And you Thought Cyprus was only Getting Hit?

[justusranvier]

I'm sure they won't suddenly ban people from withdrawing their own money

I wouldn't take that bet.

[FreeMoney]

..let's try and have a little common sense at least.

Something we can agree on for sure ;-)

[SgtSpike]

Amazing.

If they try that here in Australia my money will be withdrawn immediately.  They can get stuffed.

That seems a lot like buying fire insurance if your house burns down.

Well no, not really    There'll be talk before this policy is introduced (I have ears in the financial system as it is), and I'm sure they won't suddenly ban people from withdrawing their own money     I know the sky is falling etc etc but let's try and have a little common sense at least.

Erm... you know that they DID ban people from withdrawing their own money in Cyprus, right?

[nevafuse]

It makes sense for Cyprus to do this because they have no control over the Euro.  But New Zealand can print all the new money it wants.  Why chose the Cyprus model considering all the negative press when you can go the US way & print it w/o much fight?  Same idea, just different method.  Makes no sense. 

I'm ecstatic Cyprus has taken this action because it has opened people's eyes to what has been happening all along.  This is extremely good for crypto-currencies.  And I really, really hope it continues.

[solomon]

They're not going to tell anyone before freezing accounts, wherever in the world it's happening, for fear of a bank run. Surely that's obvious.

[jbreher]

This brings up an interesting question.

In the USA (my domicile), we have had for some time, a requirement than banks report 'suspicious activities'. While these (to my knowledge) are somewhat broadly defined, there are some specific triggers. Last I heard, any transaction involving $10,000 USD of cash -- either in or out -- triggers an _automatic_ report to some federal agency. 'Automatic', as in the bank is required by 'law' (actually by force of regulation, backed by agents with guns) to make such a report. I forget the specific agency, and the specific form. There is also a requirement for a bank to make a similar report if they 'believe' any transaction may be 'related' to any number of 'suspicious' activities, including 'money laundering'.

So the question I have is -- whether recent notifications from the regulators have specified a lower ceiling, or more activities that may be considered prima facia evidence of malfeasance?

For, while I was pissed off enough about the FED stealing my wealth, and giving it to the cartel of international bankers, through the hidden tax of inflation, I expect that should bankers in other nations get away with outright open theft of the people's money, it'll soon be upon our shores as well.

If you be in the US, you might like to know at what rate you can remove your funds from this risk.

[Delicieuxz]

If it has to happen here in Canada, you can be sure that I will empty my bank account and turn ALL my savings to the last cent into bitcoin.
This is pure robbery!

Good thing Harper killed the billions of surplus that took years to build and spent Canada into debt, hey? That loon is not just a loon, but also a world class moron and country wrecker.

[LightRider]

Everyone should remember that their favorite exchanges likely have bank accounts where they keep your fiat.

[lebing]

Everyone should remember that their favorite exchanges likely have bank accounts where they keep your fiat.

another good reason to not keep anything on an exchange.

[Fuzzy]

Everyone should remember that their favorite exchanges likely have bank accounts where they keep your fiat.

another good reason to not keep anything on an exchange.

I keep my bitcoins stuffed under my mattress.

[aquarius]

yep, get out of fiat central bank issued paper asap

[GideonGono]

Amazing.

If they try that here in Australia my money will be withdrawn immediately.  They can get stuffed.

You - and others on this thread - seem to believe you'd have enough warning.

Did the Cypriots?  They found out about it and the banks were closed, pretty much at the same time.  Next time this happens, wherever it happens, it will be better synchronized, and any window of opportunity will be closed.  They call that "practice".

And it seems clear that this will happen again.

You might want to re-think the point at which you withdraw your money.  I have.

+1

There will be no warning. if I were a resident of a country in financial dire straights I would be formulating an exit strategy right NOW. I would assume if there were to be a deposit confiscation, zero warning would be given and plan accordingly. Anyone caught with their pants down after all this deserves to be poor.

[Fuzzy]

Amazing.

If they try that here in Australia my money will be withdrawn immediately.  They can get stuffed.

You - and others on this thread - seem to believe you'd have enough warning.

Did the Cypriots?  They found out about it and the banks were closed, pretty much at the same time.  Next time this happens, wherever it happens, it will be better synchronized, and any window of opportunity will be closed.  They call that "practice".

And it seems clear that this will happen again.

You might want to re-think the point at which you withdraw your money.  I have.

+1

There will be no warning. if I were a resident of a country in financial dire straights I would be formulating an exit strategy right NOW. I would assume if there were to be a deposit confiscation, zero warning would be given and plan accordingly. Anyone caught with their pants down after all this deserves to be poor.

Wrong. There will be plenty of warning, just not for the middle or lower class.

[cypherdoc]

Amazing.

If they try that here in Australia my money will be withdrawn immediately.  They can get stuffed.

You - and others on this thread - seem to believe you'd have enough warning.

Did the Cypriots?  They found out about it and the banks were closed, pretty much at the same time.  Next time this happens, wherever it happens, it will be better synchronized, and any window of opportunity will be closed.  They call that "practice".

And it seems clear that this will happen again.

You might want to re-think the point at which you withdraw your money.  I have.

+1

There will be no warning. if I were a resident of a country in financial dire straights I would be formulating an exit strategy right NOW. I would assume if there were to be a deposit confiscation, zero warning would be given and plan accordingly. Anyone caught with their pants down after all this deserves to be poor.

Wrong. There will be plenty of warning, just not for the middle or lower class.

dead on.

[justusranvier]

if I were a resident of a country in financial dire straights I would be formulating an exit strategy right NOW.

So... which countries are NOT in dire straits?

[mobile4ever]

yep, get out of fiat central bank issued paper asap

Yes. As one rich guy said,

Cash is trash.

[GideonGono]

if I were a resident of a country in financial dire straights I would be formulating an exit strategy right NOW.

So... which countries are NOT in dire straits?

Many in Asia, Africa and South America.

[Dabs]

I checked out the CIA world factbook, and pulled out these numbers:

Cyprus
Narrow Money (Cash on hand)
$14.73 billion (31 December 2011 est.)

Broad Money (Money in banks, savings, etc.)
$56.25 billion (31 December 2011 est.)

Spain
Narrow Money
$775.2 billion (31 December 2012 est.)


You can speculate how much of that will turn into bitcoins. Let's pretend a small percentage, like 1%. And since only about 1 million coins are available for trade or for sale, those are the only ones that will get exchanged.

My numbers might be wrong, but you take a better guess at it.

[GideonGono]

I checked out the CIA world factbook, and pulled out these numbers:

Cyprus
Narrow Money (Cash on hand)
$14.73 billion (31 December 2011 est.)

Broad Money (Money in banks, savings, etc.)
$56.25 billion (31 December 2011 est.)

Spain
Narrow Money
$775.2 billion (31 December 2012 est.)


You can speculate how much of that will turn into bitcoins. Let's pretend a small percentage, like 1%. And since only about 1 million coins are available for trade or for sale, those are the only ones that will get exchanged.

My numbers might be wrong, but you take a better guess at it.

WOW. 

Better sit on them coins! $200+ per coin by Dec 31st!