My bank account's got robbed by European Commission. Over 700k is lost. - page 33.

wachtwoord

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Quote from: tinus42 on September 15, 2013, 12:32:42 PM

Quote from: LiteCoinGuy on September 12, 2013, 11:07:39 AM

Quote from: zeroday on September 11, 2013, 05:24:23 PM

Quote from: wachtwoord on September 11, 2013, 04:08:15 PM

Are the cash withdrawal limit waves already? If so, it's not that hard to get the cash out. If this is true I'd advise anyone to do this ....

Capital control is still enforced. ATM limits are the same. From personal account you cannot withdraw more than 300 EUR daily. 5000 EUR is maximum monthly allowance for transfers abroad.
Business accounts can transfer more but every wire to be approved by bank (and they often refuse).

sad. and others in europe will follow. Roll Eyes

In Belgium cash payments above 3000 euro's are already forbidden.

Brilliant. Let them make their Monopoly money even less appealing. They're playing right into our hands

tinus42

hero member

Activity: 784

Merit: 501

Quote from: LiteCoinGuy on September 12, 2013, 11:07:39 AM

Quote from: zeroday on September 11, 2013, 05:24:23 PM

Quote from: wachtwoord on September 11, 2013, 04:08:15 PM

Are the cash withdrawal limit waves already? If so, it's not that hard to get the cash out. If this is true I'd advise anyone to do this ....

Capital control is still enforced. ATM limits are the same. From personal account you cannot withdraw more than 300 EUR daily. 5000 EUR is maximum monthly allowance for transfers abroad.
Business accounts can transfer more but every wire to be approved by bank (and they often refuse).

sad. and others in europe will follow. Roll Eyes

In Belgium cash payments above 3000 euro's are already forbidden.

wachtwoord

legendary

Activity: 2324

Merit: 1125

Quote from: infested999 on September 14, 2013, 08:56:28 PM

Quote from: leopard2 on September 14, 2013, 07:38:45 PM

Quote from: zeroday on September 12, 2013, 10:46:13 AM

Quote from: wachtwoord on September 12, 2013, 05:23:57 AM

This sounds like money smuggling can be a real business in Cyprus now. Some organized gang should offer to buy Cyprus cash for less then face value in either fiat currency abroad or Bitcoins (or goods) and smuggle everything out by boat. I doubt Cyprus is rich enough to do proper patrolling. To be sure, go with a lot of guys and be armed to the teeth (the Italian mafia is rather close).

Exactly, there are many offers for you money to escape Cyprus banking jail for 10-15%
But these offers does not work for amounts over 100k which were expropriated in March because that money are just lost.

can you not buy gold from your bank or from a dealer in Cyprus, that would be an intra-country transfer?

But you can't export gold.

It's called smuggling.

infested999

hero member

Activity: 854

Merit: 500

Quote from: leopard2 on September 14, 2013, 07:38:45 PM

Quote from: zeroday on September 12, 2013, 10:46:13 AM

Quote from: wachtwoord on September 12, 2013, 05:23:57 AM

This sounds like money smuggling can be a real business in Cyprus now. Some organized gang should offer to buy Cyprus cash for less then face value in either fiat currency abroad or Bitcoins (or goods) and smuggle everything out by boat. I doubt Cyprus is rich enough to do proper patrolling. To be sure, go with a lot of guys and be armed to the teeth (the Italian mafia is rather close).

Exactly, there are many offers for you money to escape Cyprus banking jail for 10-15%
But these offers does not work for amounts over 100k which were expropriated in March because that money are just lost.

can you not buy gold from your bank or from a dealer in Cyprus, that would be an intra-country transfer?

But you can't export gold.

leopard2

legendary

Activity: 1372

Merit: 1014

Quote from: zeroday on September 12, 2013, 10:46:13 AM

Quote from: wachtwoord on September 12, 2013, 05:23:57 AM

This sounds like money smuggling can be a real business in Cyprus now. Some organized gang should offer to buy Cyprus cash for less then face value in either fiat currency abroad or Bitcoins (or goods) and smuggle everything out by boat. I doubt Cyprus is rich enough to do proper patrolling. To be sure, go with a lot of guys and be armed to the teeth (the Italian mafia is rather close).

Exactly, there are many offers for you money to escape Cyprus banking jail for 10-15%
But these offers does not work for amounts over 100k which were expropriated in March because that money are just lost.

can you not buy gold from your bank or from a dealer in Cyprus, that would be an intra-country transfer?

BitAddict

legendary

Activity: 1190

Merit: 1001

Quote from: zeroday on September 12, 2013, 10:46:13 AM

Quote from: wachtwoord on September 12, 2013, 05:23:57 AM

This sounds like money smuggling can be a real business in Cyprus now. Some organized gang should offer to buy Cyprus cash for less then face value in either fiat currency abroad or Bitcoins (or goods) and smuggle everything out by boat. I doubt Cyprus is rich enough to do proper patrolling. To be sure, go with a lot of guys and be armed to the teeth (the Italian mafia is rather close).

Exactly, there are many offers for you money to escape Cyprus banking jail for 10-15%
But these offers does not work for amounts over 100k which were expropriated in March because that money are just lost.

wow there is getting ridiculous :/

I have no doubt in Spain we will follow soon... sad but true.

LiteCoinGuy

legendary

Activity: 1148

Merit: 1014

In Satoshi I Trust

Quote from: zeroday on September 11, 2013, 05:24:23 PM

Quote from: wachtwoord on September 11, 2013, 04:08:15 PM

Are the cash withdrawal limit waves already? If so, it's not that hard to get the cash out. If this is true I'd advise anyone to do this ....

Capital control is still enforced. ATM limits are the same. From personal account you cannot withdraw more than 300 EUR daily. 5000 EUR is maximum monthly allowance for transfers abroad.
Business accounts can transfer more but every wire to be approved by bank (and they often refuse).

sad. and others in europe will follow. Roll Eyes

zeroday

donator

Activity: 784

Merit: 1000

Quote from: wachtwoord on September 12, 2013, 05:23:57 AM

This sounds like money smuggling can be a real business in Cyprus now. Some organized gang should offer to buy Cyprus cash for less then face value in either fiat currency abroad or Bitcoins (or goods) and smuggle everything out by boat. I doubt Cyprus is rich enough to do proper patrolling. To be sure, go with a lot of guys and be armed to the teeth (the Italian mafia is rather close).

Exactly, there are many offers for you money to escape Cyprus banking jail for 10-15%
But these offers does not work for amounts over 100k which were expropriated in March because that money are just lost.

wachtwoord

legendary

Activity: 2324

Merit: 1125

Quote from: zeroday on September 12, 2013, 04:22:12 AM

Quote from: cr1776 on September 11, 2013, 06:57:53 PM

Hi,
As long as we're asking, can people purchase things from overseas without running afoul of the capital controls? e.g. a new server, ASIC miner, 70 inch plasma TV, new car? I'm just curious how trade hasn't completely stopped given the capital controls.

Some extractions from Capital control "Decree":

Code:

 - The maximum amount of cash withdrawal shall not exceed €300 daily, per natural person or €500 daily per legal person...
 - €3.000 of cash per natural person can be taken abroad. It should be emphasised that the €3.000 should be withdrawn via the daily limit of €300.
 - The cashing of cheques is prohibited.
 - Cashless payment or transfer of deposits/funds to accounts held in other credit institutions within the Republic up to €15.000 per month per natural person.
 - Cashless payment or transfer of deposits/funds to accounts held in other credit institutions within the Republic for the purchase of goods and or services up to €300.000, per transaction
 - Allowed transfers of deposits/funds outside the Republic up to €5.000 per month, per person for each credit institution and or payment institution regardless of the purpose.

Here is full translation of Capital Control Decree:
https://www.laiki.com/EN/TheBank/Documents/Decree19EN.pdf

Here is FAQ and comments:
http://www.centralbank.gov.cy/nqcontent.cfm?a_id=12583&lang=en

This sounds like money smuggling can be a real business in Cyprus now. Some organized gang should offer to buy Cyprus cash for less then face value in either fiat currency abroad or Bitcoins (or goods) and smuggle everything out by boat. I doubt Cyprus is rich enough to do proper patrolling. To be sure, go with a lot of guys and be armed to the teeth (the Italian mafia is rather close).

zeroday

donator

Activity: 784

Merit: 1000

Quote from: cr1776 on September 11, 2013, 06:57:53 PM

Hi,
As long as we're asking, can people purchase things from overseas without running afoul of the capital controls? e.g. a new server, ASIC miner, 70 inch plasma TV, new car? I'm just curious how trade hasn't completely stopped given the capital controls.

Some extractions from Capital control "Decree":

Code:

 - The maximum amount of cash withdrawal shall not exceed €300 daily, per natural person or €500 daily per legal person...
 - €3.000 of cash per natural person can be taken abroad. It should be emphasised that the €3.000 should be withdrawn via the daily limit of €300.
 - The cashing of cheques is prohibited.
 - Cashless payment or transfer of deposits/funds to accounts held in other credit institutions within the Republic up to €15.000 per month per natural person.
 - Cashless payment or transfer of deposits/funds to accounts held in other credit institutions within the Republic for the purchase of goods and or services up to €300.000, per transaction
 - Allowed transfers of deposits/funds outside the Republic up to €5.000 per month, per person for each credit institution and or payment institution regardless of the purpose.

Here is full translation of Capital Control Decree:
https://www.laiki.com/EN/TheBank/Documents/Decree19EN.pdf

Here is FAQ and comments:
http://www.centralbank.gov.cy/nqcontent.cfm?a_id=12583&lang=en

freedomno1

legendary

Activity: 1834

Merit: 1094

Learning the troll avoidance button :)

Quote from: Carlton Banks on September 11, 2013, 10:46:46 AM

Quote from: freedomno1 on September 11, 2013, 01:32:05 AM

Zeroday since your from Cyprus and your account was robbed by Laike Bank I would like to hear your opinion on Neo @ Bee for Cypriots.
Seems like an interesting development and a great place to start bitcoin adoption.

Just some background info

Neo offers Cypriot residents depository and financial services. Customers can open demand deposit, savings, business, and merchant accounts. Though all customer deposits are held in full reserve in Bitcoin, many customers will use Euro-pegged accounts, allowing them to interact with their money like they would with Euro deposits at any traditional bank. Accounts will also be available that offer full exposure to the Bitcoin price level. Regardless of which currency they bank in primarily, all customers can seamlessly deposit, withdraw, or transfer either Bitcoin or Euros. Neo simplifies Bitcoin usage, to enable simple, easy transfers without requiring understanding of the complex technology. Neo will comply with all applicable financial and banking laws and regulations. The Flagship Branch and second branch are both planned to open in February 2014.
https://bitcointalksearch.org/topic/ipvo-multiple-exchanges-neo-bee-lmb-holdings-289730

I've taken a look at this thread, and the bank is heavily dependent on the future success of the BTC exchange rate. They argue that a combination of new deposits into the bank re-directed at the BTC market, as well as their reserve funds, will all cover the risk, but it sounds like a gamble to me. Think carefully about this sort of model and the risks it carries.

Thanks for the reply was looking to Zeroday but yours is nice as well

Considering Zero has gotten out of the Cyprus fiasco altogether just wanted an honest opinion on it.
That said you should post in the security thread we don't bite much XD (_{except in labcoin where ponies rule})

cr1776

legendary

Activity: 4256

Merit: 1313

Hi,
As long as we're asking, can people purchase things from overseas without running afoul of the capital controls? e.g. a new server, ASIC miner, 70 inch plasma TV, new car? I'm just curious how trade hasn't completely stopped given the capital controls.

I'm sure everyone here feels for you.

Quote from: zeroday on September 11, 2013, 05:24:23 PM

Quote from: wachtwoord on September 11, 2013, 04:08:15 PM

Are the cash withdrawal limit waves already? If so, it's not that hard to get the cash out. If this is true I'd advise anyone to do this ....

Capital control is still enforced. ATM limits are the same. From personal account you cannot withdraw more than 300 EUR daily. 5000 EUR is maximum monthly allowance for transfers abroad.
Business accounts can transfer more but every wire to be approved by bank (and they often refuse).

zeroday

donator

Activity: 784

Merit: 1000

Quote from: wachtwoord on September 11, 2013, 04:08:15 PM

Are the cash withdrawal limit waves already? If so, it's not that hard to get the cash out. If this is true I'd advise anyone to do this ....

Capital control is still enforced. ATM limits are the same. From personal account you cannot withdraw more than 300 EUR daily. 5000 EUR is maximum monthly allowance for transfers abroad.
Business accounts can transfer more but every wire to be approved by bank (and they often refuse).

ronimacarroni

full member

Activity: 140

Merit: 100

Quote

The fight isn't between the left and the right, but the free and the ones who want to control and enslave them by hook or by crook.

please refer to the diagram

wachtwoord

legendary

Activity: 2324

Merit: 1125

Quote from: cr1776 on September 11, 2013, 01:19:02 PM

Wow. So there are two (or more) types of Euros now. So much for a single currency! It seems difficult to believe that this can last over the long term, but perhaps because Cyprus is relatively smaller than say Germany, it can be done.

Quote from: zeroday on September 11, 2013, 01:08:52 PM

Got some interesting news from my colleagues in Spain.

They confirmed that Spanish banks instructed to freeze any account which receives incoming transfer from Cyprus.
Another European countries may have similar practice.

Looks like EURO hold in Cyprus is "tainted" and is not welcomed in many European countries.

Are the cash withdrawal limit waves already? If so, it's not that hard to get the cash out. If this is true I'd advise anyone to do this ....

cr1776

legendary

Activity: 4256

Merit: 1313

Wow. So there are two (or more) types of Euros now. So much for a single currency! It seems difficult to believe that this can last over the long term, but perhaps because Cyprus is relatively smaller than say Germany, it can be done.

Quote from: zeroday on September 11, 2013, 01:08:52 PM

Got some interesting news from my colleagues in Spain.

They confirmed that Spanish banks instructed to freeze any account which receives incoming transfer from Cyprus.
Another European countries may have similar practice.

Looks like EURO hold in Cyprus is "tainted" and is not welcomed in many European countries.

zeroday

donator

Activity: 784

Merit: 1000

Got some interesting news from my colleagues in Spain.

They confirmed that Spanish banks instructed to freeze any account which receives incoming transfer from Cyprus.
Another European countries may have similar practice.

Looks like EURO hold in Cyprus is "tainted" and is not welcomed in many European countries.

Carlton Banks

legendary

Activity: 3430

Merit: 3080

Quote from: freedomno1 on September 11, 2013, 01:32:05 AM

Zeroday since your from Cyprus and your account was robbed by Laike Bank I would like to hear your opinion on Neo @ Bee for Cypriots.
Seems like an interesting development and a great place to start bitcoin adoption.

Just some background info

Neo offers Cypriot residents depository and financial services. Customers can open demand deposit, savings, business, and merchant accounts. Though all customer deposits are held in full reserve in Bitcoin, many customers will use Euro-pegged accounts, allowing them to interact with their money like they would with Euro deposits at any traditional bank. Accounts will also be available that offer full exposure to the Bitcoin price level. Regardless of which currency they bank in primarily, all customers can seamlessly deposit, withdraw, or transfer either Bitcoin or Euros. Neo simplifies Bitcoin usage, to enable simple, easy transfers without requiring understanding of the complex technology. Neo will comply with all applicable financial and banking laws and regulations. The Flagship Branch and second branch are both planned to open in February 2014.
https://bitcointalksearch.org/topic/ipvo-multiple-exchanges-neo-bee-lmb-holdings-289730

I've taken a look at this thread, and the bank is heavily dependent on the future success of the BTC exchange rate. They argue that a combination of new deposits into the bank re-directed at the BTC market, as well as their reserve funds, will all cover the risk, but it sounds like a gamble to me. Think carefully about this sort of model and the risks it carries.

cr1776

legendary

Activity: 4256

Merit: 1313

He didn't get any of the amount he showed he lost back, no. Most of his account was lost to the power-hungry and money-hungry politicians who want to buy votes any way they can, that was the "over 700k" lost out of around 850k if I remember correctly.. :-)

This is a long thread, and I can only imagine how upset zeroday was when it happened and now, but he seems to have voted with his feet and gone to a better jurisdiction.

Quote from: b!z on September 11, 2013, 08:19:17 AM

I haven't read all of the posts in this thread (yet), did the OP get any money back?

Dusty

hero member

Activity: 731

Merit: 503

Libertas a calumnia

Quote from: Lohoris on September 08, 2013, 03:40:34 PM

It's like an evil corporativism pretending to be partially capitalistic partially socialistic, basically getting the worst of both worlds.

+1

That's a nice summary, and it's exactly how I see it.

Topic: My bank account's got robbed by European Commission. Over 700k is lost. - page 33. (Read 408501 times)