Leaving eurozone - Greece & Bitcoin

[jonald_fyookball]

Greece isn't the point.  The point is, if they can give a haircut, whose next?
Your money isn't safe in fiat. 

[OROBTC]

...

ebliever & jonald_fyookball

Correct!  While it is too late (for now) for Greeks to buy into BTC in a wholesale way, it is NOT too late for people in the other countries at risk:

Portugal
Spain
Italy

and France?

If Greece "bails-in" bank accounts for anything like 30%, then I would think that citizens of those countries at risk would start to act. 

Who wants to lose 30% of their savings?

[bryant.coleman]

Tsipras has replaced the extremist Yanis Varoufakis with the more moderate Euclid Tsakalotos. Perhaps he is signalling that Greece still want to remain in the Eurozone. Now it is up to frau Merkel and François Hollande to decide, whether they want to lose Greece to Russia or avert that by writing off a part of the Greek debt. 

[OROBTC]

...

bryant.coleman

I cannot make definitive comments on Greece, only offer observations based on financial behavior and history.

Clearly there have been many years of misbehavior by Greece (mainly corruption and too much spending).  And there is LOTS of blame to go around.  But recall that the last government of Greece was Socialist.  And Tsipras (Syriza), even more Socialist, won by promising a more radical solution than the prior governments.

I only see difficult problems for Greece.  They need BIG CHANGES, including to their culture (not just cutting spending, etc.).  Granted, the Troika needs to bend some, but Greece does owe the money.


"The problem with socialism is that you eventually run out of other people's money."
- Margaret Thatcher

*   *   *

Varoufakis may (and I don't know...) have left to avoid becoming a scapegoat.

[unamis76]

There are millions more in Portugal, Spain, Italy and elsewhere who also have to be looking at this and thinking "Geez, I can't afford to wait until the banks close on me. I've got to make sure I have an exit strategy NOW!" Bitcoin and the alts will be fighting with gold/silver for their funds.

Another key issue... I know people from all these countries, and they are worried about going the same way as Greece or worse, but they aren't really doing much to search for an exit way. Unfortunately I think most Europe will only search for Bitcoin when they hit the dead end!

[gentlemand]

Another key issue... I know people from all these countries, and they are worried about going the same way as Greece or worse, but they aren't really doing much to search for an exit way. Unfortunately I think most Europe will only search for Bitcoin when they hit the dead end!

That's human nature in general. Greeks should've educated themselves on alternatives six or more months ago. If it does happen in another country it'll be the same cycle. Those who could've benefited left it far too late to protect themselves.

[cysive]

FWIW, Bitfinix, located in Italy is now leading in volume.

[ebliever]

When you lend money you assume a risk of default from the other party. Thats basic economics. There is no gain without risk. So greedy people that loaded on junk grade bonds from Greece and now are suffering the consequences, should have predicted this.

The way I see it, you've got an alcoholic (Greece), and a bartender (Germany) who should know better but kept giving him drinks. The alcoholic bears full responsibility for their actions, but a pox on the bartender as well for aiding and abetting the acoholic's dysfunctional behavior.

In my mind it's downright immoral for people to be buying the government debt of heavily indebted countries like Japan, Greece, USA, Italy, Spain, etc. All you are doing is helping them sell their own children (literally!) into debt slavery.

[NorrisK]

...

NorrisK

Actually I am thinking BTC ATMs more about the USA.  It is more-or-less too late in Greece's case, as you point out.

The time to buy some BTC (at least for cash), is while there still is cash.  Don't wait around until The End.  Preparation is just smart.

GREECE also shows that it is smart to have CASH on hand.  It is thought that the average American only has some $50 in his wallet at a given time.  Don't be average.  Have more cash just in case.

Cash + BTC + Gold = Comforting Diversification

Maybe then Spain, Portugal and Italy should start hoarding BTC then just in case Myself I don't even have 50 in cash on me ever, unless I go clubbing or something.. Maybe it is good to have some more lying around just in case..

[scarsbergholden]

Cnn money calls the greece drama a tiny cloud that what could happen in china with the current stocks falls do to margin stock buying http://money.cnn.com/2015/07/06/investing/stocks-market-china-greece/index.html?iid=hp-toplead-dom

check it out, if the #2 economy falls how big with the hype get with bitcoin?

[ebliever]

Maybe then Spain, Portugal and Italy should start hoarding BTC then just in case Myself I don't even have 50 in cash on me ever, unless I go clubbing or something.. Maybe it is good to have some more lying around just in case..

Given that banks don't pay any measurable interest on checking/savings accounts any more, I think it would be VERY prudent for citizens of other indebted economies to be putting a good chunk of their savings in bitcoin at this point. Greece ought to be a wake-up call.