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Binance banned from doing business in UK

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Re: Binance banned from doing business in UK

#121

Post by randomhodler84 »

Animats wrote: post #95
wyldfire wrote: post #75

Earlier quoted context omitted.

> And all withdrawals must be processed by T+2. I've never seen this notation before. Does it refer to blocks, hours, or (gasp!) days?

Trade day plus 2 business days.[1] This is the standard in the securities industry for most transaction settlements. Not paying on time is called a "fail". There are penalties. For US stockbrokers, FINRA enforces them. In the real world, a broker failing to pay out cash on time to multiple customers is a Big Deal. Alerts come up on Bloomberg terminals. It's headline news. Institutional investors stop sending trades t…

Completely dumb and enabling of high finance scams. Instant settlement means nobody can play games. It fixes this. Embrace this.

Re: Binance banned from doing business in UK

#122

Post by dragonwriter »

randomhodler84 wrote: post #118
grey-area wrote: post #68

Earlier quoted context omitted.

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.

> holding fiat for long times seems foolish.

Yeah, sure, but everyone except cranks who works in fiat openly acknowledges that. Fiat (well, major fiat currencies like the dollar) are good for low-volatility liquidity. For long-term accumulation of value, you invest in productive assets, which are both riskier over the long term and higher volatility over the short term, but have higher average long-term yields. And, ideally, you diversify investments in ways that maximize independence of at least long-term variation, to mitigate risk and get closer to consistent long-term average results.

Crypto“currency” that isn’t fiat-pegged tends to be worse than major fiat at the things people who prefer fiat think fiat is for, while (in the best cases) being a very high-volatility speculative asset with very good average performance over its history to date (which isn’t very long term). It’s thus not a great replacement for fiat, but potentially a bice addition to the stable of available investments.

Re: Binance banned from doing business in UK

#124

Post by danlugo92 »

puranjay wrote: post #94
kgraves wrote: post #39

Earlier quoted context omitted.

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…

The utility, to me, seems to be creating a global financial market that is truly trustless and permissionless, aka no gatekeepers. Right now, if I want to buy American stocks, I have to go through the handful of brokers licensed to sell foreign stocks in my country. I have to meet their funding requirements and I have to pay their hefty fees, not to mention meet their kyc requirements. This effectively makes it inacc…

Where can I find synthetic stocks aside from Binance?

Re: Binance banned from doing business in UK

#125

Post by randomhodler84 »

dragonwriter wrote: post #122
randomhodler84 wrote: post #118

Earlier quoted context omitted.

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.

> holding fiat for long times seems foolish. Yeah, sure, but everyone except cranks who works in fiat openly acknowledges that. Fiat (well, major fiat currencies like the dollar) are good for low-volatility liquidity. For long-term accumulation of value, you invest in productive assets, which are both riskier over the long term and higher volatility over the short term, but have higher average long-term yields. And,…

Replacement, maybe, no, I don’t know. It radically changes things back about 200y to a pseudogold standard but universally harder (energy usage over physical gold supply). I know I spend fiat over harder money. (I don’t spend bitcoin, I save in it).

I think you should not ignore the forest for the trees here. A small purchase today held for another 5-10y could prove quite lucrative for you.

Re: Binance banned from doing business in UK

#126

Post by slipframe »

kgraves wrote: post #120
slipframe wrote: post #104

Earlier quoted context omitted.

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…

You're serious? Holy fuck get real. I'm not even the guy upthread you were responding to, screw off with your "burden of proof" crap and go walk into a weed store with your bitcoins. They'll laugh in your face. They don't want jackasses like you hanging out in their store for an hour waiting for transaction confirmations.

> Again, do you have any reputable sources for these claims?

https://www.king5.com/article/news/local/what-essential-busi...

> The following list contains just a few businesses and workers that the state has classified as "essential.": [...] Workers in other medical facilities, including blood banks, mental health, and cannabis retailers.

The drug stores never closed. They've been open the entire time, and the entire time they have only accepted cash. You bitcoin people are completely delusional. You would need your head buried under several meters of sand to not know any of this already.

Re: Binance banned from doing business in UK

#127

Post by diamond559 »

LatteLazy wrote: post #61

Anti money laundering is (rightly or wrongly) pretty incompatible with crypto. The question "where did these funds come from" is something no one using crypto can really answer honestly and it's the core question in AML. I like crypto. I like defacto drug decriminalisation and sanctions busting. But it was never gonna make it past AML.

There's a protocol on Ethereum called Aave providing lending/borrowing to banks/institutional investors in separate permissioned pools that comply with AML and kyc regulations.

Re: Binance banned from doing business in UK

#128

Post by hakfoo »

slipframe wrote: post #104
kgraves wrote: post #93

Earlier 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…

I suspect that's more about the weird 'state-legal/federal-illegal' hybrid situation. Banks with federal charters can't touch the industry, so it mostly runs on cash.

Two weeks after we get Federal legalization, someone's going to offer a rewards Visa with 4.20x points for cannabis purchases. You heard it here first.

Re: Binance banned from doing business in UK

#129

Post by jimmydorry »

sbierwagen wrote: post #117
bombcar wrote: post #55

Earlier quoted context omitted.

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.

In my experience, it's typically been the opposite. Countries with harsher capital controls / make it harder to use Bitcoin, attract a premium in the purchase / sale of Bitcoin.

South Africa for example has very strict capital controls, hence the price to buy or sell Bitcoin is higher than elsewhere. The catch is that you can't easily move fiat out of the South African economy, which makes abritrage, to take advantage of this imbalance, impossible.

Re: Binance banned from doing business in UK

#130

Post by hurril »

spottybanana wrote: post #58
grey-area wrote: post #43

Earlier quoted context omitted.

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 r…

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.

Fiat holder is a ridiculous term in a false dichotomy. A holding of BTC is a security holding just as holding stocks (despite the fact that they are not legally referred to as such.) Nobody chooses between holding dollars or holding BTC. Nobody.

The fact that this parent has a number of children that don't seem to pick up on this is problematic to say the least.

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