I am a big fan of Yanis Varoufakis and Greece come to that.
Imo bitcoin will never be adopted by Greece or Yanis.
here are his thoughts on bitcoin
Before we delve deeper into the debates on Bitcoin and the Future of Money, allow me to state, for the record, my own take on Bitcoin:
Bitcoin is, above all else, a beautiful algorithm.
A brilliant answer in search of a worthy question.
A breath-taking solution to as yet undiscovered problems!
So, contrary to its evangelists’ grand proclamations, democratising and de-politicising money will not be one of Bitcoin’s contibutions to humanity, I am afraid. Indeed, it should not replace government issued money. Put simply, no de-politicised currency is capable of ‘powering’ an advanced, industrial society.
What makes the Bitcoin algorithm ‘beautiful’ is that it makes possible a decentralised network within which trust is built because everyone is monitoring everyone else. There is no sentry. No guardian. No Leviathan who may become tyrannical or fall asleep on the job (as regulators did prior to 2008). Instead there is a type of benign Benthamite Panopticon where everyone is kept honest because everyone else is watching every activity, every exchange, every transaction. It is truly splendid, in that regard.
BUT it is not a sound foundation for an alternative monetary system.
Why not? To begin with, it is tiny in size.
Its total global value in real money is less than the bailout money ‘given’ by European taxpayers to a smallish Greek bank last year.
So far, it is a digital tulip or, to paraphrase Keynes, it is a bubble on a whirlpool of speculation, rather than a bubble on a growing stream of enterprise.
Of course, BITCOIN enthusiasts will argue that what matters is its growth potential.
I am not convinced.
Bitcoin suffers from two separate problems: The Security Problem and the Economic Problem
The Security Problem is that a hacker can hack into your computer and disappear with your BITCOINs. And if you entrust your BITCOINs to an unregulated BITCOIN bank, it is the banker that may run away with your BITCOINs or be hacked himself – the equivalent of a bank robbery. The Mt Gox experience.
The Economic Problem is entirely separate. Whereas the Security Problem may wreck BITCOIN, if BITCOIN is not wrecked and grows into being macro-economically significant, it is BITCOIN that will wreck the economy. Why? Because it is designed to mimic the Gold Standard – the monetary system that caused one depression after the other, from the 19th Century until 1929, and which was replaced because capitalism cannot breathe under an exogenous quantity of money.
To see this, recall that Bitcoin’s value comes from its in-built scarcity and its exogenous quantity that grows on the basis of negative exponential function, that will see to it that the rate of growth diminishes until in a few years it hits zero.
So, if it catches on as a proper currency, rather than as a store of value, then, by definition, the rate of increase in the quantity of goods and services purchased will outpace the rate of increase in the supply of Bitcoins. Thus, the available quantity of Bitcoins per each unit of output will be falling causing deflation. And why is this a problem? Because even if all prices fall at once, people’s debt will not and a chain reaction of insolvencies will hit us, causing the worst fate of any market economy: Debt Deflation. Think Great Depression here in the United States, or Greece today
source:
http://yanisvaroufakis.eu/2014/05/08/digital-economies-markets-money-and-democratic-politics-revisited/
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