Remember that the mining scheme of BTC is economically modeled, in a way, after gold mining and commodity production costs as fair value.

Satoshi said: "The price of any commodity tends to gravitate toward the production cost. If the price is below cost, then production slows down. If the price is above cost, profit can be made by generating and selling more. At the same time, the increased production would increase the difficulty, pushing the cost of generating towards the price. In later years, when new coin generation is a small percentage of the existing supply, market price will dictate the cost of production more than the other way around."

BTC and Gold, in a way, are similar due to the energy-value-backing used to mine them.

Gold, Silver, Platinum etc, have intrinsic value not only for their applications, but also for their extraction cost - and this, in turn, can be considered as an energy cost. If you need 1000$ in energy (diesel) to extract an ounce of gold, then you can't sell it at 999$. PMs therefore are backed by something - it's not snake oil.

Technology improvement is both in favor and against BTC. For PMs are steady in time, while technologies come and go, tomorrow something better might be in place of the BTC - so in this sense, an inherent uncertainty exists. Not to mention advancements in fields like quantum computing and how they might have an effect in crypto transactions and whether cryptocurrencies can cope by implementing quantum-resistant algorithms that can also scale.

Every single form of money has uncertainties.

Fiat money is too dependent on government and fiscal policies, even international events or global catastrophes. The debt-backed scheme also can't work without inflating the money supply forever, and the effects of compound interest, in the long run, mean that money loses its worth. So, in all its uncertainties, fiat has the certainty of an inflating money supply.

PMs have uncertainties, as I see it, in the sense of sudden mining technology advances, new massive deposit exploration and exploitation, and government intereference (banning of gold trade, confiscations, taxing etc). And in the short term you always have to face the price suppression scheme that is there to ensure people don't lose their faith in fiat in favor of PMs.

Bitcoin has uncertainties in the form of better technologies in the future, scaling and bloating attacks by determined attackers*, government hacking the money supply due to hardware devices spying on every single one of us, quantum computers that can render its cryptographic defense weaker, governmental and legislative blocks etc, government having the capability with own hardware or hacking in pools to perform 51% attacks, etc.

For me, the moto is anything but fiat. Fiat is only a tool to buy PMs and crypto when the price of PMs and crypto is suppressed.


* The price to bloat the blockchain to unusable levels is in the range of millions of dollars - which in turn makes it an easy target for "old money" systems - if they ever desired to attack BTC. Same with transaction costs. The "old money" elite has been paying billions of fiat to keep the price of PMs suppressed, and this is also something that BTC might also face in the future.

I'm seeing some small-scale activity in Greece, in the use of BTC to bypass capital controls. It's primarily done through credit / prepaid cards that are fed with BTC. Apparently the BTCs are being bought from a greek BTC exchange that accepts payments through local banks.

Cash or bank account money => Local BTC exchange => buying BTC => using a visa service that is being fed by BTCs => ability to buy something from abroad

1. Fiat supply (debt-backed money) is required to be inflated to infinity to support itself, otherwise the system will crumble. If there is 100 trillion debt, 100 trillion money and 5% interest, you need another 5% of the money supply (5 trillion extra) to repay the debt = new money needs to be created to keep the debt serviced. Compound interest effect has a "compound" effect in the fiat money supply. The ratio of fiat supply:btc supply is ensuring the long-term appreciation of BTC, but it'll take a while longer in order for BTC's inflation to slow down a bit.

2. Gold/silver output is also getting inflated by new mining output. While it may be better compared to fiat, it still has uncertainties in its inflation model like "what if a large gold deposit is found that is a game changer" or what happens if new mining techniques increase the output dramatically.

In light of the above two, I believe it's hardly relevant whether people cash out or not as the existing maximum supply is fixed for BTC. Sure, if someone cashes out a million coins it can have a bearish effect on price, but in the long run it won't matter that much.

...το οποίο στην αγγλική γλώσσα λέγεται "fungible"...."


Most probable. I have yet to meet a single Greek person who knows what fungibility is


Too remote a possibility.


If a short description is provided, no investigation will even be necessary


The greek language is made in a way which when there is no word for something, you can create it right there and then. However, just because someone will create a word, doesn't mean that anyone else knows it, although the meaning can usually be derived by the components.

Ι'd probably use αμφαλλάξιμο ή αμφιλλάξιμο ή ισοποιοτικό, by merging some prefixes and words, if I had to invent a word. But I would check with a linguist for the correctness of my "proposal".

Ok understood... In terms of the word or sentence / paragraph etc, if you want a specific translation that will cover it or its explanation, point out the english one and I'll do my best for the greek one, with the limitation being the word fungible itself.

Technically speaking, and to be 100% technically accurate, each unit in crypto (coins like DASH) is distinguishable. For example one coin might be from a certain unspent block that has just been mined, and another one might have been used in the past, mixed slightly, or mixed heavily. So, you have one "clean" coin that has never been used or mixed, and then you have another which hasn't been used or mixed and these do have differences in quality.

In any case, using a parenthesis like (eng: fungible) would not be a bad idea.

It is exchangeable one for one, with every _____ being equal in quality to another _____.

Είναι ανταλλάξιμο ένα προς ένα, με κάθε _____ να είναι ποιοτικά ίδιο με κάποιο άλλο _____.

You don't want to carry it around. It's more like store of value.

Even at $500 avg buying cost, 100.000 BTCs would cost them... 50 million USD. Which is nothing for institutional investors.

Can't they modify the bitcoin wallet to make on-the-fly calculations on the fees required for 1conf transactions?

Meaning that depending the network queue, you would simply be informed on how much you need to get top priority and then either pay that or line up in the queue. It would seem like an easy fix, except that it could then be used to create a competition of escalating fees (which is good for miners though).

1) Greek capital controls remain in place, ATM withdrawals are at 50/60 euros per day, no matter the deal. Which means the only way for buying something from abroad is BTC.

2) There is increased risk for bail-in, which is far "better" pump material than capital controls

The deal has not solved any of the fundamental banking issues.

Regarding


...given that one of the "core" markets is the privacy market,
....given that the use of DASH without IP obfuscation is not very suitable for a private currency,
.....given that the general public wants easy solutions and if you get too technical in telling them how to set up various anonymity extensions you lost the potential user and you could marginalize the use of DASH

...I think we need to implement a built-in IP obfuscation system that works out of the box from the wallet client.

Middle? With just 20-25% rise? Prior pumps have seen action like 2x to 4-5x of the price.

Is this the start of a pump, or what?

Ok link available now: http://ekloges.ypes.gr/current/e/public/index.html#{%22cls%22:%22main%22,%22params%22:{}}

Second line (now 17%) is percentage of the total counted so far.

I'm watching greek tv... so no links...

edit: oh, poster above posted a screen cap from a greek tv channel.

With ~8% of the votes counted, NO is at 60%.

Real pump material is when ECB demands greek bank account haircut... 

I read it, and in some cases it can work with people thinking outside of the box, but it won't be the rule in a society where even electronic transactions were always frowned upon, compared to cash. And remember, people believe right now that the situation is temporary. When they realize capital controls are here to stay, they'll start seeking alternatives and some will definitely stumble upon crypto. But there are ways that favor the inertia of the old system, like using banks from nearby EU / EZ countries that will seem more "familiar" and "comfortable".