-1- Lol @ consent. You know why? Because the conditions to do what they did and declare themselves in problem were arbitrary. The loans and deposits of Cypriot banks were like 72 to 68, and there were also own assets held by the banks in the form of bonds, stocks, property etc. There was no case of insolvency.
-2- Why would Greece need the EU to suck up their debt, when they could repay it with drachmas - as all countries do with their national currencies? I issue a bond, bond-holder comes to collect, I issue a new bond and repay him. If nobody buys it, I use my central bank to buy my bond. Sovereign bonds are ZERO-risk investments when a country can issue their national currency. You don't need anyone to take over your debt.
If you converted UK's or USA's debt to a currency that they aren't issuing, they'd be bankrupt tomorrow morning because they don't have the trade surpluses to import this currency and use it to serve their debt. Yet the same economies are just fine with their national currencies.
-3- It depends on the financial institution. A bank, paypal, western union, a credit card have different business models. Some gain more from tx fees alone, some gain from them too while they also gain from loan/deposit rate differences.
@alexgr
You sign a document. If you don't like it then put your money under the matress of carry gold bars. Ofcourse is consent
They obviously couldn't. Greece as a country was a sham since its inception in 1830. it was a TROIKA country (france-england-russian) in order to solve other countries problems. Venizelos had a dream but Venizelos stayed with dream. This is why Greeks are so nationalistic arrogant. The national currency of Greece was shit. Actually shit was better than Drachma. Yeah buy your bonds. lol. Unless you have reserves in other banks you can't do it. Venezouella tried to do the same thing. Check Venezouella now.
The U.S has reserves. It produces shit as well. It can sustain its debt because money is about trust. There are McDonalds everywhere. every counry has dollars. China wants to "get out" but they can't because if USA fails..they go hand in hand. Money os debt one way or another because value is about trust.
-1- The document is signed for force majeur or similar circumstances. If these circumstances are triggered in an arbitrary way, it's not what you agreed upon.
-2- Greece was always a protectorate, and still is, under the guise of a "sovereign state". There is no arguing about it. Of its ~180 years of existence, almost 3/4ths are under visible direct or indirect foreign control and the other 1/4 under externally-controlled puppets. The currency had no problem prior to the country entering the euro. Greece didn't need the euro. And certainly it didn't make the debt issue any easier, as now debt was external instead of internal. The euro collapsed the economy.
Printing currency and buying your debt is what over 100 countries with national currency are doing and they are not Venezuelas or Zimbabwes, as the national production hasn't collapsed.
What I told you about the US is if the US had its debt converted to a currency that it didn't print and not how it is right now. Same applies for the UK. The UK would never be able to enter the Euro without imploding. How can you convert 2 trillion of debt in a currency that you are currently printing to serve your debt, to a currency that you'll not be able to print and thus will have to lend from "the markets". It's just a matter of time before the markets pull the plug on you due to non sustainability.
-3- Paypal, Visa, Western Unions etc are in the payment not the investment industry. Banks core business is to sell money with interest, at a more expensive rate than what they give to the depositor. A few very large banks may go the investment route instead of the retail business, but at that point, the investment sector is of no direct competition to BTC and as such the discussion is not very relevant.
Now:
https://en.wikipedia.org/wiki/PayPal
https://en.wikipedia.org/wiki/Western_Union
https://en.wikipedia.org/wiki/Visa_Inc.
https://en.wikipedia.org/wiki/MasterCard
So visa at 14bn, MC at 9.6bn, paypal at 9.2bn and WU at 5.5bn revenue (=income from fees and charges). So people are paying like 40bn in fees and charges to these companies (there are more companies btw) to move money around for something that can be done at a fraction of the cost. And I'm not including SWIFT and national bank transfers. All this extra money can go "puff", like the long-distance market of the telcos. No amount of "investment" in cryptocurrency can change this reality. Positioning in Bitcoin cannot save these companies their income if cryptocurrency succeeds in eliminating the middleman. That was the point I was originally making in relation to what you wrote on whether the banks are idiots and what they are doing to prepare.
Nobody forces you to open a bank account and put more than 100.000 in it. even if you say that opening a bank account is obligatory youc an still diversify. you have no argument here. jus let it go.
The difference between those countries is that they produce shit. is that simple really. they make money go round and round.
Paypa, visa bla bla are ALSO in the investing business. their front is fee transaction. also these companies have aquired other companies and can as well provide services like coinbase. they can diversify if they want. no problem. they are massive.
I am not saying that what they do is not useless. what i am saying is that only a fraction of these companies dealing FIAT can go kaput. the rest can adopt as they have always done so.
i don't see you having any argument. i don't even get where this conversation is going.
I'm replying here to your other reply (it seems out of place) but I can't do another reply:
Yes I am forced. I cannot do any transaction more than a few hundred euros with cash. By law. If I sell my house, I have to go through the bank.
They may have some investments but their core business is tx fees and charges.
Right, what you are basicly talking about is how Uber destroyed the taxi industry. But that is not an argument for scrapping government, that's an argument for adopting Bitcoin over whatever your current bank is. The same way you might go to airbnb instead of going to a hotel. But what's the replacement for the police?
I wouldn't go as far as debating police necessity. I'd rather stay discussing how btc can destroy the profit-margins of the financial service industry.