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Author Topic: CANADA: >$100K accounts may face risk of seizure in Cyprus-style  (Read 1011 times)
zeroday
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April 04, 2013, 05:02:03 PM
 #1

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The new rules are designed to put the burden of any bank bailout on not just its stockholders but on those who choose to lend money to that institution without demanding security in return, including uninsured depositors.
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Insured deposits would be protected. But uninsured deposits, including savings over the $100,000 limit and mutual funds, would be fair game.

SOURCE: Be prepared. If you hold the wrong kind of bank accounts, Jim Flaherty may have your savings in his cross-hairs.

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April 04, 2013, 07:07:04 PM
 #2

So when/if this happens in one's country, if you have no cash in the bank, but loads of BTC to cash out, how exactly does that work?  Is it easy for the banks to stop/limit withdrawals?  Can you cash out anon?

Sig reads that this happened to you, are you doing well despite the crisis?

Condolences, btw.  Needless to say, things are tough and getting tougher all over, it seems.

New to the game, too much to learn.
Smiley OD, sarcasm implied.
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April 04, 2013, 08:40:50 PM
 #3

So when/if this happens in one's country, if you have no cash in the bank, but loads of BTC to cash out, how exactly does that work?  Is it easy for the banks to stop/limit withdrawals?  Can you cash out anon?

Yes it's trivial to stop or slow withdrawals.

So even if you have a million bit coins.... how do you cash out without a bank account?

You will have to resort to OTC trades with others, or trading for another asset.


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April 04, 2013, 09:14:41 PM
 #4

So when/if this happens in one's country, if you have no cash in the bank, but loads of BTC to cash out, how exactly does that work?  Is it easy for the banks to stop/limit withdrawals?  Can you cash out anon?

Yes it's trivial to stop or slow withdrawals.

So even if you have a million bit coins.... how do you cash out without a bank account?

You will have to resort to OTC trades with others, or trading for another asset.

Have more than 1 bank account

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in
 

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April 04, 2013, 09:38:37 PM
 #5

Even if its hard to get fiat for your BTC its  better than losing your fiat period. If worst comes to worst, you still have your $100k in the bank for the short term and a nice little BTC nest egg for the future.

The fact of the matter is you'd be stupid to have more than $100k in a Canada bank in the future. Even if you don't believe in Bitcoins, go and buy gold, or move it to Cyprus, or something, ASAP.

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