Bitcoin to hit +$10,000 on Bitstamp this weekend...

bitcodo

hero member

Activity: 509

Merit: 500

Can't upload avatar

Quote from: meanig on December 12, 2013, 02:49:04 PM

Sending 4 billion euro into a banking black hole equates to 2000 euro per person or 10% of GDP. Can anyone from Slovenia comment on the mood of the people after the announcement. Are they relieved that their deposits are safe or are they fuming about the 4 billion euro bill?

Quote from: bitcodo on December 12, 2013, 07:26:56 AM

Quote

Slovenia won't need bailout. Slovenia will need 4.778 billion euros ($6.58 billion) to recapitalise its troubled banks.

They will not take our money directly from bank accounts. They will just take it from tax collected.
What a relief.

Oh wait, but that is almost the same. They will take my money to pay for their mistakes. Huh

Quote from: meanig on December 12, 2013, 02:49:04 PM

Finally, as a loyal Bitstamp customer I'd like to thank all Slovenian tax payers for keeping my favourite exchange open for business Kiss

You can thank me here: 1DvBT3oAwD3scT5dhUti7gXmC9mq6M8nnv

meanig

hero member

Activity: 531

Merit: 501

Quote from: tutkarz on December 24, 2013, 03:54:41 AM

I would not count on bank bail in's for price increase for two reasons.

1. People would prefer to not lose they money and bitcoin is last safe place to put your money there because of uncertainty and volatility.
2. Assuming that people would put their money in bitcoin anyway, who will sustain the price after banks will take their money? Price will crash hard making no.1 even more true.

Before we hope for people to come to bitcoin we would have to show them first that we are mature enough and have stable price with stable growth instead of bunch of amateurs whose primary target is to grab as many bitcoins from our community as they can.

Only keep in the bank what you can afford to lose Grin

Barbo12

newbie

Activity: 11

Merit: 0

but is "IBAN:SI56290000170073837" or "IBAN:SL56290000170073837" ?

phoenix1

hero member

Activity: 798

Merit: 1000

Quote from: Mikcik on December 23, 2013, 09:51:37 PM

And why didnt Bitstamp create an foreign bank account, for example in the UK... it should not be a problem when they already have ltd. (british type of company). Or is there any law preventing them from this?

Do you really think they did not try ?
Coinfloor was supposed to open in UK but has yet to do so. And they were not going to have a UK bank account ...
There is another exchange that opened recently in the UK (I forget the name) but they have to use a 3rd party processor to fund accounts.

BitStamp has an address in the UK - I highly doubt you would find any staff there, and they are not in any way regulated by the UK financial authorities

Hope this helps Wink

tutkarz

hero member

Activity: 546

Merit: 501

I would not count on bank bail in's for price increase for two reasons.

1. People would prefer to not lose they money and bitcoin is last safe place to put your money there because of uncertainty and volatility.
2. Assuming that people would put their money in bitcoin anyway, who will sustain the price after banks will take their money? Price will crash hard making no.1 even more true.

Before we hope for people to come to bitcoin we would have to show them first that we are mature enough and have stable price with stable growth instead of bunch of amateurs whose primary target is to grab as many bitcoins from our community as they can.

Mikcik

sr. member

Activity: 742

Merit: 250

And why didnt Bitstamp create an foreign bank account, for example in the UK... it should not be a problem when they already have ltd. (british type of company). Or is there any law preventing them from this?

Wilhelm

legendary

Activity: 1652

Merit: 1265

Didn't read the topic but I'm waiting for the +$10000 in the next 18 days Cheesy

Dragonkiller

sr. member

Activity: 378

Merit: 250

Super Smash Bros. Ultimate Available Now!

lol

byronbb

legendary

Activity: 1414

Merit: 1000

HODL OR DIE

Quote from: BillboTor on April 11, 2013, 07:59:00 AM

Their Prime Minister really is ugly....

Lauda

legendary

Activity: 2674

Merit: 2965

Terminated.

Unnecessary FUD?

gotmilk_

sr. member

Activity: 442

Merit: 250

Quote from: meanig on December 12, 2013, 02:49:04 PM

Panic over then. The government decided that general tax payers should foot the 4 billion euro bill rather than specific bank depositors. I'm aware that penalising Unicredit depositors would make little economic or moral sense, but equally it makes no sense for general tax payers to foot the bill either. I guess the government sensed general tax payers would take it up the ass without too much complaining.

Sending 4 billion euro into a banking black hole equates to 2000 euro per person or 10% of GDP. Can anyone from Slovenia comment on the mood of the people after the announcement. Are they relieved that their deposits are safe or are they fuming about the 4 billion euro bill?

Finally, as a loyal Bitstamp customer I'd like to thank all Slovenian tax payers for keeping my favourite exchange open for business Kiss

People are not happy, but as usually on the end they (we) will pay, because they are blind. Long story short

And you really shouldn't care for a Unicredit Slovenia... €14mil is nothing for them, beside they are not in a hands of state.

meanig

hero member

Activity: 531

Merit: 501

Panic over then. The government decided that general tax payers should foot the 4 billion euro bill rather than specific bank depositors. I'm aware that penalising Unicredit depositors would make little economic or moral sense, but equally it makes no sense for general tax payers to foot the bill either. I guess the government sensed general tax payers would take it up the ass without too much complaining.

Sending 4 billion euro into a banking black hole equates to 2000 euro per person or 10% of GDP. Can anyone from Slovenia comment on the mood of the people after the announcement. Are they relieved that their deposits are safe or are they fuming about the 4 billion euro bill?

Finally, as a loyal Bitstamp customer I'd like to thank all Slovenian tax payers for keeping my favourite exchange open for business Kiss

oda.krell

legendary

Activity: 1470

Merit: 1007

Quote from: kwest on December 12, 2013, 10:50:14 AM

Quote from: oda.krell on December 12, 2013, 10:27:25 AM

Seriously, this is getting real old. If the overall level of economic knowledge of your average BTC investor is really that superficial, I'm not too impressed...

Well, yes. In the grand scheme of things I'm a beginner, especially when it comes to things like bailouts/ins etc.. which leads to uncertainty when I have difficulty knowing if my interpretation of the information is correct. When it came out that Unicredit would only need 14 million, I felt better. But even in the light of that, I didn't trust myself enough to draw any final conclusions.

As a newbie I'm grateful for people like you though.. and you should rightfully not be impressed by me. Not at all.

Apologies for sounding grumpy. :/

To summarize: it's never wrong to be safe (convert to btc, take them out), but realistically, there's a low chance that Unicredit account(s) will be hit by anything in the near future.

Dragonkiller

sr. member

Activity: 378

Merit: 250

Super Smash Bros. Ultimate Available Now!

Quote from: ?? on ??

Quote from: Dragonkiller on December 12, 2013, 10:50:48 AM

Quote from: ?? on ??

Quote from: oda.krell on December 12, 2013, 10:27:25 AM

Seriously, this is getting real old. If the overall level of economic knowledge of your average BTC investor is really that superficial, I'm not too impressed...

I'm going to quote myself, because I've written the following summary over and over again in the past month(s), and it still applies:

Quote from: oda.krell on December 11, 2013, 11:11:10 AM

[...]

1) Slovenia =/= Cyprus. Seriously, it's a worthwhile discussion to go through the details, but for several reasons I don't see Slovenia at a real risk for a "bail in". To name a few: bigger country, higher risk of domino effect. less foreign account holders than cyprus to my knowledge. EU already made an example of Cyprus.

2) even in cyprus, there was no "all banks bail in", I hope people know that. In particular this means that Unicredit Slovenia, a subsidiary of the Italian Unicredit, is nowhere near the level of risk of the Slovenian *state banks*, that are the main cause of the problem the Slovenian banking landscape faces.

That said, if you want to be safe, convert to btc. If you want to be really safe, withdraw those coins. Personally, I don't think it's necessary though.

Especially point 2) is something that is completely ignored, every single time this discussion comes up. Think what you want about how the EU handled Cyprus (disclosure: I think they did the right thing, all things considered), but the bail-in did *not* affect all Cypriot banks. So very little indicates that Unicredit Slovenia would be affected by a (far from certain) bail-in in Slovenia.

I think the same. If you want to be on the safe side just keep max 100000 euros on your account. In Cyprus they didn't touch the accounts below that amount.

Do you think Bitstamp has an individual account for each customer? No. They have one account which probably has millions of dollars.

You might be right on this one. But still I don't see any bail-ins in Slovenia. They (the troika or whatever their name is) know that it would start a catastrophic bankrun in Europe.

Yeah I agree the risk is small, but it's still a risk you can avoid. There's a thread on the forum here, someone had around 700k euros taken from their account in Cyprus. Their lawyer, accountant etc had advised them that their money was safe.

Dragonkiller

sr. member

Activity: 378

Merit: 250

Super Smash Bros. Ultimate Available Now!

Quote from: kwest on December 12, 2013, 10:56:04 AM

Quote from: Dragonkiller on December 12, 2013, 10:50:48 AM

Do you think Bitstamp has an individual account for each customer? No. They have one account which probably has millions of dollars.

See, now I feel uncertain again. Tongue

It's very hard for someone like me to come to any hard conclusions... leading to "better safe than sorry" = cashing out.

I agree the risk is negligible, but if it's something that you can easily avoid, I don't know why anyone would take the risk.

kwest

sr. member

Activity: 476

Merit: 250

Quote from: Dragonkiller on December 12, 2013, 10:50:48 AM

Do you think Bitstamp has an individual account for each customer? No. They have one account which probably has millions of dollars.

See, now I feel uncertain again. Tongue

It's very hard for someone like me to come to any hard conclusions... leading to "better safe than sorry" = cashing out.

Dragonkiller

sr. member

Activity: 378

Merit: 250

Super Smash Bros. Ultimate Available Now!

Quote from: ?? on ??

Quote from: oda.krell on December 12, 2013, 10:27:25 AM

Seriously, this is getting real old. If the overall level of economic knowledge of your average BTC investor is really that superficial, I'm not too impressed...

I'm going to quote myself, because I've written the following summary over and over again in the past month(s), and it still applies:

Quote from: oda.krell on December 11, 2013, 11:11:10 AM

[...]

1) Slovenia =/= Cyprus. Seriously, it's a worthwhile discussion to go through the details, but for several reasons I don't see Slovenia at a real risk for a "bail in". To name a few: bigger country, higher risk of domino effect. less foreign account holders than cyprus to my knowledge. EU already made an example of Cyprus.

2) even in cyprus, there was no "all banks bail in", I hope people know that. In particular this means that Unicredit Slovenia, a subsidiary of the Italian Unicredit, is nowhere near the level of risk of the Slovenian *state banks*, that are the main cause of the problem the Slovenian banking landscape faces.

That said, if you want to be safe, convert to btc. If you want to be really safe, withdraw those coins. Personally, I don't think it's necessary though.

Especially point 2) is something that is completely ignored, every single time this discussion comes up. Think what you want about how the EU handled Cyprus (disclosure: I think they did the right thing, all things considered), but the bail-in did *not* affect all Cypriot banks. So very little indicates that Unicredit Slovenia would be affected by a (far from certain) bail-in in Slovenia.

I think the same. If you want to be on the safe side just keep max 100000 euros on your account. In Cyprus they didn't touch the accounts below that amount.

Do you think Bitstamp has an individual account for each customer? No. They have one account which probably has millions of dollars.

kwest

sr. member

Activity: 476

Merit: 250

Quote from: oda.krell on December 12, 2013, 10:27:25 AM

Seriously, this is getting real old. If the overall level of economic knowledge of your average BTC investor is really that superficial, I'm not too impressed...

Well, yes. In the grand scheme of things I'm a beginner, especially when it comes to things like bailouts/ins etc.. which leads to uncertainty when I have difficulty knowing if my interpretation of the information is correct. When it came out that Unicredit would only need 14 million, I felt better. But even in the light of that, I didn't trust myself enough to draw any final conclusions.

As a newbie I'm grateful for people like you though.. and you should rightfully not be impressed by me. Not at all.

oda.krell

legendary

Activity: 1470

Merit: 1007

Quote from: ?? on ??

I think the same. If you want to be on the safe side just keep max 100000 euros on your account. In Cyprus they didn't touch the accounts below that amount.

Correct. And: Only holders at Laiki Bank and Bank of Cyprus were affected, the two banks that caused the entire crisis.

oda.krell

legendary

Activity: 1470

Merit: 1007

Seriously, this is getting real old. If the overall level of economic knowledge of your average BTC investor is really that superficial, I'm not too impressed...

I'm going to quote myself, because I've written the following summary over and over again in the past month(s), and it still applies:

Quote from: oda.krell on December 11, 2013, 11:11:10 AM

[...]

1) Slovenia =/= Cyprus. Seriously, it's a worthwhile discussion to go through the details, but for several reasons I don't see Slovenia at a real risk for a "bail in". To name a few: bigger country, higher risk of domino effect. less foreign account holders than cyprus to my knowledge. EU already made an example of Cyprus.

2) even in cyprus, there was no "all banks bail in", I hope people know that. In particular this means that Unicredit Slovenia, a subsidiary of the Italian Unicredit, is nowhere near the level of risk of the Slovenian *state banks*, that are the main cause of the problem the Slovenian banking landscape faces.

That said, if you want to be safe, convert to btc. If you want to be really safe, withdraw those coins. Personally, I don't think it's necessary though.

Especially point 2) is something that is completely ignored, every single time this discussion comes up. Think what you want about how the EU handled Cyprus (disclosure: I think they did the right thing, all things considered), but the bail-in did *not* affect all Cypriot banks. So very little indicates that Unicredit Slovenia would be affected by a (far from certain) bail-in in Slovenia.

Topic: Bitcoin to hit +$10,000 on Bitstamp this weekend... (Read 12130 times)