Interesting technological events are happening in Estonia right now.  Ever since the country started their E-Estonia citizenship program, a lot of interested parties have been keeping a close eye on the proceedings. Just last week, E-Estonia announced blockchain-based notary services thanks to a partnership with BITNATION.  But that is not all, as the Estonian government is asked to shed some light on their Bitcoin stance in the near future.

http://digitalmoneytimes.com/the-fate-of-bitco/

http://s12.postimg.org/yt2wefvot/popularbank2.png

The most of circulating assets on our business Current Account are blocked.
Over 700k of expropriated money will be used to repay country's debt. Probably we will get back about 20% of this amount in 6-7 years.

I'm not Russian oligarch, but just European medium size IT business. Thousands of other companies around Cyprus have the same situation.

The business is definitely ruined, all Cypriot workers to be fired.
We are moving to small Caribbean country where authorities have more respect to people's assets. Also we are thinking about using Bitcoin to pay wages and for payments between our partners.

Special thanks to:

- Jeroen Dijsselbloem
- Angela Merkel
- Manuel Barroso
- the rest of officials of "European Comission"



P.S. The worst thing is, that even a month ago I was suspecting that things can go wrong. In February, I several times called my banker and lawyer and asked them if money on the account is safe, mentioning that article in Financial Times. But they convinced me that there is no reason to worry, and even if country goes default, in no way current accounts may be affected. "This is European Union and banks here can't just grab your money and go" I was told.
I got a hard lesson and now I know the meaning of phrase "TRUST NO ONE".

---

[ 2013-04-01 11:32:19 PM Update ]
Source: cyprus-mail.com

Now we have untouchables whose accounts in Laiki Bank are not affected. This means that money expropriated from regular business, current and savings accounts will sponsor all other "tax exempt" accounts.

---

[ 2013-04-02 05:32:24 PM Update ]

I have news from a law company who are now working on class action lawsuit filed by the depositors of Laiki Popular Bank and The Bank of Cyprus.
At this moment they are gathering information from affected account holders with over 100k EUR amounts and looking for legal grounds to appeal the seizure of funds.

Our attorney assumes that, with the current situation, it is most likely that the depositors of Laiki Bank will eventually lose 100% of any amount over 100K EUR.
Although legal research is not yet finished, lawyers suspect that the whole situation with bailout is contrary to the constitution of Cyprus and the European Declaration of Human Rights.
We have already had precedents where local Cypriot lawyers backed by influential business figures have already won some small victories.

I'm asking everyone, who has affected account in Laiki Bank or The Bank Of Cyprus, to contact me regarding participation in the class action by sending me private message.

---

[ 2013-04-04 07:37:24 AM Update ]

Central Bank could face slew of lawsuits from depositors

---

[ 2013-04-10 06:41:50 AM Update ]
Today I've sold another part of my bitcoins and now I have money enough to completely pay off all our debts to customers and contractors.
Thanks to Lady Luck and Satoshi Nakamoto for the resurrection of my business!

I'm so inspired with bitcoin that I'm thinking about launching serious bitcoin related business project. Will announce it soon.



[ 2013-05-30 09:22:23 PM Update ]
The stealing of my money is now finalized.

Yesterday I looked at my Laiki account and found that frozen amount is not more shown on my balance.
100% of frozen funds is now appears as outgoing transaction to nobody with comment "DECREE".

Also there are some news from lawyers.


Also, there is recent translation of the "Capital Controls imposing DECREE"



[ 2013-07-10 10:49:23 PM Update ]
"Blocked Funds" amount has finally disappeared from our Laiki account. Bank told me it's "waived" (their interpretation of word "stolen"). We won't receive any bank shares as compensation for confiscated amount since the bank is liquidated.
The rest of the money (100k EUR) are still subject to Capital Control and we can only transfer 5K monthly.

Today I had a conversation with a manager from Laiki Bank.
He has been honest and confirmed that we may forget about anything over 100K as it's already spent to pay country's debts. Also, I was warned that the financial situation in the country is getting worse and worse and we should be ready to lose even part of insured (under 100K) money during this year (this is why they keep capital control enforced).

By the way, this style of "bank restructuring" is going to be adopted in the whole European Union.
Soon, everyone's uninsured money (over 100K EUR) in EU banks will be at risk of seizure.



/the material in this post can be used on any resources without any restrictions/

Hallo Leute,

der Preis des S7 ist heute drastisch gefallen

ANTMINER S7 BATCH 8
Speed:    4.73TH/S
Weight:    4.5 kg
Price:       3.1 BTC
               ( 1301.32 USD )


Was ist denn hier los? Der BTC Kurs ist nicht so stark angestiegen um das zu erklären. Sieht aus als ob Bitmain seine letzten S7 Batch 8 so schnell wie möglich loshaben will...

Warum nur?

--> Nächste Generation Miner die vielleicht schon werkeln, daher der starke Diff anstieg in der letzten Zeit

Raum für Spekulation ist da viel vorhanden, sagt aber bitte nicht das sind die Yesminers, da glaub ich nicht dran...
Ich bin gespannt was uns das Christkind zum Jahresende oder etwas später im Januar alles so bringt...

Noch einen schönen Sonntag
Willi

I am building a Bitcoin mining data center in Venezuela, a country with very cheap electricity. I am planning on offering full hosting at first for the equivalent of 0.20 USD per KW/h to cover initial costs, then reducing the fee to 0.15 USD per KW/h, or even lower, including space, Internet, electricity, and cooling. No setup costs. You send the equipment, and we plug it in and set it hashing. I would like to gauge interest in such an arrangement.

Naturally there are some risks. As many of you already know, Venezuela is a country with a hybrid regime, terrible property rights, violent crime, civil unrest, very high inflation, censorship, and electricity brown-outs that are a bit more frequent than they should (1-2 times per month for a couple of hours).

Nonetheless, cheap electricity is what a miner needs, not necessarily a very stable supply. If electricity falters too often, I will install power generators since petrol is extremely cheap in Venezuela as well.

Would you put your miners in Venezuela if I were to offer such a service?

If I mine Bitcoins in Mexico but live 100% of the time in USA, do I need to pay taxes in USA or Mexico?

What is the tax law regarding to bitcoin mining for Mexico?