Binance banned from doing business in UK

Post by hakfoo » Sun, Jun 27, 2021, 10:06 PM UTC

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…

Post by celticninja » Sun, Jun 27, 2021, 10:36 PM UTC

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.

Post by faeriechangling » Sun, Jun 27, 2021, 11:06 PM UTC

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.

Post by encryptluks2 » Sun, Jun 27, 2021, 11:09 PM UTC

raziel2701 wrote: post #115

encryptluks2 wrote: post #35

Earlier quoted context omitted.

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 coinbas…

Post by WalterSear » Sun, Jun 27, 2021, 11:20 PM UTC

reidjs wrote: post #114

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.

This assumes the USD stays dominant indefinitely, right?