Greece's own bitcoin-like money

[aso118]

Exactly, Greece is only the one to blame, if Greece is not in EMU, then Italian will be the one to blame. It is impossible to repay the loan in today's debt based fiat money system.

That is true, but I don't think it is a problem. If GDP increases at the same/higher pace than the growth in debt, there is a kind of stability. The problem comes when there is a slowdown in growth and countries are unable to refinance their debt.

[countryfree]

Is this monopoly money? Who wants that?
I, for sure, would never accept to be paid by a Greek IOU.

What is really going to happen is that all these Greek IOUs will end up back with the government in the form of taxes.
The Greek government will have to pay bondholders in Euros, but they will have only these IOUs. They will regret the day they introduced them. 

those IOUs would be sold for euros man. The idea is like tax prepayment at a discount. of course that is one time effect

It's been said many times that there are problems with tax collection in Greece, so those IOUs do not look like a good bet to me...

[GreenStox]

Man these politicians are out of their minds this time. So they just want themselves another toy that they can print a bunch of it. Big thieves to say the least...

[thaaanos]

Is this monopoly money? Who wants that?
I, for sure, would never accept to be paid by a Greek IOU.

What is really going to happen is that all these Greek IOUs will end up back with the government in the form of taxes.
The Greek government will have to pay bondholders in Euros, but they will have only these IOUs. They will regret the day they introduced them. 

those IOUs would be sold for euros man. The idea is like tax prepayment at a discount. of course that is one time effect

It's been said many times that there are problems with tax collection in Greece, so those IOUs do not look like a good bet to me...

Thats the game! companies evade tax because they bully the goverment by threatening job cuts, or closing shop. With a frwd tax reciept at a discount, gov can tell them look if you want tax discount (that they eventually get anyway) you should pay upfront

[johnyj]

Exactly, Greece is only the one to blame, if Greece is not in EMU, then Italian will be the one to blame. It is impossible to repay the loan in today's debt based fiat money system.

That is true, but I don't think it is a problem. If GDP increases at the same/higher pace than the growth in debt, there is a kind of stability. The problem comes when there is a slowdown in growth and countries are unable to refinance their debt.

You use money to measure GDP, when GDP increased, the amount of money supply will also have to be increased. And since money supply can only increase with higher debt level (Today's fiat money is all created by debt), higher GDP must correspond to higher debt. And since each debt has an interest, but GDP does not have an interest, so GDP increase will never catch up with debt increase.  The system is designed in such a way that there is no escape for the whole nation who use the fiat money

From an individual (or even enterprise) point of view, money is almost unlimited, you just need to put some effort to grab them. But from a whole nation's point of view, you can't make more money if there is no corresponding amount of money created at the first place. And since those money can only be created by loan, the growth of the economy is capped by the size of the national debt

[thejaytiesto]

My wishful thinking also. The time to set the hook may be only 72 hours. When Tsipras goes back with nothing and tells the German bankers, see I told you so, our last offer was the best offer, not this POS you are using for cover.

[manselr]

My wishful thinking also. The time to set the hook may be only 72 hours. When Tsipras goes back with nothing and tells the German bankers, see I told you so, our last offer was the best offer, not this POS you are using for cover.

Unless you have played poker with Greeks, it seems the Greeks have folded.

This game is just getting started, as you will see next week. First, you need to keep the sucker in the game by making him feel he is winning, then when the pot is full of cash, you grab the money and run/exit.

[smoothie]

The People of Greece might want to take it a step further and exchange their bitcoins for XMR. This allows for instant, anonymous transactions.  The tech could be layered right on top of any "e-card" the Greek government issues.  Even without that layer, all they would have to do is get their own wallet and use that with other people who only use their own wallets, such that the .gov has no idea if they are Greek, Americans, or Martians.

So you are telling people to ditch their bitcoins, sell everything and buy monero? Just to be sure that your transactions would be untraceable... No. I will tell you this, while monero could be 'safer' and more private than bitcoin in general but it is still altcoin, and as every altcoin it is destined to fall. It would be like investing in sinking ship for all these people.

LOL what you just posted sounds like Religion to me. Ignorant religion.

[alani123]

Both the subject of the OP and any allegation that an alt coin could save Greece are far, far away from reality. The subject in the article was relevant for a short period of time, but with the backlash it received I think that it's be easy to say it was denounced pretty quickly. Staying in the euro with a parallel currency could on it's own have Greece kicked out of the euro. And please don't speak of altcoins as they can save a nation. This brings delusion to another level.

[coinplus]

Both the subject of the OP and any allegation that an alt coin could save Greece are far, far away from reality. The subject in the article was relevant for a short period of time, but with the backlash it received I think that it's be easy to say it was denounced pretty quickly. Staying in the euro with a parallel currency could on it's own have Greece kicked out of the euro. And please don't speak of altcoins as they can save a nation. This brings delusion to another level.

There is no meaning to have their own bitcoin-like money. They already have as their fiat. Only difference not electronically movable. So, electronic money, easy transmittable only would not a solve economic crisis. Same as Gold, why some country not yet declare their own metal like lead or copper for storage of investment or at least silver.

[SerenaL]

None of these tricks will dig them out of this hole 

[pitham1]

None of these tricks will dig them out of this hole 

They won't.
The rest of the world is just hoping that Greece doesn't drag them into the hole as well. 

[BillyBobZorton]

There will be no cryptocurrencies in Greece anytime soon. Greece always lags behind technological advancement, so don't expect tat country to do anything revolutionary. They will just keep shuffling leaders every 6 months making new elections and not getting anything done. Unfortunately it's an already doomed economy.

[BTCBinary]

given the government intentions of attemping to capital control I strongly believe this would be a good idea.

[DomingoX6]

We need Bitcoins in Venezuela, not "Bolívares".

[HeroCat]

Greek second currency should be backed with sheeps and garlics from local farmers otherwise who knows what can happen even with second Greek currency  In any case Germany, France I think will help with some cash to cover Greece debts. 

[n2004al]

The world is going towards unification and not towards separation. Euro is the most spectacular example in this point of view. In this perspective a new money for one country is not a step ahead but the contrary. While the case of Greece is different. Exist the possibility that they go out of euro and need their money. I think that IOU is not a bitcoin-like money. Anyhow a bitcoin -like is not the solution. They need a real money. A digital money have no sense in the real world. It act only in the internet. As such it is meaningless in the real world.

[Q7]

IOU will create further debt and I see it will eventually spiralled out of control. The problem right here is that there seems to be no ending or solution in sight without strong fundamentals to bail it out. Debts are mounting and even if they exit euro and adopting their own version of currency or cryptocurrency for that matter, I'm still baffled on how that is going to help. At this point, increasing taxes will provide a short term solution but definitely not in the longer term.

[knowhow]

There is no way out then readjust their expenses and reduce the bills they are paying,printing a new currency will lead into crash would you travel to a country at the current situation of Greece buying their currency ?I dont know why those people that are know as very inteligent people dont act and readjust it at once .

[n2004al]

There is no way out then readjust their expenses and reduce the bills they are paying,printing a new currency will lead into crash would you travel to a country at the current situation of Greece buying their currency ?I dont know why those people that are know as very inteligent people dont act and readjust it at once .

Without being racist and with all my respect for Greeks which are one of the most ancient and known people in the world, which has given to the world to many ancient philosophers (and philosophical knowledge) and have an ancient civilization I can assure you that they, in nowadays, are known more for being "residents" of places of pleasure than everything else.