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MF Doom (OP)
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June 28, 2015, 08:09:57 PM |
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http://m.rte.ie/news/2015/0628/711122-greece-economy/-Greek banks won't open Monday to prevent bank runs - ATMs have been drained of cash over the weekend -Creditors want pensions cut AND taxes raised I know I'm keeping an eye on this situation, as this could very well happen in other parts of the world soon. I think btc could start looking like a REALLY attractive way to get peoples cash out of a collaspsing financial system...
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Wilhelm
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Activity: 1652
Merit: 1265
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June 28, 2015, 08:56:04 PM |
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I've been in Bitcoin for a long time and my gut feeling says you couldn't be more wrong. I am very pro bitcoin but being in this depression for a long period I don't believe in purple unicorns anymore  In dire financial situations people don't look on the internet to find a volatile asset to put their money into. You aren't going to throw all your money on a roulette wheel and hope for number 17 :-). They are more likely to invest in safe physical items (estate, gold, foreign obligations, etc.) or a permit to live in another country. If you are correct then we would see increased adoption by countries like - Equador - Egypt - Pakistan - Venezuela - Argentina - Belize - Cuba - Cyprus - Jamaica - Ukraine Reason is that this is a list of 10 countries close to bankruptcy. I haven't been bothered to crossreference these countries with bitcoin but I don't believe people in these countries are flocking towards bitcoin to save them. My 2cts P.S. I also hope my bitcoins will make me millionare one day |
Bitcoin is like a box of chocolates. You never know what you're gonna get !!
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markj113
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Activity: 2254
Merit: 1043
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June 28, 2015, 09:10:23 PM |
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http://m.rte.ie/news/2015/0628/711122-greece-economy/-Greek banks won't open Monday to prevent bank runs - ATMs have been drained of cash over the weekend -Creditors want pensions cut AND taxes raised I know I'm keeping an eye on this situation, as this could very well happen in other parts of the world soon. I think btc could start looking like a REALLY attractive way to get peoples cash out of a collaspsing financial system... + Gold & silver |
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MF Doom (OP)
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June 28, 2015, 09:23:29 PM |
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I've been in Bitcoin for a long time and my gut feeling says you couldn't be more wrong. I am very pro bitcoin but being in this depression for a long period I don't believe in purple unicorns anymore In dire financial situations people don't look on the internet to find a volatile asset to put their money into. You aren't going to throw all your money on a roulette wheel and hope for number 17 :-). They are more likely to invest in safe physical items (estate, gold, foreign obligations, etc.) or a permit to live in another country. If you are correct then we would see increased adoption by countries like - Equador - Egypt - Pakistan - Venezuela - Argentina - Belize - Cuba - Cyprus - Jamaica - Ukraine Reason is that this is a list of 10 countries close to bankruptcy. I haven't been bothered to crossreference these countries with bitcoin but I don't believe people in these countries are flocking towards bitcoin to save them. My 2cts P.S. I also hope my bitcoins will make me millionare one day Correct me if I'm wrong but I don't think any of those were using the Euro as currency. My point is that this is a more major currency tied into many other economies. I agree, people may not necessarily flock now, but this could be the start of multiple countries finally facing their economies collapse |
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MF Doom (OP)
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June 28, 2015, 09:29:54 PM |
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http://m.rte.ie/news/2015/0628/711122-greece-economy/-Greek banks won't open Monday to prevent bank runs - ATMs have been drained of cash over the weekend -Creditors want pensions cut AND taxes raised I know I'm keeping an eye on this situation, as this could very well happen in other parts of the world soon. I think btc could start looking like a REALLY attractive way to get peoples cash out of a collaspsing financial system... + Gold & silver Yes Ron Paul has said to keep an eye on the price of gold too. He also predicted that the us dollar WILL collapse, its just aatter of time. He successfully predicted in 2002-03 the housing bubble popping because he ACTUALLY UNDERSTOOD what the us gvt policies of loose lending was doing to home prices and how subprime mortgages would not end up helping people. Also interesting is he is predicting that the dollar collapse could happen in a matter of HOURS not days or weeks... |
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elux
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Activity: 1458
Merit: 1006
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June 28, 2015, 09:58:53 PM |
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nakaone
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June 28, 2015, 10:13:18 PM |
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I do not think that it will directly affect this crisis but what matters is that due to money as well as capital controls bitcoin as a decentralized "currency" will gain legitimacy.
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waterpile
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June 28, 2015, 11:02:54 PM |
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I don't think that they would convert their money into bitcoin instantly there are alots of people who still don't know about bitcoin. Its just sad to see that their money is losing value..
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Meuh6879
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June 28, 2015, 11:06:42 PM |
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i realize that i don't have take cash from ATM ... since 20 years.
now, all my economies are in bitcoin only.
greek people are bizarre ... they want cash.
why ?
deploy bitcoin terminal and it's all, problem solve.
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jbrnt
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June 28, 2015, 11:21:39 PM |
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It's too late for the Greeks now. Capital controls are in effect and banks will be closed for a week. They can't move fiat into exchanges, they can't buy bitcoin.
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Bit_Happy
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A Great Time to Start Something!
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June 28, 2015, 11:26:23 PM |
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These pics say it all, next up they will be rioting, lighting fires (again) and praying that tomorrow is better.  |
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aztecminer
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Merit: 1000
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June 28, 2015, 11:49:26 PM |
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turns out the local depositors were merely waiting until just after the last minute to withdraw their funds... horde gas... and stack food.
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elux
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Activity: 1458
Merit: 1006
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June 28, 2015, 11:51:21 PM |
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These pics say it all, next up they will be rioting, lighting fires (again) and praying that tomorrow is better. Reddit comments: [–]feigns_NA 448 points 9 hours ago I'm an American on vacation in Greece at the moment. Not only is there a run on the bank going on, but businesses are not accepting credit cards either. I am currently waiting in line for one atm out of three that still has some cash left. Crazy times. [–]chewyjackson 30 points 7 hours ago Why are they not accepting credit cards? [–]pilot3033 151 points 7 hours ago
Because when you accept a credit card, you're accepting the credit card bank's promise to pay you. Not a great proposition if you have no faith in the bank. Other comments: I don't see why anyone in Greece would still have significant amounts of cash in a Greek bank.
If Greece's economy tanks, won't the money they withdraw become worthless? Shouldn't they be buying gold?
Honestly this story has been every single day for the past two months. If you're a Greek citizen and have any money whatsoever in the bank locally (except for immediate payments of bills) you're insane. I'd have withdrawn that stuff weeks ago, or maybe in the last two weeks at the very latest. Nothing here is as surprising as the lines at ATMs. Seriously...wtf people?! It's more like a bank saunter or a bank jog at most so far. When the banks open tomorrow (if they open at all), the last of the euros they have in stock will be gone in minutes as they've been kept afloat by the ECB since about last week. Why would anyone with half a brain wait this long? Cypris' capital controls should have been a giant red flag to anyone paying attention that your money would not be safe in a Greek Bank if you were a Greek Citizen. |
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spiderbrain
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Activity: 889
Merit: 1013
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June 28, 2015, 11:51:58 PM |
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The Greek situation is demonstrating precisely how useful bitcoin is, but unfortunately few people are paying attention. It's staggering to think that people actually still had money in Greek banks!
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botany
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June 29, 2015, 12:46:12 AM |
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I am curious about how you can prevent a bank run in this day and age.
Are there restrictions on online transfers as well?
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Mobius
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June 29, 2015, 01:10:34 AM |
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This was a pretty obvious scenario. I would have had all of my money out long ago.
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Miracal
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June 29, 2015, 05:03:48 AM |
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Reuters is reporting tonight that Greece’s financial stability council recommended that ATMs should be closed on Monday, and that the €60 limit would then kick in on Tuesday. I think the limit is set too low but what can there be anything done about it, there is nothing much left in their banks anyway. Its sad watching the economy of Greece just fall apart.
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ragi
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June 29, 2015, 06:57:14 AM |
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Limit on card withdrawals is 60EUR/day. Ouch!
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no.
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kwukduck
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June 29, 2015, 07:03:56 AM |
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Within a few days the bitcoin economy will realize nothing will happten to the price, the Greeks are not buying btc. We are looking at another long term down trend again.
Don't be fooled.
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14b8PdeWLqK3yi3PrNHMmCvSmvDEKEBh3E
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randy8777
Legendary
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Activity: 896
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June 29, 2015, 08:20:14 AM |
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Within a few days the bitcoin economy will realize nothing will happten to the price, the Greeks are not buying btc. We are looking at another long term down trend again.
Don't be fooled.
you and your hundred alt accounts are a comedian. this is a great time for people in greece to get into a safe haven like bitcoin where their shitty government can't harm them. |
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