Binance banned from doing business in UK • Hacker News Board

Re: Binance banned from doing business in UK

#161

Post by Mengkudulangsat » Mon, Jun 28, 2021, 1:41 AM UTC

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…

I'm dealing with an American law firm at the moment (Baker McKenzie) that just categorically refuse to deposit BTC into my personal hardware wallet.

They require I provide an address tied an account within their "reputable" list of exchanges which ironically includes Binance.

Unless we fight back, the crypto space will quickly devolve into a worse version of banking.

Re: Binance banned from doing business in UK

#162

Post by hervature » Mon, Jun 28, 2021, 1:44 AM UTC

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.

I know it is tempting to compare the current price when estimating losses. But really, you cannot do that. I had 2.5M dogecoin that was also stolen. But I don't use the peak valuation (~$1.25M) or the current price (~$0.63M) because that implies I would have singled out the peak or held until now. I really only lost my buy in ~$1,500. It makes for a good story to lose a house, but it is better for your sanity to base your losses in actual line items.

Re: Binance banned from doing business in UK

#163

Post by [deleted] » Mon, Jun 28, 2021, 1:44 AM UTC

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.

[deleted]

Re: Binance banned from doing business in UK

#164

Post by IgorPartola » Mon, Jun 28, 2021, 1:48 AM UTC

hervature wrote: post #162

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.

I know it is tempting to compare the current price when estimating losses. But really, you cannot do that. I had 2.5M dogecoin that was also stolen. But I don't use the peak valuation (~$1.25M) or the current price (~$0.63M) because that implies I would have singled out the peak or held until now. I really only lost my buy in ~$1,500. It makes for a good story to lose a house, but it is better for your sanity to base…

This. If in 2012 you bought a pizza with 1 BTC and now feel silly, don’t. You also bought pizzas for $20 which you could instead have converted to BTC and held until now had you only had a working crystal ball.

Re: Binance banned from doing business in UK

#165

Post by pedalpete » Mon, Jun 28, 2021, 1:51 AM UTC

dheera wrote: post #100

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…

I don't know about that. For people like you and me that are likely to be familiar with good infosec practices, run open source OSes and only open source software, with no possibility of spyware or ransomware, have offline backups and offsite backups, sure, this advice is fine. For most people though, I feel like exchanges are safer from the more common threats: viruses, ransomware, failed hard drives, fire, floods,…

How about simply losing your hardware wallet? That's what scares me. If I had enough crypto, I'd probably get a hardware wallet and store it in a safe deposit box, but then I'm going to lose that key.

I wonder if there is an opportunity for smart contracts around insurance for the exchanges...a bit meta...

Re: Binance banned from doing business in UK

#166

Post by IgorPartola » Mon, Jun 28, 2021, 1:51 AM UTC

hurril wrote: post #130

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 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.

What do you mean? Of course people choose to hold crypto or put their money in the bank or buy a stock market index fund or spend it on something.

Re: Binance banned from doing business in UK

#167

Post by randomhodler84 » Mon, Jun 28, 2021, 1:57 AM UTC

Animats wrote: post #148

randomhodler84 wrote: post #121

Earlier quoted context omitted.

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

You have to catch them before settlement — that is the only logical and safe way. Any delay just lets the supposed holder mess about with stealing from one to pay another. If you act like every action is permanent, irrevocable… you conduct your life with care. It’s a radical deviation from the fun and games occurring today.

Re: Binance banned from doing business in UK

#168

Post by tdeck » Mon, Jun 28, 2021, 2:03 AM UTC

hurril wrote: post #130

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 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.

Sounds like "fiat holder" is the "allopathy" of the fake medicine space.

Re: Binance banned from doing business in UK

#169

Post by joejerryronnie » Mon, Jun 28, 2021, 2:06 AM UTC

Mengkudulangsat wrote: post #161

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…

I'm dealing with an American law firm at the moment (Baker McKenzie) that just categorically refuse to deposit BTC into my personal hardware wallet. They require I provide an address tied an account within their "reputable" list of exchanges which ironically includes Binance. Unless we fight back, the crypto space will quickly devolve into a worse version of banking.

Wait, the law firm has agreed to give you/pay you in BTC, but they won’t deposit it into a hardware wallet address you provide them? Why do they even care?

Re: Binance banned from doing business in UK

#170

Post by colordrops » Mon, Jun 28, 2021, 2:14 AM UTC

hurril wrote: post #130

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 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.

> Nobody

There is plenty of evidence to the contrary.