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algorista
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March 17, 2013, 08:46:20 PM |
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More importantly, as of this morning Europe has finally grasped that there is a 6.75% to 9.9% premium to holding physical cash in your mattress rather than having it stored with your local friendly insolvent bank.
Great observation. +1 exactly ! |
+---------=====[ Rm 12:21 ]=====---------+
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markm
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March 17, 2013, 08:54:58 PM |
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wachtwoord
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March 17, 2013, 09:14:05 PM |
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European officials said it would not set a precedent. Ah great. Our European officials don't even understand the word precedent. Seriously, .... |
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cypherdoc
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March 17, 2013, 09:16:32 PM |
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Hey, Juncker said you gotta lie when you gotta.
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bbit
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Bitcoin
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March 17, 2013, 09:19:50 PM |
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Amazing!
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wachtwoord
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March 17, 2013, 10:12:38 PM |
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More "news". Apparently (according to NOS) the seizure is changed to a forced stock purchase in the banks of 3.5% of amounts under 100k Euro and 12.5% of amounts above 100k euro. Furthermore these stocks will be backed by future gas sales (whatever that means).
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marcus_of_augustus
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Eadem mutata resurgo
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March 17, 2013, 10:44:59 PM
Last edit: March 17, 2013, 11:26:07 PM by marcus_of_augustus |
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The damage is already done ... in confidence based fiat currency it is enough to merely have the knowledge that authorities are considering seizure of deposits to precipitate the withdrawals.
Even if the eurocrat creatures totally did a u-turn on the theft/tax of bank deposits and opened up the Cyprus banks for regular trading on Tuesday the run has already started because the knowledge is now out there.
The run has begun, get out of anything to do with euro. it is no sin to panic early in these situations. The ECB is totally out of touch and out of control, it is an epic example of why centralised systems can be bought down through simple mistakes, by the powerful at the center. Bitcoin should observe and learn well ....
Edit: People saying Cyprus is small island probably don't realise that it has order of EUR60 billion in deposits. This is quite large, and the people who have money now locked up there, i.e. think Roman Abramovic, etc Russian billionaires and other powerful people are not going to react the same as your average Joe Schmo on the street and just take it up the ...
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Littleshop
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March 17, 2013, 10:55:49 PM |
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The damage is already done ... in confidence based fiat currency it is enough to merely have the knowledge that authorities are considering seizure of deposits to precipitate the withdrawals.
Even if the eurocrat creatures totally did a u-turn on the theft/tax of bank deposits and opened up the Cyprus banks for regular trading on Tuesday the run has already started because the knowledge is now out there.
Agreed. We will know by the end of next week. |
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JackH
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March 17, 2013, 10:57:04 PM |
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They will get away with this as they have always done. Why? Because next week there will be 10000+ news about other financially bad situations and people will be blown into overdrive and thus keep on working hard to make up for the lost money.
Yeah so this one new in particular made a bit more headlines. Does anyone seriously think we will debate this in 1 months time?
However, doing something about this right now should be buying Bitcoins, I think we can all agree on that. But will everyone in Cyprus do it? Hell no, only few will while the rest will just get by as they have always done. Bitcoin is the least of the their concern right now and understanding this while they are desperate wont happen. Sad, but that is the world we live in.
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<helo> funny that this proposal grows the maximum block size to 8GB, and is seen as a compromise
<helo> oh, you don't like a 20x increase? well how about 8192x increase?
<JackH> lmao
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whitenight639
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March 17, 2013, 11:12:18 PM |
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They will get away with this as they have always done. Why? Because next week there will be 10000+ news about other financially bad situations and people will be blown into overdrive and thus keep on working hard to make up for the lost money.
Yeah so this one new in particular made a bit more headlines. Does anyone seriously think we will debate this in 1 months time?
However, doing something about this right now should be buying Bitcoins, I think we can all agree on that. But will everyone in Cyprus do it? Hell no, only few will while the rest will just get by as they have always done. Bitcoin is the least of the their concern right now and understanding this while they are desperate wont happen. Sad, but that is the world we live in.
You are right, but If there is a financial incentive for people to buy bitcoins gold / silver they will especially the people with more to loose, that is if these depositors are aware of Bitcoins existence, we need someone that reads writes the language to publish an article somewhere where they are likely to see it. This actually is an attack on the Russians as many russians have large deposits in Cypruss, I'm sure some men close to Putin are probably very angry at this pillaging. |
125uWc197UW5kM659m4uwEakxoNHzMKzwz
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Vladimir
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March 17, 2013, 11:13:14 PM |
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from http://www.dailymail.co.uk/news/article-2294388/Cyprus-bailout-Osborne-vows-protect-Britains-armed-forces-Cyprus-cash-machines-EMPTIED.htmlHOW CAN THEY DO THAT?
Currently, all 17 European Union countries that use the euro offer deposit insurance to protect customers if their bank fails. But the measure in the Cyprus deal is a tax - not losses incurred because of a bank failure. In fact, it's meant to hold off a bank collapse. Countries have the right to raise or lower taxes whenever they want. Just ask the residents of Greece, Portugal and Ireland - all bailout recipients - who saw their tax bills skyrocket as those countries tried to reduce their debts. But Cyprus is charting new ground here, and there could be legal - and political - challenges. Hey pips stop worrying it has nothing to do with deposit insurance. It is a tax. Fiuiu... and I thought there will be bank runs all over EU on Monday and Tuesday. But nothing to worry about. Your money is as save in banks as ever, keep calm and do not panic. |
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Herodes
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March 18, 2013, 01:42:27 AM |
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Your money is as save in banks as ever, keep calm and do not panic.
LOL  there should be a meme of the former iraqi information minister saying this. |
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cypherdoc
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March 18, 2013, 01:43:28 AM |
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where's the part about Bitcoin?  |
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cypherdoc
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March 18, 2013, 01:44:44 AM |
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The damage is already done ... in confidence based fiat currency it is enough to merely have the knowledge that authorities are considering seizure of deposits to precipitate the withdrawals.
Even if the eurocrat creatures totally did a u-turn on the theft/tax of bank deposits and opened up the Cyprus banks for regular trading on Tuesday the run has already started because the knowledge is now out there.
Agreed. We will know by the end of next week. its called "the straw that breaks the camel's back". |
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cypherdoc
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March 18, 2013, 01:49:33 AM |
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cypherdoc: is a bank run a deflationary event?
you betcha. |
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Lethos
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March 18, 2013, 01:58:07 AM |
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Making theft legal, even if you try to call it a "tax", it going to be yet another nail in the coffin for Big Banks and The Euro for making it happen.
Dangerous steps they are doing and the vast majority of the people hit by this, are innocent of any involvement in the problem that caused it.
I bet even those who could even be blame for their troubles, have most of their ill gotten gains stashed out of reach, that is what makes it worse.
I'm glad, in the UK, they don't hold that power over our banks.
I'm also glad, much of my savings are in Bitcoin now ( I don't have that much ).
I don't think much of the politicians that run my own country (most of them are out of touch fecking idiots), but the ones "running" Euro and thought this was a good idea, are so much worse. It's already expressed why / how bad this, so I won't repeat what already been said. Quiet frankly they need to lose their jobs and never hold any such position again, completely barred.
They could of handled the same as the other bailouts, it not likely they didn't have it in the budget.
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