Bitcoin Forum

http://www.bbc.com/news/world-europe-32194092

Good news but I guess the damage is done, and things will not go back to normal. I would never put any money in a Cypriot bank.

You're quite right. I think the reputation is damaged. The Euro crisis is anyway coming back and the bank runs will start in the next few years again...

It may just be trying to instill a false sense of security, but theres nothing stopping it from happening again.  Be weary of where you put your money.

True, once you play with people's money just once.. its game over.

we will be safe from this bank rules,
when we will reach decentralization.
all bank power will be reset!

No one would, mainly because of horrible reputation. years will pass before things go back to normal

I got money in Cyprus bank but it's in North Cyprus. There's also the biggest Btc Exchange in Turkey which is registered in Cyprus.
I would never use South Cyprus banks even they lift capital controls though. If I want my income to remain anonymous about my fiat money I prefer Swiss banks.
I remember economic crisis helped Bitcoin's peak in April 2013. There were so much drama in Bitcointalk about frozen bank accounts. Tough days for some people. It's good that it's over now.

PPl have lost confidence in the Cyprus banks, or many European banks. In the econimic crisis, the finacial institution or their fiat currency were hit serverely.

the cyprus's story it is an old story...
the first cyprus "cool" news was the "compulsory withdrawal" from the bank account.
and EU still here

 ;D ;D ;D

You can imagine with fiat system, even if it is your money right from your own pocket, there will be restrictions telling you on what you can do and what you cannot do. I hope in time people would realize that bitcoin is the solution here.

Sad to hear about this.

People may not even notice this.
There is nothing which stops them from imposing controls again, so it definitely will be off-radar for investors.

It sounds about right through with towards most european banks or their financial system.

Greece as a prime example, why not cyprus? I mean its pretty comparable based on the size, but still most are on a lending terms with the central banks in london, which everyone who holds the euro.

Also germany included which is prob the 2nd largest after london.

I agree with everyone else.  Only an utter fool would put money into their banks.  Even though pretty much all banks there is a chance they take your money this one has.

putting your money in one of their banks is pure gambling. it has been like this for years. only fools will fall for their high interest rates.

A bank from Northern Cyprus? I don't see that as safe since this country doesn't even exist in most maps. Do they pay interest on your savings? Are SEPA transfers cheap? I won't open an account there, but I'm just curious.

It does exist, as an occupied area of Cyprus! ;-)

It sounds like good news for Cypriots, I agree that it will be hard to trust the government and banks again, but capital controls are not a good answer to their problems, so demoing hem can only be a good thing.

Be aware of hidden capital controls, like limits on cash while traveling, limits on cash payments, high fees on dollar accounts, and taxes.

And - while Cyprus seems ok now, the point is to sense it in advance. That goes for Greece (obviously), Italy, Spain and Portugal. And you know what you can do if you don't trust any banks at all.

The credit reputation of Cyprus is totally damaged. No one will store larger amounts of money in Cryprus banks again.
If Greece will struggle and fail (and everything is going to this right currently), Cyprus will get into serious trouble and capital controls will set up again. Both economies are too interconnected to survive alone. 

After that crisis and capital controls, there is not much capital left to be controlled.

Small money is o.k here, anything under 100k after that I would diversify my assets anyway if I had that much, not keep millions in a bank account. What is a good investment here is to buy agricultural land when the Gas boom comes in the next 4-5 years One could roi nicely from some land plots.  :)

So, its true that Cyprus sits on big gas and oil resources? The European Union has declined a parliamentarian request that Cryprus has noteworthy gas resources during the bail out discussions some time ago. They stated that it is not clear to which country the known resources belong. There are some countries which claim the resources including Turkey, Israel, Cryprus and even Lebanon.

this is the first time i read this...
can you get me some link/documentation/report about it???
i think it could be really interesting!

I did just a short google search since I am on the way. I think the request was part of this discussion
http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//TEXT+MOTION+B8-2014-0221+0+DOC+XML+V0//EN

NAAAAAAAAAAAAAAAAAAAA!!!!
this is the official EU debate, and translated into all languages ???

this is a gret resource...

I did not know there were all the texts of the debates, and especially the translation in all languages!

i repeat..

GREAT RESOURCE!!!

You are welcome! Not all resources are completely translated into all languages. But the most one are.

Banks are like exchanges, they would like everyone to play the game on their platform, like MTGOX, all the moneys and coins are inside their platfrom, even if they lost all your coins, as long as you play in their platform, it does not matter, since you are not playing with real money/bitcoin