Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

“My bank account's got robbed by European Commission. Over 700k is lost.”

bitcointalk.org

Post reply on HN
Print view View original

41–50 of 174 posts

Re: “My bank account's got robbed by European Commission. Over 700k is lost.”

#41

Post by pliny »

gurvinder wrote: post #36
pliny wrote: post #12

>I'm not Russian oligarch, but just European medium size IT business I fail to see the difference, honestly. The OP, by running a business within a society where many services essential to that business are provided by the government and paid for by the citizens and businesses within that society, profited directly from other people's taxes - but refused to contribute. I feel about as bad for him as I do for any of t…

"but refused to contribute." - Where did you get this? Why you say he refused to contribute? He had operations in Cyprus with employees in Cyprus, He was not operating in one country while using bank accounts of Cyprus.

I read some other pages in that thread and I think you are right, I assumed that since he claimed he would move his money to an account in the Caribbeans that the Cyprus account was used for tax evasion.

If he is a Cypriot, or his account was used for managing a business in Cyprus rather than avoiding taxes in his home state, then he was just a victim of bad politics and bad financial management.

Re: “My bank account's got robbed by European Commission. Over 700k is lost.”

#42

Post by frozenport »

cynicalkane wrote: post #25
rayiner wrote: post #15

Yes, blame Angela Merkel and not the bank executives at your bank that loaded up on Greek debt while Greece was careening towards insolvency. I appreciate the PR nightmare here for the E.C. People are going to be madder at the E.C. for wiping out depositors at this unviable bank than they would have if the E.C. just let the whole Cypriot banking sector collapse and let everyone lose their money. See: http://online.ws…

Blaming evil banks and profligate creditors while tightening the money supply wasn't a particularly fruitful thing to do the last time there was a global economic crisis, and a whole lot of modern macro was about not repeating that mistake. Then the world goes around and repeats the same offenses, and the public once again buys the easy, moralistic stories. Bleh. The fact of the matter is that the Eurozone is a bad i…

The Eurozone is structured to suck the money out of peripheral economies in times of crisis

It seems like Greece is doing much of the sucking, much to the chagrin of their stern German neighbors.

I don't see the Euro as structurally deficient, I really think this problem is a due to Greek culture in the early 2000s being incompatible with the EU. Remember that Cyprus is a very small country, being half the size of Pittsburgh.

I think many people forget why the Euro exists. It exists to grow trade and foster connections between European countries, and it serves to level them and their societies. This is a social agenda. If Greece stays in the Euro their culture will have changed for the better.

Re: “My bank account's got robbed by European Commission. Over 700k is lost.”

#43

Post by gurvinder »

niggler wrote: post #5

This fellow is using Laiki bank, and the Cyprus Finance Minister said that they would be seeing an 80% haircut. Relevant: https://twitter.com/finansakrobat/status/316813023639646208

Not 80% haircut. You will get only 100k Euros which is insured, rest is all gone. Bank is being dissolved.

Re: “My bank account's got robbed by European Commission. Over 700k is lost.”

#44

Post by Samuel_Michon »

zwegner wrote: post #27
Samuel_Michon wrote: post #3

Comment #7 in that thread says it all: “So you trusted a small tax haven island with your money. The plan failed. Your next step: trusting even smaller tax haven island with your money. Pure logic.”

The OP seems to imply later in the thread that the company is based in Cyprus: "I've already sold a part of my bitcoins to cover emergency needs. But I don't plan to recover my business in Cyprus. Instead, I'm moving to another country outside EU."

In several comments he talks about Russians being victimized. He also states he'll be moving his company to a small Caribbean country, while he describes it as a “European medium size IT business”. So his company may be registered in Cyprus (and in the future, somewhere in the Caribbean), it's likely that that's not where the activity happens. (How large do you think the market for IT services is on Cyprus or on Caribbean islands? And if you had a medium size IT business, would you suddenly move all your employees to the other side of the globe, where you have no clients?)

Re: “My bank account's got robbed by European Commission. Over 700k is lost.”

#45

Post by gurvinder »

aaron695 wrote: post #19

Putting money in an uninsured bank is an investment the same stocks or property. If the asset you invest in fails you lose your money. Don't see how this is the European Commission robbing anyone. I thought (But could be wrong) without the bailout all the money would be lost. Isn't this them giving someone who's lost it all 20% of their money back?

So where you suggest people should keep their money if the only insurance they can get for their deposit is Euro 100k ? Matresses? Safes?

Bailout or no bailout, all money in Laikie is lost except what was insured.

Some interesting points 1) Laikie bank also had a loan of 9 Billion from ECB, that won't be written off , even though depositor's money is written off. That loan will be transferred to Bank of Cyprus. 2) Out of this 9 Billion half was used by Greek branches which are not effected as sold to a greek bank, even then Bank of Cyprus will have to pay full 9 Billion. 3) If you had a mortgage with same bank for 300k , and had 300k Deposit, only Deposit will be reduced to 100k , but you will still owe the bank 300k loan, as they are transferring all good loans to Bank of Cyprus.

I can go on with more points to prove that its unfair politics just to give a message to Rich Russians to send their money to Germany instead of keeping it in Cyprus.

After the crisis, German banks are trying to put full page Ads in Cypriot newspapers both in English and Russian saying that their money will be safer in Germany!!!

Re: “My bank account's got robbed by European Commission. Over 700k is lost.”

#46

Post by rmp2150 »

cynicalkane wrote: post #25
rayiner wrote: post #15

Yes, blame Angela Merkel and not the bank executives at your bank that loaded up on Greek debt while Greece was careening towards insolvency. I appreciate the PR nightmare here for the E.C. People are going to be madder at the E.C. for wiping out depositors at this unviable bank than they would have if the E.C. just let the whole Cypriot banking sector collapse and let everyone lose their money. See: http://online.ws…

Blaming evil banks and profligate creditors while tightening the money supply wasn't a particularly fruitful thing to do the last time there was a global economic crisis, and a whole lot of modern macro was about not repeating that mistake. Then the world goes around and repeats the same offenses, and the public once again buys the easy, moralistic stories. Bleh. The fact of the matter is that the Eurozone is a bad i…

The events unfolding in the Eurozone is the result of it being only a monetary union instead of a fiscal and monetary union. Milton Friedman predicted this would happen in '04.

Re: “My bank account's got robbed by European Commission. Over 700k is lost.”

#47

Post by pliny »

Shenglong wrote: post #37

Background and summary (forgive me if some details need correcting): Cyprus is a tiny country with a GDP not much higher than Tim Hortons. Yet, it had something like 150 billion in private funds stored in two of its banks: the Bank of Cyprus and Lakie. Why? Because the majority of the funds (I am generalizing) belongs/belonged to Russians who took advantage of the people on the conversion out of communism (dirty mone…

>because a large portion of the Cyprus population are of Greek descent. Thus, when the banks were figuring out where to invest, a large portion of the funds went to Greece

What a responsible investment strategy.

'What should we invest all this Russian gangster money in?'

'Well, I like goat cheese.'

Re: “My bank account's got robbed by European Commission. Over 700k is lost.”

#48

Post by sbierwagen »

mkdir wrote: post #23
pliny wrote: post #12

>I'm not Russian oligarch, but just European medium size IT business I fail to see the difference, honestly. The OP, by running a business within a society where many services essential to that business are provided by the government and paid for by the citizens and businesses within that society, profited directly from other people's taxes - but refused to contribute. I feel about as bad for him as I do for any of t…

I'm not sure why, but natermer's past several posts are all dead. He wrote: > The people running the government, which uses the taxes to secure loans that they have no intention on paying back, in order to prop up a failing economy that is failing because of the rules and regulations that are setup to maximize the illigit profit for said people running government.. those are the real gangsters. > Most large state gov…

  I'm not sure why, but natermer's past several posts are all dead.
He was hellbanned in this thread: https://news.ycombinator.com/item?id=4276766

Re: “My bank account's got robbed by European Commission. Over 700k is lost.”

#49

Post by gurvinder »

Samuel_Michon wrote: post #44
zwegner wrote: post #27

Earlier quoted context omitted.

The OP seems to imply later in the thread that the company is based in Cyprus: "I've already sold a part of my bitcoins to cover emergency needs. But I don't plan to recover my business in Cyprus. Instead, I'm moving to another country outside EU."

In several comments he talks about Russians being victimized. He also states he'll be moving his company to a small Caribbean country, while he describes it as a “European medium size IT business”. So his company may be registered in Cyprus (and in the future, somewhere in the Caribbean), it's likely that that's not where the activity happens. (How large do you think the market for IT services is on Cyprus or on Cari…

So you seem to imply that all companies which are based on Silicon Valley have their clients in Valley?? Their are IT companies based in Cyprus which have clients all over Europe, and also Globally.

Re: “My bank account's got robbed by European Commission. Over 700k is lost.”

#50

Post by fakeer »

Shenglong wrote: post #37

Background and summary (forgive me if some details need correcting): Cyprus is a tiny country with a GDP not much higher than Tim Hortons. Yet, it had something like 150 billion in private funds stored in two of its banks: the Bank of Cyprus and Lakie. Why? Because the majority of the funds (I am generalizing) belongs/belonged to Russians who took advantage of the people on the conversion out of communism (dirty mone…

So, if some country (and as you say Europe) where still primary mode of parking your earnings is banks what are other options to play safe in case such a seizure happens? Real estate is one I can see. What else? Gold, you will have to keep in a bank in the end. What about shares, aren't they somehow related to sth deposited in a bank? I mean, how do you safeguard your savings then?
Post reply on HN