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Binance banned from doing business in UK

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Re: Binance banned from doing business in UK

#141

Post by leppr »

imtringued wrote: post #112
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…

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.

Maybe, but given how very far from any kind of sophisticated democratic governance we are, their use, and thus cryptocurrencies' use, will persist for at least our lifetimes.

Re: Binance banned from doing business in UK

#142

Post by kgraves »

slipframe wrote: post #126
kgraves wrote: post #120

Earlier quoted context omitted.

> 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/…

> You bitcoin people are completely delusional. You would need your head buried under several meters of sand to not know any of this already.

You really are confused. I'm pretty much against cryptocurrencies, I see no benefit in it, read the thread 3 or more times again.

> The drug stores never closed. They've been open the entire time, and the entire time they have only accepted cash.

So you can purchase these drugs such as weed legally in Texas, Georgia, Idaho and all these other states right?

Re: Binance banned from doing business in UK

#145

Post by BLKNSLVR »

WalterSear wrote: post #139
reidjs wrote: post #114

Earlier quoted context omitted.

This assumes the USD stays dominant indefinitely, right?

It assumes that the fraudulent stablecoin created by Binance, and involved in the vast majority of trades, (more 70%, a few days ago) unwinds. https://crypto-anonymous-2021.medium.com/the-bit-short-insid... https://bitfinexed.medium.com/tether-is-setting-a-new-standa... USDC (the second largest stablecoin), isn't appreciably better.

Tether is associated with the Bitfinex exchange, not Binance.

Binance has its own stablecoin: BUSD

USDC is associated with Coinbase, the exchange that recently went public, so I'd assume it's far more trustworthy than Tether.

Re: Binance banned from doing business in UK

#146

Post by [deleted] »

WalterSear wrote: post #139
reidjs wrote: post #114

Earlier quoted context omitted.

This assumes the USD stays dominant indefinitely, right?

It assumes that the fraudulent stablecoin created by Binance, and involved in the vast majority of trades, (more 70%, a few days ago) unwinds. https://crypto-anonymous-2021.medium.com/the-bit-short-insid... https://bitfinexed.medium.com/tether-is-setting-a-new-standa... USDC (the second largest stablecoin), isn't appreciably better.

[deleted]

Re: Binance banned from doing business in UK

#147

Post by KMnO4 »

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…

As an early Bitcoin adopter who was robbed of a house worth of coins by an exchange (Quadriga), I can’t stress this enough.

Re: Binance banned from doing business in UK

#148

Post by Animats »

randomhodler84 wrote: post #121
Animats wrote: post #95

Earlier quoted context omitted.

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.

Some delay is useful in catching scams. See [1]. But not much delay. 2 days is a useful compromise.

[1] https://en.wikipedia.org/wiki/Bangladesh_Bank_robbery

Re: Binance banned from doing business in UK

#149

Post by xvector »

faeriechangling wrote: post #135
spottybanana wrote: post #58

Earlier 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.

>Fiat holder Am I supposed to believe crypto nerds aren't holding any fiat?

It's kind of scary. You go to Reddit and it's full of people dumping their life savings into crypto, genuinely believing it'll bail them out.

For some reason people genuinely seem to believe that crypto will only go up, when the reality is that we have no clue.

When every average Joe thinks crypto will make them rich, it's time to dump your bags.

Re: Binance banned from doing business in UK

#150

Post by lasc4r »

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.

I think we all know that stuffing your cash under a mattress is a bad idea.
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