Spain confiscates 0.03% of all bank deposits.

[joecooin]

I just think this may have the same significance as Cyprus.

And it is only the beginning.

Original article in Spanish:

http://www.libremercado.com/2014-07-04/la-banca-no-podra-repercutir-a-los-clientes-el-limite-a-las-comisiones-de-las-tarjetas-1276523068/

Joe

edit: short version in English: http://globaleconomicanalysis.blogspot.co.uk/2014/07/spain-issues-retroactive-003-tax-on.html

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[pedrog]

Plus it also limits how much banks can charge businesses for accepting debit and credit card payments.

[Lauda]

It's really time that people see the benefit of Bitcoin.

[beetcoin]

they're so knee-deep in shit that there's not really much else they can do.

It's really time that people see the benefit of Bitcoin.

it's not like bitcoin is the only other alternative option though.

[Bit_Happy]

0.03% is such a small amount for all the bad publicity that comes. Didn't Cyprus take 10% or more?

[Soros Shorts]

0.03% is such a small amount for all the bad publicity that comes

That is just the foot in the door.

[pedrog]

0.03% is such a small amount for all the bad publicity that comes. Didn't Cyprus take 10% or more?

True, that's 0.03 cents on the Euro, so in a 1000 euros deposit the tax is 30 cents.

Actually this law is mostly for cutting bank's profits, as banks will also pay this tax, and they loan a lot of money to each other without any interest, now they'll pay at least 0.03% on that.

[beetcoin]

.03% is innocuous, so who knows.. the people there might be just fine with paying such a small percentage.

[theblacksquid]

0.03% is such a small amount for all the bad publicity that comes

That is just the foot in the door.

Give them an inch, they'll choke you for the mile.

This leaves us with the responsibility of making Bitcoin a good place to move their assets to once the banks come down on their necks like a pack of hungry wolves. Price stability, merchant adoption and core development funding should be at the top of our priority list.

[justusranvier]

Price stability, merchant adoption and core development funding should be at the top of our priority list.

How do you propose to make price stability a priority? What kinds of actions does that actually involve?

[colinistheman]

Wow, amazing. Taking money just for holding it in the bank. It's punishment!

[Sindelar1938]

Cyprus took 47.5% on all deposits above 100k €

It may be small but its just the start, wait and watch

[theblacksquid]

Price stability, merchant adoption and core development funding should be at the top of our priority list.

How do you propose to make price stability a priority? What kinds of actions does that actually involve?

I could be wrong, so bear with me...

If the price doesnt fluctuate by as much as it did in the past 3-4 months, we would be a viable escape route for people getting fleeced by their nation's draconic policies (or in my country's case, uncontrollable inflation).

Encouraging more people to spend their bitcoins for actual goods and services, and not just speculative trading, would be one of the best ways we could help stabilize the price. That, and merchant acceptance.

[cbeast]

they're so knee-deep in shit that there's not really much else they can do.

It's really time that people see the benefit of Bitcoin.

it's not like bitcoin is the only other alternative option though.

What are alternatives besides Bitcoin?

[Irish_BTC]

Lets see this for what it actually is. Theft. Pure and simple.

The sole purpose of a bank (in my mind at least) is to provide security for your deposit. I don't care if it is 0.03%, 10% or .00001% the fact that they are retrospectively taxing is theft. Don't expect citizens to play by the rules when you change them 6 months down the road.

[Bit_Happy]

Cyprus took 47.5% on all deposits above 100k €

It may be small but its just the start, wait and watch

It really went that high in Cyprus? ...wow!
I remember lower numbers at first, and then they dramatically raised the "take".

[commandrix]

Come to think of it, I wonder when they'll start thinking that holding cryptocurrency in your own wallet is basically a "deposit" in the wider cryptocurrency network? Don't laugh please...If they can do this to banking accounts, it won't be a far stretch to do it to Bitcoin.

[Melbustus]

Cyprus took 47.5% on all deposits above 100k €

It may be small but its just the start, wait and watch

It really went that high in Cyprus? ...wow!
I remember lower numbers at first, and then they dramatically raised the "take".

Read this thread:
"My bank account's got robbed by European Commission. Over 700k is lost." - https://bitcointalk.org/index.php?topic=160292

[Catmoonglow]

How long before this happens in the US?

[cbeast]

How long before this happens in the US?

When the printing presses break down from the stress.