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randome

(34,845 posts)

29. And Bitcoin is created out of...

Wed Apr 1, 2015, 11:49 AM

Apr 2015

[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