bitcartel

From your link: "The 10bn-euro ($13bn; £8.6bn) bailout agreed with the EU and IMF had demanded that all bank customers pay a one-off levy and led to heavy cash withdrawals."

The EU were happy to sign off on a proposal which would see deposits under 100,000 EUR being hit. Maybe it was their idea, maybe it wasn't, but they were okay with it. Ultimately it was the Cypriot parliament who rejected the proposal.

"Cyprus President Nicos Anastasiades says he is battling against eurozone demands that all bank customers pay a one-off levy in return for a bailout.

Mr Anastasiades said he shared people's unhappiness with the terms, whereby all bank customers would pay a levy of 6.75% or 10% on their bank deposits.

The EU and IMF have demanded the levy in return for a 10bn-euro ($13bn; £8.6bn) bank bailout."[1]

[1] http://www.bbc.co.uk/news/world-europe-21824495

In the original proposal from just over a week ago, the EU (and IMF) were quite happy to see deposit holders with under 100,000 EUR being hit.

"Cyprus President Nicos Anastasiades says he is battling against eurozone demands that all bank customers pay a one-off levy in return for a bailout.

Mr Anastasiades said he shared people's unhappiness with the terms, whereby all bank customers would pay a levy of 6.75% or 10% on their bank deposits.

The EU and IMF have demanded the levy in return for a 10bn-euro ($13bn; £8.6bn) bank bailout."[1]

[1] http://www.bbc.co.uk/news/world-europe-21824495

It's considered sacroscant because deposit holders have always believed in the fiduciary duty of banks, even if the legal reality was different. Before 2008, I'm sure many people had never even heard of deposit guarantees, it was just assumed that your money was safe.

The mentality of "It won't happen to me" has been reinforced since 2008 because we've seen how governments will go to extraordinary lengths to bail out banks. For example, no UK deposit holder has ever lost a penny despite Northern Rock, RBS, HBOS and IceSave all going bust.

Yes, it's prudent for deposit holders to spread funds over several bank accounts. Read the small print though! If you're in the UK, the guarantee is per saver, per authorisation[1] e.g. two accounts in two different banks which are part of the same authorised banking group will only provide single coverage.

However, even this might be an exercise in futility if the deposit insurance fund is empty. 'deposit guarantee schemes may be required to contribute to the recapitalization of the firm'[2]

[1] http://www.fsa.gov.uk/register/firmMainSearch.do

[2] https://news.ycombinator.com/item?id=5435714

It is true [1].

"Cyprus President Nicos Anastasiades says he is battling against eurozone demands that all bank customers pay a one-off levy in return for a bailout.

Mr Anastasiades said he shared people's unhappiness with the terms, whereby all bank customers would pay a levy of 6.75% or 10% on their bank deposits.

The EU and IMF have demanded the levy in return for a 10bn-euro ($13bn; £8.6bn) bank bailout."

The key thing here is that the EU accepted the original proposal, they were okay with seeing deposits of less than €100k being hit, regardless of any deposit guarantee. Public fury resulted in the Cypriot Parliament rejecting the proposal and the EU back-peddling from the original terms.

[1] http://www.bbc.co.uk/news/world-europe-21824495

It appears nothing is more important than the banks.

"Back in December 2012 the FDIC and the BoE published a joint paper outlining their new approach for how to resolve any future collapse of one of the Too-Big-To-Fail banks...

'deposit guarantee schemes may be required to contribute to the recapitalization of the firm'[1][2]

...the new system raids the Deposit Protection scheme, gives it to the bank instead of you and when that fails to save the bank…then what? The bank fails again and there is no money left in the Deposit Guarantee scheme."

[1] http://www.golemxiv.co.uk/2013/03/plunderball-the-new-euro-b...

[2] http://www.bankofengland.co.uk/publications/Documents/news/2...

There is a very important question here: What is the relationship between you and the bank?

Up until recently, it has been considered sacrosanct that deposit holders be protected, no matter the cost. The convention and social contract has been that you deposit money for safe-keeping in a bank. We have seen this over the past few years across both Europe and the US, as insolvent banks have been bailed-out, nationalised, given secret loans, so that deposit holders are wholly protected.

With Cyprus, this widely held belief is now in tatters. You as a deposit holder are now a creditor of the bank. As soon as you lend your money to the bank, it is no longer yours. The bank will provide you with interest for the duration of the loan. If the bank is no longer a going concern, you will no longer receive special treatment, but instead you must get in line with other creditors.

Some may argue that this has always been the case[1], however it will be a genuine shock to many people, and any faith in deposit guarantee schemes has been dealt a severe blow when a week ago, the EU urged Cyprus to collectively punish all deposit holders regardless of balance.

[1] For those in the UK, the House of Lords said in Foley v Hill 1848 http://www.uniset.ca/other/css/9ER1002.html

"Money, when paid into a bank, ceases altogether to be the money of the principal... The money placed in custody of a banker is, to all intents and purposes, the money of the banker, to do with it as he pleases... he is, of course, answerable for the amount, because he has contracted, having received that money, to repay to the principal, when demanded, a sum equivalent to that paid into his hands... the banker is not an agent or factor, but he is a debtor."

The article omits an important fact:

The public's gold was exchanged at $20.67 per troy ounce, but months later, the official price of gold was raised to $35.00 per troy ounce. Essentially, the public were not properly compensated for turning in their gold.

"In 1934, the government price of gold was increased to $35 per ounce, effectively increasing the gold on the Federal Reserve's balance sheets by 69 percent. This increase in assets allowed the Federal Reserve to further inflate the money supply."[1]

[1] http://www.history.com/this-day-in-history/fdr-takes-united-...

EDIT: The article also fails to mention that "violation of the order was punishable by fine up to $10,000 or up to ten years in prison, or both." http://en.wikipedia.org/wiki/Executive_Order_6102

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.

You might want some redundancy in case the bank accidentally destroys your safety deposit box [1] or the bank is raided and valuables are confiscated from every single deposit box [2].

[1] http://www.dbs.com.hk/en/aboutus/newsroom/2004/041005/

[2] http://www.dailymail.co.uk/news/article-1362561/Bank-gangste...

The volatility will only increase with the introduction of professional speculators.

"First Bitcoin Hedge Fund Launches From Malta

Current assets under management in the Bitcoin Fund are $3.2 million (2.5€ million) and there is no performance-based fee. However, the fund charges an annual management fee o.5% of Net Share Value payable monthly in order to provide the sophisticated security and wallet management that one would expect with such large amounts at stake"

http://www.forbes.com/sites/jonmatonis/2013/03/08/first-bitc...

Thanks. That's not actually it but there was a reference to the SF study and from that it was possible to find the actual report.

Researchers: http://citris-uc.org/news/2009/04/14/citris_helps_city_san_f...

PDF: http://www.ischool.berkeley.edu/files/CITRIS_SF_CSC_Study_Fi...

SF Chronicle TLDR: http://www.sfgate.com/bayarea/article/Crime-cameras-not-capt...

"San Francisco's 68 controversial anti-crime cameras haven't deterred criminals from committing assaults, sex offenses or robberies - and they've only moved homicides down the block, according to a new report from UC Berkeley.

Researchers found that nonviolent thefts dropped by 22 percent within 100 feet of the cameras, but the devices had no effect on burglaries or car theft. And they've had no effect on violent crime.

The cameras have been installed in phases on some of the city's roughest streets since 2005 with large concentrations of them in the Western Addition and Mission District and others in the lower Haight, the Tenderloin and near Coit Tower.

The cameras have contributed to only one arrest nearly two years ago in a city that saw 98 homicides last year, a 12-year high. The video is choppy, and police aren't allowed to watch video in real-time or maneuver the cameras to get a better view of potential crimes."

Does anybody have a link to the San Francisco study referred to below by Cory Doctorow?

"It's about the total failure of CCTV to deter people from committing crimes in the first place. After all, that's how we were sold on CCTV – not mere forensics after the fact, but deterrence. And although study after study has concluded that CCTVs don't deter most crime (a famous San Francisco study showed that, at best, street crime shifted a few metres down the pavement when the CCTV went up), we've been told for years that we must all submit to being photographed all the time because it would keep the people around us from beating us, robbing us, burning our buildings and burglarising our homes."

http://www.guardian.co.uk/technology/2011/aug/17/why-cctv-do...

“Rather than being a tool, [CCTV] has in a lot of cases become a substitute for policing. So people very rarely see a bobby on the beat [a police officer patrolling the streets], but they do see CCTV cameras,” said Pickles. “The danger is that there is almost an acceptance that crime is going to happen. So rather than trying to prevent crime you just focus on making sure you have video footage of it when it happens.”

http://www.dw.de/doubts-as-to-cctv-efficacy-in-big-brother-b...

I wonder how much this has to do with the departure of Bertrand Sertlet.

“I’ve worked with Steve for 22 years and have had an incredible time developing products at both NeXT and Apple, but at this point, I want to focus less on products and more on science.”

http://www.apple.com/pr/library/2011/03/23Bertrand-Serlet-to...

Yes, but if OWC didn't throw in a special USB case, the original SSD module would be useless as you can't plug it into any other laptop, nor can you realistically sell it.

I wish Apple would support the mSata interface. A lot of other manufacturers do, the drives are tiny, and you can get them in capacities up to 480 GB now.

Sadly, in Dickensian Britain, a .Net developer is worth the princely sum of £1 a day, while a Python/Django expert can at best hope for £600 a year!

http://i.imgur.com/3Aw8oop.png (genuine screenshot from the Independent, a British newspaper)

Check out Xamarin Studio. It's a full blown IDE and it's quite impressive in terms of native feel. Apparently written in C#, Mono and GTK#.

http://xamarin.com/studio

The original SourceTree for Mac is a native Cocoa app. If this Windows version has been written in C# it could potentially be ported to Linux with Mono and GTK#/Qyoto. Perhaps the future is one single cross-platform app?

I would recommend the solar powered Logitech keyboard [1] as it means one less thing to worry about charging. Does anybody know of a solar powered trackpad?

[1] http://www.logitech.com/en-gb/product/Wireless-Solar-Keyboar...

Given the inevitable public backlash, looks like they're already back-peddling, or worse, just making things up as they go along.

"The Cypriot government on Sunday discussed with lenders the possibility of changing the levy to 3.0 percent for deposits below 100,000 euros, and to 12.5 percent for above that sum, a source close to the consultations told Reuters on condition of anonymity."

"According to a draft copy of legislation, failing to pay up would be a criminal offence liable to three years in jail or a 50,000 euro fine."

http://www.reuters.com/article/2013/03/17/us-cyprus-parliame...

The banks are supposed to open on Tuesday. Extending the bank holiday and blocking international transfers is most likely a violation of the EU treaty which guarantees free movement of capital.

http://ec.europa.eu/internal_market/capital/framework/treaty...

The UK will compensate some of its expats:

"But I can tell you that for people serving in our military, people serving our government out in Cyprus – because we have military bases there – we are going to compensate anyone who is affected by this bank tax. People who are doing their duty for our country in Cyprus will be protected from this Cypriot bank tax."

http://www.guardian.co.uk/world/2013/mar/17/cyprus-savings-l...

I'm sure people across the EU are paying close attention, especially with many financial pundits holding a view that Cyprus is just a guinea pig.

If the people there roll over without too much fuss, stealing directly from deposit holders will become the template for future banking bail-outs.

Bondholders and shareholders of Spanish and Italian banks could then avoid losses on their bad investments by pointing to Cyprus as a shining example of things done right.

Not at all.

With personal taxes, you can disagree over the amount to be paid, you have time to prepare your accounts and get your finances in order, you can even refuse to pay and negotiate a settlement with the taxman.

In contrast, Cypriot deposit holders are going to wake up on Tuesday and simply find their money gone.

Cyprus makes the key decision.

"Cyprus's parliament will decide on Sunday whether savers must pay a levy on bank deposits under terms for an international bailout to avert bankruptcy - with approval far from certain... Cyprus's parliament was due to convene at 4 p.m. (1400 GMT) in an emergency session"

http://www.reuters.com/article/2013/03/17/us-eurozone-cyprus...

Only then will other Eurozone parliaments rubber-stamp the bail-out funds. If for some unlikely reason the bail-out is not approved, I imagine the Cypriot government would have to swiftly return the money or face a very angry mob.

"Hours after euro zone ministers approved 10 billion euros ($13 billion) for Cyprus to stave off bankruptcy, Wolfgang Schaeuble briefed parliament's budget committee and said he would ask the lower house - which has a say on all euro zone rescues - to support the deal.

The Bundestag will likely have to vote on the outline of the deal this week, which is the last before the Easter break. German Chancellor Angela Merkel has a majority in the lower parliamentary house.

Schaeuble said the house would then likely debate the full Cyprus program in the second half of April before giving its final go-ahead."

http://www.reuters.com/article/2013/03/16/us-eurozone-cyprus...

"If the finance ministers reach a deal at Friday's meeting, it's likely to be a broad political decision, with technical details left for next week. The bailout would still have to be approved by parliaments in several eurozone nations, though EU officials say everything should be done by the end of the month."

http://timesofindia.indiatimes.com/business/international-bu...

It's theft from your family, plain and simple.

You still have a chance to stop this outrage, as it must pass your parliament, and then other Eurozone parliaments too.

Good luck.

One view is that if you have Euros, the safest place for them is Germany, because if the single currency does break up over a weekend, at least your Euros will be converted into Deutsch Marks.

It's theft, plain and simple.

The Cypriot people are not being asked if they want to sacrifice their savings - it is being taken from them by force!

A few things to consider:

Central banks are buying gold. http://www.bloomberg.com/news/2013-02-10/putin-turns-black-g...

Central banks are repatriating gold reserves held overseas. http://www.forbes.com/sites/afontevecchia/2013/01/16/germany...

The LIBOR rigging scandal has turned the spotlight to the gold market, where it has long been claimed that the price of gold has been manipulated. http://www.guardian.co.uk/business/2013/mar/13/london-financ...

It has also been claimed there is a ponzi scheme in paper gold, i.e. instruments may not actually be physically backed, so when things go pear-shaped and you ask for physical delivery, you will have to fight other investors over legal ownership. http://www.businessweek.com/news/2011-12-12/hsbc-sues-mf-glo...

Given recent banking scandals, anything is possible. Caveat emptor!

Sage (Firefox plug-in) works with Firefox Sync, so you can have your RSS feeds synced across devices.

Yes, this was cheesy and over the top, but hey, it's Radio City, it's New York, it's theater!

The tongue-in-cheek show might not be everyone's cup of tea but it was a refreshing change from the usual routine.

Also it kept me entertained/interested long enough to learn about some of the new software features and their potential use cases.