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Author Topic: Can bitcoin really save Greece?  (Read 10167 times)
Jerry Walker
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July 01, 2015, 03:04:11 PM
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There are serious capital controls implemented in Greece right now:

You can only withdraw €60 from your bank account in one day, and no overseas transfers.
That's insane!

If they'd switch to btc - then there would be no problems with protecting their savings.
I mean, blockchain can't just close and say 'oh no, we aren't working today - come tomorrow' like banks in Greece currently do.
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NorrisK
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July 01, 2015, 03:07:43 PM
 #2

Of course it wont save them.. First they cant acces their money to buy bitcoin, second they don't enough places to spend coins, third everybody would be hacked ten times over..
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July 01, 2015, 03:09:20 PM
 #3

There are serious capital controls implemented in Greece right now:

You can only withdraw €60 from your bank account in one day, and no overseas transfers.
That's insane!

If they'd switch to btc - then there would be no problems with protecting their savings.
I mean, blockchain can't just close and say 'oh no, we aren't working today - come tomorrow' like banks in Greece currently do.
I don' think so! At first the gov wouldn't adopt bitcoin as national currency! Even they maybe consider this idea, they can't afford to buy enough number of bitcoin as reserve currency. They are desperate for cash to repay the loan! The ppl's money are stuck in the bank as well!
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July 01, 2015, 03:41:12 PM
 #4

There are serious capital controls[/url] implemented in Greece right now:

You can only withdraw €60 from your bank account in one day, and no overseas transfers.
That's insane!

If they'd switch to btc - then there would be no problems with protecting their savings.
I mean, blockchain can't just close and say 'oh no, we aren't working today - come tomorrow' like banks in Greece currently do.


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July 01, 2015, 03:41:27 PM
 #5

And how is a country supposed to just up and switch one day to using Bitcoin? It's very far off (if ever) what you are suggesting. At most, Bitcoin will help the few there who already knew about it - by not having their money locked in the bank. The People wouldn't know or care what you're talking about.

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July 01, 2015, 03:43:51 PM
 #6

No Bitcoin is not the cure for a nations huge debt and defaulting with an unsustainable economy to lifestyle ratio. Bitcoin would scare the hell out of the nation as it wouldn't be able to spend what it doesn't have.

ebliever
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July 01, 2015, 03:50:24 PM
 #7

Bitcoin can save individual Greeks, but not the nation as a whole, not without a lot of development work on bitcoin for scalability, etc. And the clock has run out for that, so far as Greece is concerned.

Edit: Meghan McArdle's recent article on Greece makes a good point: No choice of currency can save a country if it keeps making poor choices and is fiscally irresponsible. Greece would be a basket case whether it was on the gold standard, Euro, bitcoin, or bonga-bonga shells because of the leadership it has had. Conversely, a firm and fiscally responsible government could keep its economy on a sound footing using anything with the right characteristics (scarcity, fungibility, etc.) as currency.

http://www.bloombergview.com/articles/2015-06-29/the-moral-of-the-greek-story

Luke 12:15-21

Ephesians 2:8-9
anderson00673
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July 01, 2015, 03:51:11 PM
 #8

No, changing the currency will do nothing for the nation.  It might have helped individuals who were wise enough a few weeks ago to switch, but imo it is far too late for that sort of thing.  Their money is locked down in the banking system, so at this point the only thing that will help them is a solution.  But nobody can agree on what needs to be done, so the crap will hit the fan soon.
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July 01, 2015, 03:52:27 PM
 #9

No, changing the currency will do nothing for the nation.  It might have helped individuals who were wise enough a few weeks ago to switch, but imo it is far too late for that sort of thing.  Their money is locked down in the banking system, so at this point the only thing that will help them is a solution.  But nobody can agree on what needs to be done, so the crap will hit the fan soon.

It can change some individuals but not a whole country.
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July 01, 2015, 04:11:56 PM
 #10

bitcoin is not going to save Greece.
bitcoin is just a way for the people to save their money's worth and also keep their own money in their own hands and not in the banks being controlled by their government.

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July 01, 2015, 04:15:42 PM
 #11

bitcoin is not going to save Greece.
bitcoin is just a way for the people to save their money's worth and also keep their own money in their own hands and not in the banks being controlled by their government.

The conclusion is saving individuals and not the whole country.
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July 01, 2015, 04:27:58 PM
 #12

There was a program by Max Keiser at the Keiser Report that addressed exactly this topic, it's worth checking out. It's from a couple months ago but still very relevant:


https://www.youtube.com/watch?v=3s7UVY5yv7Y

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Giggs
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July 01, 2015, 04:35:29 PM
 #13

I think it could help in certain ways, but it's not guaranteed to 'save them' as bitcoin is probably just as risky as their fiat is now.

If they'd switch to btc - then there would be no problems with protecting their savings.

Not if the price plummets... though I think if a country mass adopted bitcoin the price would only continue to rise.
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July 01, 2015, 04:39:18 PM
 #14

Well the answer is yes and no. You would have to define the word save in this case.
In one hand, using Bitcoin can save anyone (including Greeks) from the banking system and capital controls (obviously if you withdrew before).
In the other hand, Bitcoin can not solve the problems of Greece (it's economy and whatnot).

elux
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July 01, 2015, 04:39:52 PM
 #15

Quote
Can bitcoin really save Greece?

No.

Can Bitcoin save individual, self-interested Greek citizens?

Sure.
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July 01, 2015, 04:46:46 PM
 #16

4B is a tiny amount for saving someone especially a whole country, bitcoin still look like not a serious asset with that marketcap, add a 2-3 zeroes and it may be used to save a country, but right now, there is no advantage for anyone to go with BTC

also they are too accustomed in printing money, and they cannot do the same with btc, from where they will get new money when all the btc that they possess will be distributed?
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July 01, 2015, 04:52:53 PM
 #17

Quote
Can bitcoin really save Greece?

No.

Can Bitcoin save individual, self-interested Greek citizens?

Sure.


most likely individual that already hold bitcoin in greece most feel so good about their investment and not being handle by the banking restrictions like how the normal people are, i'm the experiences of some of this bitcoin holders in Greece will pass along them.
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July 01, 2015, 05:43:57 PM
 #18

Not at all,Bitcoin can't save any country,and Greece will explode sooner or later
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July 01, 2015, 08:16:05 PM
 #19

One needs to have realistic expectations. As a monetary system, bitcoin has only been around since 2009.
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July 01, 2015, 08:19:32 PM
 #20

Majority of Greeks are not familiar with bitcoin, although exchanges have seen more trades from Greece lately, but its very tiny.
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