Binance banned from doing business in UK • Hacker News Board

Re: Binance banned from doing business in UK

#241

Post by BLKNSLVR » Mon, Jun 28, 2021, 6:13 AM UTC

ArkanExplorer wrote: post #107

newfriend wrote: post #82

Earlier quoted context omitted.

The State is forced upon you. Crypto is opt-in. If you think it's a pump and dump, then just don't participate. Stop forcing people to do what you want, stop banning things you don't like. Leave me alone.

When Crypto mining leads to shortages of computer chips and electricity, and widespread ransomware, it is most definitely not 'opt-in'.

No, that's "the market", that's capitalism (computer parts anyway).

Electricity shortages haven't been caused by crypto, and neither is crypto the cause of widespread ransomware. It may be the currency in which ransoms are desired to be paid, but to say they're the cause is misleading.

You could well argue that the fact currency for which payment is demanded is proof of its use-case as a currency / transfer of value. Criminals and the porn industry are always the canaries in the coal mine for "new". That criminals are increasingly using it is evidence of it's success as opposed to evidence of its imminent demise.

Re: Binance banned from doing business in UK

#242

Post by [deleted] » Mon, Jun 28, 2021, 6:34 AM UTC

nextlevelwizard wrote: post #230

FreeSpeech wrote: post #202

Earlier quoted context omitted.

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

That is some dumb shit and not only should you feel silly you should feel stupid for saying it. If you buy anything at $X with intention of "hodling" it to increase it's value, unless you have a plan (i.e. I will sell at $Y) then you are just holding on to nothing. You will either sell too early or too late (now talking about the absolute maximum gains) and then you will always "feel silly". Unless OP actually put in…

[deleted]

Re: Binance banned from doing business in UK

#243

Post by FreeSpeech » Mon, Jun 28, 2021, 6:42 AM UTC

sellyme wrote: post #231

FreeSpeech wrote: post #226

Earlier quoted context omitted.

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.

Except the OP was (almost certainly) in possession of $20 USD in 2012. The opportunity cost of buying that Pizza with Bitcoin rather fiat totals ~$34k at the time of comment.

Re: Binance banned from doing business in UK

#244

Post by encryptluks2 » Mon, Jun 28, 2021, 7:01 AM UTC

dnissley wrote: post #159

encryptluks2 wrote: post #137

Earlier quoted context omitted.

I smell a fresh wave of lawsuits in the crypto space with companies like Coinbase. Honestly, they just remind me of Robinhood during the GME fiasco. They are also a Y Combinator company too.

Robinhood did not go through y combinator.

No, Coinbase did. Sorry for the confusion.

Re: Binance banned from doing business in UK

#245

Post by Closi » Mon, Jun 28, 2021, 7:13 AM UTC

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.

It's traceable in the sense you can see the transactions going into an address, but it's not traceable back to an individual in the same way that either bank transactions are via subpoena, or in the same way that you can "follow the cash" with money that has to be physically laundered.

This is the traceability I mean - there is a reason that ransomware uses bitcoin rather than a PayPal account even though the transactions are in the ledger (because the transaction can't be cancelled, and even logging into the PayPal account could result in your physical location being traced unless you are very careful).

Re: Binance banned from doing business in UK

#246

Post by Closi » Mon, Jun 28, 2021, 7:14 AM UTC

null0pointer wrote: post #177

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.

I don't really think you can claim that the intent of Bitcoins design is to facilitate crime and scams.

I don't think it's the intent, but I don't think it's possible to invent a currency that is non-reversible, globally transferable and not linked to a physical identity without also making it perfect for crime (because those are the same characteristics that would be good for that sector).

Re: Binance banned from doing business in UK

#247

Post by tluyben2 » Mon, Jun 28, 2021, 7:40 AM UTC

raziel2701 wrote: post #232

tluyben2 wrote: post #191

Earlier quoted context omitted.

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?

Yes, but so does no support at all at Google. We can, by now, for go the nonsense that it is a free service: they make money selling our data so we pay. And yet, no support. And there are more examples of huge companies not giving any or adequate support. Here in the EU Revolut is known for support horror shows too.

But yes, support via reddit is weird, I agree to that.

Re: Binance banned from doing business in UK

#248

Post by vkou » Mon, Jun 28, 2021, 8:31 AM UTC

Mengkudulangsat wrote: post #222

erdo wrote: post #215

Earlier quoted context omitted.

That's probably related to the risk of accidentally facilitating money laundering? The exchanges are all forced to implement various "know your customer" processes

FWIW, I don't mind the KYC concern. I even provided my identification documents to facilitate the process. It's the we-only-do-business-with-exchanges angle that irks me.

I'm pretty sure that most law firms will refuse to pay you with, for example, cash.

Re: Binance banned from doing business in UK

#249

Post by vkou » Mon, Jun 28, 2021, 8:33 AM UTC

tluyben2 wrote: post #247

raziel2701 wrote: post #232

Earlier quoted context omitted.

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

Yes, but so does no support at all at Google. We can, by now, for go the nonsense that it is a free service: they make money selling our data so we pay. And yet, no support. And there are more examples of huge companies not giving any or adequate support. Here in the EU Revolut is known for support horror shows too. But yes, support via reddit is weird, I agree to that.

Google provides support roughly proportionately to how much you pay Google. Free-as-in-beer internet services tend to be offered as-is, and this is nothing unusual.

A financial firm providing support through reddit, on the other hand, is a bad joke.

Re: Binance banned from doing business in UK

#250

Post by WickyNilliams » Mon, Jun 28, 2021, 10:02 AM UTC

null0pointer wrote: post #177

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.

I don't really think you can claim that the intent of Bitcoins design is to facilitate crime and scams.

POSIWID is a valid perspective from which to analyse systems

https://en.m.wikipedia.org/wiki/The_purpose_of_a_system_is_w...