obviously screwed them over. I think there should be an economic revolt in Greece ad things should change dramatically for them, although it might take years to come for proper implementation. The change starts from within, and the change must start now.

No.

Bitcoins will not be able to save greece. greece has gotten into a pit from which a virtual currency cannot pull it up. bitcoins are giving the greece public a sign of hope and rescue but i don't think that alone bitcoin will be able to heal the damage caused by the failed fiat money and the overall economy. the government needs to look for solutions. the only reason that people are relying so much on bitcoins there is that they don't have many options to choose from!

Might be able to save some people who have known bitcoin before this crisis.
this is because it is very difficult  to convert  the Greek currency to bitcoin.

I think this is the right time for the bitcoin foundation to step in and offer more information support in Greece,
educating the Greeks at this point would be crucial for a larger greek crow to take bitcoin has an investment o a way to have financial freedom.

The Greeks ave Euros as well, hence for them it would have been the same for them to convert as for anyone else in the Euro zone.


I think it would just mix things up. Bitcoin is not stable enough and the foundation couldn't make a promise that it was safe and that their funds were completely safe. By safe I mean as storage of value.

This is not a good move because the nature of BTC itself is pretty much unstable . You cant expect BTC foundation to go there and said everything is fine once you convert all your savings into BTC while in fact that putting saving in form of BTC is pretty much "unsafe" as well .
"Unsafe" pretty much is viewed from the volatility issue though because there is no denying that the moment you put your saving into BTC then you would need to endure the fact that your savings could become half of what you put in a night . Once we stood up for this volatility issue then it will be of course a different story if there is some incident like this in the future

It is unsure, yes, but I think that if bitcoin were to help greece, it would help both sides gain a bit of stability,

Can Greece really save bitcoin?

I saw an interesting post on the Bitcoin subreddit recently. The OP was arguing that Bitcoin could not save the people of Greece, but could be used to support the merchants and sellers within the country. The idea is that us Bitcoin users worldwide should be making an attempt to purchase Greek goods with our Bitcoin, as the local currency is, obviously, falling apart. I think this is precisely the role that Bitcoin should be playing in Greece.

On that note... http://www.newsbtc.com/2015/07/03/spartan-route-buying-greek-exports-with-bitcoin/

Lol.. that is the question which should be asked. We are discussing about the probability that Greece will be saved by a currency, whose value has declined by 80% in the last 18 months. The Bitcoin adoption is going down considerably, and the number of people who use Bitcoin for their online shopping has also gone down steeply.

I don't sell at a loss, which is why I'm not using BTC for online shopping. But...

I'd like to see metrics on the last two points rather than just Overstock.com's SEC-EDGAR filings.

Obviously I can't speak for the whole community, but I just spent 3~ BTC over at newegg.com a couple of weeks ago, and it seems that more opportunities to spend online are opening up every day, so I wouldn't argue that online shopping through Bitcoin is on the decline.

Just look at this crow i wish someone had gone there with a bitcoin flag or with flyers at least and pass them out https://www.youtube.com/watch?v=mNxHc6qMotg a sea of people wonderful watching crows like that gather for one cause.

I think online shopping is growing, however "offline" purchasing is still an issue. Since bitcoin is a digital asset buying things in the local shop will be problematic for a good while. Also, e.g. newegg.com is a cool site in the USA, but getting stuff to the EU from there is not easy.

I have close to 200 craigslist ads saying "Bitcoin & cash accepted" and merchant apps ready to rock, but local bitcoiners don't want to pay for my stuff with BTC, only cash. They could even pay in advance of pickup, but nope.

http://i.dailymail.co.uk/i/pix/2015/07/05/08/2A3E7DA000000578-3149848-image-a-13_1436082369752.jpg

Just look at that face! Greece is on the verge of economic destruction and he's posing for cameras with a smile like he won the lottery.
And how much does this referendum cost and who will pay for it ? They are supposed to lead the country, and not waste money to ask common people for answers they should provide themselves.

The point that i'm trying to make here is that there's noone who can save Greece Not until people realize that they need to lock up their leaders, and start acting like a responsible adults.
Bitcoin can help people make transactions under any environment, but it can't cure human stupidity, but just my opinion in the end..

cheers

First of all, assuming bitcoin can save Greece, the fact that Greece cannot afford enough bitcoins as their Govt revenue puts a full stop over the debate. Secondly, people cannot buy bitcoins because their money is trapped. Assuming they can buy bitcoin, shop keepers in Greece don't accept bitcoins but cash. Even if that problem is sorted out, what about the increase in price level after Greece adopts bitcoin? The whole point of their debt and economic collapse was that they couldn't afford euro, you think they can afford bitcoin? LOL.

No, it can't. Bitcoin is not the salvation of any state but it can help some people to save their 'money'....

Bitcoin went into bubble mode in late 2013, and bottomed out back in January. Since then it has actually been performing pretty well the last six months, despite the warring factions on the scalability debate. So I think Bitcoin is fundamentally healthy enough.

Greece says NO to EU at today’s referendum.
All i can say - The most stupid thing they can do......this is the beginning of huge financial collapse.....

I’m in EU too and in a matter of fact i think they didnt deserve any more help.....at the last years the Greeks eat and drink almost 500 billions $ and after that the whole EU must pay the bill..... so..... game over motherfuckers, now u need get some real work.



Please donate here : 1KPp2EVWJMRJpH9d6ZJtQTZPERSBeHCnAg

https://i.imgur.com/zxc4mfx.jpg

Lets buy some Lubricants for all Greeks, they will need it......  ;D ;D

http://www.chemistwarehouse.com.au/images/productimages/51795/original_CW.jpg?21%2F09%2F2011+9%3A17%3A30+PM

It is not the peoples fault it`s the banks who will not give the people money that belongs to them  ;)

Well short term it seems that Greece is giving bitcoin a nice boost!
We've been to $275, lets see if we hit 300 in the next day or so.

Who knows, maybe this willl get Greece a better deal from the EU... or maybe Grexit and bitcoin to the moon

nope, the Greeks are faulty....they dont have working economic, the only reason they are not in a collapse already is the EU is giving them a huge loans....loans they cant return  ;)

I have no idea are u ever been in Greece, its beautiful country but the people are lazy, the main reason for their scenario now.

so, all the people who are asking for money did not earn it? Did the people ever work for the money that can`t be taken out of banks?

All the citizens of Greece have been living on loans is that what you are saying larry12?

Help me understand

Yes, the last few years....loans from EU or Germany call it what u want :)



http://presa.bg/images/news/62015/pics/1435587860.jpg

http://www.theguardian.com/world/2015/jul/03/greek-referendum-what-the-experts-say (http://www.theguardian.com/world/2015/jul/03/greek-referendum-what-the-experts-say)

An interesting read. There are booth those who argument against NO and YES alike.
The two that got me thinking:


With this no vote I'm not sure where all this is headed. If it gets to the point where Greece leaves the EU, then the EU will suffer a major defeat.

If they get the drachma back, and I was greek, I'd put a large stash of my savings into bitcoin instead. It can't save the country, maybe it can save some of the people.

Greek people really wanted bitcoins but couldn't get them because the euros in their bank accounts don't actually exist.

they could still be part of the bitcoin adoption by receiving bitcoin has a form of payment for anything they want to sell internationally, the question is what would be the channels of commerce for them to use in order to get paid in bitcoin.

spartanroute.com and Alibaba or craigslist for the rare birds that look on remote craigslist sites for deals.

but I think it would be very difficult for them to exchange their money into bitcoin for now, this is because some service providers will certainly take into account the impact also

So larry says that the Greece population of around 11.12 million people have been living on the loans provided by Euro. WOW. Its nothing like that, I've been in Greece and there are shops, there are workers, there is trade, there is market. Its a normal country. The banks screwed the people and the country altogether, and this isn't the people's fault. They weren't ask for a say in that, and now that they're fucked up, they host referendum. LOL.

I spent 2-3 weeks every summer in Greece....
The shops are not working from 12.00 to 16.00, the office employers get unbelieveble stupid bonuses like bonus for washing hands, bonus for using fax machine and etc.....the banks are not faulty for that Greeks are spending money they didnt have....the truth is they dont have working econimics and if they leave EU the collapse will be huge.....its time to pay your loans you cant just get loans and when its time to give them back to say "We're leaving, go fuck yourself eu"....

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/merkel-in-cyprus-atm.jpg

they have one atm, if the thing of exchanging bitcoin would get far, i'm sure many other atm would be build, and there will be no problem for exchanging euro/drmca with bitcoin or vice versa


they have those 60 euro per person, and per day, it is mopre than enough to buy what you want

There's no quick fix for a failing economy. If there was, many other countries in similar situations would use BTC to save themselves as well. Personally, I see BTC as just a means of temporary 'damage control'. The fact of the matter is that a digital currency will not pull Greece out of their overbearing debt.

Bitcoin won't. However, if Greece exits the Euro, they will need to adopt a new currency, and in order for that to work people have to trust the government won't abuse it. So there could be a reason to adopt a trust-free crypto-currency. They can't use an existing currency like Bitcoin because they don't have anything to buy it with. They could start a new crypto-currency.

As I am a fan of Nxt I will suggest that the best way to do that is by creating one within the Nxt monetary system. That could get them up and running very quickly, without having to find people to mine it.  :)

Very little of the money loaned to Greece in the last 5 years has been used to help the Greek economy or the Greek people. Most of it was used to pay off earlier loans. In effect, the money moved from the public banks to private (non-Greek) banks. That's why the Greek GNP has remained in decline.

Starting their own crypto-currency that based on nothing? BTC itself needs years before it is established like this and greece need a quick solution for their problem which means BTC will be the answer if only they could purchase it . Starting their own crypto-currency will be the same as starting their own FIAT money in the digital form because the goverment could "abuse" it and BTC which is already has all the feature of decentralization could be the answer for it rather than starting something which is still unsure of

Bitcoin is surging as PayPal is no longer available there. Bitcoin use has increased enormously in the past 2 months in Greece. But how would it save Greece? They wouldn't have enough money to purchase enough bitcoins for them to spend, and bitcoin there I believe is not as advanced as ours, there's a higher risk of being hacked and scammed.

Bitcoin wont save Greece but that country's current financial situation will save bitcoin from dropping to the price below $200. But if Greece will be introduced to bitcoin, it might.

we were fine(above 200) even before this greece's disaster, greece will not impact the price as many think

what it is really impacting the price is the security aspect of the network related to the miner and when they scre things like the recent fork, or the TX limit, those are bad thing for bitcoin

Bitcoin at this time is not gonna be big in Greece..imho.....not enough of a knowledge base yet for btc or crypto
.....however as the Greek economy recovers (hopefully in next few years) you can bet crypto
will become well known  in Greece....esp with their experiences of the atm's/banks/paypal and all the rest canceled and if they do raid the
deposits of over 8k of euros and take 30% as I read someplace before the banks open....it will travel like wild fire if for no other reason
then 'if they try this again here is my plan' point of view :)

well ..... you may have not known about something before this mess happened in your life..but I'm fairly sure that more then a few
Greeks (or folk from spain/italy/etc) will look at this and go..hmmmmmmmm.....maybe just maybe i should hedge my bets again
if no other reason that I think a lot of them felt embarrassed they did not prep better and could not conceive of how heavy handed
imho the EU was .....(bankers rule in Europe i guess as elsewhere)

also if the Greek drachma for this next year has a rough start has say a 40% inflation rate or some such I expect Greece will be the new version
of Argentina a huge hit bitcoin and will be again imho.

things are always way more clear after you are shafted then when you were 'pre-? shafted...' so to speak :)

It was actually nothing but pure speculation. Some people are into speculation that it will save Greece however this is not true at all because BTC isnt the savior for all their problem. In fact Greece is doing favour for BTC because of all of this hype, the price of BTC has been increasing by atleast ~ 10 % . Sad fact indeed but this is the harsh truth and speculation is what keeps the price to increase and hold for now ( wonder what will happen after all this hype ended )

Please also provide some fact to state your argument that BTC usage has increased enourmously in the past 2 months. I havent seen any relevant data about this however I do know that this hype has started few months back and it is not an accurate data to collerate about BTC usage based on the hype of this


You are kidding right? BTC isnt any different wherever you obtain them . Even if you live in the a country that provide you with the fastest internet connection or whatsoever , it doesnt matter because as long as your wallet is connected to the network then it is not safe at all and it is hackable let alone if you are using a web wallet

P.S : wikipedia might be the best spot for you start about this


Harsh truth but this is actually the case right now

bitcoins will not save greece, but the people would save their money in bitcoins,
because when they CANT get the money from the bank and they change the currency their are broke.
With bitcoins you can change it in every currency you want or you can buy stuff with it.

The bottom line is they lived beyond their means. No one forced them to take out loans and live beyond their means, living it up at the expense of either their children or their creditors or both.

I hope some folks in Greece are able to make good use of bitcoin in escaping the wreck of their economy, but they did this to themselves, speaking of the nation as a whole. Not evil bankers who drugged them and tricked them into taking out loans or any such nonsense.

And if someone says the Greeks were just doing what everyone else in the western world is doing, well, a pox on the rest of the western world as well for overspending and living beyond its means. I'm getting incredibly sick and tired of a major chunk of the population killing off its own children, warehousing the few they do have at schools/daycares/government programs, and then saddling other people's kids with their debts on a national scale while they live it up. Let it all come crashing down.

I don't think so. Not anymore, it is kinda late now.  Firstly they are out of and can not access the money to purchase any bitcoins , plus there aren't enough resources where they can spend their bitcoins because not many places accept bitcoins till now ,and there is a high risk of losing these by being hacked or robbed of those hardly earned possessions.

Greece right now needs a savior . After it got drowned in the sea of debt , although it got lifted up and someone did swim it to the shore. It remains lost in the island of power games and currency. We all know that the very idea of imposing bitcoins on Greece is impractical , but somewhere Greece needs to do the things which are out of the box now to save its life.

if Greece could adopt bitcoins, it means that a lot of people from all over the world will suddenly want to inject their money into the Greek economy.

Everybody holding bitcoins will be happy (this includes all the Greeks). But this may or may not lead to a crash of other currencies.

It could be the better opportunity to smallest countries and theirs  citizens to get benefits buying  BTC cheap. 

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 .

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


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 .

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.

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.

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

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.

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.

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.

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...

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?

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

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.

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.

I think Bitcoin won't save Greece, but it will definitely benefit from the current predicament - as more and more people lose faith in the powers that be and the system and the banks as they are now, they will look to alternative methods to store their cash, and I think bitcoin will be much more widely adopted, and as such, the price will rise over the course of this year and into the next few years.

Already since the Greek Crisis reached it's Zenith we see a rise in Bitcoin price and other digital currencies. Greeks also have their own digital currency Hellas Coin so as more and more people trust less in Fiat there will be more and more savers coming in hoarding BTC..I am sure of it, especially among the younger more tech savvy generation.

Bitcoin is not a currency for a government; it is a global currency for the people. People will generally prefer a currency that goes up in value over time (which is called a deflationary currency, like bitcoin) over one that loses value over time (like all country currencies, which are called inflationary). How much ever people would love bitcoin, right now it is a flawed currency, unfit for Greece.

It is a bad idea for Greece to adopt bitcoin as their national currency. Its similar to adopting gold as a national currency and giving up monetary policy. Monetary policy can improvise public finances and prosperity but also has been abused by governments that choose to print too much currency. That has resulted in inflation and destroyed lives of a lot of peeps.

The only way bitcoin can be of any assistance of positive help to Greece could be transparency. A government or even a country could become truly "transparent" by utilizing the Bitcoin Blockchain for all or some of their departments of services. Countries like Honduras are already experimenting with the blockchain for land registry.

Even if Greece does not decide to go full Bitcoin the fact that it is being considered validates crypto currencies and their potential

Bitcoin was never invented to save an economy. it was only there to fill some of the gaps of the fiat currency system. Don't give bitcoin too greater value than it originally is. Otherwise the frustration will creep in.

That is precise. Bitcoin is a very  flawed currency right now and cannot be used by Greece in such a crisis. And people do prefer currency  that ascends in value . Right now, Bitcoin is not enough for the compensation of the Greece crisis. Maybe in a few years , bitcoin could bee helpful , but not right now.

Its not that flawed, its just unfit at the moment because of its volatile nature. And even if bitcoin and Greece could have had a happy ending, it wouldn't end so happy for Greece. Their whole debt happened because of mismanagement and also because they could not really afford euro. They don't afford enough to buy btc in reserve

So i have an idea in how we could help Greece, what if we put all the Greece bail out payouts in the blockchain, is most likely we could help out save the bad government spending by using the blockchain for something that the greece people will always have access to.

No it can. Everything just goes into corrupt politicians pocket. One is going another corrupt is coming.

I think the Greece government don't want to get involved with bitcoin, they've made it evidently clear. Also, Eurozone is in charge of where the bail out payouts go, why would they permit such a thing? Regardless of Greece people having access or not, they don't really believe it. If they did by now, we would see major amount of people getting onto bitcoin.


There's more to to the Greece fault than corruption. And more than the politicians, I think it was more about the mistakes by the banks.

I think the most mistakes was made by the government, which they spent too much money when were running the country. The main cause was corruption http://www.theguardian.com/world/2014/dec/03/greece-corruption-alive-and-well

I'm sure bitcoin can save Greeks, not Greece, because Greece is run by the corrupt government. The better ways for Greeks is, don't live in Greece anymore, where the government there will always take high tax from them.

The blame game, lawlessness, perception, corruption, unproductive work, lying, dead entities, injustice, Tax evaders, overspending and ZELEVOUNAI are all reasons why Greece, one of the best countries in history is no more a real country.


Bitcoins can only be used as an alternative for obvious financial restrictions for Greece. Even paypal also had to step back from dealing with Greece. As long as bitcoin is not banned in Greece, it could be helpful but not too much.


The best option can never be leaving a country, if such an event is to happen, other countries will automatically disallow Greeks to travel to other countries, the population is as big as 11 million. Leaving a troubled country is never an option. High taxes must be paid in order to repay the debt, otherwise the country which is dangling on the edge will completely collapse.

Yes I agree and not saying the banks are not corrupt. Just pity for the country, so nice and the people are so friendly. Always it hits the poor to get poorer. What a shame.

How can the country where the famous philosophers was born and democracy principal began, lost its morality and did bad things like corruption etc. We hope the Greeks can struggle in this condition.

Atleast they can saving their money into bitcoin instead of saving it in bank, which they have full control on their money

It will be harder for Greeks to pay high tax since the price of almost everything become more expensive like food and petrol, and thousands Greek lost their jobs.

They can use their money to buy bitcoin which will save them

Not sure if they have lot of money left but if they more and more going to support BTC the acceptance will raise and may better option for them as €.

if their bank now removed the lock on the 60 euro they can, in the case the same thing will repeat, but they have now the money from the central bank, so i don't think they will care about bitcoin anymore

if they still have their 60 euro limit, they can buy some if they are not in big trouble and don't have family or whatsoever

Wasn't the 60€ limit only for cash withdrawals? Transfer within the country was supposedly OK with international transfers denied.

If they remain in the Euro zone, they won't bother with Bitcoin. Until thy use the same currency as the rest of the EU and they have cash, they should be OK.

Yes, you can use your money to buy bitcoins, but after? if the work is inesistnte you don't have access to new money, it's like a dog chasing its tail

The point with Bitcoin is using it yourself as an individual to be safe against bailouts. Yes, if they stay in the EUR they'll have disposable cash, but you never know when the next danger zone will pop, and it's going to be pretty soon judging by what Tsipras has approved. If you are Greek and you are storing all of your wealth you are either clueless or nuts.

Ya they don't have anything they can really do bitcoin I s yhe only option

We conclude that bitcoin can save the greeks money, but it can't save Greece. Greece still can't pay its debt even they have adopted bitcoin, but with bitcoin, the greeks dont need to worry about their money if the crisis in their country is happened.

Bitcoin can only become a safe haven for a few peeps that keep their savings in it, as long as the price isn't too volatile or on a downtrend but only if Greece creates its own digital currency there is pure hope and vision for a brighter future for Greece..Too many whales form outside now own and have accumulated Bitcoin so it could have an adverse effect on the Greek economy at large.

Greece is no different then the average african counties. Not only Greece, but most of south europe. North Europe kept Greece in the EU, but give it 2 years then another South European crisis will start.

Luckily North Europe don't have unlimited funds, eventually a country is force to step out and the euro will be for countries who think alike.

England don't really have a choice. The US abandoned them already, an alliance which governs europe will come and in my believe, it will be with 10 countries of the most. The rest can have the euro but with minor influence.

But Greece is the worst in Europe, otherwise Africa countries always have problems with revolution, rebel, coup d'etat, etc. But Greece is surrounded by peaceful European country, which don't have serious problem in their governments.

England never had a solution and doesn't too care with problem crisis, the key role countries in this problem are only Germany and France imo.

I don't see North Europe's power diminishing any time soon. They got some of the bets industries in the world and some pits of oil heaven like Norway pumping out constant wealth.

It is time where we unpeg bitcoin/crypto currencies from the internet for micro payments, for purchasing like bread, meat etc.

A device, with red light, blue light and green light

Red light(unpegged) - for soda,bread, meat etc..the store BTC device confirms ( 1 confirmation)

Blue light(unpegged) - the store device is connected to other store device but not connected to the internet ( more confirmations)
 
Green light (connected to internet) - for big purchases like buying a car, equipments etc.



Physical coins can be verified too through a scanning mechanism like barcode scanner


Unpegged devices from time to time shoud be updated through the internet so it can recognize newly mined coins


There  should be a blockchain hash verification system (just like torrents) for a certain update date.
 

They could start a new decentralised currency. People would trust it because it is decentralised and the government couldn't abuse it, any more than they could abuse Bitcoin. The reason it needs to be a new currency is that the government can't afford to buy BTC, or any other currency for that matter.

The government would declare that they'd accept it for paying taxes, and that it was legal tender for payment of court-ordered debts, and that would give people incentive to use it. They might also order bank's holdings currently denominated in euro to be converted to the new currency. Basically all the stuff they'd do if they left the Euro and switched to drachma. Bitcoin's slow growth is a bad analogy because Bitcoin was never sponsored by a government in this way.

 think Bitcoin can not save Greece, Greece fell into a very big crisis, that is, Greece is in crisis for years, trying to get out of this crisis more years, but obviously there is something that hinders them, and instead of reducing the debts they they keep increasing.

umm, you gotta be more realistic here lol.

the whole country cant go buy bitcoin, if thats what youre referring to, but individuals in greece can to save their money value trading back to us dollars if they have a friend in the states.

The only way to save greece is if the US came in, and starts to do business with them.

Either doing more tourism or just the fact that theres other partnerships of business is formed that makes other countries to use greece as a pact.

If bitcoin were more widely adopted, I would say yes, that it could save Greece... but at the moment, I don't think that it could save it. Maybe some people in Greece that owned bitcoin got lucky, due to the circumstances, but I don't think that it's the solution.

Nah,  according to my opinion Bitcoin cannot save Greece and it's people.
I think that they probably won't even know about Bitcoin.

You are right. To difficult and I am sure less than 1% of the Greeks know how to handle it.

they know about it otherwise why they have installed an atm there for bitcoin? this mean that a good % know about it, but the problem is that they have bigger issues to deal with at this moment, then investing in something with an uncertain future

when you are at risk, you don't take another risk to resolve the first one...

Well said. Deciding between two different and likely equally risky options is difficult. If I had cash on me in Greece (€) I would seriously consider whether or not I wanted to go into buying Bitcoins.

There are bitcoin ATMs in other countries as well and although this does show a movement forward and a tendency for broader adoption it does not directly show how many people are aware of the ATM or Bitcoin in general in my opinion. For this we would need to have information on how often an ATM is being used and more importantly by how many different people are using the service. I think bitcoin ATMs are more of pilot projects trying to introduce Bitcoin to a more general public, which will take time.

no Bitcoin, will not save greece, the right policy and reforms is the only thing that can 'save Greece

 No bitcon wont, but Germany surely will,they deserve it, all that is happening to them because didnt control their expences, for example every employee was taking 15th  salary annually, on one work place in administration they had like 3 employees etc.   this was a result of improper monetary working.

That is very true.  Greece wants to keep the Euro.... so BTC does not really help there.

It's going to take a lot of money to help Greece, and I doubt people donate to Greece.  It will take some countries near them to help.  Some with deep deep pockets.

My opinion is that if Greece would invest before in bitcoin, they will not bankrupt now.
It was a good opportunity for them, since they have now limits on their banks.
They want to keep the EUR currency and being in the EU.

No Bitcoin will not save Greece. Greece needs to leave the EU and Euro, reset and start from scratch. This is the only way out for Greece. No Bitcoin or EU reforms would not and will not help Greece.

Bitcoin would be able to save people's money from Banks influenced by capital controls, this was able to do with Bitcoin but too late for that now as well.

The main purpose why bitcoin is made is not to save a country's economy. Maybe it can save these years.
If that happens the bitcoin price will reach to the moon/

"Who" knows about it?

The goverment? Greeks? what % of greeks?
I think it's pretty clear the people that are aware on Bitcoin are still geeks and in-the-know guys, its still the small minority of people that are visionaries and see the potential. MOST people are still clueless, and sadly will not know what to do when a haircut happens in a couple of months and people lose money on their banks. But look at the positive: It means we are way ahead of the pack and we will reap the benefits in the future. Not everyone can win.

It's a little unrealistic to expect a country that has a Fiat dollar, the euro to invest in digital currency.   Really I don't think governments place is to invest.

I could be wrong on that but seems like a weird economy if your government is truly investing your tax money.

But you have access to your money and you can spend them, if there's a lot of people in Greece with BTC, they can just made a pure BTC shop, restaurant and more... That's how it works :)

I would consider Greece leaving the EU as a huge defeat for the EU in general as this would mean that what we have been trying to do in the past decades is not working out in the end. This cannot be allowed to happen. I don't believe anyone would want this.

on the contrary it would make eu stronger, removing a dead weight like greece which has rised only troubles in the last decade, it's not EU fault if greece can't handle their debts, i'm starting to believe that if greece were to adopt bitcoin It would still be a disaster..

Yeah the euro as a fiat currency will be more stronger if Greece would be out of the EU.
If Greece would implement the bitcoin as their currency will the bitcoin price go UP or DOWN?
I would like the Greece to be out of the EU, and make the euro stronger

If Greece wanted to leave the Euro they would have voted NO in the parliament last day, but well, even Varoufakis gave up and voted yes. Are they buying time and preparing a plan to leave the euro on the sidelines? I dont know, what I perceive is they are probably clueless and wouldn't know what to do if they saw themselves in a situation where they are forced to leave the Euro.

It is not that simple dear... I would have agreed with your argument if Greece was the only deadweight in the European Union. But that is not the case. The European Union members can be broadly divided in to two groups. The first group is the donors, which includes countries such as Germany, the UK, France, the Netherlands, Sweden, Denmark, Belgium, Luxembourg.etc. The second group is the parasites, which includes countries such as Greece, Bulgaria, Romania, Portugal, Spain, Poland, Slovakia, Cyprus, Latvia, Lithuania, and Estonia.

Now you can't throw all these parasites out of the Union. The equilibrium will be lost.

Well. It could be a short term solution, but definitely a huge loss on the long run. One cannot simply jump in and out of the EU. A lot of Greece's debts are towards Germany, France etc. If Greece gets a big bailout money then a big portion of it flows back to these countries. Hence the countries (donors) are distributing the money of the whole EU, knowing that a major portion will flow back to their own pockets. Hence the more money they give from the common piggybank, the better from them. You can look up some information regarding e.g. military spendings from Greece and from which countries they buy hardware. There are also bribes and such involved that makes donors actually beneficiaries.

Also the word parasites and donors is a bit too harsh. Not every country has the same economics and situation and I bet that if they were real parasites the EU donors wouldn't have agreed to allow them into the EU in the first place. There is big gains for everyone.

The whole point of the EU would be to bring everyone on the same level economically, but this is a long way to go until you need to pick up more debt to repay old debt. Fact is, they cannot really do anything unless there debts would be forgiven. At which point every country could say that "OK, I'm not paying either because..." Simply by changing your economy and ruling you won't get rid of 10 years' debt. Not in our lifetime.

Me too, i thinkif Greece would leave the EU , the euro fiat currency and the EU itself would be stronger much more than now

It might become stronger eventually, but you can't predict how markets will react in the interim. This uncertainty is what makes leaders of the EU and monetary agencies apprehensive. So they just keep kicking the can (greek repayments) down the street and hope that the issue will resolve itself.

yeah, it's undoubtdely the best way to save people's money but for Greece it's too late to look for help in bitcoin

If 1 bitcoin value stood for a 1 billion dollar valuation, then yes.

We can all save greece if we contributed 94 btc which would be 94 billion which is what they need to suppress permanent depression.

Cause then that 94 btc will be cashed in the form of the euro that they need.  ::)

loll .. guess then Greece needs to wait till 3015

I dont think the greece has no choice at this point.

They might as well hope that some mircale like that guy mentioned and comes sooner then 3015. But if it did, we would be all rich.. and I`d be sipping a crafted beer while typing this.

Its pretty crazy how they rack up so much debt though. What other options do they have though..

Fortunately bitcoin came into handy for them to invest on it due to the uncertainty in Greece economy, If Greeks put their hard effort and sincerity they will definitely come out of this financial problems in a few years.

im not sure since its a debatable topic, but some people in greece had very little effect on using it since they had a limit of $60.

and their bank accounts were frozen so they have no access to cash.. those who were fortunate to have money around on them probably were using bitcoin since western union closed down for entire week.

I dont think they`ll raise enough btc to even make any dent to their debt if they did.

Although btc can get a huge publicity though if there was a huge enough donations in the 1 millions on what btc can do that makes people turn into future buyers for us lol.

I personally think the limit isnt really the issue, cause its the same thing as restricting everything pretty much.

Like imagine they have like 1,000 in the account how long would it take everyday to move that money. Its more of no choice options so they deal with it, and the money from the central bank doesnt help the situation of a possible depression.

The biggest problem is that they don't have that 1,000 in case the governments decides to take the money from everybody or in case they switch to useless Drachmas... They need control and a stable form of cash --> they withdraw as much as possible.

It would be nice imagination. When only 1% from the greece population of 11 million would start to using bitcoin, then bitcoin would be unstoppable. The volume would be explode with over 100.000 more users.

But for this the use must be much easier otherwise they would not accept it.

I don't think it's being considered by any political party, all i've heard is some news headlines entertaining the idea and some diehad bitcoiners, not much more. Unfortunately we are way too ahead in the game for that.

Its amazing how people hype over greece with bitcoin.

But if the greece people arent using it and they dont show they care for it.. its a shame cause they could move their money around.

Greece has a population of 11 million. Bitcoin can handle at most 500,000 transactions per day. This means if Greece adopts bitcoin then less than 5% of the Greek population can do a single transaction per day

well it's like they are going to spend bitcoin simultaneously, so i don't think your estimation is correct, also i'm sure that some "seconds" are less ful than other, if someone want to perform a spending he can choose a time of the day where there are less TX/sec

i think this should be integrate in the core, something that can tell you the TX per second in an exact moment, so we can distribute better the TX volume

i guess this will work, but Greece would lose ability to control the stability of the currency.
simply, because the crypto coins are decentralised and nobody could control it unless 51% attacks.
Greece should adopt some of the alt coins as their national currency, by buying them in bulk.
 and then, boom! that alt coin become higher than bitcoin! however, Greece cannot adopt bitcoin because it would crash numbers of computers with full node wallet, especially if the XT changed bitcoin.



yes, then they should use proof of stake coins, IIRC proof of stake system gives the fastest confirmation.

--non quote--
how could we synchronize 500,000 transaction per minute? anyone?

It is nothing to do with bitcoins and greece financial difficulties. If one do not want to work hard and expect more benefits from government then this situation will come sooner or later.

http://cointelegraph.com/news/115143/greece-to-receive-1000-bitcoin-atms-as-trust-in-banks-long-gone 
 
Is it really happening ? even so that would not even effect the majority .

Oh, you think they have enough money to buy capital reserve worth of bitcoins to keep it as their national currency? If you are not talking about Greece adopting bitcoin, what are you discussing if bitcoin can handle the Greece population? Bitcoin has the potential to handle half the world at the same time right now, and after more serious adoption, there will be better tech for better performance.

I think yes, Bitcoin can really save Greece.
I mean they are also adapting it.
Recently there was a news of installation of around 1000bitcoin atm, so it's a major step in Bitcoin adaption also.

I don't think Greece could afford to buy that much reserve capital of bitcoins in order to save themselves for anything, though if in a situation where they do, the value of bitcoin might multiply 55 times causing the value to boost super high. I am confused if that might be a good or a bad thing for Greece, but that would massively affect adoption and change bitcoin world forever :P

The main problem is that they don't have access to their own funds to buy bitcoins! And i don't think that any country would lend them for buying Bitcoins!

I think so, probably due to the Greek financial when it was critical, which is why the Greeks can buy bitcoin by reason of their financial rescue

No it is impossible. Whether if adopted as a official currency of Greece and whether if will be used by people to convert their euros. Bitcoin cannot be currency of Greece because don't allow monetary policies. Then is in a few amount in circulation most of which is not owned by Greece (must be bought). Where to find the money to buy? While for the simple people first bitcoin is not know to much in Greece and second everyone who know bitcoin know that is to much volatile. This characteristic make this coin unreliable and Greeks will be reluctant in converting their savings in bitcoin.

It could but it looks like the greek people are too dumb to use it.

Most guys there dont even use the internet, I saw about 40% of them dont. No offence but this is the truth guys.