Quote from: molecular on February 23, 2015, 09:39:48 PM

Quote from: KizerWilhelm on February 23, 2015, 08:15:07 PM

I wonder if there is any chance of recovering your lost 700,000K? Insurance?

deposit insurance covering would amount to pretty much the same as a bailout, no? The idea of a bailin is to not do that.

What happened is that:

- A bank is an entity borrowing money from the markets and from depositors, and lending it to businesses etc
- It was believed that some banks were insolvent, ie. could not liquidate enough money from their lending side to cover their borrowing side
- In this case law says that it should at least be tried, and if not enough money is gotten, bank goes belly up and depositors and markets lose a part
- What was done is that it was not even tried, and one part of the bank's creditors (depositors) were just robbed of their money, to ensure that the other part (markets) could be made whole. The debtors were not touched.

It is only a test to check if people have a semblance of financial sanity left, expressed by global indignation and refusal to submit to it even one more time, and BTC price exploding because no one will trust in any bank.

It is like a pink flashing puma-like flying object that explodes in the air and the ripples find their ways to everybody's (who is not smoking a cigar) head, smearing them as if it was bubble gum. If people just shrug, even crazier things will happen next time.