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

[unamis76]

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

Got bitcoin?

This reminds me more of the case of BurtW than the case on this thread... Anyways, this is pretty destructive.

Not only did ERAD receive $5,000 from the Oklahoma Highway Patrol for the software, the company will also get a kickback, 7.7 percent of any seized value, according to KWTV.

Very curious, if this is true... My question is, won't this machine still need the PIN code from the card's owner?

[awesome31312]

This is some seriously sad shit. Central banking and government employees will rob you blind

[n3o111]

I'm a bit hesitant to explain this because I suspect that the confusion comes from you not understanding what inflation is, and it's just going to confuse you. But since you ask the member states print their own banknotes, with permission from the ECB. The bank notes are identically designed, except for the serial numbers, which allow you to tell which country they were printed for if you're interested. The coins are the same on one side, but the other side has a design on it particular to the member state that minted it. But economically it would make no difference if they were all minted in Brussels and shipped to the member states.

[SolarSilver]

I'm a bit hesitant to explain this because I suspect that the confusion comes from you not understanding what inflation is, and it's just going to confuse you. But since you ask the member states print their own banknotes, with permission from the ECB. The bank notes are identically designed, except for the serial numbers, which allow you to tell which country they were printed for if you're interested. The coins are the same on one side, but the other side has a design on it particular to the member state that minted it. But economically it would make no difference if they were all minted in Brussels and shipped to the member states.

Sorry but wtf are you ranting about? How is it relevant to this thread?

[awesome31312]

I'm a bit hesitant to explain this because I suspect that the confusion comes from you not understanding what inflation is, and it's just going to confuse you. But since you ask the member states print their own banknotes, with permission from the ECB. The bank notes are identically designed, except for the serial numbers, which allow you to tell which country they were printed for if you're interested. The coins are the same on one side, but the other side has a design on it particular to the member state that minted it. But economically it would make no difference if they were all minted in Brussels and shipped to the member states.

Sorry but wtf are you ranting about? How is it relevant to this thread?
[/quote

Maybe he accidentally posted it on the wrong thread

[samlanhan1]

It seems like this is going to be a decade of financial theft.

Oklahoma just passed a law that police can seize funds if the "suspect" it was obtained illegally. They have card readers and everything.

[Bit_Happy]

IMHO the 700k is blocked as the 128k plus-some are the part that won't be touched.
you will not lose all the 700k, "only" couple of percent.

stop cryin, that's just TAX EVASION catching up to you.

Are you familiar with the basic elements of a free society?
"Taxation is theft", correct?

[conspirosphere.tk]

It seems like this is going to be a decade of financial theft.

Oklahoma just passed a law that police can seize funds if the "suspect" it was obtained illegally. They have card readers and everything.

Even hardware wallets could be not so safe in such instance. Just encrypt redundant backups.

[awesome31312]

The safest bet for the case quoted above would be to have an offline vault in Armory, with a paper backup stored off-shore.

A brainwallet would also be nice, but if you get amnesia your assets would be lost forever.

[molecular]

It seems like this is going to be a decade of financial theft.

Oklahoma just passed a law that police can seize funds if the "suspect" it was obtained illegally. They have card readers and everything.

When reading those stories about the card readers (they can check accounts of debit and credit cards and also make transactions) I keep thinking: but those are not FUNDS (in case of a credit card), that money is actually going to be borrowed and have to be payed back by the victim. Jesus Christ, now these cops can just steal money from people they don't even have.

People,... buy more bitcoin.

[STT]

It seems like this is going to be a decade of financial theft.

Oklahoma just passed a law that police can seize funds if the "suspect" it was obtained illegally. They have card readers and everything.

Not sure this is new, any amount of cash notes or coins near 10,000 can be seized without trial and held indefinitely.   A few business which deal with cash have been taken over this way just because they might be a drug operation due to the cash, as the money taken is their float not profits but required to buy stock then it can mean employees just lose their jobs as police think the worst.


This is a logical end game to centralised money, Federal banking or in Europe the ECB.    The definition of capitalism is worth held by the people and with the producers, ie. normal business operated by private people.     When each note is tied to politics with nothing fixed in demand it can just be altered to suit the 'needs of the many'   Overnight that worth that was in the notes is switched to keep a bank alive somewhere and the people pay for what politics thinks is correct

stop cryin, that's just TAX EVASION catching up to you.

Some people will even agree all money belongs to government, people just lend it.   When they talk of QE I see thats how it'll end up, the books will be balanced by deducting a certain interest payment chargeable to every holder of dollars.  I dont think they can repay all government debt without the attitude of making all of the population pay for it via Taxes; not income that year just every penny you ever earnt is reduced

[yayayo]

This is a logical end game to centralised money, Federal banking or in Europe the ECB.    The definition of capitalism is worth held by the people and with the producers, ie. normal business operated by private people.     When each note is tied to politics with nothing fixed in demand it can just be altered to suit the 'needs of the many'   Overnight that worth that was in the notes is switched to keep a bank alive somewhere and the people pay for what politics thinks is correct

When politics are tied to money in a way that even the "officially approved" government notes are subject to arbitrary confiscation, trust in government will erode. Even worse, businesses might feel that there is no legally safe way to operate and close shops. Entrepreneurship will be seen as not worth the risk. The economic damage can be highly significant and outmatches the potential short term benefits for the government of making a quick buck to remain solvent to a great margin.

Some people will even agree all money belongs to government, people just lend it.   When they talk of QE I see thats how it'll end up, the books will be balanced by deducting a certain interest payment chargeable to every holder of dollars.  I dont think they can repay all government debt without the attitude of making all of the population pay for it via Taxes; not income that year just every penny you ever earnt is reduced

The population will pay via taxes. But it will not be direct taxation, it will be indirect taxation by printing more money, sugarcoated as "Quantitative Easing". That's a much better option for the government than direct taxation, because the cause of the negative impact for the people can be disguised. Debts will be payed at ease with newly generated money, but the value of fiat money will deteriorate because of it. It is already happening in front of our eyes.

ya.ya.yo!

[jackg]

If you got your lawyer and bank to sign a contract where they state that the money wouldn't be taken, you could take them to the high court to get the money back.

You still have around £200000 in your business and can emloy your employees for some time at least.

This really worsens the problem as your country will become poorer from this happening (fewer employed → fewer working → less taxes paid).

Also, paying poeple in Bitcoin means they need internet and money to start work. Though you would manage to avoid income taxes.

[freshman777]

Now Italy?
https://bitcointalk.org/index.php?topic=1546755.0

[freshman777]

http://www.bbc.com/news/world-europe-37677020

[akhavr]

http://www.bbc.com/news/world-europe-37677020

Russia Today is anything, but a "free speech" outlet.  More like a device for Moscow propaganda and lies.

[freshman777]

Every media outlet is someone's propaganda machine. The point is illustration of who really controls money in a bank, the money you believe is yours but it's an illusion.

[molecular]

Every media outlet is someone's propaganda machine. The point is illustration of who really controls money in a bank, the money you believe is yours but it's an illusion.

"The money you believe is money"... also an illusion, really.

[BCEmporium]

Every media outlet is someone's propaganda machine. The point is illustration of who really controls money in a bank, the money you believe is yours but it's an illusion.

"The money you believe is money"... also an illusion, really.

I believe the problem is that most people can't define money to start with. Money is naturally worthless - no mater what you use for it -, just an abstract representation of goods and resources, so the problem starts when people "want money" instead of goods and resources and its management.

[akhavr]

I believe the problem is that most people can't define money to start with. Money is naturally worthless - no mater what you use for it -, just an abstract representation of goods and resources, so the problem starts when people "want money" instead of goods and resources and its management.

Perhaps it's because more useful term would be "monetary behavior".  There was a good publication on the subject, but I've failed to google it fast enough.