wachtwoord
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August 14, 2013, 11:06:08 PM |
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Nonono, In None We Trust sounds better.
I like it. Nah, I trust cryptography ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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molecular
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August 24, 2013, 09:37:15 AM |
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PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0 3F39 FC49 2362 F9B7 0769
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bernard75
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August 24, 2013, 09:11:11 PM |
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Nonono, In None We Trust sounds better.
I like it. Nah, I trust cryptography ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) I trust in end to end encryption between me and myself. ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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Foxpup
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Vile Vixen and Miss Bitcointalk 2021-2023
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August 25, 2013, 01:02:15 PM |
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No, you have it backwards. Gresham's Law states that "bad money drive out good when the exchange rate is fixed by law". When the exchange rate is allowed to float (as is the case with Bitcoin), bad money simply drops in value relative to good money, encouraging people to use good money.
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Will pretend to do unspeakable things (while actually eating a taco) for bitcoins: 1K6d1EviQKX3SVKjPYmJGyWBb1avbmCFM4I am not on the scammers' paradise known as Telegram! Do not believe anyone claiming to be me off-forum without a signed message from the above address! Accept no excuses and make no exceptions!
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cr1776
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August 29, 2013, 12:02:49 PM |
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Some of the highlights from the WSJ today about the continuing problems in Cyprus: Weeks go by without Constantinos Mentzis, a tavern owner in Nicosia, stopping by his local bank branch. There is no point, he says, since banks in Cyprus have largely stopped functioning and small business like his are operating on a cash-only basis. ... Now the economy appears to be sinking much faster than the 8.7% contraction that its creditors had forecast for this year. ... Despite most deposits being frozen, many people have been withdrawing as much cash as they can from the bank—Mr. Pissarides put the figure at about €30 million a day. The two banks combined had €24.6 billion in deposits in March, before the rescue. "There has been an enormous loss of liquidity at the Bank of Cyprus," he said. "If this carries on, the Bank of Cyprus will go the way of Laiki and that will lead to a disaster scenario."
... [This part sounds quite familiar to everyone reading this thread:] Manthos Mavromatis, who owns a water-pump company, was hurt when the government hit big deposit holders. One morning in March, he woke up to find that out of his €2 million in deposits at the Bank of Cyprus, he could access only €200,000. Some €950,000 was turned into shares of questionable value in the "new" Bank of Cyprus, the rest was frozen.
http://online.wsj.com/article/SB10001424127887323997004578645880672115520.html?mod=itp [paywall]
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molecular
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August 29, 2013, 12:28:57 PM |
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[This part sounds quite familiar to everyone reading this thread:] Manthos Mavromatis, who owns a water-pump company, was hurt when the government hit big deposit holders. One morning in March, he woke up to find that out of his €2 million in deposits at the Bank of Cyprus, he could access only €200,000. Some €950,000 was turned into shares of questionable value in the "new" Bank of Cyprus, the rest was frozen.
We should all think about our deposits at any bank. We do not own these funds, they are not even to be considered currency. Those numbers in our bank accounts represent shares in the respective banks. Look at the balance sheet of your bank to see what you own a share of (likely many bad loans, various derivatives the value of which are probably less than said on the balance sheet and other toxic assets are to be found). The little gold or other valuable assets your bank might own are likely to be already grabbed by other more influential shareholders (or non-shareholders) before you even notice what's going on. We have been warned.better "withdraw" (sell shares of bank) a couple years too early than a second too late.
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PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0 3F39 FC49 2362 F9B7 0769
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cr1776
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August 29, 2013, 12:51:45 PM |
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+1. It is a timely warning, but it seems Cyprus is even more susceptible - again. [This part sounds quite familiar to everyone reading this thread:] Manthos Mavromatis, who owns a water-pump company, was hurt when the government hit big deposit holders. One morning in March, he woke up to find that out of his €2 million in deposits at the Bank of Cyprus, he could access only €200,000. Some €950,000 was turned into shares of questionable value in the "new" Bank of Cyprus, the rest was frozen.
We should all think about our deposits at any bank. We do not own these funds, they are not even to be considered currency. Those numbers in our bank accounts represent shares in the respective banks. Look at the balance sheet of your bank to see what you own a share of (likely many bad loans, various derivatives the value of which are probably less than said on the balance sheet and other toxic assets are to be found). The little gold or other valuable assets your bank might own are likely to be already grabbed by other more influential shareholders (or non-shareholders) before you even notice what's going on. We have been warned.better "withdraw" (sell shares of bank) a couple years too early than a second too late.
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zeroday (OP)
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August 31, 2013, 01:14:00 PM |
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Cypriots have already learned the lesson. Nobody in Cyprus is now depositing cash in banks. Many local businesses don't accept cards or bank payments, but only cash. EURO stored in Cyprus bank accounts now worth at least 10% less than EURO in the rest of Europe. Country's economy is doomed. Thank you Merkel, thank you European Union.
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wachtwoord
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August 31, 2013, 10:53:54 PM |
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Cypriots have already learned the lesson. Nobody in Cyprus is now depositing cash in banks. Many local businesses don't accept cards or bank payments, but only cash. EURO stored in Cyprus bank accounts now worth at least 10% less than EURO in the rest of Europe. Country's economy is doomed. Thank you Merkel, thank you European Union.
Yes indeed thank you EU. This is a very good development, I hope this mentality will spread. And no, it certainly isn't a threat to the real economy. It might be threat to the air castle thing they got going on though ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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Behemot
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September 01, 2013, 10:01:57 PM |
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The problem is, local law dictates me to pay higher amounts using bank transfer while doing business. It is also an offense to decline regime's currency. I think this is similar in many other countries so you could not even legally use cash for greater transactions.
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marcus_of_augustus
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Eadem mutata resurgo
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September 01, 2013, 11:40:35 PM |
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The problem is, local law dictates me to pay higher amounts using bank transfer while doing business. It is also an offense to decline regime's currency. I think this is similar in many other countries so you could not even legally use cash for greater transactions.
... and one day people wake up wondering how they ended up in a state of financial facism and slavery
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Behemot
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September 02, 2013, 12:09:45 AM |
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Man I didn't even know something like that exists till I've recently run into that when I have been studying money law to learn what I may need for cryptocoin exchange business.
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bitcoinstarter
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September 02, 2013, 12:50:54 AM |
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Wow that is really amazing stuff. Really, 700 k lost?
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b!z
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September 02, 2013, 11:47:51 AM |
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Wow that is really amazing stuff. Really, 700 k lost?
Pretty crazy. It amazed me that something like this could happen.
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Behemot
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September 02, 2013, 12:01:46 PM |
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Ever heard about dictatory regimes? Now it does not matter if it is one person, a group or whole party who dictates.
So, robbing people of their possesions for whatever reason is one of the signs of dictatory regime. There are many other sings because of which we already know how fascistic the ESU (European Socialistic Union) is. So how really, how could you just be amazed? It was obvious this will happen, sooner or later. Other things will come as well, that is just sure.
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cr1776
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September 02, 2013, 12:11:06 PM |
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You are right and it is not just the ESU. It can, and probably will, happen in many, many places around the globe. All the places where the authoritarians claim that they know best for everyone else solely to keep their own power. Ever heard about dictatory regimes? Now it does not matter if it is one person, a group or whole party who dictates.
So, robbing people of their possesions for whatever reason is one of the signs of dictatory regime. There are many other sings because of which we already know how fascistic the ESU (European Socialistic Union) is. So how really, how could you just be amazed? It was obvious this will happen, sooner or later. Other things will come as well, that is just sure.
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600watt
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September 02, 2013, 12:48:58 PM |
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Ever heard about dictatory regimes? Now it does not matter if it is one person, a group or whole party who dictates.
So, robbing people of their possesions for whatever reason is one of the signs of dictatory regime. There are many other sings because of which we already know how fascistic the ESU (European Socialistic Union) is. So how really, how could you just be amazed? It was obvious this will happen, sooner or later. Other things will come as well, that is just sure.
the EU socialistic ? interesting assumption. but completly off. neo-liberal banks/insurance/financial molochs rule. a private bank can get money from the ezb for less then 1% interest. an entire country/economy/society like the portugiese or spain have to pay up to 10 x as much interest. socialistic ? to let the small people pay what the big guys squander for their yachts is not socialistic. smells pretty capitalistic...
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wachtwoord
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September 02, 2013, 01:15:33 PM |
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Ever heard about dictatory regimes? Now it does not matter if it is one person, a group or whole party who dictates.
So, robbing people of their possesions for whatever reason is one of the signs of dictatory regime. There are many other sings because of which we already know how fascistic the ESU (European Socialistic Union) is. So how really, how could you just be amazed? It was obvious this will happen, sooner or later. Other things will come as well, that is just sure.
the EU socialistic ? interesting assumption. but completly off. neo-liberal banks/insurance/financial molochs rule. a private bank can get money from the ezb for less then 1% interest. an entire country/economy/society like the portugiese or spain have to pay up to 10 x as much interest. socialistic ? to let the small people pay what the big guys squander for their yachts is not socialistic. smells pretty capitalistic... Lol capitalistic? Don't make me laugh! Europe is one of the most socialistic places in the world. Especially the north west.
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600watt
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September 02, 2013, 01:52:20 PM |
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Ever heard about dictatory regimes? Now it does not matter if it is one person, a group or whole party who dictates.
So, robbing people of their possesions for whatever reason is one of the signs of dictatory regime. There are many other sings because of which we already know how fascistic the ESU (European Socialistic Union) is. So how really, how could you just be amazed? It was obvious this will happen, sooner or later. Other things will come as well, that is just sure.
the EU socialistic ? interesting assumption. but completly off. neo-liberal banks/insurance/financial molochs rule. a private bank can get money from the ezb for less then 1% interest. an entire country/economy/society like the portugiese or spain have to pay up to 10 x as much interest. socialistic ? to let the small people pay what the big guys squander for their yachts is not socialistic. smells pretty capitalistic... Lol capitalistic? Don't make me laugh! Europe is one of the most socialistic places in the world. Especially the north west. which happens to also be the wealthiest part of europe ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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