5 ms·

How many Cypriots have recovered money from their stolen bank accounts? Quis custodiet ipsos custodes?

res0nat0r 13y ago
I'm in the USA and am keeping my money in a US bank. I'll stick with their track record and the FDIC before Bitcoin for the foreseeable future.
- FellowTraveler 13y ago
  Are you ignorant of the publicly-available plans to impose a Cyprus-style "haircut" on U.S. depositors? Bernanke stated at the FOMC Press Conference in March that such a haircut was possible.
  - res0nat0r 13y ago
    There are no such plans, at least in the real world. Infowars.com does not factor into US monetary policy decisions.
    - FellowTraveler 13y ago
      http://www.fdic.gov/about/srac/2012/gsifi.pdf http://www.fdic.gov/about/srac/2012/gsifi.pdf Resolving Globally Active, Systemically Important, Financial Institutions. "...An efficient path for returning the sound operations of the G-SIFI to the private sector would be provided by exchanging or converting a sufficient amount of the unsecured debt from the original creditors of the failed company [meaning the depositors] into equity [or stock]. In the U.S., the new equity would become capital in one or more newly formed operating entities...the highest layer of surviving bailed-in creditors would become the owners of the resolved firm. In either country, the new equity holders would take on the corresponding risk of being shareholders in a financial institution." ===> Sounds like what happened in Cyprus. They got stock in return for the haircut. No exception is indicated for "insured deposits" in the U.S. Bloomberg: "...Bank of America’s holding company...held almost $75 trillion of derivatives at the end of June..." ===> I don't know where you get your news, but I'm willing to bet that the sources you trust are not going to be talking about this until your haircut is complete. And when they do, they will probably blame it on "deregulation."
      - res0nat0r 13y ago
        There is currently zero chance of this happening, if you believe otherwise you are misinformed.
        FellowTraveler 13y ago
        "It could never happen here."
        res0nat0r 13y ago
        Note I said "currently". There is no realistic talk or any reason for this to happen in the current state of the US economy.

I'm in the USA and am keeping my money in a US bank. I'll stick with their track record and the FDIC before Bitcoin for the foreseeable future.

FellowTraveler 13y ago
Are you ignorant of the publicly-available plans to impose a Cyprus-style "haircut" on U.S. depositors? Bernanke stated at the FOMC Press Conference in March that such a haircut was possible.
- res0nat0r 13y ago
  There are no such plans, at least in the real world. Infowars.com does not factor into US monetary policy decisions.
  - FellowTraveler 13y ago
    http://www.fdic.gov/about/srac/2012/gsifi.pdf http://www.fdic.gov/about/srac/2012/gsifi.pdf Resolving Globally Active, Systemically Important, Financial Institutions. "...An efficient path for returning the sound operations of the G-SIFI to the private sector would be provided by exchanging or converting a sufficient amount of the unsecured debt from the original creditors of the failed company [meaning the depositors] into equity [or stock]. In the U.S., the new equity would become capital in one or more newly formed operating entities...the highest layer of surviving bailed-in creditors would become the owners of the resolved firm. In either country, the new equity holders would take on the corresponding risk of being shareholders in a financial institution." ===> Sounds like what happened in Cyprus. They got stock in return for the haircut. No exception is indicated for "insured deposits" in the U.S. Bloomberg: "...Bank of America’s holding company...held almost $75 trillion of derivatives at the end of June..." ===> I don't know where you get your news, but I'm willing to bet that the sources you trust are not going to be talking about this until your haircut is complete. And when they do, they will probably blame it on "deregulation."
    - res0nat0r 13y ago
      There is currently zero chance of this happening, if you believe otherwise you are misinformed.
      - FellowTraveler 13y ago
        "It could never happen here."
        res0nat0r 13y ago
        Note I said "currently". There is no realistic talk or any reason for this to happen in the current state of the US economy.