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Former finance minister of Greece says Bitcoin replacing fiat money would be ‘a nightmare’

Former finance minister of Greece says Bitcoin replacing fiat money would be ‘a nightmare’



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29 Comments

  1. Greece, the country which had to be bailed out by the EU. Yeah, as if their finance ministers are “experts” we should emulate.

    No thanks. I don’t listen to losers.

  2. >“We need democratically to control our governments that is why I am an
    advocate of blockchain technology being used in the context of central
    bank digital currencies. To afford a degree of transparency so that we
    all know how much money is this in the system so the central bank cannot
    create liquidity without us knowing how much money they have created.”

    Sounds like he does support Bitcoin, he just hasn’t realised yet…..

  3. tldr; Former Greek Finance Minister Yanis Varoufakis has said that cryptocurrencies like Bitcoin won’t replace fiat currencies. He added that the European Central Bank is being influenced by commercial banks in Frankfurt, Paris, and London, preventing them from making a move towards a digital euro. He also said that central banks without blockchain-like technology will be left behind.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  4. He is right. Fiat money is essencial for progress. With fiat currency we can fund investments, we have incentive to spend currency fueling the economy and progress.

    If we had a deflationary currency there would be no reason to spend it. What you realy want is both. Btc can be a global asset where one can hide if governments start printing too much for the wrong reasons as was done in the past two years.

  5. Completely understandable. Cause it would be next to impossible keep resting on the laurels and efforts of others while remaining addicted to complete laziness.

  6. Easy to debunk, he doesn’t even make a single point of why bitcoin would be worse than fiat, just says it would be a nightmare and doesn’t elaborate further.

  7. Lol ofc he does because as Greek government is bad for managing money they are scared.

    In fact defi protocols don’t care who you are to lend to you as long as you have collateral, while big countries banks would lend to you anyway as it is all nepotism.

    No nepotism for countries like Greece is no bueno

  8. Well, he’s got a point. Every single accounting and payment system in the world is set up to process fiat transactions. The migration to a BTC based system would collectively cost the world billions and billions of dollars. Saylor had a nice peice about that in one of his podcasts. Something about BTC being a world reserve currency and collateral but existing fiat staying in place because you would have to migrate the worlds entire financial system to BTC. Also, wars would have to be fought and won to not use fiat currencies. The US govt will not take kindly to that.

What do you think?

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