Cyprus money confiscation

[Schnizeer]

Hello,

Just learned about bitcoin this week.  I had an idea about the Cyprus deposit "tax".

If there were a libertarian minded philanthropic billionaire out there, this could really give bitcoin a chance to prove what it can do.  My idea is this.

Give everyone that had a deposit under the 100,000 their 6.75% back in bitcoin.  It would force them to learn how to use it and merchants would have an incentive to accept it.  You can instantly have an island of 1,000,000 people as a test bed.  The PR and news generated could be huge.

Just a thought, let me know what you think.

[1714021614]

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[1714021614]

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[BTC_MACD]

I've read that the majority of money on deposit in Cypriot banks is Russian money from ex Soviet Union.

[Vladimir]

Welcome!

Give everyone that had a deposit under the 100,000 their 6.75% back in bitcoin.  It would force them to learn how to use it and merchants would have an incentive to accept it.  You can instantly have an island of 1,000,000 people as a test bed.  The PR and news generated could be huge.

Not going to happen. 6.75% of under the 100,000 is like 3-4 billion Euro while Bitcoin market cap is half a billion at the moment. Also Bitcoin is real money, nobody is going to bail-out or bail-in anyone. Nobody will sell you much of Bitcoin for credit cards or paypal. One will have to provide something of value to get Bitcoins. TANSTAAFL those who keep their money in a bank deserve what they get, unfortunately, just as every nation deserves their government.

[Schnizeer]

I guess i dont understand how bitcoin works yet.  Can i turn dollars into bitcoin?  I dont think dollars have "real" value, but i accept them for my services and people give me product and services for them.  I dont know anyone who will do the same with bitcoin, at least not in my town. 

The idea is to get a population actually using it as a common currency, right?

[Vladimir]

Of course you can turn dollars into bitcoin. I am not exactly expert on how to do it. But I suppose if we are talking about a non trivial amount the idea is to make a wire transfer to one of the exchanges and buy bitcoins there or maybe buy it privately.

As opposed to expectations of just going to some website and give some plastic or paypal. Surprise, surprise plastic and paypal and their friends are not such good money as many think they are. Even wire transfers are suspect of being "bad money".

[ErisDiscordia]

Interesting Idea! But I think it would ultimately be just another case of social and cultural engineering, where you try to get local groups of people to do this or that. That's what made economies around the world such a mess in the first place. Bitcoin needs to evolve naturally and people need to pick it up themselves. That way we will also get a better informed userbase, which I imagine is good for Bitcoins stability. From what I understand one of the current biggest challenges facing Bitcoin is the question whether it will be able to handle a significantly larger traffic volume. Mass adoption at this point might not be the best thing.

[Schnizeer]

I believe it is engineering only if you try to control the result.  I don't know what complications could arise from large scale adoption of bitcoin, i dont know if anyone has speculated on that.  The bottom line is that until I can use it for something, i dont see that it has value.

If I'm wrong, please explain.

[VeeMiner]

the only thing that this Cyprus crysis is good for is that people will believe the banking establishments less than today and they will look for alternatives = for example Bitcoin

[Raoul Duke]

The process by which you transform dollars into Bitcoins is called Alchemy

[Bitcoinm]

So who is just giving out billions of free Bitcoins in your plan?

[Schnizeer]

My idea was a rich libertarian, i'm willing to give a couple hundred dollars to the cause, if it actually gets to the people who got screwed by the euro.  Not sure of the mechanism, any ideas would be welcome.  I'm just sick of getting screwed by central bankers.  It would be a shot across the bow.

[Schnizeer]

To psy,

The definition of alchemy is this


The medieval forerunner of chemistry, based on the supposed transformation of matter, esp. that of base metals into gold.
A process by which paradoxical results are achieved or incompatible elements combined with no obvious rational explanation.


What are you trying to say?

[Raoul Duke]

To psy,

The definition of alchemy is this


The medieval forerunner of chemistry, based on the supposed transformation of matter, esp. that of base metals into gold.
A process by which paradoxical results are achieved or incompatible elements combined with no obvious rational explanation.


What are you trying to say?

 

[rudrigorc2]

To psy,

The definition of alchemy is this


The medieval forerunner of chemistry, based on the supposed transformation of matter, esp. that of base metals into gold.
A process by which paradoxical results are achieved or incompatible elements combined with no obvious rational explanation.


What are you trying to say?

oh noess

[Schnizeer]

I'm sorry, I still dont understand, can you explain?

[Raoul Duke]

I'm sorry, I still dont understand, can you explain?

No.

[paraipan]

...

What are you trying to say?

I think it's quite obvious, he is trying to tell you the process of transforming useless paper bills (also known as dollars or euros) into digital gold (bitcoins) resembles alchemy. Good luck with that and also try meeting some local "alchemists" on localbitcoins.com for better results.

[Raoul Duke]

...

What are you trying to say?

I think it's quite obvious, he is trying to tell you the process of transforming useless paper bills (also known as dollars or euros) into digital gold (bitcoins) resembles alchemy. Good luck with that, also try meeting some local "alchemists" on localbitcoins.com for better results.

This is why people don't use their brains anymore... Oh, you...

[Schnizeer]

Make fun of me, much fun for you.  Not good for bitcoin.

[patnor1011]

Welcome!

Give everyone that had a deposit under the 100,000 their 6.75% back in bitcoin.  It would force them to learn how to use it and merchants would have an incentive to accept it.  You can instantly have an island of 1,000,000 people as a test bed.  The PR and news generated could be huge.

Not going to happen. 6.75% of under the 100,000 is like 3-4 billion Euro while Bitcoin market cap is half a billion at the moment. Also Bitcoin is real money, nobody is going to bail-out or bail-in anyone. Nobody will sell you much of Bitcoin for credit cards or paypal. One will have to provide something of value to get Bitcoins. TANSTAAFL those who keep their money in a bank deserve what they get, unfortunately, just as every nation deserves their government.

Yes this is my first post. But I whole-heartily disagree with what I marked red.
The only money and it is proven for thousands of years are gold and silver. While I am fan of bitcoin I would definitely not call them real money as they depend heavily on one thing. Internet. With government trying to implement various kill switches for net I wonder how that will affect electronic currency. While I mine like crazy as I like the idea dont even think that bitcoin will be exempt when govt will want to get their piece of cake, usually for PR purposes called "tax".