Bitcoin Forum

By the time they're done they won't have any money to invest in bitcoins in the first place

http://worldnews.nbcnews.com/_news/2013/03/23/17428178-cyprus-now-looks-to-take-25-percent-from-bank-accounts-of-wealthy

The big money won't come from the cypriots.  The big money will come from the people that don't want to end up like the cypriots.

Don't get me wrong, €100,000 is a lot of money. But I wouldn't really class that as wealthy.

Especially if you consider that a small or medium business will easily have a 100,000 in the bank for wages and other expenditures ...

If you are retired and € 100.000 is all your life's savings...  How many years will you be able to live on that?

The whole thing is just blantant stealing.
Nothing more. Nothing less.

So if some poor sod has €100,001 in bank, does 25% of the €1 get stolen, or 25% of the €100,001?

25% of €1

Basically, the stealing has already happened the moment the money was deposited in the bank.  This is just reconciliation.  Just like Madoff was stealing from his clients the whole time, not just the week it was all discovered.

Minimal wages at Cyprus are around 750€ month. Just a guess but i'm gonna say that you'd be considered quite wealthy with 100.000€ sitting in your bank.

Sadly many of the Russian oligarchs and others this "tax" was intended to hit were tipped off and moved funds before the whole fiasco started. 

Can I just ask.. is this stealing?

I mean people there avoid taxes all the time, but still depend on their government in some ways. The stupidity of it aside isnt this just a tax, without anything morally wrong with it?

Correct me if I'm wrong, but aren't euros the property of the ECB or some such?

How can you 'steal' what's already yours?

you expected anything else?

How do you work that one out? sombody born in the UK may have to pay tax here even if they live in russia and have deposits in Cyprus, I highly doubt any of the high net worth individuals use government funded schools, hospitals or anything else. They will still pay purchase taxes like VAT and local taxes.


I don't think anybody should pay taxes on there labour, on there purchases maybe but taxation is theft because it is not volountary and collected at the threat (or use of) force. It's no different to a Mafia demanding protection money, and too be honest I'd rather pay the mafia.

What if they do a 25% tax once every year? Still a tax? Or stealing? Does it become stealing at 25% once a month, or perhaps once every 6 months?

When it comes down to it, these banks are using depositer money to pay their creditors, and however you define a tax, 25% deposit taxes is not how I would define a bank.

A tax is when it's prearranged.   Though it's fair to say it's stealing as well,  it's not exactly the same thing.

"You will be taxed 6% each time you buy anything in a department store"  - fine, I understand $1 dollar is actually $1.06

stealing is when they shut down your bank account, yank 25% out of it.  zero notice, zero time to hedge against it.

What happened was stealing.

"I have payroll this week for my employees and I have $200,000 in the bank account for them when payroll is paid out to everyone i'll have zero.

Now the government steals 25% without notice,  25% of his employees are not getting paid.




 

Nope, par for the course.  Still sad for the average Cypriot. 

Flawed assumption: that a "tax" is not stealing because it's called a "tax."

I prefer to call it tribute instead.

Depends on which definition you use.

works, but

it definitely is not.

QFT  ;D

Yes sir. That's the one I was thinking of. Otherwise known as plunder averaging.

While most of this is happening due to the indirect fault of governments, the direct cause is poor investments by private companies.  This situation needed the standard bad bank US treatment by the FDIC but instead they way it was done has totally destabilized everything.