UK high street banks are quarantining from crypto • Hacker News Board

Re: UK high street banks are quarantining from crypto

#111

Post by bluescrn » Wed, Nov 30, 2022, 2:29 PM UTC

throwaway290 wrote: post #87

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.

Is speculating on crypto anywhere near as addictive as fast-paced casino-style gambling?

And people don't tend to ban themselves from gambling sites until after they've made big losses. It'd be the same for crypto.

Re: UK high street banks are quarantining from crypto

#112

Post by MrMan » Wed, Nov 30, 2022, 2:29 PM UTC

rojeee wrote: post #107

geewee wrote: post #105

Earlier quoted context omitted.

I'm responsible for giving hiring input and I've talked to multiple people who are solely responsible, and working in crypto isn't necessarily a dealbreaker, but for me and those people you're definitely competing at a disadvantage from the outset.

Fair enough. I believe that's commonly called discrimination.

haha good one. it is, but in a good way.

Re: UK high street banks are quarantining from crypto

#113

Post by imtringued » Wed, Nov 30, 2022, 2:32 PM UTC

Melting_Harps wrote: post #58

TacticalCoder wrote: post #49

Earlier quoted context omitted.

> 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.

> It's actually quite similar I'd say. The hypocrisy behind that one is strong too. The City makes the rules, and it doesn't like competition in the only competitive sector they have left (finance), but you can rest assured they will get their cut while making it as difficult as possible for anyone to do so legally. I really want people to see the inherit hypocrisy of this system, people get riled up about woke-based…

I think the idea that taxes must be paid in a specific currency is immoral. Money means division of labor. If you must pay taxes on economic activity then the government effectively forces you to engage in the national division of labor/economy which basically means the taxes we owe turns us into debt slaves who must work in the debtors prison known as capitalism.

We can argue endlessly about what kind of tax rate is immoral or necessary to run a modern society but having to pay taxes in a single currency is definitively the most immoral aspect.

After all, a lot of things that you get taxed on are difficult to turn into money without selling the whole thing. Like a house or a family business. If you could give the government an x% share then you would have already gained a lot of freedom.

Re: UK high street banks are quarantining from crypto

#114

Post by varispeed » Wed, Nov 30, 2022, 3:13 PM UTC

tempera wrote: post #88

rvz wrote: post #77

Earlier quoted context omitted.

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.

*hundreds of thousands accounts

Re: UK high street banks are quarantining from crypto

#115

Post by dtech » Wed, Nov 30, 2022, 3:14 PM UTC

rojeee wrote: post #107

geewee wrote: post #105

Earlier quoted context omitted.

I'm responsible for giving hiring input and I've talked to multiple people who are solely responsible, and working in crypto isn't necessarily a dealbreaker, but for me and those people you're definitely competing at a disadvantage from the outset.

Fair enough. I believe that's commonly called discrimination.

Which industry you've worked in is not a protected class, you can discriminate all you want.

Re: UK high street banks are quarantining from crypto

#116

Post by isthisthingon99 » Wed, Nov 30, 2022, 3:19 PM UTC

shapefrog wrote: post #102

isthisthingon99 wrote: post #84

Earlier quoted context omitted.

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.

Current the volatility of XMR-USD is currently 38.70% the volatility of USD-JPY is currently 11.99% Max Drawdown - XMR-USD -92.96% USD-JPY -20.48% https://portfolioslab.com/tools/stock-comparison/XMR-USD/JPY...

Still the trend is less volatility not more. It will get there!

I was looking at monthly volatility for jpy. 3x the daily vol isn't bad at all.

Great link BTW.

Re: UK high street banks are quarantining from crypto

#117

Post by trillic » Wed, Nov 30, 2022, 3:32 PM UTC

shapefrog wrote: post #91

isthisthingon99 wrote: post #84

Earlier quoted context omitted.

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.

It exists, but it doesnt exist yet. I AM A billionaire! Well not necessarily yet, I only have 4 dollars and 53 cents, though I think it will hit that net worth level at some point in the future.

If you create your own cryptocurrency, give yourself a billion tokens and value it at $1/token you too can be a billionaire just like SBF

Re: UK high street banks are quarantining from crypto

#118

Post by vizzah » Wed, Nov 30, 2022, 3:42 PM UTC

How transacting through a bank to move money on/off crypto exchanges could be "risky" for the bank? Unless banks don't want account holders to spend (or lose) their money, to keep better balance sheets.. but banks shouldn't dictate what customers do with their cash. Exactly the reason customers want to be less dependent on high-street banks and keep their money/investments in a self-custody.

Self-custody is the largest appeal of crypto currencies.

Re: UK high street banks are quarantining from crypto

#119

Post by amluto » Wed, Nov 30, 2022, 4:09 PM UTC

richardwhiuk wrote: post #5

amluto wrote: post #4

If this policy expanded to all UK banks, it could plausibly make the UK a less interesting target for ransomware and similar cryptocurrency-backed extortion schemes.

I imagine you'll always be able to use something like Western Union to make such payments.

At least in principal, with a service like Western Union, an actual human or other KYC’d entity needs to collect the money at the other end. If you run a $100M ransomware campaign, a very enthusiastic prosecutor is fairly likely to arrange to arrest people well before $100M gets cashed out, and without perfect opsec, you have a problem.

And Western Union respects sanctions.

Re: UK high street banks are quarantining from crypto

#120

Post by plopilop » Wed, Nov 30, 2022, 4:14 PM UTC

zarzavat wrote: post #80

plopilop wrote: post #73

Earlier quoted context omitted.

Ah, yes, the freedom to invest all your life savings in obvious unregulated scams such as FTX. Cryptocurrencies advocate for a very libertarian point of view: you are the only responsible of your money, and if you get scammed, sucks to be you. Banks on the other hand are much more "social": they are protecting you against scammers, and sometimes against yourself. I know a case of a person falling to a "Hello we're th…

And what is the name of an institution that allows you to deposit unlimited amounts of money, but when you try to withdraw it they don’t let you? FTX? Yes. A bank? Also yes. In Lebanon people are holding up the banks at gunpoint to withdraw their own money.

I am not pretending that banks are perfect. But regulations are made so these situations happen as little as possible. In cryptocurrencies, such frauds and gross mismanagement are called an ordinary Monday.