[2015-02-23] Forbes: No, Bitcoin Really Isn't The Solution To Greece's Problems

[pitham1]

No, Bitcoin Really Isn't The Solution To Greece's Debt Problems

http://www.forbes.com/sites/timworstall/2015/02/23/no-bitcoin-really-isnt-the-solution-to-greeces-debt-problems/

Paul Mason has an interesting piece arguing that Greece could well introduce an adaptation of Bitcoin as a way of dealing with the current debt problem, financial crisis and austerity. Sadly, it’s not quite the get out of jail free card that Mason seems to think it is

[1715601656]

1715601656

[1715601656]

1715601656

[1715601656]

1715601656

[Mr Tea]

Yeah, I really don't think this would be a good idea to do nor would it likely happen anyway. It would be far too risky to take the gamble on bitcoin like this. I sure would be interested to see what the results would be but not at the expensive of Greece's citizens. If Greece does leave the Euro they will likely just reintroduce their own currency again. The whole fiasco is interesting to watch regardless and I am interested in the outcome but I don't think bitcoin will be it.

[Mike Christ]

Greece has a problem with itself; nothing can help Greece but the Greeks.

[1Referee]

It would have never happened anyway.

I really can't see a whole country adopt Bitcoin to get rid of a certain problem.

Europe should take its loss instead of feeding Greece billions and billions.

We in Western Europe has to deal with poverty in our supposed "wealthy countries" and what do we do? We give away cash that we ourself need so badly.

[cr1776]

Greece has a problem with spending beyond their means (as do many others).  Until they realize there is no free lunch and that eventually other people won't throw good money after bad, nothing will help them. Bitcoin or any other hard asset, would only prevent them from financial profligacy in the future.

[Kprawn]

The thing is, these so called "P.I.G.S" countries has been pulling the value of the euro down and more and more of the other stronger countries want to go back to their original currencies.

Greece can go back to, I think it was called the Drachma / Drachmae? {Correct me, if I am wrong} but that would go the same route as with Zimbabwe. {Zim dollar}

To protect it's current value from dropping, I would rather want to see mass adoption of a whole country towards Bitcoin, but I am biased in that regard.  

I have a lot of friends there, and would not want to suggest something that would hurt them any further... So I am kind of on the wire on this.  

[pitham1]

Greece has a problem with spending beyond their means (as do many others).  Until they realize there is no free lunch and that eventually other people won't throw good money after bad, nothing will help them. Bitcoin or any other hard asset, would only prevent them from financial profligacy in the future.

They should solve their problems, repay their debt and then adopt Bitcoin.
I don't see that happening in the near future.