Topic: My bank account's got robbed by European Commission. Over 700k is lost. - page 5. (Read 408494 times)

Nobody took the money. It simply disappeared in failed investments. You can blame the bank but banks operate in a regulatory environment, the regulators failed to address the problem in time.

Many on here, especially US citizens, want less regulation, well, there are consequences.

The US didn't manage to really regulate its financial institutions after the last crisis, Trump is unraveling the few regulations there are, so another crisis is now on the horizon.

This is why i really hate banks because they are robbing people and you will not have any rights for that to get back the money because they are so powerful since they got the money and the support of the government. Government and banks are one of the robbers that i know that most of the people didn't realized so for me it is better to trust digital money rather than those two.

.... and if you want fiat in digital form, which is most convenient, then you must have it in a bank or other third party. Bitcoin is the first digital money form you can possess and control (own) for yourself, i.e. without a third party.

This, if you are not the only person controlling your fiat then you are not the owner of that fiat, the moment you decide to put your money in a bank that money belongs to the bank and not to you, it is the same principle that applies in bitcoin, if you do not own your private keys then you do not have bitcoin.

To set it a basic way:If your money is in a bank, it is no more time your income, it is the bank's and they might do whatsoever they damn nicely please with it. Financial institutions are previously mentioned the regulation, they reply to actually no one.

Appear on Matthew, it truly is your very own money your taking. You're just avoiding individuals from thieving your money. It is not your fault nor your responsibility that they are thieving from other folks.

First mistake, its not your money.    All our national currencies are central banking operated.    So the capital value is decided by a central point, top down system.    If they want to make your money worth zero they can do it, 'For the greater good'  


Actual capitalism, that ancient mystical fabled system of worth is not what we have exactly.   It'd be nice to hear this opinion sometime but nobody on tv or newspaper will ever say it, capital distributed by the people and with the people is what capitalism actually is.

Central banking has a relation to communism, if you look up the origins of the USSR it can found there as a system that favours that 'greater good' idea where they can just overnight change your paper to favour a bank.   That can happen now, the reason it does not is because it'd upset the perception of value.  Disorderly markets is a fear of the FED but also it might bring on reforms that threaten the FED itself, clearly the FED is a failure with 2008 likely to repeat it does not dispel failed market systems it can cause them.
   So the shift of value from people to a central point of control is down gradually, Cyprus is a more obvious failure by central banking but its a general policy to do similar gradually.  QE favours the central banks, inflation and the gov bond system is the justification for all these measures.  Government will take care of the people but it must take money in order to do so.

This guy losing his 700k was an involuntary donation to the state.   In some ones mind out there it is justified.  Lets hope they used his money wisely but we know government loses money constantly.  Inefficient in everything it does, sometimes corrupt sometimes incompetent.   He got poor value for his citizenship sadly

I can't believe this.

$700,000 is more money than many people earn in their entire lives. Thinking about losing this much is disturbing... I feel your pain.

Obviously you had a reason for storing cash in a country like Cyprus instead of the country you do business in.
But let me ask you this. Is the bank insolvent or is this just part of the government taxation scheme?

If it's the later you shouldn't worry to much. You'll pay 5% on that deposit and get most of it back.

This is the reason why bitcoins are going to replace banks in the coming years. Banks are not reliable anymore. They do easily get hacked leaving customers bankrupt. Bitcoins are indeed far better, safer and profitable than banks. Banks are soon going to wipe out from the face of earth. Bitcoin wallets set you free from all extra charges and lend you complete authority over your money.

I'm not advocating for banks, I have very little cash on my bank accounts (more in various stock investments, that should survive the bank failing, but you never know), however I've never heard positive things about bank runs, so if a law can prevent them from happening, I'm not opposed to it by principle.

If a bank run happens there is every chance that you won't be one of the lucky ones who get their money out before the bank collapses.

The article on ZH basically says that EU banks are insolvent and they are too afraid to be in a situation where everybody wants to withdraw their cash, means they don't have that many cash to support those withdrawal claims. That's too obvious.

If you keep your money in banks you are in danger. That's not limited with EU, that includes even USA or any other country exists.

Bitcoin is a lot safer than the banks to me, because I actually control my money unlike my bank account. Not safer than physical cash though. (I said safer, not more profitable)

More of this shit is coming to a bank near you.


European Union states are considering measures which would allow them to temporarily stop people withdrawing money from their accounts to prevent bank runs, an EU document reviewed by Reuters revealed.

The move is aimed at helping rescue lenders that are deemed failing or likely to fail, but critics say it could hit confidence and might even hasten withdrawals at the first rumors of a bank being in trouble.

The proposal, which has been in the works since the beginning of this year, comes less than two months after a run on deposits at Banco Popular contributed to the collapse of the Spanish lender.


http://www.zerohedge.com/news/2017-07-29/its-your-money-you-can%E2%80%99t-have-it-eu-proposes-account-freezes-halt-bank-runs

Got crypto?

and ironically a lot of the dirty money had left the country by the time they did the intervention, so mostly the locals were the victim

Really? where did you read this very good and deep financial analysis about 'tons of dirty money' and 'fiscal paradise'? Do you know any other worldwide paradises? What can you say about the Virgin Islands and the Luxembourg? 

   The causes of the crisis in Cyprus is largely due to the political treatment by the Cypriot government. In the election campaign in 2008, the president Christofias promised to conduct an expansionary fiscal policy through social transfers, which cost about 3 bln euros during a five-year term; it was the equivalent to 33.5% of the Cypriot GDP.
  Moreover, one of the major problems of the Cypriot banks were the unregulated lending, which was given for years and exceeded the needs of the Cyprus market and the strength of the economy.
  The other major problem was that the Cypriot banks holding Greek government bonds to an extent disproportionate to the size of the Cypriot economy (worth around 6 bln euros). A significant share of responsibility for this matter has the European Central Bank (ECB), which allowed the commercial banks of eurozone members to concentrate to such an extent distressed government bonds.

The OP would have lost his money anyway if nothing had been done. That's called a bankruptcy. There is even the word "bank" in it !

Cyprus was a fiscal paradise with low regulation and tons of dirty money, that's precisely why this happened.

they are handy for national politicians whenever they want to blame the EU for something, anything

but enforcement... there is no such thing as a federal agency or anything like that

I wasn't on Bitcointalk when this happened, but it sucks and i hope the OP got his money back. It terrifies me how the bank and the govt can take your money when they need it. I guess if I had that much money I wouldn't put it all in the same bank account.

New strike in the war on cash, now in Griechenland.
http://www.zerohedge.com/news/2017-01-03/greece-unleashes-soft-cash-ban

Like, if one would create an artificial monopoly by limiting people freedom to move, it would help?  As usual with monopolies, you'd get short-lived surge in monopolistic price of labour, and then people will work around the artificial limits.