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Unfortunately, countries have proven to be very resilient. I wish all countries to disappear, but most people wouldn't know how to organize their lives without the stinking umbrella of "their" country. What we've seen recently were break-ups, like in Czechoslovakia, or Yugoslavia. Just North of Greece. I suppose Greece could break up with some islands declaring independence but I haven't seen any sign of this yet.
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I wonder could a society survive and function well if it had these two laws:
1. Do as you said you would.
2. Do not impinge on private property or person.
All infringements of these laws should be decided by Jury.
How much does it cost to be part of that jury? If I make some toxic nuclear waste in my backyard, is it OK if I dump it on a public beach? If I have sex in the middle of street, then get drunk, is this OK? The system you propose may work on a deserted island with only 2 people, but I don't think it would be appropriate for New York City. |
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It's more complicated that most people think. Before the €, central banks of the member states were the only ones with the ability to create and/or print money. Since we have the €, national central banks have transferred this right to the European Central Bank. Legally speaking, the Greek central bank doesn't have any right to create or print Euros, drachmas or any other currency. It just cannot do anything. Only governments can act.
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If one looks at history you can see how debt cycles repeats itself over and over again. It is intrinsic for any debt to have a write off. No debt is payed 100%. I dont know maybe in jupiter or in mars... but on planet earth it has being like that since the beginning. In the past nations used to invade other nations in order to collect. Since the nuclear era started the cost benefit of this strategy becomes questionable. The huge debt from South America (in the 80s) was corroded by the dollar inflation. The coming euro inflation (and dollar inflation) will corrode Greece's debt as well. They are doing the right thing in being a pest and kicking the can down the road. Foreign debts are not payed they are rolled over (and over and over and over again)
Most debts are paid back 100%. Germany has a lot of debt, and so does Japan, Belgium or France, and these countries have always paid back in full. A few lousy countries in Africa, or Argentina, haven't paid back, and they're now blacklisted everywhere. Back to the subject, it seems the small reaction we've seen yesterday is already forgotten. Everything looks like it's business as usual. Surprising... |
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I guess the minimum amount to make a transaction shall be raised once again. Fees are good, I see them as a safety net. Now, there was a peak, but we shall not raise conclusions from a single exceptional day. I'll wait to see the average number of transactions per day for this month.
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I'm urgently asking all bitcoiners to boycott this altcoin. BTC is quite good, it may evolve, it may even be replaced in the future, but the last thing we want is a cryoptocurrency managed by a bank! What's the point? BTC has been invented to bypass, to ignore banks, we shall refuse any coin which would bring them back at the top of the game.
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Obviously, I overestimated the market reactions. € is down 0.5% against the dollar, and the Dax (German index) is down 1.5%. It's been a bad day, but we've seen worse. Note that there was more of a reaction with BTC, which is up about 5% in 24 hours.
Still, this isn't over yet. We're still waiting for a solution to the Greek problem, and nothing's in sight.
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Capital controls do not affect foreign orders at Greek webstores, though I imagine there aren't many, and local orders are also unaffected since all transactions are made by credit cards. Actually, online merchants may thrive since there's little cash around. You may worry more about stores on the streets, where most transactions are cash.
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Miners aren't like workers in a factory. A strike can easily stop a factory, but miners all over the world. In the US, Russia and China, and I know some of them are isolated. There's no organization on top of all of miners to unite them. There could be a tsunami on the American West coast, meaning that all miners in California will disappear, but those in China will keep on going.
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You think a headline such as this is realistic? I think it's the only/best option they have left after leaving the Eurozone.
This is only an option if you answer the following question: where will Greece find any money to buy BTC before using it as its official currency? Money doesn't grow on trees, BTC neither. The only realistic option is to start from scratch. Starting a new altcoin or printing new banknotes of a new currency. |
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Due to the financial isolation of Greece, a unique value for bitcoin will exist in greece,
Sorry, but this is nonsense. BTC is international, just like the Internet and BTC's value is the same everywhere. It cannot be higher in some particular place. Greece isn't isolated. Anyone can get there by car, boat or plane. Anyway, if you think it's a good idea, you're totally free to give away all your BTC to Greeks. Do it, some other guys may follow your leading example. |
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No such thing as "haircut"
Greek banks are not greek no more.
All the debts are already sold to the european banks (mainly german).
Haircut was just a propaganda and a way of pushing greek people to vote for "Yes".
Unfortunately, this didn't work. People of Greece said "NO" (61%).
And tomorrow morning, ECB will HAVE to raise ELA in order to preserve its values.
Are you sure about that? I, like most bankers (which I'm not), believe the ECB will have to cancel all payments to Greece, very precisely to preserve its values, and its mission. If Greece doesn't pay back its debts, it's simply illegal for the ECB to finance it. And no Greek debt has been sold or transferred to European banks. That doesn't work like this. Check the regulations regarding the ECB mission and rights. |
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Soon usd - eur parity and from there hell will break loose for eur.
Do you think so? It sounds too early for that only for news from greece. Remember the greek economy is only the 2% of the whole EU This isn't the issue. The problem is that the Greeks have said with the referendum that they don't want to pay their debts. So the question is who pay? Will the other European countries pay in place of the Greeks, writing it down at a huge loss, or will the ECB simple print more money, instantly pushing the € down against all other currencies? |
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Correct me if i'm wrong, but shouldn't it do exactly the opposite?
Given the fact that EU is now "loosing" Greece, which is nothing but a dead weight; shouldn't the EUR get stronger, since the overall economy of EU will be stronger w/o them. Seams logical,right?
cheers
Losing Greece? It's not so easy. It cannot happen overnight. The NO referendum will bring even more instability that we have now. There are treaties, and several countries may want to kick Greece out of EU (or at least the € zone) as fast as possible, but it can take months, if not years. |
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Russia has invaded Afghanistan which triggered the rise of muslim fighters all over the planet.
You seems to be suffering from short term memory loss. It was not the Russian intervention in Afghanistan which triggered the rise of Muslim fighters all over the planet. Actually, it was the short-sighted American support to the fanatical Islamists in Afghanistan, which triggered it. There were both secular and Islamist groups fighting against the Russians in Afghanistan. With the American support, the fanatics were able to wipe-out the secular groups.  Osama Bin Laden started his career fighting Russians. With his own money. Many Arabs followed, volunteers, with American support coming way after that. Check history books. |
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Just another proof that Hamas is not a terrorist organization. Only Israel and the US say so. Now, the real terrorists, from ISIS, want to gain support against Israel in the South, like it has in the North. I guess it will have some success. ISIS is getting new supporters all over the Arab world.
Hamas is a terrorist organization. No doubt about that. They launch their Qassam missiles towards the Israeli settlements all the time, killing and maiming a large number of innocent civilians. But at the same time, I have to say that Israel is a terrorist state. The most peaceful people in the world are the Swiss and the Norwegian, and neither see Hamas as terrorists. They're only trying to protect themselves, and their land. Anyone to see the British as terrorists? Hamas has more legitimacy in fighting Israel in Palestine than the British have in the Falklands against Argentina. We shall always remember that Palestinians are victims. By the way, the Brits helped a lot in the creation of Israel after WWII... Terrorists want to change the world, Hamas only wants Palestinians to leave peacefully in their country. |
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The older guys have seen the depreciation of drachma.
It isn't going to be easy to decide to go back.
I'm not so sure about that...  http://www.zerohedge.com/news/2015-07-04/why-euro-finishedBut in any case this voting has nothing to do with Euro or Drachma, Europe or out of Europe, those dilemas are brought up by the old corrupt politicians in Greece and the media in Greece that suport them in order to scare the voters(also lets not forget ECB and lots of European politicians that decided to intervene in favor of "Yes" in an attemp to remove Tripras from power, that was their plan from day one! The economic strangle of Greece until people revolt against Tsipras, my estimation is that they failed.) Depreciation of a currency and economic growth are 2 very different things. Greece hasn't seen any economic growth for several years, but the Euro has remained stable. If they go back to the drachma, that won't bring any economic growth, but that will definitely cause inflation. Who wants a drachma? |
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I don't know about the haircut planned by the FT, but I can't imagine the ECB will keep on pumping up Greek banks with free money. Something's going to break, and the Greek banks are on the front line if anything happens. There will be blood, no doubt about that.
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Everybody talks about Greece, and there are plenty other topics on this board, but only a few millions people are concerned. So let's not talk about Greece.
I want to raise the bigger issue here, which is the European single currency. Several hundreds millions of people are using it every day, and it's very, very likely that the European currency will go down against the US dollar, the Swiss Franc and BTC. Do you share my concern?
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Just another proof that Hamas is not a terrorist organization. Only Israel and the US say so. Now, the real terrorists, from ISIS, want to gain support against Israel in the South, like it has in the North. I guess it will have some success. ISIS is getting new supporters all over the Arab world.
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