[2015-06-18] CNBC: Bitcoin: Is it really ripe for a Greek rally?

[pawel7777]

Bitcoin: Is it really ripe for a Greek rally?

http://www.cnbc.com/id/102768928

The price of bitcoin hit its highest level since early April this week, amid reports that concerned Greek investors were flocking to the digital currency.

Bitcoin has enjoyed a solid week of gains, rising around 5 percent since Monday, according to industry website Coindesk. This came as Reuters, citing two bitcoin experts, reported that the rally was due to Greek depositors.

The decentralized digital currency is seen as having the potential to circumvent any capital controls that may be imposed in Greece, as the country edges closer to an important repayment deadline amid fears that the country could default on its debt.
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[goosoodude]

A lot of discussion about this topic has been taking place on reddit.com/r/bitcoin. Sadly though, the discussion is leaning to the most realistic side of the story. Bitcoin wasn't designed to be the national currency of any country, even in the case of a default, exit from the Euro and printing of a new currency bitcoin wouldn't have much luck in Greece though. From what I read, adoption there is tiny, and mostly hobbyists and tiny underground communities bother with bitcoin. So even using bitcoin alongside with a FIAT currency seems unrealistic in Greece's case no mater how things end up like. BTC/USD conversions, off shore bank deposits and gold are used more now there from what it seems though.

[pedrog]

Greece's problem is not a currency problem, Euro is a pretty strong currency, one of the major world reserve currencies, Greece's problem is about debt, corruption and incompetent politicians.

[jjacob]

Greece's problem is not a currency problem, Euro is a pretty strong currency, one of the major world reserve currencies, Greece's problem is about debt, corruption and incompetent politicians.

It will be converted to a currency problem, if there is a Grexit.
That is what is driving the speculation about Bitcoin.

[bryant.coleman]

Greece's problem is not a currency problem, Euro is a pretty strong currency, one of the major world reserve currencies, Greece's problem is about debt, corruption and incompetent politicians.

There is a chance that they will be kicked out of the Euro Zone, if they refuse to honour the debt repayment deadlines. The Greek government is already discussing the emergency strategy in case such an incident actually happens (the probability for which is like 50-50 right now). But as far as I know, they are not considering to introduce a digital currency to replace the Euro. Some ministers want to re-introduce the Greek Drachma, while the others want to replace the Euro with Russian Ruble (which itself is a very risky option).

[Kprawn]

If I lived there... would I only now take action? Nope. {The signs have been there for quite some time now}  

I have online friends and they are all saying the same thing... "What extra cash, do you want us to use to buy BTC?" They live from salary check to the next salary check.

Most of them are like any other middle class person in the world. {Knee deep in debt and barely making a living}

The rich people have already moved their disposable assets and income to offshore accounts or buying into more stable commodities like Gold and silver.

This rumored rally is hype driven media linking currency collapse to Bitcoin as a possible safe haven. Can Bitcoin help? Yes / Is it too late? No

[bryant.coleman]

The rich people have already moved their disposable assets and income to offshore accounts or buying into more stable commodities like Gold and silver.

Rich people are smart. They have learnt their lesson from the Cyprus haircut. Tens of thousands of oligarchs lost significant parts of their wealth in the haircut (most of them being Russians and the Chinese), along with thousands of ordinary Cypriots. The writing in the wall is clear. Another haircut is due in Greece. But this time, it will affect the ordinary people the most, and not the oligarchs.