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Two things they are known for; Not allowing very large balances to be withdrawn at once. Complying with asset freeze orders.
by epanchin 8y ago
Two things they are known for;
Not allowing very large balances to be withdrawn at once.
Complying with asset freeze orders.
- Cthulhu_ 8y agoAnd you think this bank (re: the article) falls outside of those? You won't be able to get your btc out quickly in this one either. Same with online exchanges for that matter. They also have much lower transaction fees.
- coryfklein 8y agoExchanging directly for cash at or above market rates is definitely practical with LocalBitcoins. There are a large number of brokers there that do it professionally and value their reputation on the platform much higher than they value the potential for ripping you off. Of course, if you need to liquidate $1B in Bitcoin, that's going to take time, but you can still do it much faster than you could get it out of a Cypress bank in 2014.
- st1ck 8y agoAFAIK those who had more than €100k in deposits just plainly lost a portion of their money: https://www.reuters.com/article/cyprus-bankofcyprus/cyprus-central-bank-announces-47-5-percent-haircut-on-large-bank-of-cyprus-deposits-idUSL6N0G033120130730 https://www.reuters.com/article/cyprus-bankofcyprus/cyprus-c...
- UncleMeat 8y agoWhat is this threat model where if a government tries to freeze your assets having BTC stops everything bad? If a government is trying to freeze your assets you have a lot of other problems that are bigger than simply not having access to your bank account.
- gamblor956 8y agoNot allowing very large balances to be withdrawn at once. Wait, are we talking about MtGoX? Or Coinbase? Or Bitfinex? Or any of the many smaller exchanges that did the same thing right before they collapsed?