Topic: [RISK ADVISORY]Risk of confiscation of deposits not directly connected to Cyprus (Read 708 times)
March 18, 2013, 07:54:00 PM
I've been anticipating savings and pensions of various forms being directly appropriated for well over a decade now. Back in the mid 2000's I thought it would likely happen in 2012. I was wrong-ish in that I figured it would be sudden and widespread rather then corrosive via the inflation and corporate restructurings we see in the US. But it's not to late for that form either.
Anyway, I didn't dream up the word 'appropriated' to characterize this form of wealth transfer. I don't recall exactly who did, but whoever it was made me a lot of money as I've been on the prowl for vehicles which could limit my losses under such a regime for a long time. And they've done well as flat-out investments in addition to providing the protection I'd been seeking.
BTW, in my view of things the 'upward wealth transfer' is a done deal. It's been ongoing for years. Reaching into people's accounts directly would simply be the capstone on the program in order to balance things up.
March 18, 2013, 07:18:35 PM
The Cyprus contagion and reports of OKpay charging debit card accounts 10% "tax" indicate high risk of confiscation of money in various and unexpected forms from parties that have no direct connection to Cyprus or to EU.
Consider keeping as many of your Bitcoins as practical in a walllet controlled by you only. Consider converting fiat you may have with various exchanges and merchants and financial institutions into Bitcoin and withdrawing it into a secure Bitcoin wallets where no element of trust to any 3rd party is involved. There is a high risk that some exchange or merchant exposed directly or indirectly to Cyprus deposit confiscation or to possible bank run fallout in some other form will OKpay you.
You never know which exchange or merchant is exposed to the Cyprus contagion or possible EU wide bank run fallout.
Retreat to safety of properly secured Bitcoin wallet until the shit storm is over.
Consider keeping as many of your Bitcoins as practical in a walllet controlled by you only. Consider converting fiat you may have with various exchanges and merchants and financial institutions into Bitcoin and withdrawing it into a secure Bitcoin wallets where no element of trust to any 3rd party is involved. There is a high risk that some exchange or merchant exposed directly or indirectly to Cyprus deposit confiscation or to possible bank run fallout in some other form will OKpay you.
You never know which exchange or merchant is exposed to the Cyprus contagion or possible EU wide bank run fallout.
Retreat to safety of properly secured Bitcoin wallet until the shit storm is over.
Jump to: