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Binance halts deposits and withdrawals for customers in the UK

bloomberg.com

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Re: Binance halts deposits and withdrawals for customers in the UK

#31

Post by solumunus »

capableweb wrote: post #24
smolder wrote: post #20

Earlier quoted context omitted.

I think not. Once crypto scammers have retried everything from the history of fiat currency they'll just be in the same boat. But it would be funny if banks started encrypting my files and demanding ransom.

Ah, it seems you're one of many who confuses "crypto" with cryptography and cryptocurrency. Cryptography is used for encrypting your files, not cryptocurrency. But it's a easy mistake to make so don't feel bad over it.

They're referencing the fact that crypto is famously used as a payment mechanism by entities that hold people/companies to ransom by encrypting their data against their will.

Re: Binance halts deposits and withdrawals for customers in the UK

#32

Post by reedjosh »

mschuster91 wrote: post #14
GalenErso wrote: post #13

Earlier quoted context omitted.

The crypto industry has basically done a speed run of the history of banking and finance over the last decade or so. But the safeguards and regulations that governments put in place for money are mostly absent for crypto. It should remain this way. I want to see how far crypto can go without government regulations and protections.

> I want to see how far crypto can go without government regulations and protections. We have seen enough of that: one rug-pull and scam after the other. Governments are stepping in with crypto precisely because of all the scams.

Boy that BTC rug pull really hurt.

I'm still totally reeling from the XMR rug pull. Oh, wait...

Just because many are scams, doesn't mean there are no principled crypto currencies.

God forbid one should have to perform due diligence and actually think a bit about their currency.

Re: Binance halts deposits and withdrawals for customers in the UK

#33

Post by RjQoLCOSwiIKfpm »

VHRanger wrote: post #7

Crypto: Going from banking the unbanked to unbanking the banked!

Binance is not a cryptocurrency.

Binance is a centralized service which allows people to buy cryptocurrencies, but which is not strictly necessary to use in order to use cryptocurrencies.

People can use decentralized exchanges like Bisq if they want to avoid these issues.

EDIT: Remember how Hackernews was supposed to be a community which has a focus on software development, and thus finding technical solutions to problems of users?

Now it seems we're more about bashing people for using the wrong technology? Advocating for a technical solution to their problems is disapproved of?

Re: Binance halts deposits and withdrawals for customers in the UK

#34

Post by ben_w »

capableweb wrote: post #24
smolder wrote: post #20

Earlier quoted context omitted.

I think not. Once crypto scammers have retried everything from the history of fiat currency they'll just be in the same boat. But it would be funny if banks started encrypting my files and demanding ransom.

Ah, it seems you're one of many who confuses "crypto" with cryptography and cryptocurrency. Cryptography is used for encrypting your files, not cryptocurrency. But it's a easy mistake to make so don't feel bad over it.

Attackers who encrypt files and demand payment famously demanded cryptocurrency, in part because of the "transactions cannot be reversed" property and the (pseudo-)anonymity.

As banking transactions can be reversed and are as opposite of anonymous as is practically possible, it would be (darkly) amusing if a traditional bank did that, precisely because the damage would be undone and the guilty parties trivially identified.

Re: Binance halts deposits and withdrawals for customers in the UK

#37

Post by Xelynega »

RjQoLCOSwiIKfpm wrote: post #33
VHRanger wrote: post #7

Crypto: Going from banking the unbanked to unbanking the banked!

Binance is not a cryptocurrency. Binance is a centralized service which allows people to buy cryptocurrencies, but which is not strictly necessary to use in order to use cryptocurrencies. People can use decentralized exchanges like Bisq if they want to avoid these issues. EDIT: Remember how Hackernews was supposed to be a community which has a focus on software development, and thus finding technical solutions to pro…

But do they? It seems to me that most of the volume(and people) are on these centralized sites.

Re: Binance halts deposits and withdrawals for customers in the UK

#38

Post by chatmasta »

smolder wrote: post #20
capableweb wrote: post #17

Earlier quoted context omitted.

> The crypto industry has basically done a speed run of the history of banking and finance over the last decade or so. Does that mean it'll eventually eclipse and live in front of the current timeline of banking, so we'll see banking and finance following the crypto industry at one point, repeating the same mistake that happens in cryptocurrencies?

I think not. Once crypto scammers have retried everything from the history of fiat currency they'll just be in the same boat. But it would be funny if banks started encrypting my files and demanding ransom.

The MPAA has been doing this for a while now. It's called DRM.

Re: Binance halts deposits and withdrawals for customers in the UK

#39

Post by TebiObiZA »

nailer wrote: post #28

People outside the UK: Binance broke UK law by selling OTC crypto derivatives after they were made illegal. This is why British people see all those “did you use Binance product X after Y date?” ads online. There's a bunch of people taking legal action against Binance UK.

What are OTC crypto derivates? How do they work?

Re: Binance halts deposits and withdrawals for customers in the UK

#40

Post by ackbar03 »

adastra22 wrote: post #27
tromp wrote: post #22

Earlier quoted context omitted.

I don't think they exchange/trade any fiat. In which case all their money is in Crypto, and resides on their servers and on cold wallets.

Bitfinex runs tether.

So bitfinex is going to do the mother of all rug pulls on everyone
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