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Can A Bitcoin-Style Virtual Currency Solve The Greek Financial Crisis?

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Here's a rebuttal:

Paul Mason has an interesting piece arguing that Greece could well introduce an adaptation of Bitcoin as a way of dealing with the current debt problem, financial crisis and austerity. Sadly, it’s not quite the get out of jail free card that Mason seems to think it is and there’s even less possibility of it coming to pass. Greece simply would not be allowed to do this. The ECB would cut off the Greek banks immediately and that would be that, game over.


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I always thought it a shame that john major and his badgery sidekick's plan for a hard ecu didn't get any support. Seemed pretty sensible.

personally i don't think having a bit of competition between media of exchange is so bad...it means the PTB that thought they cornered the market have to get productive and provide a much better service for less cost...that's capitalism.

monopolistion of the means of exchange IS the problem.

that doesn't mean migrating services from uncle sam to ECB or special drawing rights from IMF, that is just a transfer of monopolism..it means a proper trade for goods at what worldwide public opinion states is efficient for that particular item/service.

fine if it's a sort of barter

ie i got skills to sort power outages in india out,in exchange for a bit of help with debugging some software I'm developing.

we BOTH improve our standards of living with such exchange..that's the sort of trade we like.

Edited by oracle

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in a world of irredeemable currency madness, where money is just conjured up out of nothing(counterfeited), the first country to make a move to a non counterfeitable currency, out of the hands of any central control may attract an avalanche of investment. imo

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As far as governments (and the troughers) are concerned, fiat wins every time. Easy to control the money supply and so the people. Enables money to be borrowed to bribe voters and to start wars that keep them in line. Debts need never be paid back.

Edited by Eddie_George

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Quite. It was the Bank of England that defeated the French. The ability to 'borrow from the future' and harness these resources in times of national jeopardy.

Unfortunately the provisions of war were extended to normal economic tinkering.

Yep, we have the Napoleonic Wars to thank for income tax as well!


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