I think with some sort of blockchain technologies, it would be harder for central banks to do things like what happened in Argentina, Greece or Zimbabwe.
That's a very broad claim. What "things" are you referring to and how would blockchain technology have prevented them?
Very simply put the Greek financial crisis was mainly due to poor bookkeeping by the Greek institutions (that's being kind), rampant tax evasion and foreign governments (especially within the EU) not wanting to keep footing the bill. I'm not sure how a clever use of SHA-256 would solve these systemic, cultural and diplomatic issues.
Especially since tax evasion would be significantly easier in a bitcoin world where you can launder and hide money extremely easily. No need for a hidden account in some tax heaven, just generate a new RX address and you're good to go, receive all the bribes and "off the record" payments you want.
I think he meant the fact that banks were locked down by the Central Bank and Greek people couldn't withdraw cash they legally owned (yet foreigners, with foreign cards etc could).
Re tax evasion, perhaps for small amounts, but not meaningful sums. That money still has to show up somewhere in the banking system, at some point, if a counterparty accepts it. You could make the same argument about diamonds or gold ingots (though those are obviously less convenient to move around)
I'm not a libertarian, but I do believe it's good there are ways to hold relatively liquid assets outside of the traditional banking system. Greece is a great example.
Each system has their flaws, but Bitcoin is not worthless. The question is more, how much is it actually worth? I don't think anyone really knows at this point.
But the more you think about it: easy money policies might help keep the economy afloat, but at a significant price. Cash is losing value fast (perhaps not due to traditional inflation, but because assets just increase so much in value). I don't really believe this is going away anytime soon -- there is just too much money in the world looking for yield, and rates will be kept low.
Let's say you were a wealthy person with $5m in 2008. If you had the guts to put that into an S&P fund and borrow another $10m through portfolio margin (= $15m), you'd be worth around $50m today (excluding taxes, interest expenses, etc etc).
Very simply put the Greek financial crisis was mainly due to poor bookkeeping by the Greek institutions (that's being kind), rampant tax evasion and foreign governments (especially within the EU) not wanting to keep footing the bill. I'm not sure how a clever use of SHA-256 would solve these systemic, cultural and diplomatic issues.
Especially since tax evasion would be significantly easier in a bitcoin world where you can launder and hide money extremely easily. No need for a hidden account in some tax heaven, just generate a new RX address and you're good to go, receive all the bribes and "off the record" payments you want.