Cypriot bank deposits hit in €10bn bailout

[Monster Tent]

The worst part is it will give beauracrats elsewhere some ideas.

[Bitcoinpro]

coin just became even more valuable

[Vladimir]

no shit, Sherlock

[Bitcoinpro]

no shit, Sherlock

[Vladimir]

http://rt.com/business/russia-bailout-loan-information-cyprus-banks-148/

Apparently they are also negotiating selling  information of their customers. Yep suckers keep trusting your friendly bank.

[Monster Tent]

One wonders what they will do when everyone is in gold,silver or bitcoins....

[moni3z]

They do this in Argentina all the time too. Nobody there trusts the bank, on payday there is a giant lineup outside of people draining their accounts so the govt can't arbitrarily reach in and steal their money.

[Herodes]

One wonders what they will do when everyone is in gold,silver or bitcoins....

Well, they could make it illegal to hold valuable metals. And they could make it illegal to hold bitcoins. But while it's easier to remove physical gold, what would they do about a brain wallet ?

[Vladimir]

One wonders what they will do when everyone is in gold,silver or bitcoins....

Well, they could make it illegal to hold valuable metals. And they could make it illegal to hold bitcoins. But while it's easier to remove physical gold, what would they do about a brain wallet ?

waterboarding?

[Bitcoinpro]

One wonders what they will do when everyone is in gold,silver or bitcoins....

their will be no they when its bitcoins

[Vladimir]

It all will get more complicated once all the bankers and politicos are holding loads of bitcoins that they will have bought themselves at 1000000$ a pop.

[Otoh]

Piggies bank runs here we come, they pay negative interest against inflation & treat you like sh@t anyway

Portugal, Italy, Greece, Greece doubled up as it's close to Cyprus, Ireland, England, Spain

[cypherdoc]

They do this in Argentina all the time too. Nobody there trusts the bank, on payday there is a giant lineup outside of people draining their accounts so the govt can't arbitrarily reach in and steal their money.

pot banging:  http://www.zerohedge.com/news/2013-02-10/argentinas-financial-collapse-past-prologue?page=1

[whitenight639]

There is a bigger issue your all missing here, Turkey has wanted into the EU for ages and the turkish part of Cyprus has been less friendly with large foreign depositors, Now obviously Turkey and the republic of Cyprus is now totally sucking off the ECB in order to play a bigger part in the EU, remember it was not long ago Turkey got some nice new missile batteries put on its border for protection from Syria it seems that Turkey is a strategic area for all the military crazyness happening in the middle east and asia. This does also set a precedent for other European countries to steal from depositors as surity for ECB loans.

[justusranvier]

When i read it today, i simply couldn't believe it.
They just took people's money. Just stole it. Just like that.

THIS IS UN-FUCKIN-BELIEVABLE. Is the system really already starting to crash ?

I hate to break it to you, but the system died in 2008. All that's left now is for the corpse to stop twitching.

[BTC Books]

The world is becoming a very interesting place.

Next, I would expect the PIIGs to take their cut at every deposit and withdrawal - since people won't be leaving a lot of cash in banks.  They'll still need to use banking services for a few things though; mandated by 'law'.  Can you imagine someone with a one-thousand Euro tax bill having to deposit eleven hundred, so the ten percent can be taken off the top, first?

WTF are they thinking?

We should have a bounty for dropping informational bitcoin leaflets in places like Cyprus and Argentina, with R/C aircraft.  Our own non-lethal drone wars.  One could probably send a large, Arduino/Arduplane-controlled  Telemaster to Cyprus from Israel or Turkey for less than 25 BTC.  That would be a scheme with a pretty good ROI, one would think.

[cypherdoc]

The world is becoming a very interesting place.

Next, I would expect the PIIGs to take their cut at every deposit and withdrawal - since people won't be leaving a lot of cash in banks.  They'll still need to use banking services for a few things though; mandated by 'law'.  Can you imagine someone with a one-thousand Euro tax bill having to deposit eleven hundred, so the ten percent can be taken off the top, first?

WTF are they thinking?

We should have a bounty for dropping informational bitcoin leaflets in places like Cyprus and Argentina, with R/C aircraft.  Our own non-lethal drone wars.  One could probably send a large, Arduino/Arduplane-controlled  Telemaster to Cyprus from Israel or Turkey for less than 25 BTC.  That would be a scheme with a pretty good ROI, one would think.

dude, Arducopters are the bomb man.

[Vladimir]

Just another demonstration how Bitcoin is by far better money than Euro (in this case).

Bitcoin is fungible. Euro is not. In Germany Euro worth 100 cents in Cyprus it is only 90-94 cents. Bitcoin worth 100000000 Satoshis everywhere.

cypherdoc: is a bank run a deflationary event?

[knives]

According to Dutch newspapers they did it because the majority of the savings in Cyprus were from tax evading Russians and that this was the reason the European Union wouldn't bail Cyprus out directly.

No. This is Germany's policy. Ms Merkel's narration to Germans is that "We have to give these PIGS + C (for Cyprus) a lesson, they should not spent more than they can, or take bigger risks". Well although this entire narration utterly unfair and stupid - because people has nothing to do with banks, not in Portugal, Ireland or Cyprus - the German government doesn't care (why it should care anyway?).

So elections are closer and closer, we'll see even more incredible actions like these I guess. However, I'm sure that this is a political decision, to send a clear message to the German voter.

As most people here noted already, outside Germany the message it sends is far worse even for Germany. Because it drives the EUR towards collapse much faster and Germany being an economy entirely based on exports, it will suffer much more than avg German Joe can imagine.

We live in interesting times...

[BTC Books]

The world is becoming a very interesting place.

Next, I would expect the PIIGs to take their cut at every deposit and withdrawal - since people won't be leaving a lot of cash in banks.  They'll still need to use banking services for a few things though; mandated by 'law'.  Can you imagine someone with a one-thousand Euro tax bill having to deposit eleven hundred, so the ten percent can be taken off the top, first?

WTF are they thinking?

We should have a bounty for dropping informational bitcoin leaflets in places like Cyprus and Argentina, with R/C aircraft.  Our own non-lethal drone wars.  One could probably send a large, Arduino/Arduplane-controlled  Telemaster to Cyprus from Israel or Turkey for less than 25 BTC.  That would be a scheme with a pretty good ROI, one would think.

dude, Arducopters are the bomb man.

Aren't they just?