Topic: European Union is robbing its citizens' bank accounts. 9.9% to be confiscated. - page 8. (Read 33195 times)

I know its all just skeptisism, but im pretty sure that it was this European Union bank stunt that made bitcoin jump so much

A 10% lost was somewhat acceptable to my eyes. But what you describe is something I cannot fully realize. I'm happy for your good bitcoin investment, remember to sell once that we reach 90$.

Doing this right now. Also I'm posting bitcoin related comments at all latest news about Cyprus.

In your own financial interests, you need to spread information about bitcoin to increase demand.  Print up some fliers and distribute them at protests and among business people... anybody who might be scared and have money to buy bitcoins with when the banks open.  If enough people from Cyprus buy in then you'll get your $90 US per BTC to cover your losses.

If you have a hard time making a flier there have been some graphic designers in the newbies forum who might help you if you ask.  Check this thread and this thread.

Good luck!

You could ask those who boasted getting higher interest on their USD deposits in bitcoinica than in banks.

Even though, mtgox shall be given a credit of being reasonably reliable since the previous 30$ peak, they are still are very risky. I do not think that your deposits there will be  insured (but check with them). They are rather checkered with scandal history. Lots of people complained in the past about not being able to get money out of mtgox (I do not know who is right and who is  wrong in those stories, but the fact remains).

However, this is not only about mtgox. I would not trust any Bitcoin business any more than I absolutely have to and if I have to trust them I would minimize time during which this trust is extended and minimize assets at risk as much as possible.

I would suggest only using Bitcoin exchanges in a "hit and run" fashion. By this I mean: transfer money in, buy bitcoins, transfer bitcoins out to yourself or other way around. Of course, if you daytrade it is another matter and you gonna have to carry counter-party risks.

Can you elaborate why.

Luckily, about a year ago I invested some money in bitcoins as part of asset diversification. Everyone told me that it's crazy super high risk investment, but now it would cover all our losses if it goes beyond $90/btc. I really hope...

This is exactly what my business is experiencing now. Recently, we got several prepayments for our services, plus pending wages for over 20 of our workers. All this is frozen now.

I am a precious metals dealer with sometimes large bank balances. Luckily I am stationed in Finland. But if I were in Cyprus, how could I continue with my business? From what you have told so far, those measures are wiping some 50% off your GDP overnight. Are all the smallbiz owners just expected to fold?

The only way this makes any sense for Cyprus is if they agree on this now only to default big time as soon as they get 10Bn from German banksters.

Cypriot Parliament agreed to come up with a portion of the bailout money by nationalizing the pensions of state-owned Cypriot companies.

All account in the second largest bank of the country with be frozen for years. Capital control to be enforced for all financial operations, which means nobody can transfer money abroad.

Frozen for years?  This is worse than I thought.

Good luck, and stay safe out there zeroday.  Do you think Cypriots will start using bitcoin en masse?

Unbelievable. Considering that Cypriots are well armed, I do not think this will end well for banksters.

Wow... 40% lost?  And 9.4% on EVERYONE?

That's just horrible.

Just a little update.

I'm among thousands of unlucky holders of accounts in Cypriot bank which is going to be "restructured" by EU financial authorities.
Today I had conversation with my banker and found the following:

- All the bank's accounts (current, savings, deposits, no exceptions) are frozen and cannot be accessed anymore.
- The bank will be split on "good assets bank" and "bad assets bank". All money on current accounts will be treated as "bad assets" (except ones with less than 100k) and will be moved to a "bad bank" to be frozen for at least two years. Further, about 40% of these "bad" money will be lost after the "bad" bank is "sold with discount". Actually over 2 billions EUR of money from "bad" accounts will be contributed to pay state's debt.
- Accounts with less than 100k will be moved to a "good bank", but all withdrawals will be strictly limited for a long time due to new capital control law.
- All account in both "bad" and "good" banks will be subject for additional 9.4% one-time levy.

This means that Cyprus debt will be paid by the money seized from thousands of small and midsize businesses and savers who have over 100k. This includes everyone who has saved their money for many years for retirement or just to buy a house.

Could you believe all this is happening in European Union?

A bitcoin debit card that does the exchange automatically at the time of purchase.

LOL, you joke but the most fucked up part about this whole situation is that they are screwing the depositors in order to protect the bond holders.  If you were holding bonds on Cypriot banks you would be in a better position than the depositors in Cyprus.  This is the opposite of how a bank is supposed to work.  This is who is supposed to take the hit when a bank goes under (or at least this is what we have been told about it):

1.  Depositors
2.  Bond Holders
3.  Stock Holders
(4.  The Fed through the FDIC, which insures bank deposits, they pay the depositors directly, but this is an American thing)

When a bank goes bankrupt their stocks and bonds stop trading.  The company is sold off and any proceeds go to paying the depositors (in the US they pay whatever the FDIC hasn't insured, the FDIC insures deposits up to $250k per account), then whatever is left goes to the bond holders and then if by some miracle if there is anything left after that the stock holders might make a penny or two on the dollar, if they are very lucky.

In Cyprus they are reversing this.  This is who has the risk, from least risk to most risk:

1.  Bond Holders
2.  Stock Holders
3.  Depositors

That turns depositors into investors rather than customers.  The problem is, as they will soon realize, no depositor wants to invest in something as shady as a modern bank.  If they did they would buy bonds or stock in the bank.

Now that the EU has demonstrated that they are willing to do this I don't think depositors in the rest of the EU will want to play that game.  This will cause a drop in savings, which will increase consumption.  That is good for manufacturers, but that will strangle their investment sector because without depositors financiers don't have money to invest.  Interest rates are about to skyrocket.  This will cause need for another bailout, which will hurt confidence even more, causing another bailout and so forth, as more depositors leave in waves with each successive theft of their deposits.

The end game will be when they all realize the EU was a horrible idea and they go back to using national currencies that are controlled by people they elected (or who were at least appointed by people they elected).  The longer they wait to do that the more people will discover international currencies like bitcoin.

depends on your location but there are things to chose from
Cash, Bitcoin, PM, tinned tuna, guns and ammo, skills and training, real estate, "extreme couponing" and food stashes. etc... something of real value, hard assets. There are lots of prepper websites, books and nuts around, pick your poison.

Some famous investor (do not recall his name) was asked once:
Q. Where would you suggest a typical american household to invest 1000$?
A. Nonperishable food on sale.

It is an extremely good advise.

I personally thinking about starting a heirloom seeds producing biz, LOL. To hell with mining, farming is better.  

Do not forget to stash lots of popcorn too.

Gold, Silver, Platinum

Also checkout namecoin and litecoin.