Topic: My bank account's got robbed by European Commission. Over 700k is lost. - page 7. (Read 408455 times)

Russia Today is anything, but a "free speech" outlet.  More like a device for Moscow propaganda and lies.

http://www.bbc.com/news/world-europe-37677020

Now Italy?
https://bitcointalksearch.org/topic/italian-bank-problems-and-bitcoin-1546755

If you got your lawyer and bank to sign a contract where they state that the money wouldn't be taken, you could take them to the high court to get the money back.

You still have around £200000 in your business and can emloy your employees for some time at least.

This really worsens the problem as your country will become poorer from this happening (fewer employed → fewer working → less taxes paid).

Also, paying poeple in Bitcoin means they need internet and money to start work. Though you would manage to avoid income taxes.

When politics are tied to money in a way that even the "officially approved" government notes are subject to arbitrary confiscation, trust in government will erode. Even worse, businesses might feel that there is no legally safe way to operate and close shops. Entrepreneurship will be seen as not worth the risk. The economic damage can be highly significant and outmatches the potential short term benefits for the government of making a quick buck to remain solvent to a great margin.


The population will pay via taxes. But it will not be direct taxation, it will be indirect taxation by printing more money, sugarcoated as "Quantitative Easing". That's a much better option for the government than direct taxation, because the cause of the negative impact for the people can be disguised. Debts will be payed at ease with newly generated money, but the value of fiat money will deteriorate because of it. It is already happening in front of our eyes.

ya.ya.yo!

Not sure this is new, any amount of cash notes or coins near 10,000 can be seized without trial and held indefinitely.   A few business which deal with cash have been taken over this way just because they might be a drug operation due to the cash, as the money taken is their float not profits but required to buy stock then it can mean employees just lose their jobs as police think the worst.


This is a logical end game to centralised money, Federal banking or in Europe the ECB.    The definition of capitalism is worth held by the people and with the producers, ie. normal business operated by private people.     When each note is tied to politics with nothing fixed in demand it can just be altered to suit the 'needs of the many'   Overnight that worth that was in the notes is switched to keep a bank alive somewhere and the people pay for what politics thinks is correct



Some people will even agree all money belongs to government, people just lend it.   When they talk of QE I see thats how it'll end up, the books will be balanced by deducting a certain interest payment chargeable to every holder of dollars.  I dont think they can repay all government debt without the attitude of making all of the population pay for it via Taxes; not income that year just every penny you ever earnt is reduced

When reading those stories about the card readers (they can check accounts of debit and credit cards and also make transactions) I keep thinking: but those are not FUNDS (in case of a credit card), that money is actually going to be borrowed and have to be payed back by the victim. Jesus Christ, now these cops can just steal money from people they don't even have.

People,... buy more bitcoin.

The safest bet for the case quoted above would be to have an offline vault in Armory, with a paper backup stored off-shore.

A brainwallet would also be nice, but if you get amnesia your assets would be lost forever.

Even hardware wallets could be not so safe in such instance. Just encrypt redundant backups.

Are you familiar with the basic elements of a free society?
"Taxation is theft", correct?

It seems like this is going to be a decade of financial theft.

Oklahoma just passed a law that police can seize funds if the "suspect" it was obtained illegally. They have card readers and everything.

Sorry but wtf are you ranting about? How is it relevant to this thread?

I'm a bit hesitant to explain this because I suspect that the confusion comes from you not understanding what inflation is, and it's just going to confuse you. But since you ask the member states print their own banknotes, with permission from the ECB. The bank notes are identically designed, except for the serial numbers, which allow you to tell which country they were printed for if you're interested. The coins are the same on one side, but the other side has a design on it particular to the member state that minted it. But economically it would make no difference if they were all minted in Brussels and shipped to the member states.

This is some seriously sad shit. Central banking and government employees will rob you blind

This reminds me more of the case of BurtW than the case on this thread... Anyways, this is pretty destructive.


Very curious, if this is true... My question is, won't this machine still need the PIN code from the card's owner?

And now a new dimension.
https://www.rt.com/usa/345932-civil-asset-forfeiture-digital-cards/

Got bitcoin?

This thread should be stored for all future warnings when someone is telling you money outside a blockchain is save. Traditional money is just book money and can be modified to the bankers will. Only Cash, precious metal or Crypto can give you real financial freedom.

Technically, the bank didn't steal it. The customer gave his money to the bank. In return the customer got a balance in a database: the bank owes him money. Now that the bank can't pay back the money, there's a debt. The bank goes bankrupt and basically defaults (partly) on its debt to the investors/customers.

Way it should be, really.

What's sad is that people are led to believe that "the bank will safekeep their money", while really they're just giving it to the bank to play with.

Tbh, that is not only unlikely but even impossible. The definition of "money" in Euro area is "banknotes issued by the ECB and its subsidiaries, and coins issued by national central banks, up to the limit of 50 coins per payment".

Banks do not hold customer money, hence cannot steal it.