General Discussion

randome

(34,845 posts)

28. Their 'stand' is embarrassing.

Wed Apr 1, 2015, 12:48 PM

Apr 2015

They are in the fix they are in because of tax cheats, not because big, bad bankers decided to shaft them. Varoufakis, promising a Socialistic Paradise, tries to renege on repayments. Then he tries to coerce Germany into giving them money for WWII. Now he's 'threatening' to replace all Greece's currency with Bitcoin.

Those are not the decisions of someone 'taking a stand'. It's looking more and more like Varoufakis is flailing about hoping he can ride out not delivering on his promises. He is not coming across as very statesman-like right now.

I'm all for countries going a different path and for resisting austerity but this isn't the way to do it. The writing is on the wall for Greece.
[hr][font color="blue"][center]"There is a crack in everything. That's how the light gets in."
Leonard Cohen, Anthem (1992)[/center][/font][hr]

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Yanis Varoufakis: �Greece Will Adopt the Bitcoin If Eurogroup Doesn�t Give Us a Deal� [View all] TampaAnimusVortex Apr 2015 OP

It's April 1st they should just have announced they've adopted it already. nt PoliticAverse Apr 2015 #1

Well see tomorrow, but the underlying links are valid TampaAnimusVortex Apr 2015 #4

This has to just be a negotiating ploy Blue_Tires Apr 2015 #6

Not necessarily TampaAnimusVortex Apr 2015 #7

But there's only a finite number of bitcoins to be mined, right? Blue_Tires Apr 2015 #9

Yes - 21 million, but they can be subdivided 8 decimal points TampaAnimusVortex Apr 2015 #11

Assuming the value doesn't bottom out... Blue_Tires Apr 2015 #16

Value is determined by supply and demand. TampaAnimusVortex Apr 2015 #21

What about when it gains value? Also known as deflation Taitertots Apr 2015 #41

Thats the myth for sure... TampaAnimusVortex Apr 2015 #42

Go read Macroeconomics 2nd Edition by Paul Krugman Taitertots Apr 2015 #64

How about use your own brain? TampaAnimusVortex Apr 2015 #65

How about you stop making non-sense statements that require a sourced response? Taitertots Apr 2015 #66

Except the facts dont suport your case... TampaAnimusVortex Apr 2015 #67

LOL @ Von Mises as your source. Taitertots Apr 2015 #74

So you dont have anything but 1 data point to back up your position. TampaAnimusVortex Apr 2015 #75

One data point? Go read Krugman's macro book. Go read any macro book. Taitertots Apr 2015 #76

And yet the electronics industry is booming in the face of deflation. TampaAnimusVortex Apr 2015 #84

The dollar isn't experiencing deflation and neither is the Yuan. The "electronics industry" isn't Taitertots Apr 2015 #104

Are you really siding with this guy? TampaAnimusVortex Apr 2015 #108

Are you really siding with an April Fools' joke? muriel_volestrangler Apr 2015 #111

You're giving up your defense of deflation already? That didn't take long. Taitertots Apr 2015 #113

Not hardly. I LOVE cheaper prices! I can buy more stuff! TampaAnimusVortex Apr 2015 #114

Did you ever consider the falling prices could be for the goods/services you sell? Taitertots Apr 2015 #115

21 million bitcoins X 232.34 euros = 4,879,140,000 euros Art_from_Ark Apr 2015 #77

At current prices yes... TampaAnimusVortex Apr 2015 #79

Greece elected this government to throw out the crooked, Wall St appointed sabrina 1 Apr 2015 #17

And? Making bitcoin the national currency won't be the answer... Blue_Tires Apr 2015 #19

Cutting themselves loose from their banker overlords with Bitcoin is exactly what they need. TampaAnimusVortex Apr 2015 #23

Full disclosure time -- What's your personal stake in bitcoin? Blue_Tires Apr 2015 #53

Really? With a market cap of billions, do you really think your important? TampaAnimusVortex Apr 2015 #58

Whoa...Slow the hell down... Blue_Tires Apr 2015 #59

It wasn't an attack on you TampaAnimusVortex Apr 2015 #60

Is that why its value is $230 less than it was a year ago? Blue_Tires Apr 2015 #62

Watch the video TampaAnimusVortex Apr 2015 #63

Perhaps, but even more stupid would be for them to continue to allow sabrina 1 Apr 2015 #24

Maybe financial salvation will come from their new Russian buddies Blue_Tires Apr 2015 #54

That's what will happen, if the Western Imperial powers continue to sabrina 1 Apr 2015 #55

I see my meaning of "mutual interests" went over your head Blue_Tires Apr 2015 #56

What went over my head was any concern for the suffering of the people of that country sabrina 1 Apr 2015 #57

Part of the 1% push to desperately sabotage any threat of peace negotiations anywhere, as well villager Apr 2015 #52

I'm having a hard time telling what's real and a bluff in these negotiations at this point. n/t PoliticAverse Apr 2015 #8

Links to: an article mentioning Varoufakis; Wikipedia on April Fools' Day; muriel_volestrangler Apr 2015 #107

April 1? Blue_Tires Apr 2015 #2

Actually, fully electronic wallets would allow Greece to fight tax-evasion. DetlefK Apr 2015 #3

He seems like a pretty good person to have in this position under the current circumstances. NCTraveler Apr 2015 #5

"libertarian Marxist" = another term for "emoprog dudebro" Blue_Tires Apr 2015 #10

While I knew it was just for fun, I googled "emoprog dudebro." NCTraveler Apr 2015 #13

He is an EXCELLENT person for Greece right now. Bernie Sanders has stated that we need sabrina 1 Apr 2015 #18

Once Greece realizes Bitcoin is as good any deal the Germans will offer....... DeSwiss Apr 2015 #12

Yes, it can. Spain and Ireland, Portugal among others are already showing signs sabrina 1 Apr 2015 #20

Indeed. About time to embrace a global currency TampaAnimusVortex Apr 2015 #22

It's what we all should do as well. DeSwiss Apr 2015 #27

And Bitcoin is created out of... randome Apr 2015 #29

The same thing the US dollar is made out of... Faith /nt TampaAnimusVortex Apr 2015 #38

Yes. When they dropped the gold standard. What, 40 or 50 years ago. closeupready Apr 2015 #40

So your agreeing with my point then. TampaAnimusVortex Apr 2015 #43

Yes. However, getting from point A to point B is the trick. closeupready Apr 2015 #47

"Faith is all that's required to support a currency." Nuclear Unicorn Apr 2015 #68

I agree TampaAnimusVortex Apr 2015 #69

Good God. Can Greece embarrass itself any more? randome Apr 2015 #14

I wouldnt discount it so quickly. It has benefits as well as issues. TampaAnimusVortex Apr 2015 #15

Greece has finally climbed up out of the embarrassing, disastrous situation its crooked sabrina 1 Apr 2015 #25

Their 'stand' is embarrassing. randome Apr 2015 #28

And those 'tax cheats' made off with their ill gotten gains to offshore accounts. Time to bring sabrina 1 Apr 2015 #30

I hope they succeed, too. But I don't see it happening. randome Apr 2015 #31

The working class cannot 'hide' their 'cash' anywhere. You mean the top 1% sabrina 1 Apr 2015 #32

Cash has value outside of the economic activity that it represents because of its liquidity. Nuclear Unicorn Apr 2015 #70

Close, but not quite TampaAnimusVortex Apr 2015 #82

They've also implemented a law awarding citizens $200 for passing Go. Orrex Apr 2015 #26

And Bitcoin or Monopoly are at least as sound as Austerity. sabrina 1 Apr 2015 #33

They haven't put a stop to anything The2ndWheel Apr 2015 #34

They are the first government to refuse to place their country into any more sabrina 1 Apr 2015 #46

In theory, it's a nice idea, but they'd be better off bringing back the drachma. closeupready Apr 2015 #35

How is this better? TampaAnimusVortex Apr 2015 #39

Bitcoin would be unhelpful to Greece because it is too similar to the Euro phantom power Apr 2015 #36

And why is this a problem exactly? TampaAnimusVortex Apr 2015 #37

I think I'll call you "Mister Gold Standard" phantom power Apr 2015 #44

Cute cartoon - but pretty obvious evasion of the question. TampaAnimusVortex Apr 2015 #45

Can you answer the question asked? Cartoons are not a productive or substantive sabrina 1 Apr 2015 #48

We know a lot about the failure modes of deflationary currencies like precious metals or bitcoins phantom power Apr 2015 #49

No, we dont know that - See Post 42 TampaAnimusVortex Apr 2015 #50

Bringing back the drachma would make sense, not switching to bitcoin (this is an April Fools' joke) Chathamization Apr 2015 #61

Yes one of the big advantages of controlling your own currency is you can do an 'inflation tax' PoliticAverse Apr 2015 #51

Which is also why it could minimize war. TampaAnimusVortex Apr 2015 #81

I might be mistaken.. sendero Apr 2015 #71

Yes you are. TampaAnimusVortex Apr 2015 #72

I had not delved... sendero Apr 2015 #73

Ok and how would Greece purchase those coins? Egnever Apr 2015 #89

Your right... No one ever thought of that problem. TampaAnimusVortex Apr 2015 #91

Well since you seem to have the answers feel free to explain how Egnever Apr 2015 #92

Greece will issue keyboards to every citizen... randome Apr 2015 #96

Wow... you really think it takes a keyboard to mine Bitcoins... TampaAnimusVortex Apr 2015 #98

One thing I have noticed, when I pay my Dish TV bill... GReedDiamond Apr 2015 #78

Dell, Microsoft, Overstock... TampaAnimusVortex Apr 2015 #80

How would you get a loan, then? randome Apr 2015 #83

Same way you would today. TampaAnimusVortex Apr 2015 #85

That's where this entire scheme falls apart. randome Apr 2015 #86

Who said anything about saving for a house? TampaAnimusVortex Apr 2015 #87

You mistakenly believe I WANT to stop it. I don't. randome Apr 2015 #93

And obviously it must stay this way... TampaAnimusVortex Apr 2015 #97

How would that be helpful? Egnever Apr 2015 #88

Well - that solves that one. /nt TampaAnimusVortex Apr 2015 #90

So you concede this would not help them in any way whatsoever. Egnever Apr 2015 #94

Nope, you waded into the battle here and solved it for everyone. TampaAnimusVortex Apr 2015 #95

It's pretty clear from your posts above you aren't interested in knowledge. Egnever Apr 2015 #99

I'll ask again, are you trying to drum up interest or support for bitcoin or not? CreekDog Apr 2015 #100

Here, let Yanis Varoufakis solve it for everyone muriel_volestrangler Apr 2015 #106

As long as this isn't accurate: "Bitcoin revealed: a Ponzi scheme for redistributing wealth" Agnosticsherbet Apr 2015 #101

Here we go. TampaAnimusVortex Apr 2015 #103

Thanks. Agnosticsherbet Apr 2015 #105

If this happens, I'm opening a fedora shop in Greece Capt. Obvious Apr 2015 #102

"we will be ahead of all the world economies" FLPanhandle Apr 2015 #109

You did read the bit at the end explicitly saying it was an April Fools' joke, didn't you ? (nt) muriel_volestrangler Apr 2015 #110

All would do well to read the author's note at the end. Greek Onions anyone? DFW Apr 2015 #112