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

[drachman]

To set it a basic way:If your money is in a bank, it is no more time your income, it is the bank's and they might do whatsoever they damn nicely please with it. Financial institutions are previously mentioned the regulation, they reply to actually no one.

This, if you are not the only person controlling your fiat then you are not the owner of that fiat, the moment you decide to put your money in a bank that money belongs to the bank and not to you, it is the same principle that applies in bitcoin, if you do not own your private keys then you do not have bitcoin.

.... and if you want fiat in digital form, which is most convenient, then you must have it in a bank or other third party. Bitcoin is the first digital money form you can possess and control (own) for yourself, i.e. without a third party.

Correct, this is why bitcoin is so revolutionary, bitcoin eliminates the need of a bank, it is not really surprising that one of the favorite slogans of bitcoin users is that bitcoin allows you to be your own bank, and it is obvious banks are not going to be happy about this and are going to start to take countermeasures.

[aesma]

... if you really think more regulations are the answer you haven't been paying attention. The banks write their own regulations. Monopoly money comes about because of ... well, monopolies.

I'm talking about a simple regulation, that I'm sure most people who just need a bank account would agree with : a bank should have full reserves. No right to invest, lend, or anything like that with customers money unless these customers specifically agree to it (and get a share of the profits, of course).

When you need a mortgage or loan, you would go to another type of bank that would do just that, in which people would invest their money knowingly.

[Mrsmants]

Actual brutal issue as always detest the most, to count the people like an animals, not human beings.

[marcus_of_augustus]

... if you really think more regulations are the answer you haven't been paying attention. The banks write their own regulations. Monopoly money comes about because of ... well, monopolies.

I'm talking about a simple regulation, that I'm sure most people who just need a bank account would agree with : a bank should have full reserves. No right to invest, lend, or anything like that with customers money unless these customers specifically agree to it (and get a share of the profits, of course).

Well that would be a simple fraud violation for misusing others funds. But banks have put in special regulations to specifically allow such practices, in fact the recent rules around 'bail-ins' especially allow the use of customer funds to back the solvency of the bank. This is what this thread is about. They used regulations to steal from their customers.

[Turiettly]

Come on Matthew, it truly is your personal money your taking. You happen to be just preventing men and women from stealing your cash. It is not your fault nor your duty that they are thieving from others.

[_Dawid_]

It could be (unfortunately) great case for newbie, why they should transfer part of their money into Bitcoin.
By the way, I heard about it that if a Bank collapse, users have only 100k $ under protection, and the rest is confiscating for bank due to rescue whole financial system in the country and etc.

[molecular]

Wow that is crazy....I don't think I would ever keep more than 100k in a bank at a time.

Where would you keep it?

In a bitcoin wallet, I hope ;-)

[molecular]

I wasn't on Bitcointalk when this happened, but it sucks and i hope the OP got his money back. It terrifies me how the bank and the govt can take your money when they need it. I guess if I had that much money I wouldn't put it all in the same bank account.

First mistake, its not your money.    All our national currencies are central banking operated.

In fact, it goes further than that: that currency isn't even owned by you, it's actually owned by the banks and just loaned out to you. Hell, in reality that currency doesn't even exist since it's created exactly by the process of loaning it to people. It's just hot air,... vaporware.

[drachman]

... if you really think more regulations are the answer you haven't been paying attention. The banks write their own regulations. Monopoly money comes about because of ... well, monopolies.

I'm talking about a simple regulation, that I'm sure most people who just need a bank account would agree with : a bank should have full reserves. No right to invest, lend, or anything like that with customers money unless these customers specifically agree to it (and get a share of the profits, of course).

When you need a mortgage or loan, you would go to another type of bank that would do just that, in which people would invest their money knowingly.

Banks will never allow that to happen because they have become so powerful thanks to fractional reserve banking, with that they are able to print a lot more money than even governments can print and that creates such a high inflation rate as the one we have right now, besides even if it was forbidden banks are going to keep doing it because it is too lucrative, the only answer to that is bitcoin and cryptocurrencies with a hard cap on the amount of coins there are ever going to exist.

[Pressessidow]

To put it a straightforward way:If your funds is in a financial institution, it is no lengthier your money, it is the bank's and they might do no matter what they damn nicely remember to with it. Banks are previously mentioned the law, they response to actually no one particular.

[MineMax]

To set it a easy way:If your income is in a lender, it is no longer your income, it is the bank's and they might do no matter what they damn well remember to with it. Banking institutions are previously mentioned the legislation, they answer to virtually no one.

[fedora8]

Come on Matthew, it's your very own cash your taking. You happen to be just avoiding individuals from stealing your money. It is not your fault nor your obligation that they are thieving from other folks.

[zypa]

It is incredible how many posts on this forum are related to stolen Btc accounts or stolen assets. Being honest is very difficult these days. It is easier to do something evil rather than work hard as it was done in the past

[PancherBitCoin]

It is incredible how many posts on this forum are related to stolen Btc accounts or stolen assets. Being honest is very difficult these days. It is easier to do something evil rather than work hard as it was done in the past

the number of such messages is really amazing and I Happen even in bewilderment because of how you can lose your bitcoins accounts. Of course, with decency today is very difficult situation, But I hope that this fate will bypass me.

[georgiyfo]

I don't know how several moments I have to say this but you are not able to have a lender account in the globe. You have to hold your cash in the type of either money or investments like collectibles or bitcoins persay. If you preserve it in a lender, you spend massive taxes. If you stay in a typical nation exactly where the banking program is a lot a lot more reputable, aka not these strange european nations who are not pertinent, then they won't ever consider your income, but spending the massive taxes instantly excludes that alternative.

[Conevesses1976]

To set it a straightforward way:If your money is in a bank, it is no more time your cash, it is the bank's and they could do no matter what they damn well you should with it. Financial institutions are previously mentioned the law, they answer to virtually no 1.

[sergeyo9]

I don't know how several moments I have to say this but you can't have a lender account in the world. You have to preserve your cash in the type of either income or investments like collectibles or bitcoins persay. If you preserve it in a bank, you shell out enormous taxes. If you dwell in a typical region exactly where the banking system is much much more reliable, aka not these strange european nations around the world who aren't appropriate, then they will not ever get your funds, but paying the massive taxes automatically excludes that selection.

[marcus_of_augustus]

It is incredible how many posts on this forum are related to stolen Btc accounts or stolen assets. Being honest is very difficult these days. It is easier to do something evil rather than work hard as it was done in the past

... especially if you work for the government or the banks eh?

[arisen725]

Reading back to the first post in this thread, I am still amazed at how bizarre things have gotten for Greece. May they find ways to working with alternative economies and cryptocurrency at large as soon as possible. It seems the government there becomes more and more suffocated and hands-tied by the banking systems they depend on.

[megynacuna]

It is incredible how many posts on this forum are related to stolen Btc accounts or stolen assets. Being honest is very difficult these days. It is easier to do something evil rather than work hard as it was done in the past

the number of such messages is really amazing and I Happen even in bewilderment because of how you can lose your bitcoins accounts. Of course, with decency today is very difficult situation, But I hope that this fate will bypass me.

Well hope the same here, but i think some level of carefulness should be exercised when choosing our wallets and how we intend to control it. I don't know how your case happened but it's sad at least to read your testimony and so we should all learn from it and know how to guard against such theft in the future.