Today it is Greece. Tomorrow it can be you.

[lorylore]

I hear that in greece there were "people" with 100+ year that were receiving pension money.
It can be bitcoin after greece lol.
There will be always that someone will win and someother lose

[Gyfts]

This was not a shock...this was expected. I'm sure many people knew Greece would default. It's not something that happens so quickly like "tomorrow" as you suggest. The less ignorant people prepared for what was to come and managed to secure their finances (partially).

[itsmeafridi3]

Wow this really shocked me . Hope it can be in my country tooooooooooo

[shanem]

Putting your money in bank is also risky when bank limits withdrawal when the health of the bank or country is in trouble.
At least bitcoin is free and does not have any government intervention for now.

[scarsbergholden]

Putting your money in bank is also risky when bank limits withdrawal when the health of the bank or country is in trouble.
At least bitcoin is free and does not have any government intervention for now.

has time goes by and more people learn about security and how to keep your bitcoin save is most likely that bitcoin would become their savings account and bank just a tool in order to make a payment to a sector of the economy that has yet to upgrade to the bitcoin ecosystem.

[Herbert2020]

that picture is indeed heart breaking. it makes you wonder if this situation can happen to you too especially if you are living in a developing country.

but i can not agree that bitcoin is the solution, and that it can solve Greek's problems.

[oblivi]

The worst part hasn't happened yet. Now greece is all happy and dandy because the NO won. They think they are getting their sovereignty back, when anyone informed knows that haircuts will be coming, and once haircuts will be coming and you still cannot get your money out of the bank, now that is a whole new level of frustration. Having bought BTC at 1K will be nothing compared to that.

[OROBTC]

The worst part hasn't happened yet. Now greece is all happy and dandy because the NO won. They think they are getting their sovereignty back, when anyone informed knows that haircuts will be coming, and once haircuts will be coming and you still cannot get your money out of the bank, now that is a whole new level of frustration. Having bought BTC at 1K will be nothing compared to that.

^^ This

It is not enough to save money in the bank, we now see all the risks, even if you are in a "developed country".  10 years ago, who would have thought that people could get "bailed-in"?  The term, AFAIK, had not even been invented...

Nor is BTC enough by itself to be properly diversified.  It is only smart to own some gold, keep some cash at home and own BTC.

And to pay attention to the news, and being prepared to act.

[Hazir]

It is interesting how everyone know commenting that it is great chance for Greece to incorporate bitcoin. It won't happen on the higher level for sure. Only small groups of people own bitcoin in Greece, and that poster are not gonna change much. Bitcoin is not magic salvation for their economic crisis it could only help some people slightly. When crisis of this caliber is in motion people are not gonna turn over to another volatile currency.

[ebliever]

When crisis of this caliber is in motion people are not gonna turn over to another volatile currency.

They will if they only have worse alternatives than bitcoin available, which is where things are headed. Desperation will make people try different things, things they would not normally consider. (Reminds me of a letter in my genealogy files to my great-grandmother from her brother in Germany in the 1930's, apologizing and sheepishly defending their embrace of Naziism because the "old ways had failed" and a new generation had to be allowed to try something new. But I digress... I hope.)

That volatility can be a blessing as well as a curse, after all - Cypriots who got out early may have ridden the BTC spike in early 2013 to many times what they invested as they exited their fiat savings.

[bilabonic]

How high can you guys see BTC going, not checked the price for a few days and seen a £26 increase !!!

I was just about to sell 3 BTC at £179. 

[agath]

Bitcoin will be the alternative system to the convential fiat systems. People is too dumb to embrace Bitcoin in 2015 or any time soon. We'll need at least 20 years until a country goes full crypto, and by then people owning BTC since the begining will all be millionaires.

Not unless they own at least 1.000.000 of bitcoins.

[scarsbergholden]

so cnn money calls the greece drama a little side show to what could be happening in china with all the stock margin buy and prices going down more then 30% could chine be the next economy on trouble?

CHECK IT OUT http://money.cnn.com/2015/07/06/investing/stocks-market-china-greece/index.html?iid=hp-toplead-dom

[Gleb Gamow]

"First we take Athens, then we take Berlin."

[neurotypical]

The worst part hasn't happened yet. Now greece is all happy and dandy because the NO won. They think they are getting their sovereignty back, when anyone informed knows that haircuts will be coming, and once haircuts will be coming and you still cannot get your money out of the bank, now that is a whole new level of frustration. Having bought BTC at 1K will be nothing compared to that.

^^ This

It is not enough to save money in the bank, we now see all the risks, even if you are in a "developed country".  10 years ago, who would have thought that people could get "bailed-in"?  The term, AFAIK, had not even been invented...

Nor is BTC enough by itself to be properly diversified.  It is only smart to own some gold, keep some cash at home and own BTC.

And to pay attention to the news, and being prepared to act.

It's really people's fault that they haven't learn what diversifiying means at this point in time after so many incidents like these and the importance of never having all of your wealth in the bank. Our culture never learns until you've already fucked up.

[Possum577]

This was not a shock...this was expected. I'm sure many people knew Greece would default. It's not something that happens so quickly like "tomorrow" as you suggest. The less ignorant people prepared for what was to come and managed to secure their finances (partially).

Yeah, sounds like the people of Greece aren't worried about the unknown or taking the riskier of two paths. It's crazy but kind of admirable to just go for it like that, to take on their own problems by themself.

Here's an article about it: http://money.cnn.com/2015/07/06/news/economy/greece-no-vote-explanations/index.html?iid=hp-stack-dom

[Kprawn]

I guess the vote result was the better of two evils. You cannot accept any more loans from the EU or other country, because it will only dig the hole deeper.

They need significant internal financial reform :

1. Increased Tax
2. Government Salaries & Pension cuts. {Eg.. reduction of 30% or more for a period of 5 years, until the economy healed}
3. Assistance to help entrepeneurs to create jobs. {Subsidizing innovation}
4. Strong anti-corruption strategies
5. Creation of a Bitcoin friendly environment {Also informal job creation}
6. Very strict lending practices for high risk loans.
7. Negotiations with the EU to write off a percentage of the debt. {Some countries have done this with 3rd World country debt}

These are just some of the things, they can do to resolve this situation.  

[jslim18]

Gosh! Greek defaulted IMF, Is Greece going to stay in EURO or out of EURO?
But, I found a correlation between Drachma to Bitcoin at http://airkayu.com/content/greeks-are-rushing-bitcoin

This was not a shock...this was expected. I'm sure many people knew Greece would default. It's not something that happens so quickly like "tomorrow" as you suggest. The less ignorant people prepared for what was to come and managed to secure their finances (partially).

Yeah, sounds like the people of Greece aren't worried about the unknown or taking the riskier of two paths. It's crazy but kind of admirable to just go for it like that, to take on their own problems by themself.

Here's an article about it: http://money.cnn.com/2015/07/06/news/economy/greece-no-vote-explanations/index.html?iid=hp-stack-dom

[Amph]

I guess the vote result was the better of two evils. You cannot accept any more loans from the EU or other country, because it will only dig the hole deeper.

They need significant internal financial reform :

1. Increased Tax
2. Government Salaries & Pension cuts. {Eg.. reduction of 30% or more for a period of 5 years, until the economy healed}
3. Assistance to help entrepeneurs to create jobs. {Subsidizing innovation}
4. Strong anti-corruption strategies
5. Creation of a Bitcoin friendly environment {Also informal job creation}
6. Very strict lending practices for high risk loans.
7. Negotiations with the EU to write off a percentage of the debt. {Some countries have done this with 3rd World country debt}

These are just some of the things, they can do to resolve this situation.  

i do not agree on this, especially when they have already locked to only 60 euro per day the money of their citizens

i find that rising taxes is not a good strategy ever to resolve big debts, it was proven numerous times

[GreenStox]

I guess the vote result was the better of two evils. You cannot accept any more loans from the EU or other country, because it will only dig the hole deeper.

They need significant internal financial reform :

1. Increased Tax
2. Government Salaries & Pension cuts. {Eg.. reduction of 30% or more for a period of 5 years, until the economy healed}
3. Assistance to help entrepeneurs to create jobs. {Subsidizing innovation}
4. Strong anti-corruption strategies
5. Creation of a Bitcoin friendly environment {Also informal job creation}
6. Very strict lending practices for high risk loans.
7. Negotiations with the EU to write off a percentage of the debt. {Some countries have done this with 3rd World country debt}

These are just some of the things, they can do to resolve this situation.  

Raising taxes is the most bullshit thing you can ever do.

Raising taxes only shrinks the tax base, thus they will have less government budget eventually.

Not to mention the fact that its highly immoral to send armed thugs to your store extorting you for money