Cyprus to adopt Bitcoins. #Bitcoins4Cyprus

[S3052]

Poor Cyprus people got stripped off -6 to -9.9% of their savings over the weekend.

This could be the time that they adopt or at least save some of their wealth in bitcoins.

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[BitCoinLoft]

it's really interesting to see how the vote goes. i am sure cyprus will leave the eurozone. eurozone is doomed.

[S3052]

correct. there is no way for the euro to survive over the next years

[xisnotx]

lets hope so. i love seeing currency destroyed...it means i might get a break with this.

[gapthemind]

I think some murders will happen soon. Out of those who got thier cash stolen has to be someone who will take a gun and well, shot few ppl.

[S3052]

i hope it stays peaceful, but unfortunately money or the lack of it creates anger all the time which often leads to conflicts and war ultimately.

[xcsler]

I wonder how many Eurodollars Cyprus would need to buy enough bitcoins to default on their debts, leave the Euro, make their depositors whole, and become the first BTC nation?

Cyprus' population (1 million) is roughly only 1/7000th of the entire world (7 billion). So if all the bitcoins were evenly distributed amongst the world's population the Cypriots current fair share would be 1/7000 of 11 million coins = 1571 bitcoins for the enitre country!

According to the market depth on Mt Gox they could acquire 1600 bitcoins for the paltry sum of 88,000 eurodollars. Now let's say they want their fair share of all 21 million bitcoins that would cost them 170,000 eurodollars for about 3100 bitcoins. Hey, let them go crazy and put in a safety factor of 8! They could buy 8 times their fair share for about 1.4 million eurodollars.

Crisis solved for the Cypriots.

(Repost from another thread)

[Lethn]

How do we know the people aren't just buying up Bitcoins in secret anyway?

[S3052]

I wonder how many Eurodollars Cyprus would need to buy enough bitcoins to default on their debts, leave the Euro, make their depositors whole, and become the first BTC nation?

Cyprus' population (1 million) is roughly only 1/7000th of the entire world (7 billion). So if all the bitcoins were evenly distributed amongst the world's population the Cypriots current fair share would be 1/7000 of 11 million coins = 1571 bitcoins for the enitre country!

According to the market depth on Mt Gox they could acquire 1600 bitcoins for the paltry sum of 88,000 eurodollars. Now let's say they want their fair share of all 21 million bitcoins that would cost them 170,000 eurodollars for about 3100 bitcoins. Hey, let them go crazy and put in a safety factor of 8! They could buy 8 times their fair share for about 1.4 million eurodollars.

Crisis solved for the Cypriots.

(Repost from another thread)

+100000

 

[MagicBit15]

I have been hearing rumors about this, I just doubt the validity...    

[S3052]

I have been hearing rumors about this, I just doubt the validity...    

:-)
we will see

tomorrow will be interesting as the Cypriots will run at the banks... and how know if this spreads

[yogi]

I have a feeling that this morning will bring disappointment for the people of Cyprus expecting their accounts to be unfrozen. I'm anticipating an announcement stating delays and further withdrawal restrictions.

[bitster]

the banks are going to use "capital controls" and only allow a few hundred euros withdrawal

[xcsler]

The banks aren't really open as Cypriots will only be allowed to withdraw a max of 300 euros per day.
Therefore, I don't think that we will see a massive spike up in the BTC price beyond what we've seen over the past couple of weeks.
I thought the main risk in Europe following the Cyprus news would have been bank runs in Spain and Italy but I would have guessed that that would have happened by now. I think the politicians have effectively calmed the sheeple by making the case that Cyprus is a unique circumstance given the size of their financial center in relation to the size of the country.

[S3052]

The banks aren't really open as Cypriots will only be allowed to withdraw a max of 300 euros per day.
Therefore, I don't think that we will see a massive spike up in the BTC price beyond what we've seen over the past couple of weeks.
I thought the main risk in Europe following the Cyprus news would have been bank runs in Spain and Italy but I would have guessed that that would have happened by now. I think the politicians have effectively calmed the sheeple by making the case that Cyprus is a unique circumstance given the size of their financial center in relation to the size of the country.

agree with you and I also think it is not extremely likely to bank runs in italy and spain. however, the herding behavior is very psychologic and a butterfly wing-stroke can sometimes cause a huge storm.
in cyprus itself, it will most likely be chaotic today despite the capital controls and if the cypriots withdrawl 300 eur every day over the next weeks, the banking system still implodes there

[xcsler]

This video http://www.youtube.com/watch?v=XPaI300JNGM of Jim Rickards may be predictive of how the rest of Europe responds to the Cyprus capital controls.

There are probably people in Spain and Italy right now who are withdrawing deposits from their banks. I don't know how long it will take for a critical mass to be reached and for there to be significant bank runs in these countries. I wouldn't be surprised if it was sooner rather than later.

I doubt the troika will be able to deal with these runs in the same way as they did with Cyprus given the larger size of these countries.