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

[STT]

We all can't do it. Physical cash in circulation represents < 1% of savings accounts total.

This can change. If we all withdraw, they will print.

Its not smart to withdraw physical cash like that, if nothing else its most at risk.  USA has laws to confiscate large amounts of cash without trial or any charges being brought, businesses have lost their cash float this way.  They may have got it back later but a small company losing 10k cash they needed to operate is pretty deadly

Other then that cash is most likely to lose its value fastest.  If you hold assets they adjust with inflation, a business is best holding resources they can utilize.   The primary use for government cash is to pay government taxes, always keep that amount ready otherwise I expect many things not just bitcoin could be a better alternative

This can change. If we all withdraw, they will print default.

FYP

They wont default because they cannot and survive with current administration.   The gov actively is funded by debt, even if government balances their spending to taxes it does not allow them to ignore debt obligations.  Most debt is now short term, this has been a deliberate policy since Clinton was in business and they have little room for rearrangement of the debt.   The only action really is to devalue debt worth by 'staying ahead of the curve' printing more money today to keep paying the debt from yesterday.  I forget the figure but a return to normal 5% rates would mean debt takes half the annual budget for USA and its likely similar in Japan and elsewhere and most recently Greece

tl;dr debt default will cause a currency default and many other consequences likely a breakdown in trade much like 80 years ago

[techgeek]

I am interested to know about the original poster and what happened for their money?

Not too sure, but most likely still in that lawsuit probably. "Forever pending"

Or either they personally settled with whatever they can get from their lawyer if they did a class action. If the law system sucks then most likely nothing..

[mayax]

I am interested to know about the original poster and what happened for their money?

Not too sure, but most likely still in that lawsuit probably. "Forever pending"

Or either they personally settled with whatever they can get from their lawyer if they did a class action. If the law system sucks then most likely nothing..

it's easy to guess. the depositors of Cyprus Popular Bank (Laiki Bank) lost all their savings – except the government-guaranteed amount of €100,000 – and in the case of Bank of Cyprus of 47% of uninsured deposits.

 This person had the account with Laiki so, he received 100K back from 700K.

what does mean? if you have 700K(like the OP HAD) , it's better to split the money to many banks and to diversify the investments(gold, real estate, small-medium local businesses and so on). you are safe if you have up to 100,000 euro in one bank (in Europe).

[praprata]

I am interested to know about the original poster and what happened for their money?

Not too sure, but most likely still in that lawsuit probably. "Forever pending"

Or either they personally settled with whatever they can get from their lawyer if they did a class action. If the law system sucks then most likely nothing..

it's easy to guess. the depositors of Cyprus Popular Bank (Laiki Bank) lost all their savings – except the government-guaranteed amount of €100,000 – and in the case of Bank of Cyprus of 47% of uninsured deposits.

 This person had the account with Laiki so, he received 100K back from 700K.

what does mean? if you have 700K(like the OP HAD) , it's better to split the money to many banks and to diversify the investments(gold, real estate, small-medium local businesses and so on). you are safe if you have up to 100,000 euro in one bank (in Europe).

From what i know is that the government (at least in most EU countries) guarantee 100k for 1 person. Which means you can split it onto multiple banks but you will only get 100k. So it's better to diversify it this way
Part in gold (in a safe)
Part in stocks
Part in savings
Part in crypto.

[mayax]

I am interested to know about the original poster and what happened for their money?

Not too sure, but most likely still in that lawsuit probably. "Forever pending"

Or either they personally settled with whatever they can get from their lawyer if they did a class action. If the law system sucks then most likely nothing..

it's easy to guess. the depositors of Cyprus Popular Bank (Laiki Bank) lost all their savings – except the government-guaranteed amount of €100,000 – and in the case of Bank of Cyprus of 47% of uninsured deposits.

 This person had the account with Laiki so, he received 100K back from 700K.

what does mean? if you have 700K(like the OP HAD) , it's better to split the money to many banks and to diversify the investments(gold, real estate, small-medium local businesses and so on). you are safe if you have up to 100,000 euro in one bank (in Europe).

From what i know is that the government (at least in most EU countries) guarantee 100k for 1 person. Which means you can split it onto multiple banks but you will only get 100k. So it's better to diversify it this way
Part in gold (in a safe)
Part in stocks
Part in savings
Part in crypto.

No, it's 100,000 EURO per bank not per country because each bank is part of a "guarantee fund".

[Boosterious]

oh god,more than 700k money blocked by bank account?its massive amount of money,and i dont know what will i do if that happen to me. i wondering what was going on that bank and why they do this to OP.

[mayax]

oh god,more than 700k money blocked by bank account?its massive amount of money,and i dont know what will i do if that happen to me. i wondering what was going on that bank and why they do this to OP.

read the first post and you will find out that the ALL the Cyprus banks had big problems.

[molecular]

i wondering what was going on that bank and why they do this to OP.

Those banks fucked up (as did most of the others, also the big ones). They went bankrupt, belly-up, you know. This time they decided to try something else instead of a bail-out (tax payer rescues bank): a so called bail-in (bank customer rescues bank).

It was probably a test balloon to see if this could be done world-wide on next fuckup because they realized bail-outs had become politically hard.

The bail-in laws / plans are in place worldwide (in western central-bank controlled areas) (noone really noticed and many forgot already).

Let's see if/when they will be used.

[Bagatell]

They already started.

http://www.zerohedge.com/news/2016-04-10/austria-just-announced-54-haircut-senior-creditors-first-bail-under-new-european-rul

[mindrust]

What a fckn horror story. Cases like that make me realize we will never be safe with banks. That's why we need to keep btc strong, not banks.

No, it's 100,000 EURO per bank not per country because each bank is part of a "guarantee fund".

^ That's the right one btw.

[markj113]

The bail-in laws / plans are in place worldwide (in western central-bank controlled areas) (noone really noticed and many forgot already).

Add a cashless society in the near future preventing bank runs and you can see where the bail in laws fit in 

[freshman777]

Cryptocoins absolutely must be a part of your pension plan.
https://mishtalk.com/2016/05/20/rejected-central-states-fund-proposes-60-pension-cuts-treasury-dept-says-not-enough-407000-affected/

[STT]

Here is a tragic story about keeping a pension all in cash.   Its probably best not to trust just one thing, people believe in cash notes a little too much.  The value of a note isnt tied to anything, the same note can buy a loaf of bread and milk or it can buy only a stick of gum and the note wont indicate any difference between those two.  At worst that can happen overnight,    Its all down to the central bank policy now which I fear has already gone wrong in most countries

http://www.dailymail.co.uk/news/article-1332644/Pensioner-leaves-80-000-roof-car-Westcliff-Sea.html

[freshman777]

http://www.dailymail.co.uk/news/article-1332644/Pensioner-leaves-80-000-roof-car-Westcliff-Sea.html

Banks will spin this story as a warning to savers.

[molecular]

What a fckn horror story. Cases like that make me realize we will never be safe with banks. That's why we need to keep btc strong, not banks.

No, it's 100,000 EURO per bank not per country because each bank is part of a "guarantee fund".

^ That's the right one btw.

At least in germany it's even worse. It's 100,000 € per some kind of "BANK GROUP". There's only 3 groups, I think. So if you put 3 x 100,000€ into 3 banks of the same group, only 100,000 of the 300,000€ is "insured".

[BitcoinPaw]

I think it's just a mistake and money will back to you when european commission will chek it again. I don't belive that bank can stole users money.

[rpietila]

I think it's just a mistake and money will back to you when european commission will chek it again. I don't belive that bank can stole users money.

Tbh, that is not only unlikely but even impossible. The definition of "money" in Euro area is "banknotes issued by the ECB and its subsidiaries, and coins issued by national central banks, up to the limit of 50 coins per payment".

Banks do not hold customer money, hence cannot steal it.

[molecular]

I think it's just a mistake and money will back to you when european commission will chek it again. I don't belive that bank can stole users money.

Technically, the bank didn't steal it. The customer gave his money to the bank. In return the customer got a balance in a database: the bank owes him money. Now that the bank can't pay back the money, there's a debt. The bank goes bankrupt and basically defaults (partly) on its debt to the investors/customers.

Way it should be, really.

What's sad is that people are led to believe that "the bank will safekeep their money", while really they're just giving it to the bank to play with.

[Chris4210x]

This thread should be stored for all future warnings when someone is telling you money outside a blockchain is save. Traditional money is just book money and can be modified to the bankers will. Only Cash, precious metal or Crypto can give you real financial freedom.

[freshman777]

And now a new dimension.
https://www.rt.com/usa/345932-civil-asset-forfeiture-digital-cards/

Got bitcoin?