This page has been archived and commenting is disabled.
Greek FinMin: "Greece Will Adopt the Bitcoin If Eurogroup Doesn't Give Us A Deal"
While Greece’s lenders are pushing the Greek government to accept their terms in order to allocate funds so the country will not go bankrupt, Greek Finance Minister Yanis Varoufakis seems to have another ace up his sleeve. The second top thinker in the world according to prospect magazine surprised even his closest aids at a secret meeting when he said “We ‘ve had enough, we ‘ll run on Bitcoin.”
Sources very closed to Greece’s minister of finance told Greek Reporter that today Yanis Varoufakis held a top secret meeting with high-ranking finance ministry officials to prepare them in case negotiations at the upcoming Eurogroup fail. The anonymous source noted that everybody in the room was staring at each other when Varoufakis – also a prominent blogger – said “We ‘ll go to Bitcoin, we will be ahead of all the world economies and although it may be painful in the beginning, Greece’s economy will thrive in the long term.”
The Greek Finance Minister went on to explain what is the cryptocurrency and how it will be implemented into Greeks’ day to day life by using a special mini computerized card with a chip. All citizens will carry the card as an electronic wallet. The card will be distributed for free to all Greek citizens via the local tax offices but it will also be available for purchase at the country’s entry points for 45 euros, or 0,20 Bitcoin each. The sale of the card to tourists is expected to be another form of revenue for cash-strapped Greece.
“This is the smartest move to beat corruption and tax evasion, all transactions will be recorded to the Greek Ministry of Finance new secure and dedicated Bitcoin servers and we ‘ll be able to track transanctions at any given moment,” said Varoufakis defending his decision.
Many officials objected saying that Greece doesn’t have the knowhow to start such a global movement but the Greek Finance Minister said that he does what the Ancient Greeks would do in his position – and that is: be the future!
“As Greeks we are innovators, look at our history,” exclaimed Varoufakis who added “The first computer was used in Greece, the mechanism of Antikythira, nobody knew what we were starting then.”
“The future starts in Greece and we will be the first country to use the currency of the future, a currency that doesn’t allow third parties to tell us what to do or how to live, this is the Greek thing to do,” said the Greek minister.
Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part while it can be used for transactions worldwide.
Earlier in the day German Finance Minister Wolfgang Schaeuble had made statements putting down once again Greece’s negotiation efforts and this might have been the reason his Greek counterpart held this important meeting today.
“This is the way to be ahead, they want us to back up and they say we don’t have a clue on what we do, but this is the solution for Greece’s future,” said Varoufakis according to the same high-ranking finance ministry official who was present at the meeting.
Alexis Tsipras, the country’s prime minister who is younger but not as digitally advanced as Varoufakis, was reluctant in the beginning. Tsipras realized the advantages of such a move during a special session the Greek Finance minister held for the Greek Prime Minister at Maximos Mansion during the weekend. The session was also attended by other leftist government members who needed to be prepared and lead the way in using the Bitcoin when and if Greece switches.
According to a source close to the Greek Prime Minster the Finance Ministry is planning to hold free special seminars for all Greek citizens on how to use the Bitcoin. As of today a forum on the Bitcoin and its use has been set up in Greek here. It is expected that the Greek Economy will be running on Euro and Bitcoin simultaneously at least for one year until all citizens get familiar with the use of the digital currency.
The next crucial Eurogroup for Greece’s future should be held in the next two weeks.
* * *
»
- 56414 reads
- Printer-friendly version
- Send to friend
- advertisements -
FONESTAR IS FOUND!!
Meanwhile... The biotech bubble is really gonna get crushed by this:
http://www.telegraph.co.uk/news/science/science-news/11504166/Anglo-Saxo...
Ain't that sweet. But nonetheless, Pharm will take the "essence", synthetically recreate it, patent such, get FDA approvals after hurried priority trials, fund a bazillion studies and make sure that the home remedy is said to be dangerous in the press and .... oh, y'all get the business as normal deal.
Y'all can get all freaky and let a cow vomit on you after a garlic eating contest.
I'll stick with silver, thanks.
pods
We are just one notch shy of full tilt retart.
Bitcoin's chart doesnt think this will happen.
Even die hard bitcoin enthusiasts like myself do not believe this kind of news on Apr 1.
That's a mistake:
http://debtcrash.report/entry/bitcoin-an-e-dollar-beta-test
This story is a thing of beauty.
LOVE IT!
We fooled some folks
I am still not sure how they will be able to stop untracked transactions? I guess they could use the block chain to track them.
In other news, Putin agrees to give back the Crimea, the EU will break up, and Obama has boarded up the Federal Reserve and will adopt a Gold Standard effective immediately, ban bombing of sovereign states without an explicit declaration of war and will immediately press charges against US security forces involved in unlawful torture, extrajudicial killing and undocumented rendition.
Sorry but he's probably playing right into the hands of the US government.
Seriously read this:
http://debtcrash.report/entry/bitcoin-an-e-dollar-beta-test
The majority of people here and other places are not intelligent enough to see what Bitcoin is or why it is important (it is THE game changer). But that's okay, the personal computer and world-wide internet existed for several years before they were seen as the revolutionary technology they are. And now those slow kids can't stop talking about them (as if they were still something new). So it will be the same with Bitcoin.
and the people like you are so ass fucked by their father when they are kid that brain got serious shortcuts causing inability to distinguish real news to 1st april jokes.
your dad should have pushed his dick a bit deeper to make your head explode, this way we would not be bothered by your presence.
The people who have been fucked the hardest (historically speaking) are the late adopters. Now we're getting to the best part of the show, where technology is no longer this touchy-feely bullshit that is "user friendly" for tards like you. You either get modern or you get fucked. Are you ready chumps?
This is eaxctly the reason why Bitcoin hasn't been made illegal to own or possess (hell they are far more agressive with MP3s).......it's a giant social experiment for governments to see how people react to being herded into all electronic currencies. No country is actually going to use Bitcoin but they will use that model and build on it in order to design their own future currencies. Will be interesting if the SHTF with Bitcoin back taxes as a way to test how effective it was to capture rogue transactions. That's probably about the time gold will start shooting up again too.
Who cares if countries use Bitcoin? We don't need their blessings, we just need people using Bitcoin in the real world and we've already started to see that.
I read this article carefully. There's nothing in it other than fearmongering and allegations. If you want a meaningful discussion please bring some arguments to the table. It may have been true that certain elements of Bitcoin originated in NSA, DARPA, or other three-letter-agency. That does not invalidate the technology as a whole, nor the mathematics behind it, just like trigonometry is not invalidated by the fact the guy who invented it was probably gay.
The reason governments have not clamped down on bitcoin is that they can't. There's no bitcoin server. There's no operator. There is no one to sue and no one to nailgun. It is precisely the same reason governments have given up on BitTorrent.
That is the beauty of Bitcoin. Pure decentralization, a love child created from the depths of the internet by crypto-anarchists, hackers and cryptographers.... spurned onwards by zealous legislators. We are not Bitcoin enthusiasts because of it's relationship in price to the digital shit-currency "dollar". We are Bitcoin enthusiasts because Bitcoin IS.
Perhaps you will be given a digital signature at birth and any transaction to or from a non-sanctioned account will be a crime? Think about it, right now they have business collecting most of their income tax. How big of a stretch is it to imagine the force all business to use a state approved transaction program that reports who / what / when / where to .gov? No legitimate account? No honest business will accept you digital money.
Good luck to track "mixed" transaction.
With enough precaution you can have a very good anonymity on BTC.
Well, I would hope it's a joke. I mean, how stupid to use bitcoin, with half of all issued bitcoins owned by 1000 people or entities. Rather, if they want to adopt a digital curency, why not just use one of the infinite other copies of bitcoin, with all the exact same properties and securities, but that could be instigated by the greeks for the greeks. Duh.
BitCoin: If you don't hold it, you don''t ......
Wait....
Bitcoin: If you don't hold your encryption keys, you don't own it.
There. Fixed it for you.
I hope those Winklevoss boys are OK, I mean shit. Bitcoin down to $239. Hope they bought in alot lower.
Once you grasp the power behind OP_DUP OP_HASH160 pubKeyHash OP_EQUALVERIFY OP_CHECKSIG - the $239 becomes a meaningless detail.
Funthea, half of ALL valuable shit (gold, oil, fiat, cocaine and opium production etc etc) is owned by about 1000 people, so try again.
Even if that is correct. I think you may have missed the implication of that notion, as applied to Bitcoin. Those that hold Bitcoin to the esteem of the epitome of the perfect currency, do so, all the while, failing to understand the implications of the savior currency when reckoned with the reality that any number of alt coins have the identical properties, there by rendering their "awe" moot.
All you need to know about the list of "Top Thinkers"
Several of the other thinkers in the top 10—particularly Thomas Piketty (Marx redux), Yanis Varoufakis, Naomi Klein, Paul Krugman and Russell Brand
Fuck, I forgot about that. I really, really hate April Fools. It's the perfect time to impliment absurd new rules and policies and have people disbelieve it and miss their chance at a responce, as by the time they learn it was real, it may be quite a while later, making it all the harder to respond.
I hope it is April fools, I was thinking that this guy is just like lots of other crazy professors throughout the US. Grand idea with no thought or research behind them.
You would not want this guy guiding your checkbook let alone your country. Germany and Greece hope it is April fools.
Obvious Joke.
How can they run a Bit-Coin deficit?
Greece without deficit is impossible.
Go back to the model that was successful for them--a loose federation of city-states. Crypto would likely serve such a model well.
That is exactly why you announce it on April 1st. Game theory.
Everyone misses the bigger point. Bitcoin works beautifully now as is as a SWIFT equivalent, accounting ledger and common currency settlement medium making BIS irrelevant if they want to do business outside the system. The EU et. al lose control of the transfer network if they go bitcoin regardless of what internal currency they use, Drachma or EU or whatever. The blockchain is auditable but with some customization fairly anonymous in masking transfers from point A to point B while keeping a full tracking of movements in the system 'everyone' can audit. If they adopt it BRICS/AIIB follows suite because they would stupid not to use a secondary money flow conduit in the global chess game when you can't control all the flows to bypass other banks like the World Bank. That doesn't mean the countries adopt bitcoin as internal currency just a settlement one like SDRS when you want to do business with each other.
Greek Fin. minister found dead in his home yesterday from apparant suicide from a nail gun to his anal region.
Schäuble must have rejected his offer to buttfuck Yanis!
Seems more likely to be a shitgum than a nailgun.
Long bovine bile
And garlic!
But silver is a very potent germ killer.
Might be the zinc from the brass dissolving into the bile that's killing the germs.
“This is the smartest move to beat corruption and tax evasion, all transactions will be recorded to the Greek Ministry of Finance new secure and dedicated Bitcoin servers and we ‘ll be able to track transanctions at any given moment,”
The People of Greece might want to take it a step further and exchange their bitcoins for Dash (formerly Darkcoin). This allows for instant, anonymous transactions. The tech could be layered right on top of any "e-card" the Greek government issues. Even without that layer, all they would have to do is get their own wallet and use that with other people who only use their own wallets, such that the .gov has no idea if they are Greek, Americans, or Martians.
If the article is serious, then YV doesn't really understand cryptocurrencies.
One of the big, important features is that there isn't any one "secure, dedicated server", but a network of them distributed across as many borders as possible.
Martians wouldn't trade anything for DRK. Bring gold.
You can't afford the fees to transfer gold to Mars. Cheaper to mine it on site. DASH and BTC cost pennies or less to transfer anywhere in the universe.
click on link at the bottom of story...well done
"We are just one notch shy of full tilt retart."
NEVER go full retart! Have you people learned NOTHING?
Garlic is in the US army field manual as having anti-bacterial and anti-viral properties. Its good stuff. Silver has also been tested and confirmed by the US military to have very good anti-bacterial and anti-viral properties. Never heard of Cow vomit but than again the first step is to admit that we know nothing.
APRIL FOOLS !
It's gotta be
Clue that this was written by an old grandpa as a joke "the Bitcoin". Yeah, April Fool's retards..
What's that dry sucking sound? Oh, its knukles trying to get some water out of his california retirement home tap. LOL.
Who wrote this article, a third grader?
Someone from the GreekReporter. Seems legit...
Tyler is apparently having some Aprils Fools fun at the expense of BTC and the Fonestar Brigade.
that was fake, this is real:
http://www.otcmarkets.com/stock/GBTC/quote
Somedays I can't tell when these articles are real or fake since they all read like the Onion most of the time anyhow. lol
April fools I assume. :)
This is fucking hilarious.....Greeks adopt bitcoin as national currency.....
https://www.youtube.com/watch?v=Tta1K_is0ag
Prepare for a barrage of shitcoin told you so's.
April Fools Joke ?.
As it turns out, every day is April 1st.
It is never April 1st.
April Fools Joke ?.
Just one more brilliant financial move by Greece. LOL!
OP_RETURN Definitely April fools.
Ask a Greek to say "sit coin" it will always result in "shit coin" :-)
Hahaha. April Fool!
That said, I kinda like the idea.
Math is hard
but...but....they wont be able to print money when there their stock market has the audacity to drop more than .3% as the rest of the "advanced" western countries do.
"While Greece’s lenders are pushing the Greek government to accept their terms of surrender in order to allocate funds so the country will not go bankrupt..."
Fixed it for you Tyler. Even the WW2 Nazi's weren't this brutal.
Varoufakis has either been smoking a banned substance or he is a Trojan Horse for the NWO.
I've got Syriza placed firmly in the Trojan Horse camp. They seemingly plan to restucture the EU, rather than exit it.
I must say though, I was not expecting this announcement.
Out of chaos, order. When currencies collapse, will we all embrace completely digital currencies as the presented "alternative"?
*the* bitcoin hehe
Was wondering what would be today's April Fool post.....not too bad Tyler.
Thank god for the black market....
I could never figure out why the free market is called the black màrket.
Because it's so dark you can't trace transactions. Unlike Bitcoin...
Cuz you but shit from a brotha on a street corner
rayciss!
good one!
April's fool motherfudger!
Go aheaad.
Has to be April Fools.....the world may be full retard, but Grrek Bitcoin is just too far over the top.
Bullshit they'll use the Bitcoin.
They can't print more of them. And they supposedly have no idea where the transaction is taking place.
Bluff
They seem to believe they can track you and your transactions in real time, useing bitcoin. As for printing more, maybe they can. Or they never intend to buy the bitcoins only the idea. You will not be buying those bitcoins from anyone else but from the state the state will issue the cards and the coins.
With the state issuing the cards, every transaction will be tied to a specific card holder.
Too good to be true.
Yes it is...
lol, nice one Tylers;-)
Zerohedge you articles are getting more and more crappy. Please have some more intellegent stories.
Please write your prose correctly, mingkim
ZH your readers, like mingkim, are getting more and more trolly. Please have some more intelligent readers.
FIFY
That's intellegent with an e you moron.
Bitcoin and socialism are incompatible so it must be April Fools.
For all the bitcoin lovers out there spouting off about anonymity
“This is the smartest move to beat corruption and tax evasion, all transactions will be recorded to the Greek Ministry of Finance new secure and dedicated Bitcoin servers and we ‘ll be able to track transanctions at any given moment,” said Varoufakis defending his decision.
Bitcoin is Big Bro on steroids.
Cash or trade is anonymous, there are no servers, NSA, CIA or IRS to track it. Why do you think there is a push to kill cash?
Yeah, sure, IF you use your government issued wallet.
If this weren't an April Fool's joke, the Greek Government would be surprised to find that there is practically no economic activity in their country, as 99.9% of it will move to private wallets that can be issued by the quintillions in seconds, and are very difficult to trace.
Nevermind the vast improvements in anonymity we have seen with other coins, especially Dash, formerly Darkcoin.
You guys don't see it do you?
With the survellance going on every transaction still has to get from point A to B. Passes through routers and who knows what else.
Cash you have in your wallet. If there is no power or wat to access your virtual wallet, you can still purchase goods or services with cash.
There is a move to kill cash for control. Cash is difficult to control.
Actually it passes through Masternodes. The surveilance state would need to own at least 80% of them to have a chance to determine which payments are going where, and the amount of money required to buy that many masternodes would make owners of the cryptocurrency rich, and they could then just abandon the compromised currency and start a clonecoin and do it again until the government collapses.
This is called cryptoanarchy rather cryptoauthoritarianism for a reason. The state has largely been made obsolete by the concept of the blockchain. All that is needed is for a critical mass of people to start using it, and the state will fade away like a bad dream.
So are wireless mesh networks that use very low power devices think coin cell batteries that are solar rechargable and latently rechargable that only using near field communication methods to transact....
There is no shortage of latent electricity in the air to make a very well defined device for this purpose and this purpose only that will function power grid off or not.
The problem with physical YellenBux is that they are still YellenBux. Too lazy to use bullion?
.
“We ‘ve had enough, we ‘ll run on Bitcoin.”
LOL! For Greece's sake I hope he really mean it.
http://yanisvaroufakis.eu/2014/02/15/bitcoin-a-flawed-currency-blueprint...
http://yanisvaroufakis.eu/2013/04/22/bitcoin-and-the-dangerous-fantasy-o...
I think max keiser has a startcoin project for basically this exact thing.
https://www.startjoin.com/zyriza
just sayin'
Well, not actually Bitcoin, but an altcoin based on it.
Greece will fork the code so they CAN make more of them.
It's gonna be the BitDRACHMA. It will start out at 0.0000000000000000000000000000000000000001 BTC per BitD (and go down from there)..
A good April Fool of course!
Bitcoin is vulnerable to theft and speculation, both from algos and large Bitcoin holders who can manipulate the market price in both directions. Bitcoin is too volatile for a national currency and is as worthless as fiat currencies.
A virtual currency has a place, like Iceland's Auroracoin, which will remain mostly for national transactions only.
1% gold exchange Drachma is the answer.
Gold can't be stolen, I guess.
The more market participants there are, the more stable the price of the currency. We see this in national currencies, which are driving out participants at record levels, leaving only the CBs.
Should any cryptocurrency reach reserve currency status, such that the number of holders has become more or less static, you will see it start to behave like national currencies did before the CBs went full retard with the intervention.
Everything happens for a reason. We will ALL be using digital currency VERY soon. Greece could be the test case.
wstrub, I totally agree as your asumption is basically what I just posted as a comment awaiting moderation on Greg Hunter's 4/1/15 interview of Reggie Middleton:
http://usawatchdog.com/15302/
We must look past what is being trumpeted out there on the MSM to what the powers that be have wanted all along.
They are pitting the old order in the west against the up and coming AIIB while at the same time presenting Greece with no options but to default and just today on Zerohedge all the sudden out comes the Greek Finance Minister Yanis Varoufakis with a proposal to run on bitcoin:
http://www.zerohedge.com/news/2015-04-01/greek-finmin-greece-will-adopt-bitcoin-if-eurogroup-doesnt-give-us-deal
I have been saying this all along! The powers behind the scenes who own all the central banks in every country of the world but 3 own all the politicians from the USA to Europe to China to Russia to Greece and as puppets they all do their owners bidding while at the same time are presented to us as adversaries among each other.
It would not surprise me one bit if James Turk is correct that they will let Greece default this month:
http://kingworldnews.com/ecb-to-steal-greek-bank-deposits-as-greece-to-default-within-two-weeks-sending-shockwaves-around-the-world/
This would set in motion enough contagion in the fiat markets while Greece fully implements bitcoin and over the next six months proving its viability that by the end of this Shmita in September 2015 the whole world will quickly want to adopt it.
I may be a little aggressive on the time line but the probability is there. We have been given enough clues in the scriptures that there will be 3 1/2 years from adoption to full implementation as they phase out all fiat.
I have already said through many posts here that the next 7 years will be the last Shmita as the world is exponentially rushing headlong into complete turmoil for those who have eyes to see.
All one needs is an iphone that is accessed through one’s biometrics into the elites banking system utilizing a crptocurrency where access can be denied and this passage is fulfilled:
Revelation 13:16-17 And he causeth all, the small and the great, and the rich and the poor, and the free and the bond, that there be given them a mark on their right hand, or upon their forehead; (17) and that no man should be able to buy or to sell, save he that hath the mark, even the name of the beast or the number of his name.
Love in CHRIST! Rob
I'm having a laugh. Needed that.
Bitcoin card in you pocket.
One day rich, next day a pauper, next day rich again, next day.... etc.
Better joke on ZH than Sony and the rest.
Did the Greeks in government lose this perk yet?
Greek civil servants stand to lose the six extra days of paid vacation they get each year—just for using a computer—after the government moved Friday to rescind a privilege that has been around for more than two decades.
The bonus, known as "computer leave," applied to workers whose job involved sitting in front of a computer for more than five hours a day—basically most of the staff working in ministries and public services.
And they are going to use Bitcoin?
Thank you for this April Fools joke.
Wait a minute, Detroit and Stockton want to join the European Union too...and they will adopt Bitcoin if the Eurogroup doesn't give them a deal.
The article itself is nice gaming strategy and it's a cool idea, especially with the cards. But I don't see YV saying this and on April 1 my BS radar is on full alert.
April fools!!!
Sadly, EVERY day is April Fool's Day in this down-the-rabbit-hole world we live in.
Yup looks like it.
It would be interesting, though, to watch a country divorce the international banking cartel for a cryptocurrency.
“This is the smartest move to beat corruption and tax evasion, all transactions will be recorded to the Greek Ministry of Finance new secure and dedicated Bitcoin servers and we ‘ll be able to track transanctions at any given moment,” said Varoufakis defending his decision.
Note that his statement is entirely about his gubbamint being empowered to track and steal every bit of wealth they can find, NOT about empowering the Hellenic peoples to prosper and thereby finance his gubbamint through fair taxation.
This guy is NOT the second greatest thinker on the planet, any more than Obama is 'the smartest person in the room.'
This will force Greeks to abandon any currency and return to barter.
this is truly stupid...the entire point of having your own currency is that you can control whether or not to debase it during depressions...and how will the greeks buy bitcoins? with what money? STUPID
In the year 2015...
Everything you think, do, or say
Is being tracked and recorded today...
In the year 2525... (Or much sooner)
Everything you think, do, or say
Is in the pill you took today...
Greek government doesn't have to adopt bitcoin.
That's the whole beauty of fair money. You don't have to adopt or mandate anything. All you have to do is allow people to use the money they think is in their best interests.
What a crock...all this just to try scare the EU. I'm sure they yawned real hard. If they realy wanted to scare the EU all they had to say was "gold standard."
Damn I forgot today was April 1st...
SYRIZA is controlled opposition...these clowns are putting forth agenda long desired by the cabal!...
were all fckd
ZH is the worst place to be on april 1st.. as half (or more) of the stories arent believed by the masses anyway.
Maybe ill take a break today and come back tomorrow. :/
It will be the same tomorrow
This is officialy a new low for the Greek goverment.
Yanis Varoufakis is smarter than this, so it must be April Fools.
All money is law, and all money must be volume controlled relative to goods and services in flux at that moment in time.
Bitcoins do not meet that test, they are mined into existence and volume limited, and therefore are not good for transactions. Good for a store of wealth maybe, but not transactions needed so an economy can run.
All money supplies should be a mix of floating money and some credit. Not necessarily private bank credit, but a type of credit that can be jubileed if necessary. The credit will come into being as needed and disappear when the goods disappear, particularly during agricultural seasons as the goods are consumed.
Just print Drachma's and people will accept them. Keep them volume controlled and channel them into means of production. It is win win. There are many examples of this working in history. Greece was a monetary leader in the past...read up on Solon's reforms, or how about Aristotle? Money exists by law.
For international trade, introduce a Bancor. Everybody will jump on the bandwagon, because who wants to go to China development bank, or the IMF? We don't need no stinking debt instruments, it is enough just to trade our surplus output with each other. Change the world for the better Yanis, quit being a dupe...
On the other hand, many economists are, how should I put it, "blinded by false doctrine and teachings they received in their schools." To get a doctorate in Economics, you have to toe the line. Economic departments take usury money from banks and hence are not really independent thinkers.
If "money exists by law" could it not be said that BTC exists by the law of the open source software which is fully transparent and re-writeable under certain conditions (think Article V)?
At the end of the day, money, in any form, is measurement...
(I do enjoy your well written comments : )
Bitcoin is too hard to generate to be of any use to these primates. They should adopt the 'Quatloo', multicolored plastic discs in various denominations. Zeus on the 1 quatloo, Hera on the 5, Hermes on the 10...
It wouldn't be any more ridiculous than this.
Quatloo - wasn't that in a Shatner Star Trek episode?
sure, the "Gamesters of Triskellion".
Three disembodied brains under glass bet quatloos on their battling thralls.
Varoufakis looks stupid, and if this is not an April Fools joke, looks are not deceiving.
Bitcoin has three important attributes: (1) Its creation. (2) Its integrity. (3)Its anonymity
(1) Creation: It, like gold, is guaranteed to be rare and is created through waste. Real money is created by traders making trading promises for delivery over time and space (wasting nothing). Money creation through waste is obviously suboptimal. Bitcoin, like gold, distracts from what money really is ... "a promise to complete a trade".
(2)Integrity: Any money needs to be perfectly immune to counterfeiting, and to the extent it fails, it must mitigate its failure with INTEREST collections. Counterfeits are trading promises with guaranteed non-delivery. Governments with soverign money systems counterfeit. They sustain themselves with rollovers which are really DEFAULTS.
(3)Anonymity: This is an unnecessary attribute of money. Further, it makes it impossible to track down sources of counterfeits. Thus, it is an undesirable attribute of money. When money is created, it is imperative that the trader creating it be known to the marketplace. Without that knowledge, how can the marketplace know whether the trader delivered as promised? Once created, money acts as a simple object of barter ... and in that activity, it is perfectly anonymous.
So, bitcoins, like gold, completely miss the only legitimate creators of money ... that being traders.
The Greek government, of course, will quickly trap itself because (1) it can't create near enough bitcoins to sustain itself, and (2) it cannot counterfeit them (as is the standard practice of governments with sovereign money) to sustain itself.
And there's no way Greece can deal with the wild gyrations of bitcoin. Bitcoin is very very deflationary. That's not good for entities that have survived for eons through inflation.
I so hope Varoufakis goes through with this. It will prove the obvious to the stupid.
Bitcoin and Gold was not created for the government interest but for the peoples one...
The goverment hate them both.
The goverment hate them both.
Just like one mob chieften hates others who encroach on his territory. They all are still crooks.
The only legitimate creators of money are the traders. They do it to allow simple barter over time and space. When they deliver on their trades the money is returned and extinguished. In the mean time, it circulates as the most highly valued object of simple barter ... all the while knowing that supply and demand for the money is in perfect balance ... it's the nature of all trades.
hey I found a place for Fonestar to go
(besides hell)
The shot heard around the world
mus' be gas.
so does bitcoin respond by going up, or down?
Lame
Very interesting, indeed! Localizes the bitcoin syndicate somewhat. I think I have an idea where it might be.
'
'
'
Dear Bastards @ ZeroHedge;
Ya gots me. Ya Bastards!
And you know what's really funny about this?
How believeable it actually is. And won't we all be laughing if this comes true in one form or another?
•?•
V-V
So, ya mean I should not have seen this headline, and immediately cashed out some of the IRA to buy $100K worth of Bitcoin?
Wow, if ya can't trust ZH, who can ya trust?
April fools bitchez
I am a Bitcoin enthusiast but I don't believe one second this "news".
Bitcoin like Gold is the enemy of government.
No current government will take it, unless this government goes full libertarian and fiscally responsible...
You fooled some folks Mr. Tyler Durden. LOL good one!
So, is the April Fool's joke in the original story, or is it in the comments thread, where the True Believers in Bitcoin chant their mantras of Faith? The True Believers are dazzled by the technological details, but methinks:
1. Greece would not adopt a digital currency unless Greece could create as much as it sees fit out of thin air;
2. Anonymity and security of digital currency is no more secure than any other computer/internet based information (think NSA and Edward Snowden's whistle-blowing);
3. The biggest news about Bitcoin is which exchange got hacked, or how Bitcoin "holders" got swindled by a hacker looting their wallets or the exchange operator decamping to the Caribbean with best wishes to those swindled.
Have a nice day.
I hoe very much, that he did not say it. Bitcoin? then he can give all his bitcoins directly tro CIA/NSA. Both own his HDD and BIOS and UEFI already.
I certainly hope they will do it ! Simply I don't think the Fin Min will do it.
BitCoins is everything Tsipras Does not want ... they Want control and their own agenda ... not Bitcoins.
But there is always Hope.
Go bitcoins!!!