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Spot The Greek Referendum
When fiat fragility shows its fecklessness, it appears people turn to the alternatives...
As Grexit fears loomed, Bitcoin transactions surged, as we noted here, amid efforts to avoid capital controls. As Reuters reported,
Using bitcoin could allow Greeks to do one of the things that capital controls were put in place this week to prevent: transfer money out of their bank accounts and, if they wish, out of the country.
"When people are trying to move money out of the country and the state is stopping that from taking place, bitcoin is the only way to move any value," said Adam Vaziri, a board member of the UK Digital Currency Association.
"There aren't any other options unless you buy diamonds, and that's very difficult to move."
But Marinos said the bitcoin buyers' main aim was to shield their money against the prospect that Greece might leave the euro zone and convert all the deposits in Greek banks into a greatly devalued national currency. If voters reject the demands of international creditors in a referendum on Sunday, this becomes much more likely.
"A lot of people are keeping all the bitcoins they buy on our platform, until they understand what to do with them," Marinos said. "In their eyes, now they have bitcoins, they're safe."
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Source: Goldman Sachs
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Diamonds are difficult to move?
Maybe, but can be counterfeited with fake diamonds.
GIA certificates not handed out for fakes. The diamond trade is one of Israel's main bread and butter. They won't let fakes spoil their business.
Diamonds are a store of wealth?????
they are constantly forming due to carbon and pressure which there seems to be an abundant supply, they can be man made in labs to be near the equivalent of the real diamonds....and 75% of all world diamonds are held in vaults by debeers/oppenheimers to artifically keep the price up. Store of wealth.... i don't think
funny no montion of gold and silver
Difficult to value/sell, I suppose...
Not GIA diamonds. Price is set by the cartel, seller gets a payment based on price book for type of diamond, less the trader's commission.
Difficult to move?
Not for Chinese. I'm long duct tape.
Chinese diamond mules don't have hair on their legs. Odd? Or not difficult to move?
"Actually I like the feeling of smooth skin against my trousers" said one. "Comfortable to move, actually" said another.
Not really, just encrust them on your car:
http://goo.gl/DRbeAx
This was a network spam attack...
"There aren't any other options unless you buy diamonds,
Really? That is the only other option? News to me, thanks for letting me know!
Here I am thinking there are other alternitives.
BTW what is it you do for a living?
Cracks me up that people keep referring to that stuff they hold in the banks as money.
Doc, it keeps your toilet paper dry.
:).. haha, they give tha bank Bills, and all they have is a paper telling them the bank owe them the eq of these Bills... As far I can see, most Greek banks are already bust. Try and sell your Greek Bank account statement , and see what it is really worth.....
Yeah, those pesky diamonds are always setting off metal detectors.
Oh wait.......
Bollocks
Hey, if you know what you're doing and accept any risk, Bitcoin probably CAN be a way for some to get their money out. But it isn't for the average guy.
The average guy doesn't want to get his money out, (where's it, and he, going?) he wants to keep it safe.
That guy needs gold or silver.