I hate the way people go around blaming the Cyprus as if they are the ones truly at fault. Sure, I get they weren't exactly angels, but they were banks, lending to a government. Thats like, super common, in most any country. Maybe its not ideal, but its not unusual in the slightest. Who is really at fault here is the Greek government. They were the ones who actually lost the money. The Cypriots were just big enough idiots to trust them.
The thing is that in Cyprus both the two largest banks AND the government were near (?) bankrupt, both having "financial gaps" of several billion. (and that's huge as the GDP of Cyprus is only 17Bn or so) If it were the banks only, I guess that the govt would just bail them out at the expense of the taxpayer (like they did in Netherlands for instance, another eurozone member). I'm not saying that it's a good thing, but at least it would not cause such a turmoil (at first at least). Also, they would not have anyone to blame.  (as there would not be any need for the EU/ECB to get involved in such case) Here's the thing: In a heavily bank-based economy like Cyprus, the banks provide most of the income for the government, directly or indirectly. When your banks are many times larger than your economy, the taxes you extract from those banks are also many times larger than your economy, and the money those banks pay employee's IS the economy. So, sort of by definition, when the banks fail, so will the government. Cyprus has been attracting investments from all over the world for years and years. While financial products are not a traditional "export", it is a sort of product that can grow an economy. While cyprus may have been diversified nowhere near enough, they were at least doing something, and the government actually tried to encourage this thing to grow, rather than throw roadblocks at it like much of the rest of the world. On the other hand, Greece really wasn't doing much of anything except spending money and then borrowing more. I maintain that this whole entire debacle was Greece's fault, Greece was the one that actually wasted the money. The Cypriots were just trying the best they could (although in somewhat of a naiive way) to make the best economy they could on a little island. |
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...they were banks, lending to a government. Thats like, super common, in most any country. Yes, it is. And Greece is only the worst of the bunch, when it comes to idiotic economic strategies. This should sound to you like the first domino falling. Not only is it the first domino, but also since the EU not only endorsed, but CAUSED the theft to occur, people are likely to start withdrawing from other European banks. This means people will discover that the money they thought was there actually isn't, sooner rather than later. If nobody withdrew, they could hope to ponzi around for a while. To be fair though, there are probably plenty of governments, and banks, that are perfectly safe. Just not in the EU. |
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Yes. Apparently the Greek railway company (govt owned of course) has an annual payroll cost equal to its entire annual earnings. Even if it could operate at zero cost it could still not make a profit after deducting payroll. This isn't just obscenely bankrupt, but insanely so.
Poor Cyprus lost billions into that money vortex called Greece.
I hate the way people go around blaming the Cyprus as if they are the ones truly at fault. Sure, I get they weren't exactly angels, but they were banks, lending to a government. Thats like, super common, in most any country. Maybe its not ideal, but its not unusual in the slightest. Who is really at fault here is the Greek government. They were the ones who actually lost the money. The Cypriots were just big enough idiots to trust them. |
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Hmmm...now here's a bubble that doesn't look to be crashing anytime soon.   Sheesh, put that shit on a log chart! |
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http://blockchained.com/Question: if the bid sum goes up on a sunday, does that mean someone sold coins for cash and then placed a bid at a higher amount than they paid? or someone had a bunch of fiat sitting in the account doing nothing and finally placed a bid? More likely the latter. Edit: Is BTCCharts broken? Edit: Seems to be better now.  Thats the biggest sheer wall I've seen in a bit. Looks like somebody put in a $275,000 sized SELL market order? |
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Holy shit. WTF is going on. Damn my long showers. I come out, and realize I missed all the action again. I have discovered that rallies can only occur when I am either sleeping or in the shower. |
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Winter is also coming. yeah I got it. I still don't get it. -__________________- |
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What a opportunity to sell!!!!!! OMG!!!! thanks whoever behind this pump
You're welcome. I'll be coming right in and buying yours  you must be rich buying coins right now And how do you reach that conclusion? The price being high means I get less coins (unfortunately) not that I have to be more rich (though hopefully I will be at the end of the rally). higher price means more risk, more risk means you got extra money to play with No it doesn't.... I buy 100 coins at $100 requires the same 'richness' as buying 50 coins at $200. |
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I have a fun statistic. If the people that want to buy at $135 were willing to buy those same coins at any price, there wouldn't be enough bitcoins on gox to fill the demand.
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What a opportunity to sell!!!!!! OMG!!!! thanks whoever behind this pump
You're welcome. I'll be coming right in and buying yours you must be rich buying coins right now And how do you reach that conclusion? The price being high means I get less coins (unfortunately) not that I have to be more rich (though hopefully I will be at the end of the rally). |
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Theres lists around showing populated addresses, but from there you can't really derive much. The same person could own all the 10k addresses lying around. I like to think that the system has naturally weaved large holders out and theres only a few people that have close to 100k or more. If only 2-5 people.
But it really doesn't matter who has how many coins. Being envious of someone else's riches is a waste of time.
Doesn't Satoshi own over 1M coins? If he does, then he deserves them. And I have a feeling he'd understand how to handle them without messing with the market. I don't think they could be in better hands. Holy shit, the guy's made over $100 million from this :| But yea, he deserves it |
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What a opportunity to sell!!!!!! OMG!!!! thanks whoever behind this pump
You're welcome. I'll be coming right in and buying yours This! The last cheap coins in the mid 100s this week... Hopefully gox will fuck up and it'll crash to $110 or something. Honestly, Gox totally owed me that. I deposited when the price was below $100, they somehow screwed up my deposit and lost it for a couple of days while the price raced to $130 and I'm sweating bullets. Fortunately there were enough idiots to sell off so I could at least buy it at $110. |
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Good morning NZ, Australia and Japan!
It's 6:30 in Tokyo, a couple hours until the fiat floodgates open?
Yea, an didn't they just announce that they were gonna be printing an assload of yen? The real fun will begin in 2 hours or so when China wakes up. |
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What a opportunity to sell!!!!!! OMG!!!! thanks whoever behind this pump
You're welcome. I'll be coming right in and buying yours |
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Under 13k to 200 now
To think there used to be double that resistance just to get to $150 Edit: Also somebody seems to be back up with a 0.2 trading bot... |
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Mtgox trading engine lag: 22.07s
What if Mtgox can't handle it... even on a SUNDAY??
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Theres lists around showing populated addresses, but from there you can't really derive much. The same person could own all the 10k addresses lying around. I like to think that the system has naturally weaved large holders out and theres only a few people that have close to 100k or more. If only 2-5 people.
But it really doesn't matter who has how many coins. Being envious of someone else's riches is a waste of time.
Doesn't Satoshi own over 1M coins? |
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