Also getting pressure from Japan: https://www.financemagnates.com/cryptocurrency/news/japans-f...
Shut shop in Ontario: https://www.coindesk.com/binance-pulls-out-of-ontario-follow...
Binance banned from doing business in UK
211–220 of 286 posts
Re: Binance banned from doing business in UK
#212Earlier quoted context omitted.
> Lmao are you serious? Source is 15 years of buying drugs... So the source is you then? If so, that is an anecdote and that isn't a reputable source, try again. > The illegal drug dealers only took cash, and now that buying drugs is legal, the legal dealers only take cash too. They have an ATM in their shop, but that's because they only take cash. So you are saying that cryptocurrencies was never an option for these…
This is what you are doing: https://www.smbc-comics.com/comic/game Don't be surprised when no-one wants to take you up on inane requests.
Am I? or is an anecdote a valid source?
Re: Binance banned from doing business in UK
#213Earlier quoted context omitted.
As an early Bitcoin adopter who was robbed of a house worth of coins by an exchange (Quadriga), I can’t stress this enough.
I know it is tempting to compare the current price when estimating losses. But really, you cannot do that. I had 2.5M dogecoin that was also stolen. But I don't use the peak valuation (~$1.25M) or the current price (~$0.63M) because that implies I would have singled out the peak or held until now. I really only lost my buy in ~$1,500. It makes for a good story to lose a house, but it is better for your sanity to base…
Mostly agree. The true lost value is the amount you would've sold the coins at, but that's impossible to know. For most people its safe to assume they would've sold the coins during the first price jump years ago so its still less than peak valuation but probably more than purchase value. For more savvy investors who would take profits and hold the rest, the story could be different. The worse case is people who forgot they had coins years after purchase and went to retrieve them only to find that they've been stolen or permanantly lost. In that case you would lose the current values worth. I was in a similar situation with ETH stores on a laptop I donated to my sister years ago but luckily it was still stored on a partitioned drive and I was able to retrieve it.
Re: Binance banned from doing business in UK
#214Earlier quoted context omitted.
> Lmao are you serious? Source is 15 years of buying drugs... So the source is you then? If so, that is an anecdote and that isn't a reputable source, try again. > The illegal drug dealers only took cash, and now that buying drugs is legal, the legal dealers only take cash too. They have an ATM in their shop, but that's because they only take cash. So you are saying that cryptocurrencies was never an option for these…
> So the source is you then? If so, that is an anecdote and that isn't a reputable source, try again. What is your definition of a reputable source then? You have four different people saying the same thing and still you ask for a 'source'.
If I said I cracked bitcoin's cryptography would you just believe me because the source is me with no evidence?
Re: Binance banned from doing business in UK
#215I kept my funds on Binance for a while, for convenience's sake. However, the old rule applies: not your keys, not your crypto. Keeping anything on an exchange, for the time being, is just too risky. This is another example of it. Governments are still trying to figure out how to regulate crypto, ever shifting the amount of hurdles between crypto and the world of fiat. I'd advise to pull funds if possible. I've recent…
I'm dealing with an American law firm at the moment (Baker McKenzie) that just categorically refuse to deposit BTC into my personal hardware wallet. They require I provide an address tied an account within their "reputable" list of exchanges which ironically includes Binance. Unless we fight back, the crypto space will quickly devolve into a worse version of banking.
That's probably related to the risk of accidentally facilitating money laundering? The exchanges are all forced to implement various "know your customer" processes
Re: Binance banned from doing business in UK
#216Earlier quoted context omitted.
Accounting 101: ------ Credit,Debit $1500,2.5M Doge 2.5M Doge,0 Bankrupt ------ The business lost $1500
You bought a house 20 years ago for $200k. Today, it is valued at $2M. What's your insurance payout if it burns down tomorrow?
Insurance payout is one, albeit unusual, way of selling.
If you bought it for 200k, it's valued 2M but you don't sell, are you a millionaire?
Re: Binance banned from doing business in UK
#217Earlier 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.
How can a merchant or even a crypto exchange know that the Bitcoins they receive weren't stolen in a hack before being laundered through a number of wallets ?
I assume the US government will ask Coinbase to freeze these assets. But that is not DeFi.
Re: Binance banned from doing business in UK
#218Earlier quoted context omitted.
How about simply losing your hardware wallet? That's what scares me. If I had enough crypto, I'd probably get a hardware wallet and store it in a safe deposit box, but then I'm going to lose that key. I wonder if there is an opportunity for smart contracts around insurance for the exchanges...a bit meta...
Sounds hard, because it would be hard to prove that you lost a key. You could always pretend you lost it. But if the blockchain supports actually invalidating those coins and transferring them to a new wallet via e.g. 3 trusted friends with pre-pregrammed wallets that sign and verify your new wallet, maybe it could work.
If you are going to involve more people, just use multisig.
Re: Binance banned from doing business in UK
#219booooooooooom
Re: Binance banned from doing business in UK
#220I kept my funds on Binance for a while, for convenience's sake. However, the old rule applies: not your keys, not your crypto. Keeping anything on an exchange, for the time being, is just too risky. This is another example of it. Governments are still trying to figure out how to regulate crypto, ever shifting the amount of hurdles between crypto and the world of fiat. I'd advise to pull funds if possible. I've recent…
What is a competent and trustworthy guide for choosing a cold wallet strategy? There are many products on the market and none seem trustworthy. Is a raspberry pi kept offline with an external storage drive a good strategy? When the pi needs kernel patches etc, I’d unplug the drive in this scenario?
A dedicated hardware wallet like Trezor or Ledger is likely a much better setup than a homebrew setup on a general purpose computer.