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Binance banned from doing business in UK

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Re: Binance banned from doing business in UK

#231

Post by sellyme »

FreeSpeech wrote: post #226
sellyme wrote: post #206

Earlier quoted context omitted.

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.

Similar to the Monty Hall problem [1], the mistake you're making is calculating the opportunity cost at the time of sale, rather than within the context of perspective. Opportunity cost is dynamic, not static. If I approached you in 2012 with two envelopes, one with $20 worth of US bank notes, one with $20 worth of Bitcoin, you'd most likely take the cash. If I approach you again in 2021 with the same envelopes (unop…

The critical difference between spending BTC on a pizza and the Monty Hall problem is that you only receive additional information once you no longer have any option to change your mind.

If Monty Hall asked you if you wanted to change doors before opening one the problem would not be much of a problem.

Re: Binance banned from doing business in UK

#232

Post by raziel2701 »

tluyben2 wrote: post #191
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…

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 w…

Does a company worth $47 billion running customer support through reddit not raise giant red flags to you?

Re: Binance banned from doing business in UK

#233

Post by grey-area »

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?

Nobody is actually using Bitcoin to pay for things, because it is a terrible currency due to fundamental design flaws. At this point the narrative of Bitcoin the world currency is dead, it’s now a get rich quick scheme.

Re: Binance banned from doing business in UK

#234

Post by grey-area »

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.

There are also deep and to my mind suspicious links between the two, this fraud is a shared endeavour.

https://cointelegraph.com/news/a-by-the-minute-look-at-tethe...

Re: Binance banned from doing business in UK

#236

Post by lmm »

tomp wrote: post #79
rawtxapp wrote: post #74

Earlier quoted context omitted.

Much easier to remember and to transcribe compared to writing down a string that looks like random garbage.

how much BTC are you willing to bet that you'll remember 24 randomly generated seed words? probably not much.. that's why parent was advocating "you just need to *write down* the 12 or 24 seed words generated by your hardware wallet"

How much are you willing to bet that you transcribed a string of gibberish correctly (including case variations). Isn't a sequence of real words more fault tolerant?

Re: Binance banned from doing business in UK

#237

Post by berkes »

mirekrusin wrote: post #40

Funnily enough the reason seems to be poor money laundering measures. I always thought exchanges are the only money laundering gates where govt can have control.

Which is why you see governments pushing against exchanges with poor money laundering measures. Like here.

Re: Binance banned from doing business in UK

#238

Post by lmm »

whoisjohnkid wrote: post #108
tonfa wrote: post #48

Earlier quoted context omitted.

How do you handle giving access to your keys to your next of kin?

you can use multi sig wallets. Which are synonymous to Shamir’s Secret Sharing Algo; tldr you can generate say 5 keys and you need 3 of the 5 to unlock. As for if you die … you could use one of those services that will send an email out to your significant others if you don’t log in for X amount of time.

> As for if you die … you could use one of those services that will send an email out to your significant others if you don’t log in for X amount of time.

And put your bitcoin private key in there? Surely whoever runs those services would take all your money.

Re: Binance banned from doing business in UK

#239

Post by BLKNSLVR »

over_bridge wrote: post #200
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…

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 financi…

Not who you're replying to, but my perspective around the rabid anti-government messaging is that it is Government that's responsible for regulation of the existing financial system, which has been breaking laws with impunity and getting merely slaps on the wrist and continuing on their way.

Regulation appears to be simultaneously lacking in scope and under-enforced. And it's the role of the Government do make sure that regulation is both appropriate and enforced.

Without appropriate regulation and enforcement, the government is the facilitator to the finance industry's villainy. For the people.

Re: Binance banned from doing business in UK

#240

Post by lmm »

tluyben2 wrote: post #191
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…

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 w…

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

Because they chose a support platform that makes it very easy for other people to impersonate them? We would laugh at a bank that was running their support out of /~foobank/ on a shared hosting provider, but reddit is pretty much the same thing.

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