imagine if Greece adopted bitcoin

[eerygarden]

However unlikely this may be, please lend me your imagination for a while.

Lets say the Greek prime minister advises Greek citizens to turn to bitcoin. They arrange to help everybody including grandmas to convert their euros to bitcoin. (I know I know. Never in a million years)

So bitcoin is the national currency of greece. All transactions in greece are carried out in bitcoin. Can the network hack it? What would happen?

[1714823689]

1714823689

[1714823689]

1714823689

[1714823689]

1714823689

[Amph]

hack? not possibile, the price would rise because more people are using bitcoin without dumping it, so what will happen is that at first they will help some whales dumping their bitcoin, because the price is increased, then if other nation that have not a good economy and see the greece example as a good example, then they would shift too , to bitcoin

what i think is that we need someone to do the first big move, for bitcoin to start skyrocket all over the place

a good thing about adopting bitcoin, is that you will be helped by everyone, because the price is influence globally and not only by the country that adopted it

[aakashsangwan]

no, no one can hack the bitcoin network . Well there are many advantages of greece adopting bitcoin as No central gov. controlling the currency. And it will be like the movie 'guardians of galaxy'. But there will be increased cases of money laundering.

[eerygarden]

Perhaps i should have said, "could the network handle it", instead of "hack it". By that I meant the increase in activity. I accept that inflation is still too high and volatility would be wild and open to manipulation. But could the network handle it as it is today?

[randy8777]

Perhaps i should have said, "could the network handle it", instead of "hack it". By that I meant the increase in activity. I accept that inflation is still too high and volatility would be wild and open to manipulation. But could the network handle it as it is today?

if a country really decide to adopt it, we will need larger blocks for sure. other wise transactions will take longer than usual to confirm as they are pushed to the next block due to the blocks being full.

[eerygarden]

Perhaps i should have said, "could the network handle it", instead of "hack it". By that I meant the increase in activity. I accept that inflation is still too high and volatility would be wild and open to manipulation. But could the network handle it as it is today?

if a country really decide to adopt it, we will need larger blocks for sure. other wise transactions will take longer than usual to confirm as they are pushed to the next block due to the blocks being full.

Is that all that's needed in order to make it scale?

[Mieehayii]

wish the Greek Prime Minister set a good example for the Bitcoin to Greek citizens? I think it's impossible.

[eerygarden]

wish the Greek Prime Minister set a good example for the Bitcoin to Greek citizens? I think it's impossible.

However unlikely this may be, please lend me your imagination for a while.

[JarvisTechnology]

Perhaps i should have said, "could the network handle it", instead of "hack it". By that I meant the increase in activity. I accept that inflation is still too high and volatility would be wild and open to manipulation. But could the network handle it as it is today?

if a country really decide to adopt it, we will need larger blocks for sure. other wise transactions will take longer than usual to confirm as they are pushed to the next block due to the blocks being full.

Is that all that's needed in order to make it scale?

The finance minister of Greece, Yanis Varoufakis says it would not be a good idea to renounce the euro and adopt bitcoin, because it is deflationary bitcoin would be bad for Greece.
It would be far better for Greece to consider adopting the bitcoin open source protocol to create its own government-backed bit-drachma with the Greek central bank. It will boost in their economy standards.

[eerygarden]

Perhaps i should have said, "could the network handle it", instead of "hack it". By that I meant the increase in activity. I accept that inflation is still too high and volatility would be wild and open to manipulation. But could the network handle it as it is today?

if a country really decide to adopt it, we will need larger blocks for sure. other wise transactions will take longer than usual to confirm as they are pushed to the next block due to the blocks being full.

Is that all that's needed in order to make it scale?

The finance minister of Greece, Yanis Varoufakis says it would not be a good idea to renounce the euro and adopt bitcoin, because it is deflationary bitcoin would be bad for Greece.
It would be far better for Greece to consider adopting the bitcoin open source protocol to create its own government-backed bit-drachma with the Greek central bank. It will boost in their economy standards.

I did a google search and found that chaps blog. Thanks for sharing.
Here it is in case others are interested http://yanisvaroufakis.eu/2013/04/22/bitcoin-and-the-dangerous-fantasy-of-apolitical-money/

[azguard]

Perhaps i should have said, "could the network handle it", instead of "hack it". By that I meant the increase in activity. I accept that inflation is still too high and volatility would be wild and open to manipulation. But could the network handle it as it is today?

if a country really decide to adopt it, we will need larger blocks for sure. other wise transactions will take longer than usual to confirm as they are pushed to the next block due to the blocks being full.

Is that all that's needed in order to make it scale?

The finance minister of Greece, Yanis Varoufakis says it would not be a good idea to renounce the euro and adopt bitcoin, because it is deflationary bitcoin would be bad for Greece.
It would be far better for Greece to consider adopting the bitcoin open source protocol to create its own government-backed bit-drachma with the Greek central bank. It will boost in their economy standards.

He said for lot of things. Anyway dunno what will happen cuz personally i dont know how they will react will they accept it or reject it. Also they asked for another loan for last month salaries and pensions. Dont think that if they accept btc will influence something big more it will be for Greece downfall more.

[ajareselde]

Perhaps i should have said, "could the network handle it", instead of "hack it". By that I meant the increase in activity. I accept that inflation is still too high and volatility would be wild and open to manipulation. But could the network handle it as it is today?

Look at recent stress tests https://bitcointalk.org/index.php?topic=1094865.msg11700297#msg11700297 , and there was another one yesterday, but still no official review.
It will tell you that the network probably isn't yet ready for such a move, since obviously one small group can clog the chain and delay the transactions.

They could however bypass that by using local payment system where you would credit your account there and pay from there..
But then again, the volatility itself would be insane issue, especially if such adoption by a whole state would happen.

cheers

[Q7]

I only took pity for those innocent people who worked hard and earn for their savings only to find that they can't even take out their own money apparently because somebody else screwed up things for them. If they knew all these would happen, they would have looked at options on how to bypass it. Now is probably too late.

[greBit]

Greece's current GDP is $241 billion. To bring it down to the bitcoin currency, it would require each Bitcoin to account for $17591 of transactions per year, value each Bitcoin at $1759 or around 55 TIMES ITS VALUE! With the assumption that greeks use the currency and not the world, which is impossible. Greece is undergoing internal devaluation as a consequence of an overvalued currency,it would be fucking stupid to adopt a currency that was bound to increase in value by 55x as a consequence of them starting to use it.

[eerygarden]

it would be fucking stupid to adopt a currency that was bound to increase in value by 55x as a consequence of them starting to use it.

Haha

[NUFCrichard]

Greece's current GDP is $241 billion. To bring it down to the bitcoin currency, it would require each Bitcoin to account for $17591 of transactions per year, value each Bitcoin at $1759 or around 55 TIMES ITS VALUE! With the assumption that greeks use the currency and not the world, which is impossible. Greece is undergoing internal devaluation as a consequence of an overvalued currency,it would be fucking stupid to adopt a currency that was bound to increase in value by 55x as a consequence of them starting to use it.

As it is a global currency, would it not also be the case that they would increase their GDP by 55x in doing so?
If they could cheaply buy gold, knowing that it would go up 5500% straight after, that would be a pretty good reason to buy gold!

How would a country go about adopting bitcoin anyway? They couldn't buy on exchanges, how could they acquire the starting currency?

[eerygarden]

Greece's current GDP is $241 billion. To bring it down to the bitcoin currency, it would require each Bitcoin to account for $17591 of transactions per year, value each Bitcoin at $1759 or around 55 TIMES ITS VALUE! With the assumption that greeks use the currency and not the world, which is impossible. Greece is undergoing internal devaluation as a consequence of an overvalued currency,it would be fucking stupid to adopt a currency that was bound to increase in value by 55x as a consequence of them starting to use it.

As it is a global currency, would it not also be the case that they would increase their GDP by 55x in doing so?
If they could cheaply buy gold, knowing that it would go up 5500% straight after, that would be a pretty good reason to buy gold!

How would a country go about adopting bitcoin anyway? They couldn't buy on exchanges, how could they acquire the starting currency?

In fantasy world i guess they would just close the banks and advise their citizens to exchange their labour for bitcoin. Batshit crazy.

[Amph]

Greece's current GDP is $241 billion. To bring it down to the bitcoin currency, it would require each Bitcoin to account for $17591 of transactions per year, value each Bitcoin at $1759 or around 55 TIMES ITS VALUE! With the assumption that greeks use the currency and not the world, which is impossible. Greece is undergoing internal devaluation as a consequence of an overvalued currency,it would be fucking stupid to adopt a currency that was bound to increase in value by 55x as a consequence of them starting to use it.

As it is a global currency, would it not also be the case that they would increase their GDP by 55x in doing so?
If they could cheaply buy gold, knowing that it would go up 5500% straight after, that would be a pretty good reason to buy gold!

How would a country go about adopting bitcoin anyway? They couldn't buy on exchanges, how could they acquire the starting currency?

i think it should be done via governments, the governments should convert all is fiat in bitcoin, and start paying with it for every activity that there might be in their country

then their country should produce something and sell it to other countries to really increase its GDP, and not by printing useless fiat money, like they are doing now

[mrhelpful]

I only took pity for those innocent people who worked hard and earn for their savings only to find that they can't even take out their own money apparently because somebody else screwed up things for them. If they knew all these would happen, they would have looked at options on how to bypass it. Now is probably too late.

I only found about bitcoin way back when there was a cnn article, so unless they dont read stuff like cnn or other forms of internet news Im sure its harder to find.

or its the fact they found out what bitcoin was about, but were hesitant due to the scam stories they hear about it.

[mrhelpful]

Greece's current GDP is $241 billion. To bring it down to the bitcoin currency, it would require each Bitcoin to account for $17591 of transactions per year, value each Bitcoin at $1759 or around 55 TIMES ITS VALUE! With the assumption that greeks use the currency and not the world, which is impossible. Greece is undergoing internal devaluation as a consequence of an overvalued currency,it would be fucking stupid to adopt a currency that was bound to increase in value by 55x as a consequence of them starting to use it.

As it is a global currency, would it not also be the case that they would increase their GDP by 55x in doing so?
If they could cheaply buy gold, knowing that it would go up 5500% straight after, that would be a pretty good reason to buy gold!

How would a country go about adopting bitcoin anyway? They couldn't buy on exchanges, how could they acquire the starting currency?

i think it should be done via governments, the governments should convert all is fiat in bitcoin, and start paying with it for every activity that there might be in their country

then their country should produce something and sell it to other countries to really increase its GDP, and not by printing useless fiat money, like they are doing now

So bitcoin becomes the officially world reserve currency to pay off each others off sounds intresting..

but thats a ton of fiat, I see it in a way where they use it as a form of universal debt for other foreign countries to buy, so its another form of lending i guess.