Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[Erdogan]

Sorry if I'm reposting but this is just hilarious:

https://www.indiegogo.com/projects/greek-bailout-fund#/

"€1.6bn is what the Greeks need"

Waste your money. I wonder who is the one to steal them.

[gentlemand]

Sorry if I'm reposting but this is just hilarious:

https://www.indiegogo.com/projects/greek-bailout-fund#/

I wouldn't really want my beer money disappearing down the toilet of international finance but it's a fun idea to focus minds. Maybe it has national applications in the future.

All these incompetently run hell holes should just bypass governments and aid budgets and fund the building of their infrastructure that way. Far more efficient. I'm not sure it would go down too well with the local dictator but I guess they'd be allowed to cut the ribbon with some giant scissors.

[macsga]

The idea of getting informed by one (random) channel which (most possibly) is owned by some Mega company owned by some pervert Croesus is the proper thing to do in order to get devastating ph33r and make the wrong assumptions. Not to mention the worse scenario, to do the wrong deeds... Greece is just a piece of the puzzle, EU is the elephant in the room. Expect the unexpected. That's the way politics work.

Tick Tock, Tick Tock... (Hint: IMF)

[ChartBuddy]

Coin
Explanation

[Erdogan]

Sorry if I'm reposting but this is just hilarious:

https://www.indiegogo.com/projects/greek-bailout-fund#/

I wouldn't really want my beer money disappearing down the toilet of international finance but it's a fun idea to focus minds. Maybe it has national applications in the future.

All these incompetently run hell holes should just bypass governments and aid budgets and fund the building of their infrastructure that way. Far more efficient. I'm not sure it would go down too well with the local dictator but I guess they'd be allowed to cut the ribbon with some giant scissors.

If you want to help the greeks, use the blue market. Go there, pay with cash, don't ask for a receipt. Take a bunch of olives back home.

[Totscha]

Sorry if I'm reposting but this is just hilarious:

https://www.indiegogo.com/projects/greek-bailout-fund#/

I wouldn't really want my beer money disappearing down the toilet of international finance but it's a fun idea to focus minds. Maybe it has national applications in the future.

All these incompetently run hell holes should just bypass governments and aid budgets and fund the building of their infrastructure that way. Far more efficient. I'm not sure it would go down too well with the local dictator but I guess they'd be allowed to cut the ribbon with some giant scissors.

If you want to help the greeks, use the blue market. Go there, pay with cash, don't ask for a receipt. Take a bunch of olives back home.

Isn't this how their problems started in the first place?

[ronald98]

Merkel just announced that the terms for their bailout end at midnight.

So the vote is worthless at this point.

This is what she actually said  :

"This evening at exactly midnight central European time the programme expires. And I am not aware of any real indications of anything else," Ms Merkel at a news conference with Kosovo's prime minister today.

"Beyond this, it is clear that we will not close the channels of communication after midnight tonight ... that means the door remains open to talks but I cannot say any more than this," she said.

Asked whether she was aware of a last-minute offer Mr Juncker, Ms Merkel responded: "All I know is that the last offer from the Commission that I'm aware of is from Friday of last week."

Such doublespeak!
"I am not aware of any real indications of anything else" - just lol ... so something is being discussed then
The programme expires, but doors remain open to talks ...
Nice side-step on the Juncker question ... the last 'official' offer was Friday - well we already knew that. That was not the question!!

What a farce! At this point I would not put it past them to be just buying a few more hours for the banks to position themselves ...

EDIT: Apologies - this is what the Daily Telegraph said she said and may bear little or no resemblance to her actual words  

If you want to read more doublespeak take a look at the EU offer proposed to Greece on Sunday. They published it in the interests of "transparency" but it's written in double dutch.

http://europa.eu/rapid/attachment/IP-15-5270/en/List%20of%20prior%20actions%20-%20version%20of%2026%20June%2020%2000.pdf

[billyjoeallen]

It doesn't even matter if Greece leaves the Euro. They defaulted on their IMF loan today which means they are out of the capital markets. The bank run will continue because the banks are now insolvent. They cannot remove the capital controls because capital will flee like rats out of a sinking ship.

So if you're  Greek business owner, how do you pay your foreign suppliers? THAT's what's going to fuel the rise and BTC will be up hundreds if not thousands.

When the Greek banks reopen (next Tuesday so they say),You are going to see an informal market where Electronic Euros will trade at a discount against Paper Euros, because the money will leave the country in the only ways it can, not because of fear, but because Greeks have to buy the things they need and those things are outside of Greece.

A tiny few at first will see the benefit of Bitcoin for this purpose, but that number will grow until the trickle becomes a mighty torrent.

[cyclotronmajesty]

Gotta wait till Sunday that's when the referendum is done.

Also banks are closed right now in Greece? So Bitcoin will be hard to buy in Greece directly unless people are already using it.

I think banks in Greece reopen Thursday?

[SnokkomBTC]

there we go!

[ronald98]

Gotta wait till Sunday that's when the referendum is done.

Also banks are closed right now in Greece? So Bitcoin will be hard to buy in Greece directly unless people are already using it.

I think banks in Greece reopen Thursday?

I think they are only reopening 700 branches on Thursday to let pensioners who don't have ATM cards withdraw their pensions. There will also be a limit on how much each pensioner can withdraw, it's probably a week of two of pension money.

[Elwar]

Greece owed the European Central Bank a few million euros last week. They defaulted on that payment. That's what the whole "extensions" were about last week. Since they did not make that payment the ECB cut off further funds which was the reason for the bank closures.

I am not sure of what the consequences of defaulting on the IMF would be, there have only been 3 other countries in history that have defaulted (Argentina, Jamaica and Equador).

They owe the ECB 3.5 billion euros in July.

[billyjoeallen]

It doesn't even matter if Greece leaves the Euro. They defaulted on their IMF loan today which means they are out of the capital markets. The bank run will continue because the banks are now insolvent. They cannot remove the capital controls because capital will flee like rats out of a sinking ship.

So if you're  Greek business owner, how do you pay your foreign suppliers? THAT's what's going to fuel the rise and BTC will be up hundreds if not thousands.

When the Greek banks reopen (next Tuesday so they say),You are going to see an informal market where Electronic Euros will trade at a discount against Paper Euros, because the money will leave the country in the only ways it can, not because of fear, but because Greeks have to buy the things they need and those things are outside of Greece.

A tiny few at first will see the benefit of Bitcoin for this purpose, but that number will grow until the trickle becomes a mighty torrent.

What we need to do is to get the word out to Greek businesses:
Pay your foreign suppliers with Bitcoin

[macsga]

Greece owed the European Central Bank a few million euros last week. They defaulted on that payment. That's what the whole "extensions" were about last week. Since they did not make that payment the ECB cut off further funds which was the reason for the bank closures.

I am not sure of what the consequences of defaulting on the IMF would be, there have only been 3 other countries in history that have defaulted (Argentina, Jamaica and Equador).

They owe the ECB 3.5 billion euros in July.

Source?

[BitcoinNewbie15]

I did not expect Bitcoin to continue to rise today. Very interesting indeed, this is much more exciting to see the price moving instead of it going sideways. I do hope it will continue to rise upwards.

[rebuilder]

What we need to do is to get the word out to Greek businesses:
Pay your foreign suppliers with Bitcoin

How do they get the BTC? Cash seems in pretty short supply. They can transfer EUR within the country by bank transfer, but who'd accept that as payment?

(Is there a market for IOUs backed by greek bank deposits yet? I wonder what the going rate would be...)

[Erdogan]

Sorry if I'm reposting but this is just hilarious:

https://www.indiegogo.com/projects/greek-bailout-fund#/

I wouldn't really want my beer money disappearing down the toilet of international finance but it's a fun idea to focus minds. Maybe it has national applications in the future.

All these incompetently run hell holes should just bypass governments and aid budgets and fund the building of their infrastructure that way. Far more efficient. I'm not sure it would go down too well with the local dictator but I guess they'd be allowed to cut the ribbon with some giant scissors.

If you want to help the greeks, use the blue market. Go there, pay with cash, don't ask for a receipt. Take a bunch of olives back home.

Isn't this how their problems started in the first place?

No, the welfare state. The cost was hidden with galloping loans. The welfare state destroyed the capital structure, now it does not produce much of anything. Effective tax collection would not have been enough, and it would further have reduced the value generating capacity of the land.

However, every corrupt politician in europe, every corrupt crony capitalist, every corrupt central banker, every leeching violent union leader are talking their book. It is not easy for common people to understand, as long as they only skim the headlines in the main stream media, and never got proper education.

[tarmi]

The welfare state destroyed the capital structure, now it does not produce much of anything.

what a bunch of bs. on the contrary: it's the capital that is destroying the welfare state.

all those austerity measures and zee german stories about "commie" gov in greece or lazy greeks is about it: cut your pensions, cut your services.

[ChartBuddy]

Coin
Explanation

[billyjoeallen]

What we need to do is to get the word out to Greek businesses:
Pay your foreign suppliers with Bitcoin

How do they get the BTC? Cash seems in pretty short supply. They can transfer EUR within the country by bank transfer, but who'd accept that as payment?

(Is there a market for IOUs backed by greek bank deposits yet? I wonder what the going rate would be...)

You'd get cash by paying a premium: exchange 1000 Euros from your bank account to the account of Greek with 900 Euros paper cash. Then you'd take that cash and put in in the BTM in the North Athens bookstore in exchange for BTC. Or buy on localbitcoins.com.