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Just because Cypress is going to shit doesn't mean that moving your money into BTC is an awesome idea.

If your money is in Cypriot banks it's already too late, but it turns out in retrospect that it would have been an awesome idea a couple of weeks ago. Arguably nobody could have known that.

It was fairly clear months ago that there would be depositor losses. The small amount of capital flight was surprising.

I don't think it was clear at all.

1) 18 months ago, banks in Cyprus passed EU bank stress tests.

2) The EU has a deposit guarantee.

3) The new Prime Minister was elected because he promised deposits would never be touched.

4) Other countries received bail-outs without affecting deposit holders.

Given the above, I think it would be quite reasonable for an ordinary Cypriot to put faith in the EU and their elected government, and just get on with their lives.

My understanding is that the EU itself does it guarantee bank deposits but rather it requires members states to have bank guarantee schemes.

If it was obvious, why didn't that spark a run on the banks? Why did people seem to think their deposits were safe?

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