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Binance banned from doing business in UK

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191–200 of 286 posts

Re: Binance banned from doing business in UK

#191

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…

The support is bad but this was phishing: how is it coinbase their fault?

Not to mention that most big companies have kafkesque awful support, but if they offer better for $0.01/year more, all their clients will go elsewhere. Bad support is only noticed when you got bitten and just not that a big % gets bitten, even if support is awful for almost all that needed such support (you need support, the bot chat does not work for you (apparently it works for people) and then you need to have a bad experience).

Re: Binance banned from doing business in UK

#192

Earlier quoted context omitted.

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?

I didn't buy insurance

Re: Binance banned from doing business in UK

#193

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.

It’s voluntary wealth redistribution. You see it every cycle. It’s fine. It’s probably core to why market economies outperform.

Re: Binance banned from doing business in UK

#194

Earlier quoted context omitted.

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?

Yup. As for why they would care, something to do with the recent FATF travel rule I suppose.

Re: Binance banned from doing business in UK

#195

Earlier quoted context omitted.

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?

I didn't buy insurance

If it isn't obvious, your simplified accounting excludes opportunity cost. Actualised losses are much higher (otherwise insurance companies would be marketing the same logic).

Re: Binance banned from doing business in UK

#196

Earlier quoted context omitted.

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?

Easy answer: you get The value that you insured it for (either replacement cost or actual cash value with depreciation). You definitely wouldn’t insure it for 2M because those premiums would be stupid

Re: Binance banned from doing business in UK

#197

Earlier quoted context omitted.

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?

And anyway, certainly the appreciation of the value of your home is more dependent on the plot of land and not the condition of the structure.

Re: Binance banned from doing business in UK

#198

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…

What is a competent and trustworthy guide for choosing a cold wallet strategy? There are many products on the market and none seem trustworthy. Is a raspberry pi kept offline with an external storage drive a good strategy? When the pi needs kernel patches etc, I’d unplug the drive in this scenario?

Re: Binance banned from doing business in UK

#199

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.

[deleted]

Re: Binance banned from doing business in UK

#200
post #47

Its great to see Governments finally acting against Crypto. The technology will float around, but the actual formal legal exchange of fiat for crypto should be banned. This will indirectly disable Ransomware, since businesses will not be able to purchase the coins. And by reducing the price of coins, reduce the waste (electricity, hardware, human effort) associated with 'mining' them.

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…

The perspective you are offering seems to be an extreme one as well. The idea that the 'misery' inflicted on society is caused by financial manipulation by governments seems out there.

I'm guessing the laws and cultural norms around how you acquire your money (monopoly, disclosure, insider trading, kickbacks) or pay tax (or game the system to avoid it) have much more to do with inequities in society, and that financial manipulation is far more rampant in the private sector than the public. The rabid anti-government messaging is not one I can relate to.

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