Earlier quoted context omitted.
(not OP) Like walk to their office with folding money!?
Uh, yes? If you care about your privacy that much, just drop the envelope in your local postbox and it sends it to them.
So send them my fingerprints and dna?
Binance banned from doing business in UK
111–120 of 286 posts
Re: Binance banned from doing business in UK
#112Earlier 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…
They are very useful as black market currencies. Black markets are an escape hatch for bad governance and that is all they will ever be. Good governance will win in the end.
Re: Binance banned from doing business in UK
#113Its 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 sett…
> 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.
Power goes both ways. States created more prosperity and misery than anything else.
Re: Binance banned from doing business in UK
#114Earlier quoted context omitted.
Bitcoin isn't that new thing any more, to me it looks like fiat holders have seen too many bitcoin holders gain significant value. Yes, there are also those that lose their BTC for whatever reason but to me it seems to be quite a minority compared to those who actually have made good dough just holding BTC. To the tune of having retired on their stash.
If you cashed out to fiat and retired on your stash in this last bubble you’re doing great, though that is at the expense of millions of retail bag holders who bought your cryptocurrency hoping they’d get rich too. If you didn’t cash out already and are taking your coins offline etc, you’re the bag holder.
This assumes the USD stays dominant indefinitely, right?
Re: Binance banned from doing business in UK
#115Earlier 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…
Coinbase, a nasdaq listed company, handles customer support through its subreddit. What's more, a few weeks back a customer got scammed through coinbase's subreddit when his support request was answered by another user impersonating coinbase customer support, instructing the customer to move their coins to a wallet number they gave them in order to solve the issue. The customer lost $75k and there was nothing coinbase could do other than "sorry for your loss".
Here's the thread: https://www.reddit.com/r/CoinBase/comments/nhug9u/75000_just...
Re: Binance banned from doing business in UK
#116Re: Binance banned from doing business in UK
#117Earlier quoted context omitted.
I pulled my funds from binance, writings on the wall.
When you pull funds how do you transfer them out? As fiat or Bitcoin or tether or?
If the UK makes it hard to trade bitcoin, you can also guess that the value of bitcoin denominated in GBP will go down dramatically. You probably don't want to be holding tether in that case.
Re: Binance banned from doing business in UK
#118Earlier quoted context omitted.
Bitcoin isn't that new thing any more, to me it looks like fiat holders have seen too many bitcoin holders gain significant value. Yes, there are also those that lose their BTC for whatever reason but to me it seems to be quite a minority compared to those who actually have made good dough just holding BTC. To the tune of having retired on their stash.
If you cashed out to fiat and retired on your stash in this last bubble you’re doing great, though that is at the expense of millions of retail bag holders who bought your cryptocurrency hoping they’d get rich too. If you didn’t cash out already and are taking your coins offline etc, you’re the bag holder.
A bag thats value getting heavier every year while the bank balance is losing value every year. Are not fiat holders the true bag holders? When you accept that everything is relative value, the dollar is not absolute (far from it!), holding fiat for long times seems foolish.
Re: Binance banned from doing business in UK
#119Earlier quoted context omitted.
I pulled my funds from binance, writings on the wall.
Well, as large amounts of funds are pulled from Binance, we will find out if they've been stealing. A good regulatory step for the US would be to require that it can't be harder to withdraw than to deposit. Any ID requirements have to be completed before depositing , not withdrawing. And all withdrawals must be processed by T+2. Same rules as regular brokers.
The reality is they don’t need to. Pegged tokens are the ultimate way to fractional reserve. See tether. Plenty of binance pegged tokens to handle any loss. Best thing is when binance has to buy themselves whole, they just just burn the tokens on their chain. Genius. Not your keys, not your coins.
Also that t+2 thing is just allowing shenanigans. When Rh forces the industry into instant settlement next year (hope!!) we will see who is truly been playing funny money. Looking at you citadel.
Re: Binance banned from doing business in UK
#120Earlier quoted context omitted.
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 w…
> Lmao are you serious? Source is 15 years of buying drugs...
So the source is you then? If so, that is an anecdote and that isn't a reputable source, try again.
> 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.
So you are saying that cryptocurrencies was never an option for these people at all? If it was legal bank transfer or credit cards would be just fine.
Would be nice if you provide sources for your claims to these.
> 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.
Again, do you have any reputable sources for these claims?
Burden is on you to provide proof.