Bitcoin Forum

It takes some epic fundamentals to get me bullish and this Cyprus event is the pretty big. In case you haven't heard, the Cypriot Gov in planning on taking 6-10% of the bank savings of the population. Who the fuck is going to trust money in the bank any more???

This pattern of activity is just the start. Once Italy or Spain start looking shakey, money is going to fly out of their banks in fear that it will get confiscated.

This will be the key opportunity for Bitcoin to step in as the major convenient and safe store of wealth. Then watch it fly: $100.. $200.. $1000.... $2000 .... the sky's the limit.

Gentlemen, welcome to the new wealthy elite.

I'm going to start lighting my cigars with paper wallets. I can't wait to start crushing the little people that try to get in my way! :)

Don't forget to add that New Zealand is now tabling a simillar proposal: http://rt.com/business/new-zealand-cyprus-style-banking-failure-solution-477/ (http://rt.com/business/new-zealand-cyprus-style-banking-failure-solution-477/)

Does that make you more bullish? :-)  Does me :-)  Actually this nasty precedent seems to have started spreading quicker than I even thought it would, and I expected it to spread..... but just not this quickly....

The proposal didn't go through the parliament of Cyprus.

Let's see what happens now.  :o

Euro(pean) collapse!

Warning: DUMP ALL you euros!!! (Maybe USD will follow)

Cyprus is getting very messy.

I think bitcoins are the last thing on their minds.  It looks like the Russians are trying to buy them from the EU!
;)

popcorn time?

Yep, it is said that their prime minister is flying to Russia to ask them to buy two banks for one (!!!!) euro!!!
Anyone?

It does not make any difference now. The damage has been done the moment they announced this "tax" and froze all bank transfers / kept the banks closed.
As soon as they reopen the banks, people will take out whatever they [still] can.

http://www.nytimes.com/2013/03/20/business/global/cyprus-rejects-tax-on-bank-deposits.html?_r=0

Looks like banks open on Thursday, meanwhile the Cypriot Parliament continues to reject these unpopular terms of the bailout.

As freespirit said, "the damage is already done".

Someone with a lot of bitcoins needs to buy airtime and advertise Bitcoin over there.

Bitstamp?

Actually, a full page advert in a national paper would do the job - http://www.cyprus-mail.com/classifieds

Maybe this might be do-able?

Nice idea. Publicising a Euro to Bitcoin exchange service could raise awareness and make some opportunistic cash. I mean even if you get your Euros out of the bank what's to stop them coming for your Euro stash under the bed? It might not be entirely unlike the Roosevelt gold confiscation.

Interesting situation 

For the bank depositors:
http://www.youtube.com/watch?v=zOXtWxhlsUg (http://www.youtube.com/watch?v=zOXtWxhlsUg)

Might be why there's a continuing rise, plus other areas are concerned.
The banks will stay closed Thurs and Fri
http://finance.yahoo.com/news/banks-cyprus-stay-closed-thursday-171855046.html

Pictures From A Cyprus ATM Line (http://www.zerohedge.com/news/2013-03-21/pictures-cyprus-atm-line)

http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2013/03/20130321_ATM2_0.jpg

Click the link above for more.

Is This The New "Scariest" European Chart? (http://www.zerohedge.com/news/2013-03-21/new-scariest-european-chart)


http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2013/03/European%20Deposits.jpg

I know for a fact a major bitcoin business banks in Cyprus wonder how this is effecting them.
"I have sent Wire Transfers to them"

Italians don’t keep their money on the bank like people in Cyprus do. They had a similar tax back in 1992 and they still remember it. I can’t say anything about bank system in Spain because I don’t know it, but I doubt that the economy of Spain or Italy is similar to Cyprus. Let’s face it: Cyprus is for Europe quite a problem: half Greek and half “maybe” Turkish, with a lot of money coming from Russia. I don’t expect that Italian or Spanish people will run tomorrow to their bank for cashing, but maybe they will start to ask themselves what are those Bitcoins everybody is talking about.

Regards, Inge

Doesn't matter. People have realized the possibility of such theft. That's going to be sufficiently spreading fear.

We live in exciting times.

Well, that's true for sure.

[/quote]
It does not make any difference now. The damage has been done the moment they announced this "tax" and froze all bank transfers / kept the banks closed.
As soon as they reopen the banks, people will take out whatever they [still] can.

[/quote]

/agreed

I can't imagine anyone leaving their money in the bank come Monday morning.

This bitcoin bubble is freaking me out a little though, and no one is buying anything right now. :(

Exactly.  It's like SOPA and its brothers and sisters.  Government attempts to pass it once, they're going to keep trying, under different names and different circumstances, until they get their way.  Not as if the first time a society says "No, we don't want this to happen, thank you very much" ever mattered much to autonomy.

May you live in interesting times.

(Alleged ancient chinese curse, which probably originated in 1950's America...) http://www.bbc.co.uk/dna/hub/A807374 (http://www.bbc.co.uk/dna/hub/A807374)

oh yeah its definitely gonna go up in value. . .

price on march 22nd was $60. It doubled since then.

This thread went dead silent from March 22 until June 5, during the unbelievable run-up in early April.  What -- did everyone who was holding bitcoins at that time not make money?  I don't hear any Champagne corks popping.  And maybe the best part of this is that, as I see it, bitcoin has now established itself as a safe haven for cash under duress.  I, personally, was not holding any coins at the time, but now that the price is beginning to stabilize I will probably start buying.

yup and its probably gonna be double in 2 months from now. . .

the OP was pretty spot on

bitcoin hit $100 and it hit $200 and higher

I was involved with bitcoin at the time too and was also predicting it as a flight to liquidity