Bitcoin Forum

Hello All,

 sorry for writing in English here - but this question is bothering me a lot and nobody can answer it:

Why is there little to no premium on btcgreece.com compared to other exchanges?

Hi Lee ,
How can we help?
Btcgreece is an exchange and shares liquidity with btcturk as
they are both running under btctrader.com platform.

Thanks for the fast response.

Here's what I am wondering about:

You have a Greek bank account for deposits - there are capital controls at the moment, so money transferred there cannot easily be wired out of the country. This leaves the question why the price for Bitcoins isn't much higher on btcgreece, because people could buy Bitcoin with the balances on their Greek bank accounts which are otherwise frozen. This would then further enable them to buy i.e. gold or other assets if they don't trust Bitcoin.

Their is a risk of the balances on Greek bank accounts to be subject to a haircut and I don't see that priced in. Also who is willing to sell his Bitcoin in times like that against a higher frozen balance on his bank account  ???

If have another question: why is there very low volume?

Isn't there an incentive to "work around" capital controls by buying bitcoin?

Isn't there an incentive to secure ones money from a potential cyprus-style bail-in by buying bitcoin?

Maybe bitcoin is still too small and unknown after all. I can't think of any other reasonable explanation. Some views from the inside would be much appreciated  :)

Also let me express that I honestly think the mess you are in I'd because of the system and Greece just happens to be the unlucky first to get into this trouble. It's not that any other country would be able to repay it's debt...