Post
Topic
Board Economics
Re: Medium of Exchange vs Store of Value - and effect on BTC worth
by
Impaler
on 07/12/2013, 18:46:05 UTC
What happens when the government is the thief?

Cyprus was just a test case. All members of the EU are essentially governed by a central authority - somewhere north of 50% of all laws are made by them, and the rest fall within the borders of those 50%+. Any of the member countries could wake up on monday to find their bank accounts have shrunk by whatever arbitrary percentage.

What makes you think that a Bank in Cyprus that had held BTCs would have been immune to the haircut?  Once you put a deposit in a bank your trusting not the currency but the banking system and government.  Thus your point is irrelevant, try addressing the actual point I made, if you disagree explain how the BTC network BACKS Bitcoin.