Soon illegal to use cash for purchases over 5K euro in belgium!

[bitdragon]

The Euro is ending this year!

and this is a based on what?

my intuition
and the bond yield for many European countries are going to go through the roof.

http://www.bloomberg.com/apps/quote?ticker=GGGB1YR:IND
Greeks are paying 376% for a 1 year loan. I admit I would be surprised this lasts for another year, but reality is crazier than fiction in this world.

Only Bitcoins growth will beat that rate this year. Cutting pensions by 500 Euros will not do much.

The spike theory of change would say that as soon as one country leaves the Euro, others will follow immediately, and I think at least one will leave indeed.

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[film2240]

This cash limit on purchases is getting ridiculous.I know that some people claim to combat certain crimes via reducing the amount that can legally be spent in cash (before being required to use bank transfer or cards) but I think they are planing to either charge me extra for using cash over the limit or trying to 'monitor' every little thing that we do.I wonder if this is happening in Uk as well? I do wonder why this is happening all of a sudden and why not try this a few years ago (when people were less aware of whats happening)?

[anu]

The Euro is ending this year!

and this is a based on what?

my intuition
and the bond yield for many European countries are going to go through the roof.

Min 3 years b4 ECB's printing press gets too hot. 8% inflation for 15 years may do the trick - I think this is what they're aiming for.

[jago25_98]

Interesting.

They have to get the balance and timing right.

If they go too fast with stuff like this you breed a culture of criminality of avoidance.

It's trying to lock people in.
We've seen this before.

It makes us go "Wow, in a western nation, surely not!". But this is normal in plenty of other countries. In Argentina those who obeyed some of which paid for with thier lives because they couldn't afford medicine. From this there was a natural evolution. It was quite subtle though. Still, when limits on currency exchange came back in people got spooked.

I'd expect the same kind of influence to happen here. People don't relise at first but then they try to sell a car and suddenly relise there's a problem. Then a bank somewhere goes bust and someone they know looses money. Then they relise buying a car with cash makes some sense now... so all of a sudden you have law abiding citizens breaking the law just to survive.

Then, as in Argentina you find people moving onto black market and avoiding taxes.

It would play out differently but that's what we've seen before.

+1 on BTC as useful for gov's - deep packet inspection and logging the exchanges potentially means we could all get a bill. But don't be this paranoid or nothing gets done. Some risks are better to take then not take and I think it's worth it

[cloon]

Complete collapse is bad for bitcoins. A gradual transition is better. The powers that be are trying to drag this out until something happens to save them, they don't know what. Alternatively, it is until they die, or are completely invested in land and security forces, along with the political capital to preserve these resources.



The current situation is not natural, and has no precedent. How would anyone know what to do about it? Do you think they are that much smarter than you? Do they know some secret method for dealing with the end of 50 years of inflation? They are just hoping for a paradigm changing event/idea before it collapses and playing CYA in the meantime.

but this inflation rate is only the official, this graph does not include the money produced by the banks lending money.
IMO the Bitcoin should not be traded mostly with USD, because value will dicrease with the USD inflation (and i expect the inflation to increase). if Bitcoin would be compared with an extremely constant countervalue, the value of Bitcoin would not decrease because of the incompetence of the US Governement and the Federal Reserve.

or would the BTC get automatically a higher value compared to USD, if USD inflates?

[sunnankar]

I'd expect the same kind of influence to happen here. People don't relise at first but then they try to sell a car and suddenly relise there's a problem. Then a bank somewhere goes bust and someone they know looses money. Then they relise buying a car with cash makes some sense now... so all of a sudden you have law abiding citizens breaking the law just to survive.

Then, as in Argentina you find people moving onto black market and avoiding taxes.

It would play out differently but that's what we've seen before.

The Argentinians do not play around. Stayed at a hotel in La Rioja by the Chilean border. They asked for payment so I got out a credit card and they said they accept it but with a 40% surcharge. So I got out some Pesos!

I already see some merchants given 50% discounts if paid via BitCoins. This makes sense. For example, a US person in California would have 1-3% credit card transaction processing fee, 9% sales tax, 9% state income tax, 30% federal income tax and 15% self-employment tax. And those are only 4 specific taxes. Arbitrage opportunity.