[2015-06-27] CT - The Greek Dilemma: Hyper Inflation, Austerity, or Bitcoin?

[tyz]

The never ending tragedy known as the Eurozone is flirting with disaster and the unknown consequences of what would happen if Greece is ejected by brute force or leaves by sheer will from the EU.

http://cointelegraph.com/news/114683/the-greek-dilemma-hyper-inflation-austerity-or-bitcoin

[Chef Ramsay]

I really can't see any country, esp Greece, to begin only using bitcoin as their currency. As long as a society lives beyond its means, they won't be able to use honest money. Central banks are what manages currency expansions when a government can't control their spending.

[PolarPoint]

Greece will never use bitcoin as the national currency. There are benefits if they convert some savings into bitcoin. Greeks are not "protected" enough holding Euros. If Greece defaults, get more loans from ECB, or exit Eurozone, Euro is still going to fall against other major currencies like USD and GBP. If bitcoin price is stable against USD, savings in bitcoin is going to survive better than in Euro and inflation.

[unamis76]

I'm afraid the only option for them is Austerity. Switching to Bitcoin wouldn't to them any good. They would still have a huge debt in Euros... And that's their problem, not currency, their problem is debt

[DooMAD]

Currency controls just announced.  People won't be able to withdraw more than a maximum of €60 (£42; $66) from their bank account each day.  It's also unlikely Greece will remain an isolated case.  If anything, this is the tip of a very large iceberg.

[Carlton Banks]

Maybe all of Greece won't be using bitcoin as money any time soon, but what are they going to use? One of the major monetary properties of Euros in Greece just got removed. It's kind of like having money. Kind of.

[jjacob]

Currency controls just announced.  People won't be able to withdraw more than a maximum of €60 (£42; $66) from their bank account each day.  It's also unlikely Greece will remain an isolated case.  If anything, this is the tip of a very large iceberg.

The intelligent people have already withdrawn their money (and may be converted it to dollars / gold / bitcoin). It is only the common Greeks who will be left holding the bill.

[gentlemand]

Maybe all of Greece won't be using bitcoin as money any time soon, but what are they going to use? One of the major monetary properties of Euros in Greece just got removed. It's kind of like having money. Kind of.

Even if it officially reverts to the drachma, they still border plenty of countries using the Euro and it has far more utility. I assume it'll be like so many other countries in the world. The local currency runs in parallel with the more useful one.

[Carlton Banks]

Maybe all of Greece won't be using bitcoin as money any time soon, but what are they going to use? One of the major monetary properties of Euros in Greece just got removed. It's kind of like having money. Kind of.

Even if it officially reverts to the drachma, they still border plenty of countries using the Euro and it has far more utility. I assume it'll be like so many other countries in the world. The local currency runs in parallel with the more useful one.

That's other people's money you're talking about, I was asking how they're going to use the "money" they have in their bank accounts.