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Author Topic: How will a Greek exit from the Euro affect BTC?  (Read 2828 times)
cafucafucafu
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February 09, 2015, 03:12:33 PM
 #1

Will we see any major price changes because of it?


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February 09, 2015, 03:16:42 PM
 #2

  • Greece won't exit the euro
  • Grecce's situation won't have any dirrect effect on bitcoin's price

Oh and by the way, news about Cypriots using bitcoin when their bank funds were locked were overhyped bullshit. Also, if you see the price rising and people blame it on news related to Greece it's still not a direct effect. It's irrelevant people trying to pump the price thinking that their trend will catch on after the news.

Get your facts straight. And if you think that any of the above is not true, please enlighten me how come you know more about Greece than someone who actually lives in the country?

Relevant read:

http://newsbtc.com/2015/01/28/will-bitcoin-solution-greeces-deep-rooted-problems/



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ajareselde
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February 09, 2015, 03:17:05 PM
 #3

Will we see any major price changes because of it?

Greece going out of EU will have little or no impact on price of bitcoin, there may be some pump attempts, but i doubt it will go anywhere.
I would rather invest in EUR than in btc right now, because without parasyte Greece, EU will be better off now.

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February 09, 2015, 03:17:53 PM
Last edit: February 09, 2015, 03:42:44 PM by redsn0w
 #4

As we told here : https://bitcointalk.org/index.php?topic=949374.0   I think the Greece will never get out from the Europe.
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February 09, 2015, 03:39:57 PM
 #5

  • Greece won't exit the euro


Dont be so sure about this. There are big % of Greece abandoning (or getting kicked) from the Euro.
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February 09, 2015, 03:54:36 PM
 #6

  • Greece won't exit the euro
Dont be so sure about this. There are big % of Greece abandoning (or getting kicked) from the Euro.
Geographically, they cannot leave. It is no isle or a rowing boat.

About how embracing BTC can be for completely broke Joe Average, I don't know. Actually I have some doubts.
Perhaps some more technology biased company will discover BTC as a way of transmitting funds. It is a small milestone on the road to mass adoption, but definitely not mass adoption happening today.

Partly Neo & Bee messed that up, https://www.youtube.com/channel/UCoROx4ZAwcFQdSeX0z_xonQ
The (in)official opinion of Varoufakis http://yanisvaroufakis.eu/2013/04/22/bitcoin-and-the-dangerous-fantasy-of-apolitical-money/ might be helpfull, too.

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February 09, 2015, 04:05:07 PM
 #7

IMHO there are a lot of discussions we are not aware of. Basically Greece will not be kicked out.
But that's not what you want to know...

If Greece would be kicked out, I think that Euro currency will suffer.
But Bitcoin is not tied to Euro. It should not be tied to any currency, though I have a feeling that it's actually sortof tied to USD.

So Bitcoin price will not be affected at all. Just if you are in Europe, you'll feel like Bitcoin became a lot more expensive.

superresistant
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February 09, 2015, 04:46:26 PM
 #8

 
Relevant knowledge :

If Greece exits here is what happen

Morgan Stanley says Grexit would send eur/usd crashing to 0.9

Also :



IMO, in the long term it would be better for strong countries to drop the weak ones (because there is no reason for the weak countries to ever get better) but it would cause a huge crisis.
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February 09, 2015, 05:04:49 PM
 #9

Will we see any major price changes because of it?

I don't think it will effect bitcoin in the slightest, unless the Greeks start putting their money into it. Bitcoin could see a surge in countries that are going through economic woes though.

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February 09, 2015, 05:45:09 PM
 #10

As it has never happened before, it's hard to predict the outcome of a country leaving the Euro zone, but I sincerely hope Greece will be kicked out. It will be a huge shock at first, but the Euro zone should quickly get better without that black sheep. Greece is only dragging down the Euro. Nobody benefits from its presence. It's only a burden, and it will take decades before the country gets better. Why should the people from Northern Europe help them? Greece is useless and unneeded, with a new prime minister that barks like a mad dog.

It's a beautiful country, though. There might be a few Greeks rushing to buy BTC if the country goes back to the drachma, but I don't expect a sharp rise in its price.

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February 09, 2015, 07:11:30 PM
 #11

There are many countries that should never have been adopted into the European Union. Countries like Greece, Romania, Bulgaria and Poland were all fooled into thinking that in the EU would be better. In reality, the EU just uses them like slave labor, takes their resources and burdens them with restrictive laws and debts in the form of IMF loans. If Greece leaves they will be the lucky ones, but BTC will be unaffected.
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February 09, 2015, 09:38:22 PM
 #12

Greece's government could leave the €, but the Greeks will not abandon their €.
In fact, many of the just moved their € from Greece's banks to germany's banks, to avoid any risk of bank's holidays and forced conversion to new drachmas.

If the Government just default on the debt or leave the €, it will need to pay every imports, good and service in € or $ or gold. In full and upfront.
The worst thing can happen to a government is just being forced to pay upfront and in cash for its spending and with someone else money.
They would be forced to tax as much as they like to spend. And, usually, this lead to peasants with pitchforks showing under the walls of the governments offices.
They would be forced to balance their budget.  Ohhh the horror!!!! The HORROR!!!!

The default on the debt would cause an increase on the government debts of other countries. This is because they can not afford Greece to default, because this would cause a chain reaction of insolvency.
Italy, my country, is just on the brink of the default. 600+€ per capita added to the government debt will not help a lot. It would push the debt/gdp ratio near 140% in a moment.
Other smaller countries would be in similar situations. Their debt/GDP could be better, but their economy could not endure the increase of interest rate or just be unable to pay more.
Even Germany, their bank sector is vulnerable to defaults, because their banks are overextended (often a lot more than Italy's).

The QE is needed to backstop all of this injecting enough liquidity to prevent the other countries and their banks from popping like Christmas lights after the Greek government default.

What will happen is a large increase of currency controls. And this will benefit Bitcoin adoption.
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February 09, 2015, 10:40:16 PM
 #13

I just saw this in the main board
http://yanisvaroufakis.eu/2014/03/13/debating-bitcoin-on-abc-late-night-live-with-phillip-adams-and-andreas-andreopoulos/

Varoufakis consider bitcoin brilliant but he is skeptic.
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February 10, 2015, 12:38:49 PM
 #14

If Greece exit Euro, wouldn't that essential make euro stronger. It might send a jolt to the market, that probably would have positive impact on btc price but in long term, I don't think so. Probably more significant is the total collapse of euro.

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February 10, 2015, 12:56:18 PM
 #15

  • Greece won't exit the euro
  • Grecce's situation won't have any dirrect effect on bitcoin's price

Oh and by the way, news about Cypriots using bitcoin when their bank funds were locked were overhyped bullshit. Also, if you see the price rising and people blame it on news related to Greece it's still not a direct effect. It's irrelevant people trying to pump the price thinking that their trend will catch on after the news.

Get your facts straight. And if you think that any of the above is not true, please enlighten me how come you know more about Greece than someone who actually lives in the country?

Relevant read:

http://newsbtc.com/2015/01/28/will-bitcoin-solution-greeces-deep-rooted-problems/

I fully agree. I don't understand people's obsession with a "doom-gloom" collapse of Greece and a massive flocking to BTC. I see the current events surround Greece as a call for help. Greece entered the eurozone for the same reason it now wants to leave it; debt.  They need solutions to their debts. Those in the eurozone stand to lose to much if Greece left. Besides, per the European Central Bank I am not too sure it is even legal for Greece to sever its ties to seek sovereignty under the current circumstances. What do you think may happen?
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February 10, 2015, 01:01:01 PM
 #16

If Greece exit Euro, wouldn't that essential make euro stronger. It might send a jolt to the market, that probably would have positive impact on btc price but in long term, I don't think so. Probably more significant is the total collapse of euro.

The euro would take a hit relative to itself if Greece leaves (which won't happen). A exit would leave a very large debt/tax bill uncollected to the eurozone. Greece would fall into a massive inflationary spiral if they tried to implement their own currency again. The price of goods and services would skyrocket in Greece; most citizens wouldn't be able to afford anything; Greece wouldn't be able to afford anything with their near valueless country.

I.e. Greece is not leaving. It's just acting like the little brother right now because his older brothers got new clothes and he didn't (for once).
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February 10, 2015, 02:11:08 PM
 #17

 
http://www.zerohedge.com/news/2015-02-10/europe-propose-6-month-extension-after-greece-warns-it-may-get-funds-russia-or-china

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February 10, 2015, 02:13:44 PM
 #18

Don't think that Greece will exit Euro and wheter she does it or not, that doesn't affect BTC price.

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February 10, 2015, 05:04:12 PM
 #19

I don't think Greece will finally exit the euro but if it does the ensuing bank runs in Greece and the "soft" EUR countries (PIIGS) can only pump up BTC.
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February 10, 2015, 05:30:27 PM
 #20

they will not affect it in any way, fiat are still far awar from bitcoin, they ignore it
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