My bank account's got robbed by European Commission. Over 700k is lost. - page 2.

aesma

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fly or die

Quote from: Twentyonepaylots on December 20, 2020, 05:36:43 PM

How the hell isyour government even able to get a hold of your private assets? Like, this is eally brutal man. You working your ass off to reach a certain quota yet here they are taking everything like they are gsngsters in a dark alley. This not only would put a bad image in Cyprus's Name but in the whole EU and how they manage things. Most people hold them in high regard and then news like these pop out of nowhere.

All governments can do this if it's deemed necessary. Pretty easy to make it legal if it isn't so already. Here it's not even really the government, banks were going to fail, the only way to save them was a haircut. In most EU banks there is an amount guaranteed by bank (for example in France 100000€), if you have more money in a bank, it isn't protected.

cr1776

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Quote from: DrBeer on December 21, 2020, 11:14:36 AM

I reread the introduction - but I still don't understand what is the reason? Is the author not saying something or deliberately omitting some nuances? Perhaps the bank was problematic, but the author decided to ignore the warnings? Perhaps the counterparties were not clean on their hands or fell under financial monitoring, which they also always inform about? There must be real reasons and grounds for blocking funds. Just like that "because we wanted it" can only be in countries with totalitarian or criminal regimes. Can the author publish funds blocking protocols, official letters? It will be transparent, understandable and open ... And this looks one-sided

You might read about the Cyprus financial crisis in 2013 if you want to understand more, to see what happened. Regular people in Cyprus paid for the crimes of their corrupt political class.

Using bitcoin, the people of Cyprus wouldn't have had their money stolen.

e.g.
https://blogs.loc.gov/law/2013/04/the-cyprus-banking-crisis-and-its-aftermath-bank-depositors-be-aware/
https://www.bbc.com/news/world-europe-21814325
https://en.wikipedia.org/wiki/2012–2013_Cypriot_financial_crisis

DrBeer

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I reread the introduction - but I still don't understand what is the reason? Is the author not saying something or deliberately omitting some nuances? Perhaps the bank was problematic, but the author decided to ignore the warnings? Perhaps the counterparties were not clean on their hands or fell under financial monitoring, which they also always inform about? There must be real reasons and grounds for blocking funds. Just like that "because we wanted it" can only be in countries with totalitarian or criminal regimes. Can the author publish funds blocking protocols, official letters? It will be transparent, understandable and open ... And this looks one-sided

raidarksword

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That's a lot of money and end up loosing the hard earned money was heartbreaking. This is the essence of being a decentralized system will come just like bitcoin introduced to us that benefits of having full control of our money and assets without worrying being control by anyone like banks and government.

Twentyonepaylots

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Activity: 1876

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How the hell isyour government even able to get a hold of your private assets? Like, this is eally brutal man. You working your ass off to reach a certain quota yet here they are taking everything like they are gsngsters in a dark alley. This not only would put a bad image in Cyprus's Name but in the whole EU and how they manage things. Most people hold them in high regard and then news like these pop out of nowhere.

aesma

hero member

Activity: 2380

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fly or die

Quote from: Vishnu.Reang on December 20, 2020, 08:07:04 AM

Quote from: 600watt on August 01, 2020, 05:45:17 AM

in addition OP did not "go to cyprus" - he lived there.

A lot of people lost their money during the Cyprus bank deposit "haircut". I wanted to ask the OP about what happened to those funds after the haircut, but he has been inactive here for almost three years now (the last time he posted was in 2018, I believe). Ironically, a lot of foreign citizens (mostly Russians) lost their funds during this haircut. Many of them preferred the Cypriot banks, because the interest rates were higher when compared to the banks in their country.

Also Cyprus' banks were fine with laundering dirty Russian money : https://www.wsj.com/articles/u-s-takes-on-russias-favorite-money-haven-cyprus-1538316001 And Russian taxes were probably not paid on the money either.

It's a shame for the people affected that didn't do any of that...

cr1776

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Quote from: Vishnu.Reang on December 20, 2020, 08:07:04 AM

Quote from: 600watt on August 01, 2020, 05:45:17 AM

in addition OP did not "go to cyprus" - he lived there.

A lot of people lost their money during the Cyprus bank deposit "haircut". I wanted to ask the OP about what happened to those funds after the haircut, but he has been inactive here for almost three years now (the last time he posted was in 2018, I believe). Ironically, a lot of foreign citizens (mostly Russians) lost their funds during this haircut. Many of them preferred the Cypriot banks, because the interest rates were higher when compared to the banks in their country.

He did say something way up thread about moving to the Caribbean and doing his business from there.

Vishnu.Reang

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Quote from: 600watt on August 01, 2020, 05:45:17 AM

in addition OP did not "go to cyprus" - he lived there.

A lot of people lost their money during the Cyprus bank deposit "haircut". I wanted to ask the OP about what happened to those funds after the haircut, but he has been inactive here for almost three years now (the last time he posted was in 2018, I believe). Ironically, a lot of foreign citizens (mostly Russians) lost their funds during this haircut. Many of them preferred the Cypriot banks, because the interest rates were higher when compared to the banks in their country.

cr1776

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Quote from: cr1776 on August 01, 2020, 06:24:05 AM

Quote from: 600watt on August 01, 2020, 05:45:17 AM

Quote from: cr1776 on July 01, 2020, 06:17:33 AM

Quote from: DoubleEdgeEX on July 01, 2020, 02:19:51 AM

That´s a thread from 2013 but a few things need to be cleared and updated.

The Laiki bank was in governmental ownership since 2012 and the 100K guarantee was clear from the start. Yes, that they really enforce that option is crap but it was stated in the fine print.
Going to cyprus is by defintion a questionable move. The CySec is infamous for giving out licenses to the even most shabby fintech companies, most notoriously to the Get-rich-quick Binary Options brokers.
The EU has advantages if you know how to use them, like the passporting rule.

Anyway, in conclusion the story sounds to me of a mix of being careless, being greedy for tax reduction, and bad luck of being at the wrong place at the wrong time.

There is a difference between funds up to 100K being guaranteed and between funds being taken above a certain limit to pay a country's debts. A huge one - it is the difference between a bank making bad decisions and politicians doing so. And if I recall from the thread (it has been quite a while since I read it), he stated later they had the account for working capital - e.g. paying salaries for their employees etc. Nothing shady, just money used for operations.

And the guy you replied to looks to be a link spammer anyway given the look of his 4 posts.

in addition OP did not "go to cyprus" - he lived there.

Good point. He did live there...I think in the thread he said he moved to somewhere in the Caribbean after this. I'd be interested in hearing an update.

I've just been reading the book "Bitcoin Billionaires" and it has something of a discussion about the events here. Made me think of this topic.

cr1776

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Quote from: 600watt on August 01, 2020, 05:45:17 AM

Quote from: cr1776 on July 01, 2020, 06:17:33 AM

Quote from: DoubleEdgeEX on July 01, 2020, 02:19:51 AM

That´s a thread from 2013 but a few things need to be cleared and updated.

The Laiki bank was in governmental ownership since 2012 and the 100K guarantee was clear from the start. Yes, that they really enforce that option is crap but it was stated in the fine print.
Going to cyprus is by defintion a questionable move. The CySec is infamous for giving out licenses to the even most shabby fintech companies, most notoriously to the Get-rich-quick Binary Options brokers.
The EU has advantages if you know how to use them, like the passporting rule.

Anyway, in conclusion the story sounds to me of a mix of being careless, being greedy for tax reduction, and bad luck of being at the wrong place at the wrong time.

There is a difference between funds up to 100K being guaranteed and between funds being taken above a certain limit to pay a country's debts. A huge one - it is the difference between a bank making bad decisions and politicians doing so. And if I recall from the thread (it has been quite a while since I read it), he stated later they had the account for working capital - e.g. paying salaries for their employees etc. Nothing shady, just money used for operations.

And the guy you replied to looks to be a link spammer anyway given the look of his 4 posts.

in addition OP did not "go to cyprus" - he lived there.

Good point. He did live there...I think in the thread he said he moved to somewhere in the Caribbean after this. I'd be interested in hearing an update.

600watt

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Quote from: cr1776 on July 01, 2020, 06:17:33 AM

Quote from: DoubleEdgeEX on July 01, 2020, 02:19:51 AM

That´s a thread from 2013 but a few things need to be cleared and updated.

The Laiki bank was in governmental ownership since 2012 and the 100K guarantee was clear from the start. Yes, that they really enforce that option is crap but it was stated in the fine print.
Going to cyprus is by defintion a questionable move. The CySec is infamous for giving out licenses to the even most shabby fintech companies, most notoriously to the Get-rich-quick Binary Options brokers.
The EU has advantages if you know how to use them, like the passporting rule.

Anyway, in conclusion the story sounds to me of a mix of being careless, being greedy for tax reduction, and bad luck of being at the wrong place at the wrong time.

There is a difference between funds up to 100K being guaranteed and between funds being taken above a certain limit to pay a country's debts. A huge one - it is the difference between a bank making bad decisions and politicians doing so. And if I recall from the thread (it has been quite a while since I read it), he stated later they had the account for working capital - e.g. paying salaries for their employees etc. Nothing shady, just money used for operations.

And the guy you replied to looks to be a link spammer anyway given the look of his 4 posts.

in addition OP did not "go to cyprus" - he lived there.

cr1776

legendary

Activity: 4060

Merit: 1303

Quote from: DoubleEdgeEX on July 01, 2020, 02:19:51 AM

That´s a thread from 2013 but a few things need to be cleared and updated.

The Laiki bank was in governmental ownership since 2012 and the 100K guarantee was clear from the start. Yes, that they really enforce that option is crap but it was stated in the fine print.
Going to cyprus is by defintion a questionable move. The CySec is infamous for giving out licenses to the even most shabby fintech companies, most notoriously to the Get-rich-quick Binary Options brokers.
The EU has advantages if you know how to use them, like the passporting rule.

Anyway, in conclusion the story sounds to me of a mix of being careless, being greedy for tax reduction, and bad luck of being at the wrong place at the wrong time.

There is a difference between funds up to 100K being guaranteed and between funds being taken above a certain limit to pay a country's debts. A huge one - it is the difference between a bank making bad decisions and politicians doing so. And if I recall from the thread (it has been quite a while since I read it), he stated later they had the account for working capital - e.g. paying salaries for their employees etc. Nothing shady, just money used for operations.

And the guy you replied to looks to be a link spammer anyway given the look of his 4 posts.

DoubleEdgeEX

member

Activity: 112

Merit: 17

That´s a thread from 2013 but a few things need to be cleared and updated.

The Laiki bank was in governmental ownership since 2012 and the 100K guarantee was clear from the start. Yes, that they really enforce that option is crap but it was stated in the fine print.
Going to cyprus is by defintion a questionable move. The CySec is infamous for giving out licenses to the even most shabby fintech companies, most notoriously to the Get-rich-quick Binary Options brokers.
The EU has advantages if you know how to use them, like the passporting rule.

Anyway, in conclusion the story sounds to me of a mix of being careless, being greedy for tax reduction, and bad luck of being at the wrong place at the wrong time.

Naoko

hero member

Activity: 812

Merit: 1000

it's horrible that this can be observed in the 21st century.. this is some kind of slavery...you earned money by working, and they were simply taken away... I am very glad that I live in another country where there is no such practice

keyzersoze

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Activity: 476

Merit: 266

Just get into crypto ASAP, and spread the word of what happened to you and other People’s hard earned money.
And hopefully we can move beyond this ridiculousness.

UsernameBitcoin

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Activity: 530

Merit: 250

CryptoTalk.Org - Get Paid for every Post!

This sucks so bad for you. That $700k would now be worth well over $10,000,000. The EU commission should be ashamed of themselves. You did not deserve this. This is the reason why Bitcoin exists in the first place. It needs to take over the control banks and governments have over our assets. IT isn't right to lose $700,000 and no one cares (or at least no one who can do anything about it).

yoseph

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Quote from: florentis on December 18, 2017, 04:35:01 PM

Just be careful throwing all the blame at the EU officials. Its the fat bankers and the corrupt Cyprus government that made this happen, Russian mobs helped too.

If the EU officials stood by whiles all these happened then they are equally to be blamed for the whole thing. Its not surprising that at this age, a lot of people have lost trust in banks. They are the biggest thieves out there now and since bitcoins is making them lose customers and revenue, they are scared.

florentis

newbie

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Just be careful throwing all the blame at the EU officials. Its the fat bankers and the corrupt Cyprus government that made this happen, Russian mobs helped too.

florentis

newbie

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And now when Merkel and co has to clean up the trash they have to either pay with German peoples money (we have seen that many times before), or they have to push some painful decision to teach the country itself. Would anybody thank EU if they would just bail out silently again? I doubt so.

TakeTheTrashOut

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Quote from: hageman on November 23, 2017, 01:51:12 AM

Next time attempt to possess a good analization before choosing something.

Ooh yes, I'll have some of that!!! Grin

Topic: My bank account's got robbed by European Commission. Over 700k is lost. - page 2. (Read 408455 times)