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Author Topic: Greece bankruptcy imminent. Why don't we feel anyting?  (Read 1679 times)
anu
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February 07, 2012, 11:39:38 AM
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The exit of Greece from the EMU is only a matter of time now. Pretty short time at that - most EU politicians looking at March. One might think that the Greece try to get their (remaining) money out of their government's grasp ASAP. One way would be to open accounts on payment services like Paypal. But that seems quite risky. So some at least should get the idea to use Bitcoin as a value store for the next couple of months at least. We should feel some buying pressure. Why don't we?

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February 07, 2012, 12:04:30 PM
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The exit of Greece from the EMU is only a matter of time now. Pretty short time at that - most EU politicians looking at March. One might think that the Greece try to get their (remaining) money out of their government's grasp ASAP. One way would be to open accounts on payment services like Paypal. But that seems quite risky. So some at least should get the idea to use Bitcoin as a value store for the next couple of months at least. We should feel some buying pressure. Why don't we?

There are a few new Greek miners in the forum.

Bitcoin is rather monolingual. Which is partly why Deepbit is so popular (only major site to have translations to Russian, Chinese, etc). How much is there in Greek? I bet it's under the radar for most greeks.

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February 07, 2012, 03:01:54 PM
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Maybe something to do with that : http://www.zerohedge.com/news/45-greeks-have-never-used-internet
How much greeks have heard about bitcoin then ? how much of them are ready to invest in bitcoin ? Must be really low...


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anu
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February 07, 2012, 03:55:02 PM
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Maybe something to do with that : http://www.zerohedge.com/news/45-greeks-have-never-used-internet
How much greeks have heard about bitcoin then ? how much of them are ready to invest in bitcoin ? Must be really low...

Not sure if that's an adequate explanation. Since Bitcoin is still so small, we should really feel 1000 people buying Bitcoins for EUR 1000 each. Which is 0.01% of the population there. Or 0.02% of those Greek who do use the Internet.

Rich PIIGS citizens probably moved their money to Germany already which is why they're enjoying such an unexpected boom. I guess they expect conversion of their funds EUR->Deutschmark is better than EUR->Drachme/Lira.... But that leaves plenty of people who can't just open a bank account at some safe place AND have the knowledge to use Bitcoin.

Maybe it'd help if someone Greek would write up and publish something.

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February 07, 2012, 04:03:57 PM
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Maybe Greece is about to go bankrupt because no one has 1000 EUR lying around to buy bitcoins with?

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February 07, 2012, 04:07:29 PM
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Maybe Greece is about to go bankrupt because no one has 1000 EUR lying around to buy bitcoins with?
Maybe the Germans will be smart enough to use the new funds to build solar powered bitcoin miners http://en.wikipedia.org/wiki/Solar_power_in_Germany =)

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February 07, 2012, 04:50:17 PM
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Maybe Greece is about to go bankrupt because no one has 1000 EUR lying around to buy bitcoins with?

Confusing Greece with South Sudan?

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February 07, 2012, 05:02:51 PM
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Many of you would be surprised how much cash moves around in Greece. It's the money laundering capital of Western Europe, followed by Italy and Spain.

That doesn't mean that there aren't pensioners genuinely having a hard time. But there is no shortage of rich people and luxury in Greece, and a middle class that's hardened against demanding tax-men.

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February 07, 2012, 05:29:04 PM
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Maybe Greece is about to go bankrupt because no one has 1000 EUR lying around to buy bitcoins with?

Confusing Greece with South Sudan?

No.  But it could quite easily be that income=expenditure for a great many people in Greece at the moment.  Cash flow versus profit... you can have a huge cash flow but not have any disposable income/savings to go around purchasing bitcoins with.

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