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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

#81

Post by malermeister »

voldacar wrote: post #30
gonzo41 wrote: post #20

Earlier quoted context omitted.

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.

>The same people that complain about the impinging government are usually the first to ask for a handout the moment something goes wrong Really? This doesn't seem to match my experience.

Ayn Rand, patron saint of those people, was on Social Security, for a famous example.

Re: UK high street banks are quarantining from crypto

#82

Post by gambiting »

bluescrn wrote: post #19

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

Gambling is a lot more regulated though. And it doesn't have the tendency to say "hey bet all of your life savings with us, you can't lose!" like crypto does.

Re: UK high street banks are quarantining from crypto

#83

Post by isthisthingon99 »

bluepizza wrote: post #57
isthisthingon99 wrote: post #28

Earlier quoted context omitted.

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. You mean when someone hands somebody else a 20?

I mean 50K from USA to Europe.

Re: UK high street banks are quarantining from crypto

#84

Post by isthisthingon99 »

shapefrog wrote: post #44
isthisthingon99 wrote: post #28

Earlier quoted context omitted.

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.

It exists, Monero. But it isn't necessarily a stable value, though I think it will hit a stable value at some point.

For some reason, I can't post so here is my reply to the guy below me:

Current XMRUSD volatility is ~40%

Current USDJPY volatility is ~38%

I believe in due time, when the pump and dumpers are gone, it will become as stable as normal currency pairs.

Re: UK high street banks are quarantining from crypto

#85

Post by isthisthingon99 »

mjburgess wrote: post #52
isthisthingon99 wrote: post #28

Earlier quoted context omitted.

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.

A world without political control on the money supply is a vastly inferior one to either (1) no control; (2) automated control; or (3) control by gold miners. (1) leads to great depressions (mass poverty, famine, etc.); (2) leads to feudalism; and (3) to colonialism, war and poverty. Political control over the money supply is one of the most stabilising, peaceful and moral inventions of the 20th century. For human hi…

By automated control leading to feudalism, I presume you mean deflation leads to feudalism?

I'm a fan of automated control, but with an algorithmically set inflation rate, I don't see why it would lead to feudalism.

Re: UK high street banks are quarantining from crypto

#86

Post by tempera »

wil421 wrote: post #74
tempera wrote: post #68

Earlier quoted context omitted.

Bitcoin solves what is called the double spending problem without a central authority. Any other existing digital cash system, including the present-day fiat currencies and payment infrastructure relying on them as well as other digital currencies, require a central authority to maintain and dictate the true history of a monetary ledger, to make sure that the same units of money are not spent twice. Bitcoin instead d…

If someone steals from my bank account I’m getting that money back. Yes I’ve been scammed a couple times and had money withdrawn from an ATM in countries I’ve never been. Within 24 hours my money was back in my BoA checking. All my bank deposits are insured by the FDIC. Not to mention my $dollars (or even €/£) have not lost a huge amount of value and fluctuated like a rabid dog. Blockchain doesn’t help at all and mos…

Banks have an unpredictable money issuance policy. While Bitcoin's policy is know for the next 100 years.

That will allow unseen before economic growth for entities going on to the Bitcoin Standard, with proper planning.

After the first pioneers show to the world how it's done, it will become obvious to anyone that Bitcoin is the most advanced money we have as a civilization.

Re: UK high street banks are quarantining from crypto

#87

Post by throwaway290 »

bluescrn wrote: post #19

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

Does the cryptocurrency industry also allow banning yourself from betting on it (and respect this ban by ensuring you don't create multiple accounts)? That's just one of the controls in place in gambling industry.

Re: UK high street banks are quarantining from crypto

#88

Post by tempera »

rvz wrote: post #77
varispeed wrote: post #37

This is a dangerous precedent of "legal, but harmful" creeping in, where you cannot spend _your own money_ on something authority thinks is not in your best interest.

It's like as if people commenting here want CBDCs and would love the banks to impose savings limits on their accounts and pretend that they know best what you should be spending your digital cash on. [0] [0] https://reclaimthenet.org/digital-euro-spending-saving-limit...

The most of people commenting here are payed to portray that a certain idea about how the future should be is well accepted by the majority of people.

They are even from an military organization, running psyops.

Public opinion must be managed on open forums and this how they do it.

They have hundreds of accounts that play dialogues on important issues trying to manipulate public opinion.

Re: UK high street banks are quarantining from crypto

#89

Post by mjburgess »

isthisthingon99 wrote: post #85
mjburgess wrote: post #52

Earlier quoted context omitted.

A world without political control on the money supply is a vastly inferior one to either (1) no control; (2) automated control; or (3) control by gold miners. (1) leads to great depressions (mass poverty, famine, etc.); (2) leads to feudalism; and (3) to colonialism, war and poverty. Political control over the money supply is one of the most stabilising, peaceful and moral inventions of the 20th century. For human hi…

By automated control leading to feudalism, I presume you mean deflation leads to feudalism? I'm a fan of automated control, but with an algorithmically set inflation rate, I don't see why it would lead to feudalism.

No one controls inflation, the only variable under control is the cost for a bank to receive money from a central bank (an interest rate).

Any value of an interest rate is a political tradeoff: a low rate favours spending, a high rate favours saving. So a low rate promotes expansion and an excess of cash in the system; a high rate promotes contraction and a relative deficit of cash. No value for an interest rate is "correct", it is an ethical decision. And the effect of a given rate will depend on economic variables that are basically unmeasurable (eg., aggregate preference for future consumption at a given rate) and have to be determined by best-guess expert judgement.

What would an algorithm do? Who would create it? Who do you think would create it?

My view is that replacing any aspect of politics (, law, etc.) with "algorithms" has a pretty clear line to feudalism or similar. Political judgement should never be naively deterministic in a chaotic, unmeasurable and unmeasured world.

A deterministic "politics" makes its power structure eternal and immutable. Do we change the alg when the world changes? No, that's just status quo. We mean an alg that never changes regardless of the change to the world. It's mad.

Re: UK high street banks are quarantining from crypto

#90

Post by rwmj »

rajman187 wrote: post #54

Will be interesting to see how former finance minister now PM reconciles the banks' hesitancy with his own grandiose plans of making the UK a crypto capital https://www.cnbc.com/2022/11/01/what-rishi-sunak-as-pm-means...

I think that plan will be quietly forgotten, to the relief of everyone who knew it was obvious nonsense when it came up first time.
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