Bitcoin Forum

http://moneysaverhq.heraldsun.com.au/news/government-grabs-360-million-from-idle-household-bank-accounts/story-fnkrnsiy-1226950657835 (http://moneysaverhq.heraldsun.com.au/news/government-grabs-360-million-from-idle-household-bank-accounts/story-fnkrnsiy-1226950657835)

Not directly related to Bitcoin, but shows a flaw of fiat which cryptocurrencies solve.

Is this a new policy or this is the way it's always been?

I think the money in some countries like Australia becomes the property of the government after its been idle for so long. It's fucked up. I hope people can actually get their money back if they've just not touched it for a while.

I'm not familiar with australian policies, but the article does say:

"$360 million was collected from 80,000 inactive accounts in the year to May under new rules introduced by Labor. The new rules lowered the threshold at which the government is allowed to snatch funds from accounts that remain idle from seven years to three years."

 :o :o :o >:( >:( >:(

Is this real? I don't believe it.

Best news I have heard in a long time (for Bitcoin).

Dose the US have similar laws?

probably real, similar stuff happened in Greece, Cyprus and many other countries.
The general trend is now, profits are for a select few, losses have to paid by society... strange way to run a business if you ask me.

I sure hope not! That's nuts.  So what kind of accounts does this apply to? I mean, if you have an investment account and leave it be for a number of years, now you have to worry if it will even be there at the end? I call BS on this story.

Sorry to say but it's true,the UK are going to do it too

"Bitcoin users were not affected"

I don't really know the laws here, but I seem to remember similar actions by the U.S. It was a little different however, I believe the accounts were decades old and mostly of people who died long ago with their accounts forgotten or unknown to others.  
But three years.   ??? Man, that's no time at all.

Australia should treat their people better. If they try to fight this they end up in a kangaroo court.  :D
Seriously, I have/had a generally good impression of Australia and wanted to visit there someday, but they just lost a "few points" with this news.

Yes, there is a similar law in Italy, with 10 years time frame (for now).

As said, Bitcoin users not affected.

Don't think the US really needs to steal money directly from our household accounts...they are doing a good enough job of doing that in essence by printing billions of newly inked bills everyday.