27 Jun '15, 2pm

#Bitcoin #Reddit Bank run is real now in Greece. Should've bought Bitcoins

If Greece exits the Euro and reverts to Drachmas without pegging to something else like Gold or Rubles, a couple things will happen pretty quickly: Greece will convert all bank balances from Euros to Drachmas. Drachmas will become the official national currency. Within the Greek economy, Drachmas will be just as useable as Euros are today, credit and debit cards will continue to work. But the Drachma will go through a period of hyper-inflation and may never come back from that. This will make it very hard to use Drachmas to purchase anything over the Internet from outside of Greece. Greece will probably even implement capital controls limiting conversion of Drachmas into foreign currencies. So consumers will be effectively cut off from buying online using Drachma. A black market cash-only economy dealing in EUR, USD, RUB, and probably BTC will spring up. Just like in Venez...

Full article: http://www.reddit.com/r/Bitcoin/comments/3bawus/bank_run_...

Tweets

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