Binance banned from doing business in UK • Hacker News Board

Re: Binance banned from doing business in UK

#41

Post by eingaeKaiy8ujie » Sun, Jun 27, 2021, 4:57 PM UTC

rchaud wrote: post #23

throwaway77384 wrote: post #8

I kept my funds on Binance for a while, for convenience's sake. However, the old rule applies: not your keys, not your crypto. Keeping anything on an exchange, for the time being, is just too risky. This is another example of it. Governments are still trying to figure out how to regulate crypto, ever shifting the amount of hurdles between crypto and the world of fiat. I'd advise to pull funds if possible. I've recent…

Is there an ELI5 guide to keeping coins secure when they're off-exchange? I heard terms like 'cold wallet', 'cold storage', but surely there's work that goes into creating a secure USB stick?

Use a separate computer with a minimal Linux system (maybe even without GUI) and only open-source software to manage your crypto. Your key should be password-protected. Make multiple backups of the key and remember your password. You can also write your password down on paper and hide it somewhere.

Re: Binance banned from doing business in UK

#42

Post by [deleted] » Sun, Jun 27, 2021, 5:01 PM UTC

chrononaut wrote: post #29

zdyn5 wrote: post #20

Earlier quoted context omitted.

“Cryptocurrencies are only used for scammers and fraudsters.” Source?

Not OP, but I have also been curious of the popularity of the actual set of transactions that serve utility and result, or facilitate, an exchange between two actors where one of them is providing something tangible (i.e, transactions other than acquiring cryptocurrency to hold, and then exiting back to fiat after some period of it). Obviously this will be difficult to actually know, for reasons that it's "hard to tr…

[deleted]

Re: Binance banned from doing business in UK

#43

Post by grey-area » Sun, Jun 27, 2021, 5:05 PM UTC

throwaway77384 wrote: post #8

I kept my funds on Binance for a while, for convenience's sake. However, the old rule applies: not your keys, not your crypto. Keeping anything on an exchange, for the time being, is just too risky. This is another example of it. Governments are still trying to figure out how to regulate crypto, ever shifting the amount of hurdles between crypto and the world of fiat. I'd advise to pull funds if possible. I've recent…

Doesn’t matter what you do with your cryptocurrency, the value can easily evaporate because of the actions of others, including binance and those who use it and other dodgy exchanges which make up the vast majority of crypto ‘transactions’. What happens when you want to sell it for fiat you can actually use and nobody wants to buy?

So many people pouring money into this space have never seen a bear market or a bank run.

Re: Binance banned from doing business in UK

#44

Post by ArkanExplorer » Sun, Jun 27, 2021, 5:06 PM UTC

Its great to see Governments finally acting against Crypto.

The technology will float around, but the actual formal legal exchange of fiat for crypto should be banned.

This will indirectly disable Ransomware, since businesses will not be able to purchase the coins.

And by reducing the price of coins, reduce the waste (electricity, hardware, human effort) associated with 'mining' them.

Re: Binance banned from doing business in UK

#45

Post by LatteLazy » Sun, Jun 27, 2021, 5:06 PM UTC

kgraves wrote: post #37

kJuRaTGza2 wrote: post #27

Earlier quoted context omitted.

Crypto is the only way I can pay for VPN without disclosing my identity. Also it's the only way I can move money abroad without getting a special permission from my country's central bank (except physically flying with max $10k cash). Ah, and also there is a war in my country that may escalate any time, but thanks to cryptocurrencies I can run away with empty pockets and still access my money from anywhere in the wor…

> Crypto is the only way I can pay for VPN without disclosing my identity. Some self respecting VPN providers allow you to pay with cash, you don't need crypto.

(not OP) Like walk to their office with folding money!?

Re: Binance banned from doing business in UK

#46

Post by da_big_ghey » Sun, Jun 27, 2021, 5:11 PM UTC

kgraves wrote: post #39

da_big_ghey wrote: post #34

Earlier quoted context omitted.

"Cash are only used for scammer and fraudster." More true in today since most person have used a credit card and phone paying. Any tool with anonymous means can also have uses for bad person. But is not any excuse for banning, good person can sometimes not want to make a public purchase.

so what is the point of cryptocurrencies then? other than to make ponzi schemes efficient to the unsuspecting general public who don't even know what they are getting into? [0] > But is not any excuse for banning, good person can sometimes not want to make a public purchase. It is when ransomware is on the rise [1] and the cryptocurrency exchanges like binance are letting them get away with it. [0] https://www.cnbc.c…

Extortion, protection racket, "normal" ransom all done in cash, you think criminal take traceable wire transfer? Maybe we are make a ban on cash? Persons with nothing to hide should not fear government seeing theyre transactions?

Financial literacy already is of concern in fiat currency, so no surprising that here we have many people who are not very knowing of what they do. "Some people do bad things with this thing" cannot make excuses for "ban this thing". Having any ability for moving money out of sights of government, out of control of government, it can be in bad employment or it can be in good employment. Having any ability for moving money out of control for governments is the point of cryptocurency.

Re: Binance banned from doing business in UK

#47

Post by jMyles » Sun, Jun 27, 2021, 5:11 PM UTC

ArkanExplorer wrote: post #44

Its great to see Governments finally acting against Crypto. The technology will float around, but the actual formal legal exchange of fiat for crypto should be banned. This will indirectly disable Ransomware, since businesses will not be able to purchase the coins. And by reducing the price of coins, reduce the waste (electricity, hardware, human effort) associated with 'mining' them.

This perspective is just so alien to me. I don't understand how anyone can casually express such vulgar celebration of the state, knowing the misery that it inflicts on the most vulnerable in society, with money as its chief method of lifelong emotional torment.

Moreover, your predictions seem completely bombastic to me. Has there ever been a case where governments banned something and the resulting black market settled at a cheaper equilibrium? I can't think of one.

Re: Binance banned from doing business in UK

#48

Post by tonfa » Sun, Jun 27, 2021, 5:15 PM UTC

jasdine817 wrote: post #36

rchaud wrote: post #23

Earlier quoted context omitted.

Is there an ELI5 guide to keeping coins secure when they're off-exchange? I heard terms like 'cold wallet', 'cold storage', but surely there's work that goes into creating a secure USB stick?

I just used a tool called BIP39 generator on and offline machine which you can feed entropy and it will generate a bitcoin private key. then sent funds to that address. Then just keep those details safe.

How do you handle giving access to your keys to your next of kin?

Re: Binance banned from doing business in UK

#49

Post by SkyMarshal » Sun, Jun 27, 2021, 5:15 PM UTC

eingaeKaiy8ujie wrote: post #41

rchaud wrote: post #23

Earlier quoted context omitted.

Is there an ELI5 guide to keeping coins secure when they're off-exchange? I heard terms like 'cold wallet', 'cold storage', but surely there's work that goes into creating a secure USB stick?

Use a separate computer with a minimal Linux system (maybe even without GUI) and only open-source software to manage your crypto. Your key should be password-protected. Make multiple backups of the key and remember your password. You can also write your password down on paper and hide it somewhere.

Also a good idea to use ECC Memory with the ZFS filesystem. That combination can correct any single-bit error, and detect and warn about any double-bit error, significantly reducing the chance of losing data to bitrot.

And if you’re backing up your keys on USB drives, use high-endurance SLC NAND industrial drives. They provide the highest reliability and endurance available.

https://www.embeddedarm.com/blog/slc-nand-secrets-exposed/

Re: Binance banned from doing business in UK

#50

Post by kgraves » Sun, Jun 27, 2021, 5:16 PM UTC

zdyn5 wrote: post #20

kgraves wrote: post #13

Good. This is welcome and excellent news, I hope more regulators follow suit of this to more unregulated exchanges in the future. Cryptocurrencies are only used for scammers and fraudsters. I would go as so far as to banning them all.

“Cryptocurrencies are only used for scammers and fraudsters.” Source?

Why is this coin 'Monero' being used by these fraudsters and criminals to hide their activity? [0]

The fact that this is making ransomware run rampant and now the victim is also part of the unfortunate process of paying the ransom in Bitcoin, (and now apparently they can also pay in Monero at the hackers, 'convenience')[1] it's getting to a point where regulators need to step in before this happens to more companies and the general public.

[0] https://www.ft.com/content/13fb66ed-b4e2-4f5f-926a-7d34dc40d...

[1] https://www.cnbc.com/2021/06/13/what-is-monero-new-cryptocur...