Imagine one day you wake up, and due to some situation out of your control, a new government has taken control of the banks and frozen all your assets.
What would you do?
What would you do?
In 2013, if you had a checking or savings account at Cyprus Bank, then this exact situation happened to you.
theatlantic.com/business/archi…
theatlantic.com/business/archi…
Germany was bailing out Cyprus Bank to the tune of $13B, with some conditions. One of the conditions was that Cyprus would pay a “one-time” levy tax on bank deposits to raise an additional $7.5B.
That tax took 6.75% from insured deposits of <100,000 € and 9.9% from uninsured deposits > 100,000 €. In exchange, they would get stock in the bank equal to whatever they lost from the tax.
The question is, who would deposit their money there now?
The question is, who would deposit their money there now?
The need to put your eggs in your own basket has never been higher. Your keys, your coins. #ThisisWhyWeCrypto
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