The Euro Has Unofficially Collapsed? Europeans Dumping Euro For Internet-Only Currency: Bitcoins

[SillyWilly]

link: http://business.financialpost.com/2012/ ... y-bitcoin/

According to this article in the Financial Post Europeans have increasingly embraced the digital currency, Bitcoin. The fear of the end of the Euro as a currency is driving this craze and it would appear as if Bitcoin has experienced the benefit of this inflow of funds, appreciating in value since the start of June.

Bitcoin chart link: http://bitcoincharts.com/charts/mtgoxUS ... 10zm2g25zv

Considering the extreme volatility of this "new" alternative currency (it traded at US$30 for 1 Bitcoin June 2011; currently US$5.7), it's probably not a safe haven for your hard earned savings.

But then again, desperate times call for desperate measures. The man in the street in places like Greece and Spain probably don't have access to safe haven bonds and want to get the hell out of traditional currencies.

IMHO, this is a big gamble. Bitcoin is a tiny market and huge money flows can distort prices easily, allowing speculators to profit handsomely, but leading to more pain for Joe Public who put his last couple of thousand Euros in a system he thought safe and free from manipulation.

Would you convert your savings to Bitcoin when financial turmoil knocks?

[tsukinodeynatsu]

Hell no.

I have a savings account in Australia (which can be opened from overseas, btw) which would be far safer than bitcoin.

If Australia starts looking dodgy, you look for the next country with some semblance of security. Most places offer savings accounts for overseas non-residents now.

[Belgian Pie]

In the end there is always someone that needs 'real' money to buy services or goods ... or even 'bitcoins' ... or any alternative currency ...

[finley]

I've been following bitcoin for a couple of years. Its volatility is what makes it interesting - although it does, in theory, have an exchange rate, in practice it's orthogonal to traditional fiat currencies. It doesn't map properly onto "the real world". What might be considered a disadvantage is actually an advantage: it enables two different economies to evolve in parallel without impinging on each other.

It's a bit depressing that bitcoin has become the currency of choice for the underworld, but I'm pretty sure it could become something really useful in countries where the "normal" economy doesn't work properly, especially those that are already keen on electronic currencies (Kenya, for example). What's missing there is the digital infrastructure to allow it to work properly.

Anyway, to answer the question: no, I wouldn't consider converting my fiat-currency savings into bitcoins, but I might try to engage with the economy in which bitcoin reigns supreme, and try to build some savings there for a rainy day.

[SillyWilly]

June 14, 2012

Steve,

It is with trepidation that I write to you....The Euro has collapsed unofficially. The money is OUT of Greece, Spain, Portugal, Ireland, Italy, France, Belgium and the German Elites have begun to shore up their wealth in hard assets and precious metals. RBS has given orders to close two of their major equities sectors, thousands of jobs are going to be lost the next few days/weeks. Credit Sussie has called on top investors to head to Swiss safe harbor and hard asset diversified portfolios.

The Capital Controls are in place to keep the charade of control going for the next four to six months before the official collapse. Steve...this is it. The Euro has collapsed and no one has noticed it. Greek bank runs are close to $3.5 Billion Euros per day not the $1 Billion that is being reported. The rest of the PIIGS are in the same boat. Bank Holiday imminent in all of continental Europe in the coming days and weeks. This is again theatrics to keep the plebeians believing in some semblance of control.

Please warn your listeners to pull out of their bank accounts everything that they need. Keep only to pay the day to day expenses. If they have land to go to, please do so now. Steve I do not know how much longer I can keep writing to you. You were knocked off line during your show with the Haggmans right before your were going to divulge what I have told you with the Spanish bailout. It is getting dangerous for all of now.

Again the Euro has collapsed...I repeat the Euro has collapsed. Unofficially.


May God Help Us All....

V

COPYRIGHT STEVE QUAYLE- ALL RIGHTS RESERVED---NO CROSS POSTING UNLESS ACTIVE HOT LINK TO MY SITE http://www.STEVEQUAYLE.COM IS PROVIDED

[Jack Burton]

June 14, 2012

Steve,

It is with trepidation that I write to you....The Euro has collapsed unofficially. The money is OUT of Greece, Spain, Portugal, Ireland, Italy, France, Belgium and the German Elites have begun to shore up their wealth in hard assets and precious metals. RBS has given orders to close two of their major equities sectors, thousands of jobs are going to be lost the next few days/weeks. Credit Sussie has called on top investors to head to Swiss safe harbor and hard asset diversified portfolios.

The Capital Controls are in place to keep the charade of control going for the next four to six months before the official collapse. Steve...this is it. The Euro has collapsed and no one has noticed it. Greek bank runs are close to $3.5 Billion Euros per day not the $1 Billion that is being reported. The rest of the PIIGS are in the same boat. Bank Holiday imminent in all of continental Europe in the coming days and weeks. This is again theatrics to keep the plebeians believing in some semblance of control.

Please warn your listeners to pull out of their bank accounts everything that they need. Keep only to pay the day to day expenses. If they have land to go to, please do so now. Steve I do not know how much longer I can keep writing to you. You were knocked off line during your show with the Haggmans right before your were going to divulge what I have told you with the Spanish bailout. It is getting dangerous for all of now.

Again the Euro has collapsed...I repeat the Euro has collapsed. Unofficially.


May God Help Us All....

V

COPYRIGHT STEVE QUAYLE- ALL RIGHTS RESERVED---NO CROSS POSTING UNLESS ACTIVE HOT LINK TO MY SITE http://www.STEVEQUAYLE.COM IS PROVIDED

This article I link is dated around the same time (it appears) and they already talk about 5B in outflows. http://www.zerohedge.com/news/greek-ban ... ours-d-day

The best line ever:

In other words, Greece is now America, where the vast majority of people also live on credit alone, and have taken up the following motto when dealing with banks: "you pretend to be solvent, we pretend to have money."

Stavropoulos and her friends have a new strategy to deal with their daily expenses. "We charge everything to our credit cards," she says. If the Greek banks fail, they won't be able to collect the outstanding debts, she argues. "If they want to mess me around, I will do the same to them."

[Belgian Pie]

May God Help Us All....

I don't think he knows anything about financial markets ...

Again the Euro has collapsed...I repeat the Euro has collapsed. Unofficially.

Please warn your listeners to pull out of their bank accounts everything that they need. Keep only to pay the day to day expenses. If they have land to go to, please do so now.

...but I guess it's time for you to move up into the mountains and start self-preservation ...

[SillyWilly]

George Soros, billionaire investor, has also publicly stated that the euro had 3 months left...and that was back in early June. Guess time is running out for him too.
Source: http://www.cnbc.com/id/47642499/Three_M ... orge_Soros

Something is going to happen in August. Draghi, the ECB head, just last week stated that the ECB would do ""whatever it takes to preserve the euro." That's a big promise. August will probably be the month the FED and ECB take action. The USD has lost almost all of its momentum (check out the thread: http://www.forumosa.com/taiwan/viewtopi ... 8&t=112093) and a large stimulus package by the FED and ECB will send the USD into freefall.

[Jack Burton]

not to hijack the thread, but reading this stuff led me to this:

http://www.zerohedge.com/news/fed-gold- ... nipulation

[louisfriend]

remember those hello kitty magnets from 7-11? I wonder if something like that could gain credibility for exchanging goods and services after the joke of the century aka the world economy finally comes tumbling down after the movers and shakers squeezed the very last taro dry