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Binance banned from doing business in UK

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Re: Binance banned from doing business in UK

#151

Post by xvector »

jasdine817 wrote: post #36
rchaud wrote: post #23

Earlier quoted context omitted.

Is there an ELI5 guide to keeping coins secure when they're off-exchange? I heard terms like 'cold wallet', 'cold storage', but surely there's work that goes into creating a secure USB stick?

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.

I wouldn't do that, the tool RNG could be backdoored. Did you read the source and compile it?

Re: Binance banned from doing business in UK

#152

Post by nl »

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?

No really.

If you traded your BTC for some non USD currency the same point remains.

Re: Binance banned from doing business in UK

#154

Post by digianarchist »

KMnO4 wrote: post #147
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.

There's a new podcast series on Quadriga that I recommend people listen to: Exit Scam https://www.exitscam.show/

Re: Binance banned from doing business in UK

#155

Post by nl »

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.

If you are concerned about inflation, then buy a basket of high liquidity stocks.

Re: Binance banned from doing business in UK

#156

Post by fakedang »

xvector wrote: post #149
faeriechangling wrote: post #135

Earlier quoted context omitted.

>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.

I dumped my BTC (2011ish early adopter) once my mom began to talk about a Bitcoin investor who played the crypto markets and made so much money at my age. My mom does not know how to format a Word file.

I just hope my parents and relatives aren't secretly stashing away their life long savings in crypto because of all the hullabaloo.

Re: Binance banned from doing business in UK

#157

Post by WalterSear »

BLKNSLVR wrote: post #145
WalterSear wrote: post #139

Earlier quoted context omitted.

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.

USDC is avoiding audits too.

Re: Binance banned from doing business in UK

#158

Post by mdoms »

digianarchist wrote: post #154
KMnO4 wrote: post #147

Earlier quoted context omitted.

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

There's a new podcast series on Quadriga that I recommend people listen to: Exit Scam https://www.exitscam.show/

There's also a podcast called A Death in Cryptoland about Quadriga, but I don't recommend it. A lot of the evidence they present is so thin it borders on conspiratorial. Maybe it was going somewhere but I gave up after 5 episodes when very little concrete information was presented.

Re: Binance banned from doing business in UK

#159

Post by dnissley »

encryptluks2 wrote: post #137
raziel2701 wrote: post #115

Earlier quoted context omitted.

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…

I smell a fresh wave of lawsuits in the crypto space with companies like Coinbase. Honestly, they just remind me of Robinhood during the GME fiasco. They are also a Y Combinator company too.

Robinhood did not go through y combinator.

Re: Binance banned from doing business in UK

#160

Post by CryptoPunk »

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?

https://web.archive.org/web/20170821004405/http://ime.bg/upl...
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