Author Topic: Greece Begins Confiscating Deposits Of "Small Debtors"  (Read 1648 times)

Offline TreasureSeeker

  • Jr. Member
  • **
  • Posts: 41
    • TreasureQuarry Litecoin Mining Pool
Greece Begins Confiscating Deposits Of "Small Debtors"
« on: April 26, 2015, 10:49:27 PM »
http://www.zerohedge.com/news/2015-04-26/capital-controls-arrive-greece-begins-confiscating-deposits-small-debtors

Quote
So there it is:  the first indication that Greeks may soon be Cyprus’d

Time for Greek citizens to protect their money from being seized by converting their money to Litecoins!

Offline Horribleaim

  • Newbie
  • *
  • Posts: 1
Re: Greece Begins Confiscating Deposits Of "Small Debtors"
« Reply #1 on: April 28, 2015, 01:29:11 PM »
This gives me hope that people will start realizing how pointless paper money is.

Offline TreasureSeeker

  • Jr. Member
  • **
  • Posts: 41
    • TreasureQuarry Litecoin Mining Pool
Re: Greece Begins Confiscating Deposits Of "Small Debtors"
« Reply #2 on: May 02, 2015, 09:01:23 PM »
Indeed, and if anyone thinks the debt-ridden printing-press of fiat money is in trouble now (which it certainly is), by 2035, if the existing fiat money systems last that long, the fiat system is looking into an unescapable chasm.

Offline GunXpatriot

  • Jr. Member
  • **
  • Posts: 113
Re: Greece Begins Confiscating Deposits Of "Small Debtors"
« Reply #3 on: May 04, 2015, 02:18:02 AM »
The main thing that still gets me about paper money, especially in the U.S., is that for every year that goes by, the USD is worth 95% of it's previous year's value. If that's not enough to convince someone that there MIGHT be an alternative to paper money...

I've heard that, "It's been found that deflation is a lot more harmful than inflation..." Well, when Bitcoin reaches the end of its lifespan, only deflation is possible, but it has to be better than 5% less value every year. Deflation will only cause it to become more scarce, and therefore increase in value. The endless printing of paper money is going to catch up to us one day, and no one cares, and no one realizes that they suffer with a weaker dollar every day while banks, etc get to spend that money at their highest point...

It sucks. But it's the main reason I've invested into cryptos a decent amount.

Offline zollen

  • Jr. Member
  • **
  • Posts: 176
Re: Greece Begins Confiscating Deposits Of "Small Debtors"
« Reply #4 on: May 12, 2015, 04:59:00 PM »
Would US treasure bills, foreign stocks/bonds/money market funds, Gold, foreign currencies, off-shore accounts, off-shore estates are viable alternatives for moving money away from Greece? I am no fan of paper money,  but I would like to think there are many other options before even considering cryptos.

Offline artilectinc

  • Litecoin Association Member
  • Elite Member
  • ***
  • Posts: 2138
  • Troll Paladin
Re: Greece Begins Confiscating Deposits Of "Small Debtors"
« Reply #5 on: May 12, 2015, 05:04:20 PM »
Would US treasure bills, foreign stocks/bonds/money market funds, Gold, foreign currencies, off-shore accounts, off-shore estates are viable alternatives for moving money away from Greece? I am no fan of paper money,  but I would like to think there are many other options before even considering cryptos.

The current financial system allows for institutions to claw back funds or request funds that were transferred out to be frozen.  You need to have full control over your assets to prevent that from happening and be sure that no 3rd party can intercept your conversion to that asset. 

Offline treasure_finder

  • Litecoin Association Member
  • Sr. Member
  • ***
  • Posts: 537
Re: Greece Begins Confiscating Deposits Of "Small Debtors"
« Reply #6 on: May 12, 2015, 08:24:31 PM »
Would US treasure bills, foreign stocks/bonds/money market funds, Gold, foreign currencies, off-shore accounts, off-shore estates are viable alternatives for moving money away from Greece? I am no fan of paper money,  but I would like to think there are many other options before even considering cryptos.

All of those (except gold) require third parties to facilitate purchases and transfers.  If the gov't forbids those purchases and transfers, you're out of luck.  Gold can be a good buy as long as you're staying put.  Once you decide to leave, gold can prove to be difficult to physically sneak out of a country; if you're caught, agents of the state will take it. 

Where crypto currently out-performs every other asset class is the ability to cross over any national or tax border without the risk of having it confiscated by the state.