My bank account's got robbed by European Commission. Over 700k is lost. - page 17.

cr1776

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Quote from: darkmule on November 22, 2014, 06:50:34 PM

Quote from: murraypaul on November 12, 2014, 04:55:21 PM

The US deposit protection scheme does run like that, where there is a defined fund to pay out, and the possibility of exhausting it.
Other countries, such as the UK, do not have a limited fund. All deposits are guaranteed up to the insured limit.

You can say you have an unlimited fund, but actually paying out on it in the instance of a worst-case catastrophe may not always be possible.

Or if it is possible to cover them, it may be due to printing currency and the value of the currency they pay you in may be 10% of the pre-bailout value.

darkmule

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Quote from: murraypaul on November 12, 2014, 04:55:21 PM

The US deposit protection scheme does run like that, where there is a defined fund to pay out, and the possibility of exhausting it.
Other countries, such as the UK, do not have a limited fund. All deposits are guaranteed up to the insured limit.

You can say you have an unlimited fund, but actually paying out on it in the instance of a worst-case catastrophe may not always be possible.

molecular

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Quote from: leopard2 on November 12, 2014, 04:24:57 PM

AND SOME PEOPLE HERE COMPLAIN ABOUT VIRCUREX Cheesy

Really guys, how can anybody trust government bonds anymore after Greece, ~~Hydro~~ Hypo Alpe Adria and so on....

Note that bank deposit insurance schemes are pointless. The 100 000 number means nothing. Just one small to mid size bank can be covered by these schemes; but in a crisis there will be several banks and AFAIK the money in the scheme is roughly 1/10 of a percent of all deposits in a region

Putting money in a bank is like putting it in an exchange; it can be seized or frozen or just gone at any time. Grin

Corrected the name of that austrian bank so people can google it.

Your points are correct, though Wink

spy100

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sry for you Sad

BootstrapCoinDev

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Quote from: leopard2 on November 12, 2014, 04:24:57 PM

AND SOME PEOPLE HERE COMPLAIN ABOUT VIRCUREX Cheesy

Really guys, how can anybody trust government bonds anymore after Greece, Hydro Alpe Adria and so on....

Note that bank deposit insurance schemes are pointless. The 100 000 number means nothing. Just one small to mid size bank can be covered by these schemes; but in a crisis there will be several banks and AFAIK the money in the scheme is roughly 1/10 of a percent of all deposits in a region

Putting money in a bank is like putting it in an exchange; it can be seized or frozen or just gone at any time. Grin

When you actually visit a bank (instead of simply using online banking) you do that for reasons that don't even apply to the Bitcoin world.
This chart is witless fanboyism.

murraypaul

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Quote from: leopard2 on November 12, 2014, 04:24:57 PM

Note that bank deposit insurance schemes are pointless. The 100 000 number means nothing. Just one small to mid size bank can be covered by these schemes; but in a crisis there will be several banks and AFAIK the money in the scheme is roughly 1/10 of a percent of all deposits in a region

The US deposit protection scheme does run like that, where there is a defined fund to pay out, and the possibility of exhausting it.
Other countries, such as the UK, do not have a limited fund. All deposits are guaranteed up to the insured limit.

leopard2

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AND SOME PEOPLE HERE COMPLAIN ABOUT VIRCUREX Cheesy

Really guys, how can anybody trust government bonds anymore after Greece, Hydro Alpe Adria and so on....

Note that bank deposit insurance schemes are pointless. The 100 000 number means nothing. Just one small to mid size bank can be covered by these schemes; but in a crisis there will be several banks and AFAIK the money in the scheme is roughly 1/10 of a percent of all deposits in a region

Putting money in a bank is like putting it in an exchange; it can be seized or frozen or just gone at any time. Grin

pinky

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Quote from: Wekkel on November 12, 2014, 03:44:25 PM

I think this article fits this thread: http://www.zerohedge.com/news/2014-11-12/russell-napier-declares-november-16-2014-day-money-dies

Summary: the upcoming G20 meeting in Australia is supposed to bring new rules on the ranking of bank deposits. By all means bail-in-able in case of bank trouble, leading to the question: why hold money in a bank account instead of cash?

I guess Cyprus was only a experiment how people will react - nobody got killed, so everything is OK. Worldwide implementation may continue.

Wekkel

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yes

I think this article fits this thread: http://www.zerohedge.com/news/2014-11-12/russell-napier-declares-november-16-2014-day-money-dies

Summary: the upcoming G20 meeting in Australia is supposed to bring new rules on the ranking of bank deposits. By all means bail-in-able in case of bank trouble, leading to the question: why hold money in a bank account instead of cash?

ScreamnShout

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Quote from: BTCXE on November 11, 2014, 02:58:57 PM

Wow... Reading through this I feel really sorry for OP and all those affected. Do you feel that there is any way to protect yourself against raids like these ? Does this mean your BTC and other cryptocurrencies safer in your wallets ?

Don't keep that much money in the bank at a country that is going through a financial crisis whose government is overwhelmed with debt.

Note that this thread is ~18 months old, however I think it is note-able because it essentially what was behind the bubble of early 2013 which is likely what was behind the massive popularity of bitcoin today (what was behind the OP was what likely caused the bubble up to ~$250)

BTCXE

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well that sucks... considering that bitcoin is no longer the "currency of silk road", its a shame there still a lot of ambiguity on the political stance of most countries. And with regards to keeping crypto locked in wallets, can't make an omlette if the eggs are still in the basket

cryptopaths

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Crypto Knight

Quote from: BTCXE on November 11, 2014, 02:58:57 PM

Wow... Reading through this I feel really sorry for OP and all those affected. Do you feel that there is any way to protect yourself against raids like these ? Does this mean your BTC and other cryptocurrencies safer in your wallets ?

Once a raid like that starts and you have money in a bank account you're basically fucked. And yes of course your crypto is safer in your wallet.

cr1776

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Quote from: BTCXE on November 11, 2014, 02:58:57 PM

Wow... Reading through this I feel really sorry for OP and all those affected. Do you feel that there is any way to protect yourself against raids like these ? Does this mean your BTC and other cryptocurrencies safer in your wallets ?

Have some bitcoin, precious metals. Don't keep much money in an account.

A problem is that ZD had a business account and was using that money to run a business so he was stuck when the statist authoritarians seized his working capital.

You can always do as he did - move to a safer jurisdiction in the Caribbean.

BTCXE

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Wow... Reading through this I feel really sorry for OP and all those affected. Do you feel that there is any way to protect yourself against raids like these ? Does this mean your BTC and other cryptocurrencies safer in your wallets ?

chrisf

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molecular

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Quote from: BCEmporium on August 30, 2014, 08:14:50 AM

Quote from: DhaniBoy on August 30, 2014, 07:03:53 AM

I wonder these things can happen at the famous bank, reputable bank should have a good security system and safe, to ensure the trust of its customers save money in the bank, and if this happens by mistake bank's security system, then the bank should replace all missing funds, hopefully
missing funds can be replaced ... Roll Eyes

This can happen with ANY bank, even state banks.
Because banks "create money" out of thin air, the so called fractional reserve, when it becomes noticed is usually too late and unless you don't mind to be paid in bricks and billboards, funds can't be replaced - or "can" but with taxpayers money.

Yes. Note most recent bail-in case of Austrian state bank hypo alpe Adria. Might turn out to be partly bail-in as bondholder world bank will sue and might win. Not sure about deposits in this case.

BCEmporium

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Quote from: DhaniBoy on August 30, 2014, 07:03:53 AM

I wonder these things can happen at the famous bank, reputable bank should have a good security system and safe, to ensure the trust of its customers save money in the bank, and if this happens by mistake bank's security system, then the bank should replace all missing funds, hopefully
missing funds can be replaced ... Roll Eyes

This can happen with ANY bank, even state banks.
Because banks "create money" out of thin air, the so called fractional reserve, when it becomes noticed is usually too late and unless you don't mind to be paid in bricks and billboards, funds can't be replaced - or "can" but with taxpayers money.

DhaniBoy

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I wonder these things can happen at the famous bank, reputable bank should have a good security system and safe, to ensure the trust of its customers save money in the bank, and if this happens by mistake bank's security system, then the bank should replace all missing funds, hopefully
missing funds can be replaced ... Roll Eyes

Hustle2survive

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Pretty scary. Save your shit on different banks and ofc btc

redsn0w

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#Free market

Quote from: itsAj on August 22, 2014, 09:50:28 PM

Quote from: murraypaul on August 19, 2014, 09:40:06 AM

Quote from: iluvpie60 on August 19, 2014, 08:29:05 AM

By the way, this style of "bank restructuring" is going to be adopted in the whole European Union.
Soon, everyone's uninsured money (over 100K EUR) in EU banks will be at risk of seizure.

This shouldn't be a surprise to anyone, and is not new.
Bank deposit guarantee schemes almost always have a limit on the amount guaranteed if the bank collapses.

Most people also don't have this much money to potentially lose money because of limits in bank guarantees. It is also not difficult to spread your money around different banks in a way so that the deposit guarantee limits would not affect you.

Yes , that is correct . People must spread their money in various bank account how we doing with the different addresses for bitcoin .

Topic: My bank account's got robbed by European Commission. Over 700k is lost. - page 17. (Read 408499 times)