Post
Topic
Board Speculation
Re: Just moved half of my funds off Bitstamp back into nice safe and warm Bank Konto
by
MatTheCat
on 17/03/2014, 18:00:52 UTC
the safety of my EUR bank account.

I don't know what country you are in but the words "safety" and "EUR bank account" aren't exactly compatible.

http://www.zerohedge.com/news/2013-09-26/cyprus-style-wealth-confiscation-starting-all-over-world

http://www.zerohedge.com/news/2014-02-16/money-launderer-until-proven-innocent-italy-imposes-20-tax-withholding-all-inbound-m

Now, I'm not questioning your assertion that BTC is in a bearish spiralling down-trend of doom, nor am I questioning your decision to move funds out of Bitstamp. I'm just questioning why on earth you'd move it to a EU bank account instead of gold or silver or a chinese exchange where it could sit as yuan or any other number of much safer means of storing wealth.

As I said, I don't question your decision to move out of Bitstamp. I'm just saying that I personally would rather put all my funds in DOGE (or any other fad scamcoin) than store it in a EU bank account.

I might have bought all that emotionally appealing reactionary shit one day, but I don't anymore. My euro bank account is in Germany. As far as the EU goes. Germany is The Man. If there are further Euro crises, it won't be the German financial system that takes the hit.

The problem with putting money into gold or silver is that there is a time delay and high dealer premiums to be paid. Even using an allocated account service such as GoldMoney (where I still have a small amount of silver), turning fiat into silver costs 4.5% and into gold costs 2.5%. I may yet do that, but I would have to look much more closely at the pm markets and decided upon a good entry point.

But in the meantime, if I don't believe that Bitcoin is going to be doing very much, am I going to be better off holding my capital in USD form on Bitstamp or in EUR form with a German bank from which it would take just one day to get back to Bitstamp if I decide that it is needed there? Methinks that the answer to that is quite obvious.