Can bitcoin really save Greece?

[Jerry Walker]

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.

[NorrisK]

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..

[lihuajkl]

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!

[LiteCoinGuy]

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.

[coinpr0n]

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.

[ebliever]

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

[anderson00673]

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.

[SmartIphone]

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.

[pooya87]

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.

[SmartIphone]

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.

[manselr]

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

[Giggs]

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.

[Lauda]

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]

Can bitcoin really save Greece?

No.

Can Bitcoin save individual, self-interested Greek citizens?

Sure.

[Amph]

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?

[Argwai96]

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.

[bitllionaire]

Not at all,Bitcoin can't save any country,and Greece will explode sooner or later

[gambit1]

One needs to have realistic expectations. As a monetary system, bitcoin has only been around since 2009.

[Netnox]

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

[Snorek]

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

Greeks who know about bitcoin are very small minority. Greeks who know about bitcoin and believe that bitcoin could save their economy are probably non existent.
Why would Greece gravitate towards bitcoin when they have EURO? If they still had Drahma, their old currency Bitcoin could be the cure for them. But Euro won't collapse that easily.