1st nation to adopt Bitcoin will become wealthiest

[NotHatinJustTrollin]

Is Greece small and desperate enough?

Other candidates?

i heard they only like the technology behind it, not bitcoin itself, they may adopt a new currency, maybe their own alt coin

“Bitcoin is a currency, bitcoin is a network, bitcoin is a technology and you can’t separate these things. A consensus network that bases its value on the currency does not work without the currency.” - Andreas Antonopoulos

Build a network to transfer value without the need for a new volatile unusable cryptocurrency -> problem solved.

[hashman]

If a nation would buy 1% of total Bitcoin ever available (210k) at current prices (50M USD) and announce that this is their official currency, they would become world's wealthiest nation almost overnight.

Lol, you have been thoroughly fooled.  There is no person called Mr. Nation. 

[Velkro]

Is Greece small and desperate enough?

Even they are not that desperate

[cakir]

I don't think that a country should adopt bitcoin as a currency.
But I'm strongly suggesting that National Banks should reserve some bitcoin to back up their money!
Also If I was a Bank owner, I would definetely buy bitcoin. Let's say My bank bought 1k btc; how much is it? it's just 250k$ but one year from now what'll I loose or gain? That's matters.

[thezerg]

The first headline we read about a nation adopting Bitcoin will be in the context of the PEOPLE adopting it, not the government.

[ajareselde]

If a nation would buy 1% of total Bitcoin ever available (210k) at current prices (50M USD) and announce that this is their official currency, they would become world's wealthiest nation almost overnight.

First ones in most cases be the one to be burned the most, while others observe and learn from their mistakes, and then they profit.
Buying a ton of bitcoin would increase the price for some time, but that price would soon deflate, leaving u with a loss.
Anyways bitcoin is not ready for such a thing, more precisely put; the surroundings of bitcoin are not ready, mainly for security reasons and volatility of the price.

cheers

[Ume]

No one going to adopt bitcoin because botcoin is not a stable currency and a limited currency as we all know its going to end in cuple of years.

[finnile]

I doubt it. They will be paying a large amount to buy a large reserve of it. And the rest of the world would probably just dump and the economy will drop right then.

[Warren Buffert]

This is one reason why nobody outside of the echo chambers takes you guys seriously.

"Shit bitcoiners say"

[acec]

Is Greece small and desperate enough?

I doubt it... current minister is Yanis Varoufakis, a known anti-bitcoin economist.

"Bitcoin and the dangerous fantasy of ‘apolitical’ money"

[agath]

No nation would be stupid enough to trust their wealth in bitcoin.
The majority of bitcoins are held by unknown people with unknown intentions. What guarantees does anyone have that Satoshi or someone else won't just cash out their 1mil.+ coins? Absolutely none.
The only thing that bitcoin holders have is hope that some big holder won't start cashing out and won't push this thin little market to it's knees.
You can gamble on hope, but serious finance needs more then that.

I see so many wrong things in your (and previous) posts.

No country would switch to bitcoin because that means they will lose control on money, money supply, their citizen's transactions, and more in general they would lose their power.

On the other side, it's not required that a government switches to bitcoin. People can, they already are free to do it anytime.

If there are big holders, it's because they realize how shitty is the fiat environment. Who would be so fool to sell their bitcoins to obtain shitty fiat? I expect that big holders will use bitcoin directly to buy what they want/need and they won't crash the price.

Last but not least, people who understand bitcoin don't base everything on "hope" as you say, but on the clear and exact rules of the bitcoin protocol and network.

[enuma]

Can only be Greece.

[moko666]

if they buy 210K coins then its price will pumped automatically
and when they annouce it then price will skyrocket but lets see if any country do this

[jk]

Is Greece small and desperate enough?

I doubt it... current minister is Yanis Varoufakis, a known anti-bitcoin economist.

"Bitcoin and the dangerous fantasy of ‘apolitical’ money"

Thank you for that link! I saved it for future reference to remind Yanis when the time is right.

[UnDerDoG81]

And the us Government would be the first country to ban it, manipulate the price and start a war against that country... Saddam and Gaddafi died because they were going to trade oil with gold instead of the us dollar.

[Cluster2k]

Is Greece small and desperate enough?

A country that has crippling problems paying back debts despite years of depression is going to sink money into an internet commodity?  I don't know which crowd would be larger in front of Greece's parliament: the lynch mob or the people coming to see a fantastic clown show.

[LewiesMan]

Bitcoin is not ready yet. In a few years I can see this as a real possibility.

Give it 20 years and there might be a chance above 1%.

[Ibian]

And the us Government would be the first country to ban it, manipulate the price and start a war against that country... Saddam and Gaddafi died because they were going to trade oil with gold instead of the us dollar.

I believe Saddam wanted to switch to Euro, actually. But yeah. Don't fuck with the petrodollar.

[Q7]

Then why didn't it start with a company or any other individuals for that matter? Fact is there is still too much risk involved and every one is basically looking at each other and to take a cautious approach.

[SimplisticStu]

And the us Government would be the first country to ban it, manipulate the price and start a war against that country... Saddam and Gaddafi died because they were going to trade oil with gold instead of the us dollar.

I believe Saddam wanted to switch to Euro, actually. But yeah. Don't fuck with the petrodollar.

Agreed, this is probably one of the main obstacles, US Gov have ways and means of stopping ANYTHING they do not agree with.