how long before some sponsors delay payouts due to Cyprus situation?

[rabbit]

i know there's a ton of adult companies incorporated in Cyprus. question is how many of them use Cypriot banks to process their transactions or move funds? looks like the banks could stay closed till end of next week...

[Supz]

I would assume they just wash the money through cyprus and not actually keep all of there funds there. paying other corps pretending its not them like real money launderers do.

[CAHEK]

Banks are closed, no transactions are done, time to hit up vacation while you can and back in a week.

[x-rate]

The main cam company issue check from a cyprus company but they are from a US bank.... hope it's will be all fine!

[mineistaken]

Also how many (if any) would use it as an excuse..

[faxxaff]

Originally Posted by x-rate

The main cam company issue check from a cyprus company but they are from a US bank.... hope it's will be all fine!

Can you still login to your account with them?

[Major (Tom)]

Originally Posted by rabbit

i know there's a ton of adult companies incorporated in Cyprus. question is how many of them use Cypriot banks to process their transactions or move funds? looks like the banks could stay closed till end of next week...

I'd say about 33%
Ds

[Major (Tom)]

Originally Posted by mineistaken

Also how many (if any) would use it as an excuse..

About 33%
Ds

[faxxaff]

That could have a ripple effect and wipe out adult business as we know. Many people will not get paid and some of the biggest sponsors would file for bancruptcy. Russians will play hardball.

[DWB]

Originally Posted by faxxaff

Can you still login to your account with them?

Nope.

As of right now...

[DWB]

The 22nd is the last day listed on the "bank holiday" notice, then there is the weekend. So assuming all goes well (not holding my breath), Monday everyone can get their money. However, I think you can use the ATM still.

[faxxaff]

Originally Posted by DWB

The 22nd is the last day listed on the "bank holiday" notice, then there is the weekend. So assuming all goes well (not holding my breath), Monday everyone can get their money. However, I think you can use the ATM still.

I wouldn't count on the Russians to bail them out.

[Shap]

Originally Posted by rabbit

i know there's a ton of adult companies incorporated in Cyprus. question is how many of them use Cypriot banks to process their transactions or move funds? looks like the banks could stay closed till end of next week...

This is where you will find out who runs their business like a business and who doesn't.

Shit happens but you have to be prepared and have backup plans in place. We had a problem once that hit us for 2 or 3 months. Our bank was unable to accept or send any wires or checks for us. We went 3 months without getting a single payment from our billers or sponsors. Nobody ever noticed. Not our affiliates, not our business partners and besides my right hand man not even a single one of my employees knew. That just makes sense to me.

[faxxaff]

Originally Posted by Shap

This is where you will find out who runs their business like a business and who doesn't. .

Yep, I already see a big cam sponsor that won't allow me to login and won't reply to support.

Some of them will use it as an excuse to not pay. Won't they?

[rabbit]

Originally Posted by Shap

This is where you will find out who runs their business like a business and who doesn't.

not a comforting thought...

[adultmobile]

Originally Posted by Shap

This is where you will find out who runs their business like a business and who doesn't. Shit happens but you have to be prepared and have backup plans in place.

It also depends by the luck, about the day funds are frozen, compared with the cash flows. Those bank accounts are used to move money, as well as it was Epassporte, not to keep savings to pile up. So let's say a cam site got the following balance in different days, on a Cyprus account:

1st of month: balance $1.
7th of month: merchant account payout, balance $500,000
8th of month: sent funds to paxum, payoneer, else, balance $250,000
10th of month: Epoch payment, balance $350,000
11th of month: sent funds to illuminati, balance $1.

Now if funds are frozen on 1st or 11th, total loss is 1 dollar. The program will tell billers to pay elsewhere, get it, and fund paxum, payoneer etc. from elsewhere.

Instead, if frozen on 7th, total loss is $500,000, and its paxum, payoneer's are empty. So the program needs to have spare few $300,000 within a few days to fund payoneer, paxums and else to pay affiliates in time. Having "backup plan" is not enough in this case, need to have simply a spare same as half month cash flow, it's a matter of money. Most cam sites profit is just 20%, so would equal to a few months profit, saved.

[_Richard_]

Originally Posted by faxxaff

I wouldn't count on the Russians to bail them out.

why do you say that?

[notinmybackyard]

I guess I am very old fashion. I still tend to pay in cash and keep my money close.

The best tax optimization in the world is cash.
The best security for you money is keeping it close to you.

And it is still possible to work with large sommes in cash.

[faxxaff]

Originally Posted by _Richard_

why do you say that?

Why would they? The Russians holding money in Cyprus are mostly criminals. Russia would be stupid to bail out the people they want to see in jail.

[x-rate]

Originally Posted by faxxaff

Can you still login to your account with them?

Yeah for sure.... my models can log in and do everything.... it's a very large company! I'm just wondering how they gonna do their thing. I guess it's possible to have a Cyprus company with US bank account and have money from merchant account sent directly to the US Bank....

[Shap]

Originally Posted by adultmobile

It also depends by the luck, about the day funds are frozen, compared with the cash flows. Those bank accounts are used to move money, as well as it was Epassporte, not to keep savings to pile up. So let's say a cam site got the following balance in different days, on a Cyprus account:

1st of month: balance $1.
7th of month: merchant account payout, balance $500,000
8th of month: sent funds to paxum, payoneer, else, balance $250,000
10th of month: Epoch payment, balance $350,000
11th of month: sent funds to illuminati, balance $1.

Now if funds are frozen on 1st or 11th, total loss is 1 dollar. The program will tell billers to pay elsewhere, get it, and fund paxum, payoneer etc. from elsewhere.

Instead, if frozen on 7th, total loss is $500,000, and its paxum, payoneer's are empty. So the program needs to have spare few $300,000 within a few days to fund payoneer, paxums and else to pay affiliates in time. Having "backup plan" is not enough in this case, need to have simply a spare same as half month cash flow, it's a matter of money. Most cam sites profit is just 20%, so would equal to a few months profit, saved.

If a company can not afford to go one or two months without receiving a payment they are in trouble and you should re-consider how much business you want to do with them.

[adultmobile]

Originally Posted by Shap

If a company can not afford to go one or two months without receiving a payment they are in trouble and you should re-consider how much business you want to do with them.

Just you get to know too late, that they can't afford go a month without receiving payment: only after they missed to pay you

By the way, sites with Cyprus address may have banks elsewhere; as well as lots of companies in other islands (Caribbean etc.) may pay from/to a Cyprus bank. So unlike what most people seem to think, there may be lots companies who use Cyprus banks even they look like incorporated elsewhere (I know a few).

[Shap]

Originally Posted by adultmobile

Just you get to know too late, that they can't afford go a month without receiving payment: only after they missed to pay you

By the way, sites with Cyprus address may have banks elsewhere; as well as lots of companies in other islands (Caribbean etc.) may pay from/to a Cyprus bank. So unlike what most people seem to think, there may be lots companies who use Cyprus banks even they look like incorporated elsewhere (I know a few).

That's all part of doing business. You have to know who you are doing business with. Just because someone offers the highest payouts doesn't mean they are the best business partner for you long term. It's not always about how much you make today.

[Bryan G]

Originally Posted by Shap

That's all part of doing business. You have to know who you are doing business with. Just because someone offers the highest payouts doesn't mean they are the best business partner for you long term. It's not always about how much you make today.

Well said! Every business and person should be planning for the future and not living just today.

[adultmobile]

This is a very informative article:
http://www.economonitor.com/dolaneco...banking-drama/

Bottom line: "The total losses of Cyprus banks exceed the resources of the country?s government. If it tried to absorb the cost of a full bailout, government debt would rise to unsustainable levels approaching 200 percent of GDP. The Cypriot government has sought outside aid from the EU, the IMF, even Russia, but it may be some time before it is clear where the ultimate losses fall."

Simplified bottom line: Cyprus banks are (already) failed.

Update:
http://www.guardian.co.uk/business/2...ut-russia-vote

"Cyprus insiders have confirmed to the Guardian that the original plan to tax bank deposits is back on the agenda today. But it's likely that small savers with less than ?100,000 in the bank would be spared (but that's not official) "

[Mr. Stiff]

Lol.. the first thought about the levy was "don't dare to touch our money!"
Now most account holders pray the initial levy gets reinstalled.. better something than nothing.

But if/when the bank reopen there'll be a massive bankrun anyway..

[adultmobile]

The survey found that 48% of Germans worry about their savings:
http://en.europeonline-magazine.eu/s...rs_272107.html

Germans remember when to buy a candy it was needed 50 millionen marks.
Below a 50 million mark coin from 1923:


Some amasing 500 millionen and 10 milliarden (billion!) mark stamps:


A few 100, 200 and 500 milliarden (billion) mark notes:

[vitog]

cyprus bank run seems inevitable at this point

[Jay - SMASH]

Originally Posted by vitog

cyprus bank run seems inevitable at this point

They will limit the amount on daily transfers..

[adultmobile]

Cyprus voted on new laws to limit people from get all their money out of the banks quickly.
List of powers that could be imposed by Cyprus to its banks:

?Restrictions in daily withdrawals
?Ban on premature termination of time savings deposits
?Compulsory renewal of all time savings deposits upon maturity
?Conversion of current accounts to time deposits
?Ban or restrictions on non cash transactions
?Restrictions on use of debit, credit or prepaid debit cards
?Ban or restriction on cashing in checks
?Restrictions on domestic interbank transfers or transfers within the same bank
?Restrictions on the interactions/transactions of the public with credit institutions
?Restrictions on movements of capital, payments, transfers
?Any other measure which the Finance Minister or the Governor of Cyprus Central Bank see necessary for reasons of public order and safety

Cyprus Bank restructuring bill approved. Laiki, the nation's second-largest lender, will be split into a good bank and a bad bank. Cyprus adopted legislation allowing the government to split the island's failing lenders into good and bad banks. The law is likely to be applied first to Cyprus's second largest lender, Cyprus Popular Bank [Laiki], to restructure it without hurting small depositors.

[CAHEK]

Cyprus passes laws for capital controls

[adultmobile]

Originally Posted by CAHEK

Cyprus passes laws for capital controls

Yes, to stop people from withdraw and wire out of country all of their money next week, at bank opening (banks must re-open at some day, people can't buy anything since a week and start to starve). They will probably set some limit such as can wire out only $10,000 a week, which will take years for billionaires to withdraw all

Still, they will take out at least 15% from all the accounts over Euro 100,000, no real other choice, as does not want to take out 6% on the small accounts, but at the same time, get the Euro bailout loan on Sunday's meeting of the eurogroup, complete with Christine Lagarde of FMI. The European Central Bank promised to pull the liquidity plug on Monday unless deal reached.

Will at the end be the rich tax evasion foreigners to pay 15% to save Cyprus, or?

[Jay - SMASH]

http://rt.com/news/cyprus-parliament...s-bailout-670/

[MainstreamGuy]

A friend works with a Russian Sponsor that has problems to pay the last few days..

I'm almost completely sure they are based in Cyprus.

[pornmasta]

Originally Posted by adultmobile

will probably set some limit such as can wire out only $10,000 a week, which will take years for billionaires to withdraw all

They can do what they want, now people would never invest there again.
Their economy is fucked, it's just a matter of time.

[adultmobile]

Originally Posted by pornmasta

They can do what they want, now people would never invest there again.
Their economy is fucked, it's just a matter of time.

I agree, lost reputation as money launder and tax haven, on long term.
But, even if not care to Cyprus, what it happens there in next days could lead to different outcomes for bigger Euro countries.

discussions on a levy of around 25% on holdings of over 100,000 euros at Bank of Cyprus:
http://www.reuters.com/article/2013/...92G03I20130323

The tax is unprecedented in Europe. Cypriot leaders fear the damage to the country's offshore banking industry: they hold 68 billion euros in deposits, including 38 billion in accounts of more than 100,000 euros, enormous sums for an island of 1.1 million people which could never sustain such a big financial system on its own.
(do some math, deposits is 61,000 eur per inhabitant including kids and homeless ones, this is not money by cypriots.. half may be russians, but rest is Uk, Germany, Israel, anywhere - and adult sites).

[slapass]

Iceland did something similar. And just now are they allowing people to take the money out. 10% is looking pretty cheap.

[k0nr4d]

The majority of people i've run into with cyprus corps were banking outside of that country (switzerland, austria, etc)

[adultmobile]

They changed idea again, 20% from main bank, 4% from other banks:

http://news.sky.com/story/1068912/cy...-bank-deposits

20% tax on savers with deposits over 100,000 euros at the country's largest bank, the Bank of Cyprus. A 4% tax on deposits over 100,000 euros would be levied at other banks.

[adultmobile]

Wait wait read better, 40% lost if you got money in Popular Bank of Cyprus, also known as Laiki:

http://online.wsj.com/article/SB1000...392753862.html

Two bills would allow it to close down its second largest bank, Popular Bank of Cyprus, also known as Laiki, and aggressively curtail the free flow of money on the island.
The bank restructuring law would see depositors in Popular Bank to lose as much as 40% of their savings above €100,000, Cypriot and European officials said.

“I’ve been working for 20 years and I’ve paid all the taxes of all my pension contributions and every Euro. Now I run the risk of losing my job and my pension, and I will have no money to support my children,” Cyprus Popular Bank employee Angela Panayotou said, as quoted by Ria Novosti.

[Due]

It's really sad to see how many people will get hit by this.
I didn't follow this crisis too much as we are not effected by it but the end result will be interested to see.
I saw somewhere that this had its roots going back to Greece as Greece defaults to Cyprus or so was that what hapened ?

[livexxx]

boris berezovsky suicide , if you know his back story , unrelated to this, but watch the papers try and loop it in
http://rbth.ru/society/2013/03/23/bo..._67_24177.html

[RyuLion]

Originally Posted by Due

It's really sad to see how many people will get hit by this.
I didn't follow this crisis too much as we are not effected by it but the end result will be interested to see.
I saw somewhere that this had its roots going back to Greece as Greece defaults to Cyprus or so was that what hapened ?

Times have changed so much..

[Internet Guy]

(couldn't help myself, sorry.. it is true tho)