My bank account's got robbed by European Commission. Over 700k is lost.

[yokosan]

Seems like they have been very shortsighted. I mean your company alone has just resulted in however many Cypriots becoming unemployed. What do they do now? Claim benefits while they look for a job? It's just wasting more money...

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[Wekkel]

And if you now correctly consider that 700k a loan by your corporation to the bank instead of your corporation's money in the bank? Does that change your tune?

[mcgravier]

"Also we are thinking about using Bitcoin to pay wages and for payments between our partners"

Am afraid bitcoin is still too volatile to be used in medium size company, its better store part of your capital as physical assets in companys headquarters

[bitcoinstarter]

This real ? just pure theft if it is.

[server]

So you trusted a small tax haven island with your money. The plan failed. Your next step: trusting even smaller tax haven island with your money. Pure logic 

Yes, it's pure logic, because:
 - Unlike Cyprus, small Caribbean country is not a part of "global corporation" like EU.
 - Their primary interest is to attract investors and to prove that their money is safe.
 - Unlike many of EU countries, they don't have huge national debts.
 - They don't tax you for foreign income.

Your money will be safe in their hands, but will you be safe ?

[gradient vector]

So you trusted a small tax haven island with your money. The plan failed. Your next step: trusting even smaller tax haven island with your money. Pure logic  

Yes, it's pure logic, because:
 - Unlike Cyprus, small Caribbean country is not a part of "global corporation" like EU.
 - Their primary interest is to attract investors and to prove that their money is safe.
 - Unlike many of EU countries, they don't have huge national debts.
 - They don't tax you for foreign income.

Definitely agree. Bitcoin startups should take note.

[aric]

Nitpick: tax avoidance, not evasion. Evasion is illegal, avoidance is just (arguably) unethical.

In what way is forcefully taking money ethical?

Forcefully taking money (i.e. taxation) via an entity that can imprison and economically suppress is not only wrong but it's responsible for atrocious assaults on human rights. Involuntary funding is the greatest threat to free speech and dissent. Involuntary funding is the greatest contributing factor to increasing wars of aggression, corporatocracy, war profiteering, loss of human rights, growth of a surveillance society and unaccountable budgeting, funding of special interests, and the overall escalation of the fray of mass merchants of death and greed wearing tailored suits. These are the people who appeal to simpletons that taxation is patriotic. Patriotism is nationalism. Nationalism is ignorant and complicit to atrocity and unethical behavior. It's a tale as old as history. That's what happens when people can't abstain: centralized power turns into an oppressive, uncontrolled, unaccountable force.

On a moral basis, avoiding contributing to the funding of behavior that one morally objects to is actually an act of great ethical and civil disobedience. One's life, physical freedom, reputation, and economic mobility are all at stake with such dissent.

How is this moral objection unethical?

The answer is that it's not "unethical." Conversely, forcefully funding any entity of institutionalized oppression is unethical.

[allocater]

How much percent interest did you get on that account? Germans get 1%. More reward more risk, welcome to the free market.

[pinger]

In cases like this is why I'm happy to be poor, I don't have anything they can steal on me.

Anyway they aren't thinking on people that is going to be affected, they are closing all medium/small business so they can keep all the companies, just by stealing its money. This is what happens when people votes to the mafia.

If they found they can do it in Chipre without many problems, they will do it on Spain too. The few saving I have, are in BTC now.

[Prattler]

OP, I am sorry for you and for your employees.

You need to be fair though. EU did not steal the money. Your bank lost the money by investing badly. Had the bank gone bankrupt, you would not be better off.

Blame the CEOs of the bank or Cyprus' bank regulators, not the EU.

[Mike Christ]

DOWN WITH THE STATE, DOWN WITH TYRANNY

Peacefully, of course. 

[miscreanity]

Taxes are a necessary evil in my opinion... and should be fair and balanced across the whole spectrum of citizens.

What's your opinion on monopolies?

I like paying for roads to drive on, and for petrol subsidies. I don't drive a car, but I know those things give me cheaper food.

Governments establish contracts with private businesses to build roads, provide oil, grow food, etc. These developments happen in the absence of government. All money used for productive means is only a portion of what flows through government; much is held as graft.

[Sukrim]

So you:
* didn't get the money out ASAP from the open cypriotic banks in London or Moscow but waited for the ones in Cyprus to open again after people drained banks from abroad
* went to a tax haven in the beginning and didn't get your money out after already Greece was nearly falling
* thought getting about double the interest rates than in other Euro countries does mean you have the same risk
* kept more than 100k EUR in an account that is insured for up to 100k EUR and then complain that the uninsured part gets taken away
* really believe that being located on another tax haven even outside EU jurisdiction will build confidence in your customers

In reality your bank account got robbed by greed - both yours (you chose the tax + interest haven in the EU) and the administration of Cyprus.

Also your user picture is highly offensive and I'd like to suggest you change it.

[server]

How much percent interest did you get on that account? Germans get 1%. More reward more risk, welcome to the free market.

Accounts over 150k received 10% interest. Ridiculous.

< 150k was 7%

[Sword Smith]

Don't worry. You will get the 700k back through rising bitcoin prices. I assume you have some?

[zeroday]

How much percent interest did you get on that account? Germans get 1%. More reward more risk, welcome to the free market.

ZERO INTEREST!
I've already explained that it's CURRENT ACCOUNT (transactional account).
Not bank paid to me, but I was paying annual fee to the bank in order to maintain this account and debit card.

You need to be fair though. EU did not steal the money. Your bank lost the money by investing badly. Had the bank gone bankrupt, you would not be better off.

Current accounts are usually not affected even if bank goes bankrupt. Upon liquidation, current account holders are paid first, as money on this type of account cannot be gambled by bank. It's most liquid assets, like cash.

Don't worry. You will get the 700k back through rising bitcoin prices. I assume you have some?

I hope! I bought few thousands bitcoins in the beginning of 2012 for just $4.5.

[myrkul]

Taxes are a necessary evil in my opinion... and should be fair and balanced across the whole spectrum of citizens.

What's your opinion on monopolies?

I like paying for roads to drive on, and for petrol subsidies. I don't drive a car, but I know those things give me cheaper food.

Governments establish contracts with private businesses to build roads, provide oil, grow food, etc. These developments happen in the absence of government. All money used for productive means is only a portion of what flows through government; much is held as graft.

^^What he said^^

[Sword Smith]

I hope! I bought few thousands bitcoins in the beginning of 2012 for just $4.5.

2000BTC*(94.5-4.5)$/BTC=180,000$~150,000€

Hmm....

[rayvellest]

While I'm shocked with your screenshot, and I sincerely share your pain, I cannot avoid wondering, where do you actually do your business? Inside Cyprus or somewhere else? As someone else mentioned above, did you bank in Cyprus just to avoid taxes? If that's the case, you surely had a competitive advantage that many of your competitors could not count on, and maybe you would not even get that money in the first place without it. Maybe, this situation you find yourself in is just life's way to tell you that you made a bad choice to bank in Cyprus, and perhaps you should have chosen a different strategy to increase your competitiveness. Either way, I'm not sure where to stand here, I find very hard to take sides here as I just don't know enough to be judgmental about it, I hope you find a way out of this conundrum and take some lessons out of it. I'm sure many others, like you, will do the same.

[DeanC]

THIS IS CRAZY!!