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Binance banned from doing business in UK

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Re: Binance banned from doing business in UK

#181

Post by me551ah »

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 lost over 40 bitcoins in Mt. Gox. I had purchased them for a little less under 1$ though.

Re: Binance banned from doing business in UK

#182

Post by nemothekid »

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?

I don't understand the implications of this assumption. Are you assuming that if the USD wasn't dominant then BTC would be better to hold?

BTC is functionally a security. Under any duress of the USD I'd expect it to perform no different than AMZN stock.

Re: Binance banned from doing business in UK

#183

Post by dcolkitt »

rantwasp wrote: post #180
Closi wrote: post #134

Earlier quoted context omitted.

Unfortunately all this stuff is by design - it shouldn’t be a surprise to anyone that a non-reversible currency that can be handled in a non-traceable way might be used for crime and scams.

that’s simply not true. bitcoin and blockchain is as traceable as it gets. it’s all there in the ledger.

Yes and no. It's traceable in the sense that pseudonymous public keys are traceable. But generating a public key is cheap, easy and can be done anonymously. As long as the blockchain participant doesn't interact with any party revealing his IRL identity, he can keep his true identity hidden.

Re: Binance banned from doing business in UK

#184

Post by logicchains »

imtringued wrote: post #113
jMyles wrote: post #47

Earlier quoted context omitted.

This perspective is just so alien to me. I don't understand how anyone can casually express such vulgar celebration of the state, knowing the misery that it inflicts on the most vulnerable in society, with money as its chief method of lifelong emotional torment. Moreover, your predictions seem completely bombastic to me. Has there ever been a case where governments banned something and the resulting black market sett…

> I don't understand how anyone can casually express such vulgar celebration of the state, knowing the misery that it inflicts on the most vulnerable in society, with money as its chief method of lifelong emotional torment. Power goes both ways. States created more prosperity and misery than anything else.

>Power goes both ways. States created more prosperity and misery than anything else.

Citation needed? America had more economic growth in the 1800s when the state was much smaller. The large states in communist Russia and China held their economic back decades compared to western countries with smaller states.

Re: Binance banned from doing business in UK

#185

Post by FreeSpeech »

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…

For the same reason you shouldn't use peak valuation when estimating losses, you shouldn't use buy in value either.

Your loss is 2.5M × market rate at the time of loss.

Re: Binance banned from doing business in UK

#186

Post by tluyben2 »

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.

As long as the economy stays okish, crypto might fall 50% but it will get up a bit again as well. Wait for an economic crisis to see it tank to for real. When msft drops 80%, btc will be under 5k again. It will happen. People seem to have some weird faith this time is different because covid postponed things. For now you can make a lot of money with btc weekly: it drops hard 1 or 2 times a week and then goes back up 3-4k. But when 'the normal' economy bottoms out, it will drop and the 'hodlers' will be out of trillions. If you keep that in mind: happy trading but hodlers are crazy imho.

Re: Binance banned from doing business in UK

#187

Post by hervature »

FreeSpeech wrote: post #185
hervature wrote: post #162

Earlier quoted context omitted.

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…

For the same reason you shouldn't use peak valuation when estimating losses, you shouldn't use buy in value either. Your loss is 2.5M × market rate at the time of loss.

Accounting 101:

------

Credit,Debit

$1500,2.5M Doge

2.5M Doge,0

Bankrupt

------

The business lost $1500

Re: Binance banned from doing business in UK

#188

Post by arp242 »

IgorPartola wrote: post #164
hervature wrote: post #162

Earlier quoted context omitted.

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.

This is kind of the emotional mechanism behind a lot of crypto investment. It's not intentional, and it's kind of sneaky, but with the strong fluctuations and chance of "hitting it big" there's always the "what if..." feeling. As someone who doesn't care much for crypto (in its current form anyway) and was never involved in it at all, even I have this to some degree as I was aware of it very early on (when it was still interesting, instead of what it's become now).

This is probably a big reason why there are so many "amateur" investors compared to more traditional investments/trading.

Re: Binance banned from doing business in UK

#189

Post by FreeSpeech »

hervature wrote: post #187
FreeSpeech wrote: post #185

Earlier quoted context omitted.

For the same reason you shouldn't use peak valuation when estimating losses, you shouldn't use buy in value either. Your loss is 2.5M × market rate at the time of loss.

Accounting 101: ------ Credit,Debit $1500,2.5M Doge 2.5M Doge,0 Bankrupt ------ The business lost $1500

You bought a house 20 years ago for $200k. Today, it is valued at $2M. What's your insurance payout if it burns down tomorrow?

Re: Binance banned from doing business in UK

#190

Post by [deleted] »

vageli wrote: post #12
joemazerino wrote: post #9

Is there anyone with experience using Binance from a banned or restricted zone? Was your crypto frozen?

As a US user, I've accessed my old account via VPN to remove funds a couple months ago without issue. I was unable to access binance without VPN though (the original binance not the US specific new one).

[deleted]
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