A bitcoin Like Solution on CNBC for Greece

[kggservices]

Time glow and add comments to the Article on CNBC http://www.cnbc.com/id/102663713

I myself am very curious to this idea.

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[LFC_Bitcoin]

I'd love to think that this happening could be a possibility but it just isn't.
It'd be extremely bullish & the price would fly up but it's just not going to happen, not yet.
No way can a country adopt bitcoin as its national currency right now.
It's far too volatile & far too risky for them.
I see the chances of this happening as less than 5%.

[tyz]

It is not just a solution for Greece, but also for many other economically struggling countries around the world. There a dozens of such countries in Africa for instance. There is no experience introducing a decentralized currency so far, so those responsible won't risk such a step.

[louise123]

It is not just a solution for Greece, but also for many other economically struggling countries around the world. There a dozens of such countries in Africa for instance. There is no experience introducing a decentralized currency so far, so those responsible won't risk such a step.

Those responsible will have a lot to lose if they proceed with a decentralized currency.
They are "responsible" for a reason.
And that is because they only care for their own pockets, not for their people.

[AtheistAKASaneBrain]

Varoufakis addressed before that he doesn't believe cryptos are viable to replace national currencies, or at least Bitcoin, but in this day an age people contradict themselves daily.

[Q7]

Even if they have the choice to create and maintain a new currency fully backed by the assets, what makes you think they are going to move towards that direction. It will mean losing asset if the so called blockchain based currency gets controlled by some power hunger entity and that's it. Somehow the most viable approach still goes back to what they are doing right now even if it's the only way.

[kggservices]

What they are doing now is called the Great Greek Fire Sale selling everything Islands, Olympic stadium and historical monuments so thats just the same as a big power getting with the difference they are going to be buying it for Pennies on the Dollar

Even if they have the choice to create and maintain a new currency fully backed by the assets, what makes you think they are going to move towards that direction. It will mean losing asset if the so called blockchain based currency gets controlled by some power hunger entity and that's it. Somehow the most viable approach still goes back to what they are doing right now even if it's the only way.

[johnyj]

You don't need blockchain to monetize the assets, you just print new money and send to employees as salary to spend, and tell every merchant this is legal tender, backed by government assets, so that they will accept it. Of course they need to setup a settlement network in second currency, but that's a simple change in domestic banking network

As a result, all the euros in the country are collected and returned to debtors and the new currency circulate inside greece, this is essntially an exit of EMU

From ECB point of view, as soon as Greece start to make their own money, the total money supply in Eurozone can not be controlled by them anymore, so Greece must exit EMU

[LazerSMS]

really interesting

[thejaytiesto]

You don't need blockchain to monetize the assets, you just print new money and send to employees as salary to spend, and tell every merchant this is legal tender, backed by government assets, so that they will accept it. Of course they need to setup a settlement network in second currency, but that's a simple change in domestic banking network

As a result, all the euros in the country are collected and returned to debtors and the new currency circulate inside greece, this is essntially an exit of EMU

From ECB point of view, as soon as Greece start to make their own money, the total money supply in Eurozone can not be controlled by them anymore, so Greece must exit EMU

Greeks don't WANT to leave the Euro. They realize it has been a disaster and STILL want to stay. Its like Illinois and California electing the same goons over and over who have driven their states to pauper status. We imply the populace is itching to tear down the Brussels's headquarters but the opposite is true - the vast majority of Europeans want to remain in the EU. Yes, it makes no sense but the idea of the old national currencies (I loved using liras, francs, marcs, pesetas, drachmas) is fading quickly. 

[manselr]

You don't need blockchain to monetize the assets, you just print new money and send to employees as salary to spend, and tell every merchant this is legal tender, backed by government assets, so that they will accept it. Of course they need to setup a settlement network in second currency, but that's a simple change in domestic banking network

As a result, all the euros in the country are collected and returned to debtors and the new currency circulate inside greece, this is essntially an exit of EMU

From ECB point of view, as soon as Greece start to make their own money, the total money supply in Eurozone can not be controlled by them anymore, so Greece must exit EMU

Greeks don't WANT to leave the Euro. They realize it has been a disaster and STILL want to stay. Its like Illinois and California electing the same goons over and over who have driven their states to pauper status. We imply the populace is itching to tear down the Brussels's headquarters but the opposite is true - the vast majority of Europeans want to remain in the EU. Yes, it makes no sense but the idea of the old national currencies (I loved using liras, francs, marcs, pesetas, drachmas) is fading quickly. 

Thats exactly right. The euro continues to exist because all the parties want it to exist. The welfare states of the South get free money by just "promising" to get better. The export states of the North get free money that leads to a weaker Euro compared to their old sovereign currencies, so their exports are more profitable. It all hinges on FREE PRINTED MONEY.

[countryfree]

I didn't know Greece had many assets to monetize...

[johnyj]

I didn't know Greece had many assets to monetize...

Maybe Greece know that the ECB want to buy their assets using paper and they are trying hard to prevent it

From the article:
"While Greece may not have the liquidity to satisfy its current obligations it does have enough illiquid assets to solve much of its financial problems. According to Eurostat, as of September 2014, Greece held 86 billion euros of financial assets on its general government balance sheet. As a percentage of GDP, this makes Greece the 7th wealthiest nation in the EU. As a point of reference, financially sound Germany ranks 17th on the list of state-owned assets as a percentage of GDP."

[johnyj]

You don't need blockchain to monetize the assets, you just print new money and send to employees as salary to spend, and tell every merchant this is legal tender, backed by government assets, so that they will accept it. Of course they need to setup a settlement network in second currency, but that's a simple change in domestic banking network

As a result, all the euros in the country are collected and returned to debtors and the new currency circulate inside greece, this is essntially an exit of EMU

From ECB point of view, as soon as Greece start to make their own money, the total money supply in Eurozone can not be controlled by them anymore, so Greece must exit EMU

Greeks don't WANT to leave the Euro. They realize it has been a disaster and STILL want to stay. Its like Illinois and California electing the same goons over and over who have driven their states to pauper status. We imply the populace is itching to tear down the Brussels's headquarters but the opposite is true - the vast majority of Europeans want to remain in the EU. Yes, it makes no sense but the idea of the old national currencies (I loved using liras, francs, marcs, pesetas, drachmas) is fading quickly.  

Why Scandinavia countries never join EMU? There is much more to lose when you lose the right to create your own money. I don't think just simply remove the foreign currency exchange will bring so much benefit. Of course Greece can get cheap credit from ECB, but when they can print their own money, they don't even need cheap credit, they can create credit by themselves

[OROBTC]

...

I have no idea what Greece or the EU should/would do.  I only know what I would have done, starting slowly some years ago.

Withdrawing CA$H (OK, Euros).  Buying gold.  Getting some money TF outta there.

Land in the USA.  Switch Greek shipping company HQs elsewhere.  US or German stocks.  A house in France.  A job in Italy (well, they might be next...).  LOTS of options. 

*   *   *

It's not, IMO, up to Varoufakis & Syriza, IMO.  It's up to each Greek citizen.

It's already rather late in the game.  Once these capital restrictions start, they typically get worse.  

GTFO.

[Drachmae]

Bitcoin Like solution for Greece Update https://bitcointalk.org/index.php?topic=1435072.msg14515276#msg14515276