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Could Greece Take Bitcoin As Its Official Currency?

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Author Previous TopicReplies: 4 / Views: 1,195Next Topic  
Pillar of the Community
aardspeed's Avatar
921 Posts
 Posted 06/19/2015  8:36 pm Show Profile   Bookmark this topic Add aardspeed to your friends list Get a Link to this Message Number of Subscribers
"It would be far better for Greece to consider adopting the bitcoin open source protocol to create its own government-backed bit-drachma with the Greek central bank and its national banks acting as 'validators' with a pre-mined (ie. electronically printed) amount of bit-drachma equivalent to the amount of euros held in Greek banks"


http://www.infowars.com/could-greec...al-currency/

Could-Greece-Take-Bitcoin-As-Its-Official-Currency?

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augsburger's Avatar
Germany
1063 Posts
 Posted 06/19/2015  9:59 pm  Show Profile   Bookmark this reply Add augsburger to your friends list Get a Link to this Reply
What Greece need is its own currency which can float properly, so they can export stuff as cheaply as possible.
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nalaberong's Avatar
Canada
2805 Posts
 Posted 06/19/2015  10:02 pm  Show Profile   Bookmark this reply Add nalaberong to your friends list Get a Link to this Reply
Bitcoin supporters tho :U
Bedrock of the Community
sel_69l's Avatar
Australia
21788 Posts
 Posted 06/19/2015  10:02 pm  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
Anyone can use Bitcoins, they are international.
The problem is they have to be accepted by the seller, and national governments have no control over them.

So yes, the Greeks can use them, but the Greek Government will not be able to regulate their use to their own advantage.

I do not think that the possessors of Bitcoins would be happy that the Greek Government could find a way to piggyback off the Bitcoin currency system. There is a possibility that it could cascade internationally, and bring the whole of the Bitcoin system down with a rather nasty crash.

It would be impossible to know how the currently established international banking system could regulate and agree, as to how avoid a Bitcoin crash. Perhaps they may take no action and just say:
'Good riddance to Bitcoins!', and continue to bandaid the current and badly flawed international banking system.

The problem with the Greek economy is that the population for far, far too long came to assume that they all had a right to their social security system, and successive Government just kept increasing payouts, all based on increasing National debt. It continued to be expedient for those Governments to increasing payouts to the population, just to gain or keep political power.

Perhaps good budgeting by the Government may have avoided this crisis, but too late now. I hope it does not go like Germany in 1922-23.

Now, the Government has no money for the hospital school pension and infrastructure systems and they are all dying with rapidly dimishing funding, because the rest of Europe will not loan them any more money. It is increasingly obvious that they will never be paid back.

And the population still want their pensions and hospitals.
Increasingly, those payments by the Government are forced to be withdrawn.

No money no funny. or No mon, no fun.
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austrokiwi's Avatar
2087 Posts
 Posted 06/20/2015  12:10 am  Show Profile   Bookmark this reply Add austrokiwi to your friends list Get a Link to this Reply
As others have already said;
If Greece fails to get the bail out funds it needs it will likely be forced out of the Euro. The new Drachma, assuming that is what they call it, would quickly sink in value in the world market. The bit coin would only continue the current situation and would likely make it much worse. The current situation being the Greek gvt has no control over the Euros value
Edited by austrokiwi
06/20/2015 01:27 am
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