Wealth confiscation goes global

[BitCoiner2012]

I try not to be too paranoid, but I learned something in 2008. As the collapse played out I went to the bank to withdraw my savings and most of my checking. I explained to the teller (and then the manager) that I was worried about a freeze in liquidity and preferred the cash. I was assured repeatedly and vehemently that there was nothing to worry about. Now I know that the entire US financial system was within hours of shutting down. The ATMs would stop dispensing and the banks would close. I did not believe them then and I don't now.  You have to be the grown up when dealing with banks. They do not know something you do not. Trust yourself.

But owning cash is risky in itself. Firstly it can be stolen or lost. Secondly, it could devalue very quickly in such a scenario.

Good thing you have an alternative now. If the above would happen the price of Bitcoin would be the out of the stadium

I'd prefer access to devalued capital as opposed to none.

[RodeoX]

But owning cash is risky in itself. Firstly it can be stolen or lost. Secondly, it could devalue very quickly in such a scenario.

Good thing you have an alternative now. If the above would happen the price of Bitcoin would be the out of the stadium

True. Increasingly, dollars look like frequent flier miles. At the time I was more concerned with being cut off from my cash.

[Taras]

I'm just going to be putting the checks into bitcoin. D:

[BobbyJo]

I try not to be too paranoid, but I learned something in 2008. As the collapse played out I went to the bank to withdraw my savings and most of my checking. I explained to the teller (and then the manager) that I was worried about a freeze in liquidity and preferred the cash. I was assured repeatedly and vehemently that there was nothing to worry about. Now I know that the entire US financial system was within hours of shutting down. The ATMs would stop dispensing and the banks would close. I did not believe them then and I don't now.  You have to be the grown up when dealing with banks. They do not know something you do not. Trust yourself.

But owning cash is risky in itself. Firstly it can be stolen or lost. Secondly, it could devalue very quickly in such a scenario.

Good thing you have an alternative now. If the above would happen the price of Bitcoin would be the out of the stadium

I'd prefer access to devalued capital as opposed to none.

Agreed.  Its irrelevant what the price of BTC is, if the only thing you can buy is Al Paca socks, its not going to do you much good.  You cant just assume that BTC increasing in notinal value will see you through any crisis!

[smoothie]

Current events form future trends.

I agree with OP 100% on the cyprus being a testbed for future events.

Roller coaster in global financial markets is coming.

Bitcoin will be affected in a positive way by the fundamental flaws in our current banking system making themselves more apparent.

[xxjs]

This may relate: Panama announces 5 day bank 'holiday.'

Whether or not savers wake up Tuesday to find they just saved the bankers country, 5 days is a major inconvenience - especially around payday.

The news are really thin on this. This is tuesday, what is going to happen in Panama? What did happen during the weekends. Where are the stories about families out of liquid money this weekend?

Do they even have a central bank? Banco Nacional de Panamà seems to be a government owned, commercial bank. Their website https://www.banconal.com.pa/ has nothing suspicious.

Seems it was a hoax.

[LiteCoinGuy]

Cyprus was a money laundering and tax evasion industry. People who had funds there gambled with them... and lost.

visit  :

https://bitcointalk.org/index.php?topic=160292.0

[nobbynobbynoob]

Do they even have a central bank? Banco Nacional de Panamà seems to be a government owned, commercial bank. Their website https://www.banconal.com.pa/ has nothing suspicious.

That's an interesting question, xxjs. I had always been lead to believe that every country on Earth has a central bank, always (with a few exceptions) at least partly under the ownership/control/supervision of the grubby hands of the Rothschild dynasty. If there genuinely is somewhere with free banking, that could potentially be on the list of countries to move to in future (but I'm far from sold on South America, with it being mainly Spanish- or Portuguese-speaking and/or having sky high rates of murder or violent crime in general - as if the West isn't bad enough).

[cr1776]

*Cough* Poland *Cough*

You're overrating this incident. Nobody here in Poland believes in government pensions.
Everybody treats pensions as a tax. It's not our money, it's government's money. We have no way to withdraw them, even in greatest emergency.

Now Cyprus is a completely different story. That was outright theft of people's money from bank accounts.

So please, stop invoking Poland alongside Cyprus. Cyprus incident was orders of magnitude more devastating.

Why always defend the statist, authoritarians in Poland?

Whether anyone believed it or not, the government said one thing and then changed it recently.  Either they stole the money from the people of Poland now, or they've been doing it slowly for years.