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UK high street banks are quarantining from crypto

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Re: UK high street banks are quarantining from crypto

#41

Post by TacticalCoder »

throwawycrptp wrote: post #14

UK financial industry brings $100 billion dirty money a year into the country. If the banks support the crypto they can double that amount in short span of time. I think UK could do it.

> UK financial industry brings $100 billion dirty money a year into the country.

Official estimates says, depending on the source, that from 1.5% up to 5% of the world's GDP is tied to criminal activities.

The GDP is about 100 trillion.

Cryptos are a complete insignificant drop in the bucket. Even if 100% of cryptos were linked to crime, it's still be absolutely nothing compared to the actual criminal activities ongoing (like drug trafficking) and the percentage of the worldwide GDP they represent.

Re: UK high street banks are quarantining from crypto

#42

Post by shapefrog »

petesergeant wrote: post #11

I don't really understand this. I'm very, very bearish to all things crypto, but how is banks stopping their customers transferring money to crypto businesses meant to prevent risk to the banks itself?

"In recent years, “authorised push payment” (APP) scams, where a payer is deceived or defrauded into authorising a payment to a criminal, have increased both in value and volume, with many individuals suffering significant financial and emotional harm.

... which proposed introducing mandatory reimbursement for APP scams which occur over Faster Payments, as well as other measures to improve fraud prevention."

If your bank is signed up to the voluntary Authorised Push Payment Scam Code which launched on 28 May 2019 it has to take a number of steps to protect their customers and reimburse customers who aren’t to blame.

https://www.gov.uk/government/publications/government-approa...

Re: UK high street banks are quarantining from crypto

#44

Post by shapefrog »

isthisthingon99 wrote: post #28
mjburgess wrote: post #9

I first learned about blockchain years ago talking to some middle eastern clients who had implemented something with it. After looking at the technology from a data & software engineering pov, I thought it was basically useless and incredibly niche. I said as much, but they didnt believe me; they also thought ML was where you "fed data to a machine and it did everything" because that's what some lecturer had told the…

I'm a tech guy, also trade, also teeter on end the fed vibes There is value in being able to anonymously and stably transfer value uncensored. But which state will stand aside while you realize this dream? Not a one.

> There is value in being able to anonymously and stably transfer value uncensored.

Let me know when this comes into existence, because it might be interesting.

Re: UK high street banks are quarantining from crypto

#45

Post by htkibar »

mjburgess wrote: post #9

I first learned about blockchain years ago talking to some middle eastern clients who had implemented something with it. After looking at the technology from a data & software engineering pov, I thought it was basically useless and incredibly niche. I said as much, but they didnt believe me; they also thought ML was where you "fed data to a machine and it did everything" because that's what some lecturer had told the…

Bad take regarding black mark.

Fintech and swinging for the fences is not a bad thing per se. As long as you aren’t an executive for a scam or something; I have never seen in my career experience being treated as a bad thing. Might perhaps get some added questions to get you, but it is also a unique selling point.

Crypto essentially allows you to make trust less systems with tokens, what those tokens mean or not depends on the situation. Writing that off as purely speculative isn’t necessarily fair. Utility tokens are a thing after all.

Re: UK high street banks are quarantining from crypto

#46

Post by dazc »

bluescrn wrote: post #19

They've banned crypto, but actual gambling is more popular and more heavily advertised then ever

This may be true but some banks also do a lot to prevent it, such as a need to specifically request betting transactions to be allowed on your account.

I also think that people losing money from betting actually know what they are getting into though. The same can not be said for some other transactions.

Re: UK high street banks are quarantining from crypto

#47

Post by prohobo »

automatic6131 wrote: post #15
zarzavat wrote: post #8

> This crypto ban by Starling comes off the heels of Santander’s decision to limit customer deposits to crypto exchanges to £1,000 per transaction and a monthly limit of £3,000 This, ironically, validates the argument for crypto that banks cannot be trusted to let you do what you want with your own money.

>that banks cannot be trusted to let you do what you want with your own money. Well that's because we put them partially on the hook for when we, Joey Public, fall for scams, we expect and demand that the banks give us back the money we were scammed for. I mean, I personally haven't, but I've read multiple newspaper articles about it.

Do you think that's a real problem, or a convenient (manufactured/inflated) problem?

I'm pretty sure they could simply add to their terms of service "no refunds for crypto purchases" and that'd be understandable, legal, and enforceable. Advertising this position prominently would make naive crypto "dabblers" second-guess themselves. So, in my opinion the problem you're referring to is not real.

There are no such limits/bans on gambling in general.

Re: UK high street banks are quarantining from crypto

#48

Post by HeckFeck »

gonzo41 wrote: post #20
tibanne wrote: post #6

How about letting people do what they want with their own money?

Society picks up the bill when mom and dad bet the pension savings on crypto and they have to take public money into retirement. The banks are trying to essential provide a cooling off period so regular people don't get obliterated. The same people that complain about the impinging government are usually the first to ask for a handout the moment something goes wrong etc etc.

I recall society picking up a very large bill for said banks in 2008, when mom and dad bet everything on property prices rising indefinitely for reasons.

Re: UK high street banks are quarantining from crypto

#49

Post by TacticalCoder »

jarym wrote: post #39
TacticalCoder wrote: post #16

> 47% of UK banks don’t allow customers to interact with crypto exchanges And yet the state asks you to pay your taxes when you make added-value on crypto. There are literally people who have taxes on added-value made on crypto due but are unable to pay them because their banks are refusing their money. Take 10 K EUR out: easy. Take 1 million+ EUR out: it's extremely difficult. The hypocrisy here is phenomenal: "cryp…

Is it really much different from the UK attitude to prostitution? Illegal to solicit but the actual act of exchanging money for sex is totally legal as long as it’s declared on taxes.

> Is it really much different from the UK attitude to prostitution?

It's actually quite similar I'd say. The hypocrisy behind that one is strong too.

Re: UK high street banks are quarantining from crypto

#50

Post by dazc »

shapefrog wrote: post #23
beardyw wrote: post #7

Looking at the actual report, only Monzo and Revolut (yes, I haven't heard of them either) are "crypto friendly". The others could best be described as wary and watchful.

Revolut sells crypto

...and is not a licensed bank (UK).
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