Except for the fact that we don't yet know the full extent of the Cypriot haircut, but it looks that some will be paying way more than 7%. Closer to 15% for som

Except for the fact that we don't yet know the full extent of the Cypriot haircut, but it looks that some will be paying way more than 7%. Closer to 15% for some [1]. They've now extended the "bank holiday" to "Thursday" [2]. And at least BTC is convertible in a crisis without a central authority. If you can't get your money from the bank at all (which is the case with Bank Holidays) then it's not much good to you. In a systemic financial collapse, between having BTC on my local computer [3] and having numbers on a computer in a failed financial institution, I know which one I'd rather have. You may feel differently, and that's fine. [1: http://www.zerohedge.com/news/2013-03-18/worst-case-big-depositors-cyprus-1526-haircut http://www.zerohedge.com/news/2013-03-18/worst-case-big-depo... ] [2: http://www.zerohedge.com/news/2013-03-18/cyprus-bank-holiday-gets-another-extension-bank-reopening-now-set-thursday http://www.zerohedge.com/news/2013-03-18/cyprus-bank-holiday... ] [3: Well, the private key assosciated with the BTC blockchain that those BTC are assigned to ]