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Binance banned from doing business in UK

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Re: Binance banned from doing business in UK

#101

Post by neodon »

encryptluks2 wrote: post #35
chirau wrote: post #31

Earlier quoted context omitted.

Is Coinbase also a case of not your keys, not your crypto? What would be the best way then to have your keys and your crypto? I never really understood the whole crypto storage stuff and how to approach it.

Yes absolutely. Coinbase has terrible customer service, often ignoring support requests completely until you go onto social media and try to get their attention publicly before they'll even give you a response. I don't think there is necessarily a "best" way to have your keys and crypto, but usually depending on the crypto you use they usually have an official wallet that you can use where you'd be responsible for th…

Yea they are terrible. They told me based on my state ID that I scanned and uploaded that my name was "wrong" -- i.e. if I'm "John L Smith III" they basically said my name is really "Smith Iii L John" and refused to fix it, effectively nuking my account because it didn't match my real (wrong?) name. Oh and it took them over a month to respond.

Re: Binance banned from doing business in UK

#103

Post by mr_sturd »

readyoubestbook wrote: post #18

I have my crypto in Binance, any tips on how to move it away from there?

I've stuck with Electrum for Bitcoin, and MetaMask for Ethereum/ERC20 tokens.

With both, make sure to save the generated seed phrases, and use a strong password to lock the wallets.

Re: Binance banned from doing business in UK

#104

Post by slipframe »

kgraves wrote: post #93
arthurcolle wrote: post #77

Earlier quoted context omitted.

Why do many meatspace drug dealers only accept cash?

Source? Also, did you just forget we were (and we are) in a pandemic that started a year ago, forcing almost every person in lockdown? What do you think was the mode of choice for drug dealers to launder their money through? I'll give you a hint, it is certainly not cash.

Lmao are you serious? Source is 15 years of buying drugs. The illegal drug dealers only took cash, and now that buying drugs is legal, the legal dealers only take cash too. They have an ATM in their shop, but that's because they only take cash.

I guess you never buy drugs IRL, if you really want a source for "drug dealers only take cash". What's next, wanting a source for "water is wet"?

> Also, did you just forget we were (and we are) in a pandemic that started a year ago, forcing almost every person in lockdown?

Guess who stayed open the entire time? The drug dealers. They were excluded from lockdowns due to ostensibly being essential businesses who sold "medicine". And guess what, the entire time they have only accepted cash.

Re: Binance banned from doing business in UK

#105

Post by esotericimpl »

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…

This entire thread explaining how to properly "secure" your crypto is a great example of how crypto will not go main stream until these problems are solved for the layman. The fact that the top comment says "not your keys, not your crypto" shows a fundamental disconnect between hacker news and the general public. Until crypto is centralized and utilized more like a utility will the masses ever move significant amounts of their wealth to the "blockchain".

Re: Binance banned from doing business in UK

#106

Post by rand49an »

tonfa wrote: post #48
jasdine817 wrote: post #36

Earlier quoted context omitted.

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?

Just let them know where those details are and how to access them if they need to.

Re: Binance banned from doing business in UK

#107

Post by ArkanExplorer »

newfriend wrote: post #82
ArkanExplorer wrote: post #52

Earlier quoted context omitted.

The State can be replaced democratically. Crypto is full of pump and dump and exit scams. Bitcoin et al are also algorithmically supply inelastic. As demand for the coins decreases (due to the inability to actually buy them), the price will decline. This is basic supply and demand economics.

The State is forced upon you. Crypto is opt-in. If you think it's a pump and dump, then just don't participate. Stop forcing people to do what you want, stop banning things you don't like. Leave me alone.

When Crypto mining leads to shortages of computer chips and electricity, and widespread ransomware, it is most definitely not 'opt-in'.

Re: Binance banned from doing business in UK

#108

Post by whoisjohnkid »

tonfa wrote: post #48
jasdine817 wrote: post #36

Earlier quoted context omitted.

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?

you can use multi sig wallets. Which are synonymous to Shamir’s Secret Sharing Algo; tldr you can generate say 5 keys and you need 3 of the 5 to unlock.

As for if you die … you could use one of those services that will send an email out to your significant others if you don’t log in for X amount of time.

Re: Binance banned from doing business in UK

#109

Post by imtringued »

tobltobs wrote: post #99
CryptoPunk wrote: post #91

Earlier quoted context omitted.

The bad people don't disappear when you create gatekeepers. Their power multiplies exponentially, as they use the regulatory process to suppress competition and hold the consumer captive. Theory would suggest that in a free market, people who act maliciously, and fail to build a positive reputation, would steadily be abandoned for those who act benevolently, and succeed in building a positive reputation. This would b…

"For example, countries with lower levels of government spending as a percentage of GDP having on average higher rates of economic development." Any citation for that?

I also don't see how this is relevant because you still owe taxes even if you use cryptocurrencies for payments.

Re: Binance banned from doing business in UK

#110

Post by imtringued »

kJuRaTGza2 wrote: post #27
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.

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…

The black market exists for a reason and I don't want to take it away from you but that doesn't mean the entire world is going to adopt the black market.
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