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Binance banned from doing business in UK

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Re: Binance banned from doing business in UK

#201

Post by vishnugupta »

fakedang wrote: post #156
xvector wrote: post #149

Earlier quoted context omitted.

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.

> once my mom began to talk about a Bitcoin investor

There’s an ad running on Indian TV literally of this script..Two moms are talking, while one brags about her son being in USA, buying cars etc the other’s son is seemingly trading crypto on a mobile app. The other mom then retorts “all that is fine, but have you invested in crypto?”.

It’s crazy, they are drumming up FOMO.

If you are curious and know Hindi: https://youtu.be/KKItA9fDCk4

Re: Binance banned from doing business in UK

#202

Post by FreeSpeech »

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.

They should feel silly. It's not the market value of the spent Bitcoin ($20), but the opportunity cost (~$34k).

Re: Binance banned from doing business in UK

#203

Post by hervature »

FreeSpeech wrote: post #195
hervature wrote: post #192

Earlier quoted context omitted.

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).

The fact you keep changing your answer should be evidence to yourself that you are on the wrong side of the argument. The entire point of my comment is that you are supposed to exclude opportunity cost. Did you lose $1M last year because you forgot to convert your cash to ?

Re: Binance banned from doing business in UK

#204

Post by dheera »

pedalpete wrote: post #165
dheera wrote: post #100

Earlier quoted context omitted.

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...

Sounds hard, because it would be hard to prove that you lost a key. You could always pretend you lost it.

But if the blockchain supports actually invalidating those coins and transferring them to a new wallet via e.g. 3 trusted friends with pre-pregrammed wallets that sign and verify your new wallet, maybe it could work.

Re: Binance banned from doing business in UK

#205

Post by xeromal »

randomhodler84 wrote: post #167
Animats wrote: post #148

Earlier quoted context omitted.

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.

Not sure what the sentence means

Re: Binance banned from doing business in UK

#206

Post by sellyme »

FreeSpeech wrote: post #202
IgorPartola wrote: post #164

Earlier quoted context omitted.

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.

They should feel silly. It's not the market value of the spent Bitcoin ($20), but the opportunity cost (~$34k).

As the comment you're replying to points out, that same opportunity cost applies to literally any non-essential ~$20 purchase they made with any currency in that time period.

Re: Binance banned from doing business in UK

#207

Post by neom »

toomuchtodo wrote: post #4

Also booted from Ontario, Canada. https://old.reddit.com/r/CryptoCurrency/comments/o80yxs/bina... https://www.binance.com/en/support/announcement/ba03469c86f3...

I got a message from newton.co about doing a bunch of KYC compliance(they're Canada only), presume Canada Gov generally is starting to wrap its arms around crypto?

Re: Binance banned from doing business in UK

#208

Post by sellyme »

kgraves wrote: post #120
slipframe wrote: post #104

Earlier quoted context omitted.

Lmao are you serious? Source is 15 years of buying drugs. 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. I guess you never buy drugs IRL, if you really want a source for "drug dealers only take cash". What's next, wanting a source for "water is wet"? > Also, did you just forget w…

> 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…

This is what you are doing: https://www.smbc-comics.com/comic/game

Don't be surprised when no-one wants to take you up on inane requests.

Re: Binance banned from doing business in UK

#209

Post by enos_feedler »

koolba wrote: post #175
IgorPartola wrote: post #164

Earlier quoted context omitted.

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.

> 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. My favorite spin on this is computing the present value of buying AMZN instead of whatever I was ordering from Amazon.

Is there a script for this? :)
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