Greeks Using Bitcoins to Preserve Their Wealth

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bitcoin

It’s hard to recommend bitcoins for anything these days. It’s been by far the worst performing currency since 2014, as its price has plummeted from over $1,100 per coin, to less than $300 in recent months. With swings like that, it’s obvious that you shouldn’t be investing your life’s savings in Bitcoin.

On the other hand though, Bitcoin still has one advantage that no other currency can beat. It’s pretty difficult for governments to stop people from buying them. While several governments have tried, most don’t even bother. This certainly seems to be the case in Greece, where the government has issued a slew of capital controls designed to keep money in the country, but they’ve neglected stop Bitcoin purchases, and Greeks are certainly taking advantage of that.

To prevent their savings from being converted into devalued Drachmas, Greeks are buying up as many bitcoins as they can. Interest rates on Greek cryptocurrency exchanges have surged, and even websites like Coinbase, which don’t cater to Greeks, have experienced a surge in purchases from Italy, Spain, and Portugal. They claim that sign ups for their website have increased 350% in Eurozone countries since June, and the price of Bitcoin has jumped to over $250 per coin since Greece defaulted on their IMF loan this week. While it’s still safe to say that bitcoins probably aren’t a good long-term investment, take note of what’s going on in Greece. Temporarily keeping your money in bitcoins may be a good way to preserve some of your wealth in a crisis.

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Joshua Krause is a reporter, writer and researcher at The Daily Sheeple. He was born and raised in the Bay Area and is a freelance writer and author. You can follow Joshua’s reports at Facebook or on his personal Twitter. Joshua’s website is Strange Danger .

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  • How would the government prevent Greeks from buying gold and silver in private transactions?

    • testguy111

      people in EU rarely have metals. and if they do, it’s not at home, but at the bank. usually as paper, i.e. worthless

      • People rarely have PMs other than as jewelry. Why would a european be more likely to put anything in a flaky bank there than an American is to do likewise here?
        Paper is paper, metal is metal. No one with any sense would jump into paper for stability or security, with the world’s banks in the toilet.

        • testguy111

          people in EU have a very high amount of trust in ‘the system’.

          or we’d never even had gone to fiat money…
          JEWelrly is pretty worthless as well… 😉

          • Then why did the Euro start out with minority gold support?

          • testguy111

            either you have fiat (no backing) or no fiat and fully backed….

            the way they print trillions here in EU, no amount of minority backing makes a lick of difference.

            however Germany is buying gold like crazy…

            incidentally Germany has one of the world’s most pro Bitcoin legislation.
            even a bank in Germany works directly with a bitcoin exchange…. something other EU countries try to stop.

            I reckon Germans know it’s all going down.

            other EU countries are too infiltrated by Jews and banksters.

          • Everyone in the world should have known it was going down when the New York Fed offered resistance to repatriating Germany’s gold. Now that Germany has backpedalled, it is pretty obvious that everyone’s gold has been hypothecated to oblivion.

          • testguy111

            yup. would be a reason to wage war… but everyone knows everyone else is just as screwed

          • Where does it become a cause for war rather than another Nuremberg-like trial?

          • testguy111

            every anti-white legislation, hollywood movie or the silence about what happened in the Holodomors 1921-3 and 1933 in which Jews murdered 10+ million whites is a reason for war.

            the Frankfurt school was a reason for war. cultural Marxism is one.

            we’re so past reasons for war, it’s not even funny.

            the problem is that the people we have to wage war against sit in our own countries, counting money

          • So we should kill people who had nothing to do with injustices of the past to avenge them in the future?

          • testguy111

            is that what you gleaned from that little rant?
            you misunderstood my point.
            I would never argue violence or killing anyone.

          • I’ve always had trouble understanding free form prose.

  • Gearmoe

    I dislike Bitcoin and still do, but in this single case, if you can buy cheap, maybe. I also wonder, why not precious metals too?

    • testguy111

      you should never buy gold from a show on a street corner (too much falsification, VERY high prices), but at a bank.

      but the bank is the same entity that wants to have a reason to bail in, i.e. confiscate your $ to ‘save itself’, i.e. pay off their debtors.

      I doubt people easily go for metals. especially since those can be confiscated as well

      • I have never met a banker who knew what junk silver is, so I should trust them to know a Eagle from a Krugerrand? What prevents confiscation better than trimetalism?

        • testguy111

          big banks use pretty decent methods of testing coins and bars…

          new holograms on gold bars are pretty good to prevent fraud.

          problem is that China now churns out very well designed fakes that look, sound and feel real.

          and it’s insanely hard to test the insides of bigger bars…
          and coins are always more expensive than bars at same weight.

          • Apparently the Chinese central bank isn’t aware of these apocryphal “pretty decent methods of testing coins and bars.” Holograms are just glued to things, they can be removed or replaced easily. The only way to test any PM is radiologically. Gold, silver, and tungsten have different well-characterized scatter patterns.

          • testguy111

            absolutely true, but gold bars are so dense, I’ve been told, I hope truthfully, that xraying them doesn’t work

          • X-rays won’t, but gamma and neutrons will, and are commonly used by those who demand authentication.

          • testguy111

            didn’t know they had that tech.
            but that would definitely work.

          • Ever heard of gamma knife or neutron scanning of shipping containers?

          • testguy111

            no, but it sounds like a good idea not to travel in them while being scanned

          • If you move in a gamma knife, normal tissue will suffer. Neutrons are not charged particles, so they are not very dangerous.

          • testguy111

            neutron radiation is extremely dangerous

          • See, you were just feigning ignorance.

          • testguy111

            it’s ingrained behavior at this point… I can’t help it.

            sign of the times, I suppose. gotta play dumb, or people hate you.

            only actually stupid demagogues are allowed to radiate brilliance and send people to voting booths, prison or death on the battlefield against an enemy that’s not even your enemy or has done anything wrong…

    • If you had a better understanding of bitcoin you wouldn’t dislike it, it’s illogical.

  • testguy111

    what is important to understand for people ‘outside the bubble’, is that bitcoin is NOT a currency. it is not a store of value.

    it
    can be used as both, but what it actually is, is a framework for a
    economy that destroy the “THIRD PARTY”, the very concept of it.

    the third party is the bank, the gov, the legal entity, or whatever. a man in the middle profiting and taking control.

    for me, it is hard to understand the skepticism zerohedge had (they recently changed their minds) and many on the more ‘paranoid’ side of the right wing, or “conspiracy” internet space have.

    whatever you are worried about, ‘the liberals’, ‘the Jews’, the government, the CIA, the banksters, all those people are a THIRD PARTY.

    gold and silver is nothing you want if you’re on the run, or you have to travel. and it’s nowadays even faked/diluted (tungsten rods in gold bars, silver covered coins worth 30 cents) and extremely hard to split into ‘bottle of milk’ amounts.

    gold is good. silver is good. but only a blockchain based technology can keep you from being dependent on a third party.

    about price:
    unless bitcoin crashes to fractions of todays price, price itself is not the big problem for the short term or medium term.

    longterm, IF bitcoin doesn’t die off, user numbers will organically raise price and also limit fluctuations.

    if it fails for some black swan reason, then it fails. the blockchain technology on which it is build cannot fail. it is an invention. inventions get out-innovated. they do not ‘fail’.

    and if we get a better invention, then every bitcoiner would applaud such a thing.

    • What a great way to put it! You get it, many do not!

      • testguy111

        thank you!!!!

  • testguy111

    I really don’t want to appear like some stereotypical bitcoin troll, but if anyone wants, I can post 2 videos that explains what bitcoin is about and its implications.

    both vids are on youtube and have less than 0.02% down-votes, i.e. good explanations 😉

  • testguy111

    I know the casascius coins are photogenic, but a better way to illustrate bitcoin would be a QR code with “bitcoin” in the middle… because no one uses these coins…
    (they’re akin to 0.5BTC = today 130$ ‘coins’ you can’t split up unless you open them, access the private key and destroy them)

    and bitcoin is not about currency, but framework.

    press just uses the currency aspect because it’s easily grasped.

    but it is also horribly misleading and explains why there is so much skepticism.

    • I don’t trust anything that is virtual to be useful in a world where telecommunications get flakier by the CME, and bitcoin is totally reliant on robust telecommunications.

      • testguy111

        bitcoin is designed for hilariously non-robust telecom networks.

        all bitcoin is is a number like this:1L3pTL5eBjb4tBgYyQChrVVJoVzffrctFU

        displaying that number allows anyone in the world to send money to this address/number.

        this can happen in iceland, Japan, the south pole or via a satellite phone, once the bitcoin satellite is up.

        you could nuke half the planet and it would not affect bitcoin at all, because it is decentralized and only needs to send very tiny bits of information to work.

        you can even use pictures with a number, and make someone across the globe type it into a program -> money transfer.

        you can use printed out paper wallets to imitate physical cash even.

        people who invented it designed it to be as robust as possible.
        much more so than the internet itself

        • testguy111

          decentralized: nodes in every country on earth with identical ledger of all transactions that have ever taken place:
          also called “the blockchain”, the heart of what people call bitcoin

        • testguy111

          that’s a real account number, btw. one I just created. you could send 100 million $ to this address for 0.01 cents transaction fee and it’d arrive in seconds.

        • Our definitions of robust are apparently as different as our abilities to use capitalization and punctuation.

          • testguy111

            then define robust,

            because your first ~definition was either extremely poor

            or you do not understand how bitcoin would work even offline should it be necessary, or via satellite, phone, text message, internet….

            math, or the written word is just as virtual as bitcoin.

            the use of ‘virtual’ simply tells me that you lack even the most basic technological understanding.

            that’s no crime… especially not with bitcoin, since it frankly is extremely complex.

            but what I can accuse you of is the lack of willingness to hear or ponder facts, arguments or explanations of my side of the argument.

            if you can’t even be bothered to read the things I wrote here, or watch the 2 excellent videos,

            how can you honestly claim to know what you are talking about?

            all you have is superstition.
            random irrelevant or false factoids made up by media and random youtube trolls too caught up with their fears and theories.

            have you ever thought about why people gave up gold and silver?

            because it has never worked well. and the more mobile people became, the less it did work.

            nowadays everything you can buy relies on information.
            gold is not money. it is great for government vaults, as a means to haggle deals.

            it is horrible for normal people as a payment method.

          • Robust english composition uses punctuation, capitalization, and grammar.
            A robust telecommunications system doesn’t drop calls, or fail to connect properly dialed numbers, or fail to connect stations within its capability to do so.
            A robust system of payment has a built in capability to certify transactional clearing and is backed by something with inherent value.
            Videos don’t buffer on a robust digital communications circuit.
            Robust communicators don’t resort to ad hominem when their attempts fail.

          • testguy111

            a call connects 2 people and has to stay connected.

            if one does not pick up, or has a problem at his end of the line, or inbetween, there will be issues.

            imagine bitcoin as a system making not a call, but simply ringing not everyone around the globe, but ANYONE. if at least one person is ringed, everything you wanted has already happened.

            if you pay someone in bitcoin, you do not make an A-> B transaction.

            you tell *anyone* that you want to give B money.

            the network will start whispering this message to everyone it can reach. and the information package is extremely tiny. it’s just a string of numbers and letters and a bit of code.
            it’s less than a text message.

            eventually, some node will solve an extremely complex math puzzle (long story) and package your transaction into a ‘block’.
            then propagate, spread the fact that it solved the puzzle into the network, which will glue on the block to the end of the blockchain.

            bitcoin works as long as anyone can be reached. not the person you want to pay.

            in fact, you can do business with a piece of paper that contains information that has never been online.

            roll a die 99 times, do some math, you get an account number no one has ever seen before.
            now print it on some billboard and people could pay send money to that.

            it is online to offline. literally.

            if you watch the videos it’s well explained why this works (even though it sounds completely insane that this can work)… I’m not sure I can explain it well enough here

          • Very good explanation. It may make it easier fro some to understand who obviously have trouble.

          • testguy111

            thanks!!!
            midway through the explanation I kinda despaired… became aware how complicated this must be for non-techy people…

            but glad guys like you appreciate it!!

          • Very much so!

  • testguy111

    PSA about bitcoin security:
    should you buy bitcoin, do not leave it at e.g. Circle (a ‘bitcoin’ ‘bank’) or coinbase.

    these exchanges or banks are under gov supervision and often randomly deny spending money, or freeze accounts.

    if you use coinbase, it is a great way to BUY BTC in US. but it is also the best way to lose your money if you let it sit there for convenience.

    always have it on a hardware wallet, like ledger wallet , a printed out paper wallet (storage, offline, thus 100% safe), or at the very least on a wallet on a relatively safe computer, or an encrypted cellphone with a backup of the wallet on paper.

    using circle or coinbase like a bank is exaxtly what bitcoin was designed to make obsolete. you CAN do it. but you WILL lose it once gov or hacker decides to make you lose it.

    bitcoin is designed to rid the world of third party parasites. so treat these companies as exchanges and withdraw unused funds immediately and store BTC on hardware, software or paper yourself.

    like gold. or metals.

  • BDBinc
    • testguy111

      a trial run for a cashless society?

      I understand your worry. but why do you like cash?

      because it is either owned by you, or the guy you give it to. not a third party, right?
      there is no middleman.

      but there already is: the fed: they inflate the very money you hold and by proxy devalue it, by printing more.
      so 100$ 50 years ago got you a lot more than today. b

      but let’s assume physical cash is without a third party.

      the cashless system the Jew banksters want is one akin to a credit card chip on every person.

      when someone misbehaves, or has a divergent opinion, the people who have power over the bank that actually holds the citizens $ can just freeze it until he understands what he should and should not think.

      that’s how they want it. and that’s how credit cards and retirement funds and all that crap works.

      bitcoin has NO central storage. THERE IS NO THIRD PARTY.
      either person A has it, or the guy person A pays. like cash.

      this is very hard to understand if you’re not aware of the inner workings, but bitcoin is at its core simply a long ledger of every transaction.
      you own your bitcoin and only you can access it and spend it.

      NO ONE ELSE. the blockchain knows how MUCH account XYZ has, but it does NOT contain the key for it.

      and since you cannot inflate bitcoin, you cannot even manipulate it by proxy.

      so bitcoin actually is cash. just digital.

      old style so called “digital cash” or a “cashless society” is always about taking YOUR power over YOUR money away and handing it to some third party, or in reality several: gov, banks, random entities with power and hackers.

      bitcoin is designed to fight the cashless society conspiracy before it ever could get implemented.

      bitcoin has the same properties as cash, but it works online AND offline (you can print out bitcoin and trade with it.. don’t get me wrong, this is a 0.001% case, but it works)

      • BDBinc

        Yes Bitcoin is a trial for the NWO desired cashless electronic society.
        This article sounds like the Bitcoin sales piece telling the greek to put all their savings into Bitcoins then crash it big time taking the Greeks “F*ck the banksters and IMF with your odious debt” money.
        The Bitcoins price fixing banksters will take money from the Greek in bitcoins. Who do you think started this meme?

        • testguy111

          there is no need for a trial run…
          Germany, Denmark, France are soon going to phase out cash.

          didn’t want to get into this, but the idea of a trial run is idiotic.

          these people have the power and the insanity to do it. NOW. not after some trial run.

          and you have 2 choices: trust the banksters with your FIAT money that is already utterly ridiculously inflated, or get into metals and bitcoin.

          bitcoin is accepted by 100.000 merchants worldwide already.
          these are numbers you can google.

          and bitcoin allows you to keep ownership and control over your money.

          credit cards do not allow you that luxury, neither does ANY other non-physical solution.

          and you can not use gold to shop online or buy services online, buy games on steam or book hotel tickets in foreign countries online.

          you need a digital solution.

          we KNOW the banksters control fiat money.
          we have NO REASON WHATSOEVER to believe they control bitcoin, since it’s designed in a way to fuck them over and destroy and replace everything they’ve built in the last 100 years.

          so why make a website arguing for people to stay in fiat money?

          since you believe in the conspiracy, the answer to that should be obvious:

          the guy running the site gets his shekels from the Jew banksters

          • BDBinc

            Yes I believe you may well be a Bitcoin troll.

          • hmm… he’s a troll? Everything he said is true, don’t trolls lie and stuff?

    • testguy111

      you upvote your own post that’s nothing more than a link to some nonsensical arguments I took 20 minutes to politely refute?

      Jesus…. what a dick move, dude.

      • testguy111

        nice… after 17 hours, your self-upvote disappears and in a 30 second time span a guest up-vote appears.

        good job.

        • Plextt .

          Who is more pathetic: one that intentionally up-votes himself, or one that takes the time to inspect the possibility?

          • testguy111

            the guy who gets involved late and didn’t see why the guy upvoted himself, then took it back.

  • testguy111

    not sure if it’s ok to post videos here… if not, my apologies, and just delete the post

    • testguy111

      second video with more info about future of bitcoin and real world implications

      • Great info. You are the MOST informed bitcoin person I have ever read to date. I wish I could sit down with you and ask 10,000 questions, lol! I’ve been using it for years with great success and I believe it is our free financial future.

        • testguy111

          my knowledge is on the economy level and the political /societal one… I’m not a programmer.

          so if you want to know any ‘big picture’ things, just shoot!

          • What do you think about bitcoin lending like btcjam?

          • testguy111

            I think you can replace any financial instrument and structure with blockchain technology. (e.g. financial service industry is 40% GDP in US)

            as long as they don’t go the usury route and charge horrendous interest rates, micro-lending may be a good thing for people who want to start a business.

            banks don’t do that anyway anymore.. they get money from the fed/central bank… then ‘invest’

          • Thanks for the response and thank you for putting in your time to post such valuable info even if it is not totally appreciated by the ignorant.

          • testguy111

            it wasn’t an endorsement of btcjam, just to clarify that.
            just one of their business model as I understand it

          • Oh I fully realize that you are not endorsing btcjam.

          • testguy111

            and just as a PSA, tracking bitcoin money flow is not that hard for ‘them’… as soon as your name appears in any transaction chain, they can retrace by reading out the blockchain.

            and NSA watches the protocol information flow…

            it’s still way harder than credit cards, but relatively easy once you use it to pay something in your name.

            darkwallet.is makes it way harder, if not impossible. but it’s still beta

            and I’d take a look at openbazaar . it’s like an ebay/amazon for P2P. also still beta

          • Cool, you can use a mixer to obfuscate your coin/money flow as I am sure you are already aware. Gonna check out darkwallet and openbazaar, thanks!

          • testguy111

            yes.

            I’m just not technical enough to know how well those work. but it’s better than nothing…

            haven’t looked into those much.

            moving from one crypto currency to another and back however may be a very secure way…. not sure

          • They will take your.. say $100 worth of your btc and break that up into many pieces and marry those pieces with pieces of others’ btc(through small transactions). It will transact in smaller, random amounts a random number of times so much so that when you finally withdraw out of it the coins you now have cannot be traced back to you. They say it is illegal which is strange because since it is your property how are you not free to do what you wish with it? It is like Apple saying that I can’t jailbreak MY iPhone that I paid for and now own, I just ignore them and do what I please with MY property, including bitcoin.

          • testguy111

            I can’t see how that is illegal.

            unless your country has draconian rules on crypto (MOVE OUT! if they can’t handle this technology, they will come after you for much less very soon), this can not be illegal.

            I’m not a lawyer and this isn’t legal advice. but I’ve never heard this being illegal

          • Me neither and I don’t care anyway. I don’t take anything online as legal advice, lol. I am better at avoiding those puke stains than most. They can’t prove it was you that tumbled anyway so their rules are somewhat unenforceable. It just shows how they just don’t have a solution to efffectively kill bitcoin and if they tried it would still survive and probably thrive at their peril IMO.

          • You can buy bitcoin with paypal using virwox which is a currency exchange where you can change crypto-currencies.

          • testguy111

            I heard many bad things about virwox. depends where you live, I guess… if you can use something else… but I’d not use that site.
            and if you already own any crypto, NEVER use a site that has a waiting period before your funds are withdrawn.

            tons of instant change, instant in-out crypto exchanges out there

          • I only have used them because I have paypal credit, no fees at all for 6 months so I effectively buy bitcoin on credit through them without paying ANY interest, lol. They have a lot of fees though and I rarely use them.

          • testguy111
          • Awesome! Thank you!

  • testguy111

    there was a great line a couple of years ago about how lie is not the opposite of truth.
    bullshit is the opposite of truth, because it is even farther away from truth than lie.

    your post is a great example of that.

    it is so much bullshit that I don’t know where to start refuting it.

    Satoshi Nakamoto has nothing to do with anything you mentioned.
    and as I’ve written about in this whole thread under the article above, bitcoin isn’t even a currency. it can masquerade as one, if necessary, but it’s not what it’s about.

    it’s just the media who views it as such.

    I know a great deal about Jew banksters.
    but the things you simply line up in a sentence together aren’t even sensical… they’re a non-sequitur. it’s ramblings a school child may find impressive, because it doesn’t know any of the facts involved.

    I honestly believe you must have some mental defect or something… I couldn’t write that incoherent, illogical and completely disconnected from anything, even if I tried.

    I know how bitcoin started. I know the history of companies, institutions and banks trying to create digital money.
    they all tried to CENTRALIZE and failed.

    all your ‘alternative currency’ bullshit info is about centralized concepts.

    bitcoin is DECENTRALIZED. it DOES AWAY WITH A THIRD PARTY.

    it is as such useless to anyone trying to control or profit from it.

  • testguy111

    someone invents a car, and you launch into a rambling argument how horse carriage salesmen are behind cars as a great conspiracy.

    it’s like that.
    it’s not JUST completely “ok, so what if, who cares”, it also makes no sense at all because none of those people are interested in screwing themselves.

    bitcoin is an invention. it’s not just some new currency. it is as much an invention as the car, electrical power or the phone.

  • Meh

    I think cyrpto currency is the way foreward but need protections from government theft. Screw the bankers like them get a job

    • The protection from government theft is built into bitcoin

      • Meh

        not completely or there wouldn’t be a reason for Dash/Darkcoin

        • The fact they exist has no reason regarding government theft.

  • BDBinc

    I believe you will find testguy111 is a Bitcoin troll.

    • I believe you are full of shit. I get accused of the same thing when I advocate for bitcoin and I am about as far away from a government paid idiot as you can get. You shouldn’t hate something you don;t understand, especially something that can and will help you in the future if you learn about it.

  • The watcher

    the same way as Zombie on Bath Salts is all

  • Mike

    As all Americans should do as well. Drop the dollar and use bitcoin. Eventually businesses will have to switch over or go under.

    • testguy111

      gold is a great store of value…. but for every day use, nothing beats bitcoin

      • You got that right! Just like you’ve got everything else right yo have posted here, lol!

    • Many of them already accept bitcoin. When you buy something with bitcoin it is much harder for “them” to track as only you and the merchant has any record of transaction. Works great for seeds, other preps, weapons, ammo, etc..

  • testguy111

    the only tech giving normal people ownership over digital assets is bitcoin / crypto.

    there’s not much to add

  • ….and I made some more nice gains. Anyone on here want to remind me how stupid I am for buying bitcoin again? I keep forgetting every time I make money!

  • testguy111

    http://cointelegraph.com/news/114777/9-ways-to-buy-bitcoin-without-a-bank-account
    9 ways to buy crypto (bitcoin) without a bank account

  • BDBinc