Binance banned from doing business in UK • Hacker News Board

Re: Binance banned from doing business in UK

#261

Post by thehappypm » Mon, Jun 28, 2021, 1:44 PM UTC

dhd415 wrote: post #257

Geee wrote: post #66

Earlier quoted context omitted.

Use a hardware wallet to securely generate keys and sign transactions. Hardware wallet is meant for secure use of cryptocurrency, but it is not optimal for long term storage. It's important to buy devices only from trusted vendors, and to make sure they're not been tampered with (never buy them from a third party). For long term storage, you need indestructible and physically secured backup of your keys. Basically, y…

Would storing a wallet's private key in an encrypted password manager be insecure in some way?

If that password manager has a zero-day (unlikely but not impossible) you could be in trouble.

Re: Binance banned from doing business in UK

#262

Post by checkyoursudo » Mon, Jun 28, 2021, 3:02 PM UTC

FreeSpeech wrote: post #202

IgorPartola wrote: post #164

Earlier quoted context omitted.

This. If in 2012 you bought a pizza with 1 BTC and now feel silly, don’t. You also bought pizzas for $20 which you could instead have converted to BTC and held until now had you only had a working crystal ball.

They should feel silly. It's not the market value of the spent Bitcoin ($20), but the opportunity cost (~$34k).

If I had a time machine, I'd be rich.

Re: Binance banned from doing business in UK

#263

Post by rantwasp » Mon, Jun 28, 2021, 3:40 PM UTC

dcolkitt wrote: post #183

rantwasp wrote: post #180

Earlier quoted context omitted.

that’s simply not true. bitcoin and blockchain is as traceable as it gets. it’s all there in the ledger.

Yes and no. It's traceable in the sense that pseudonymous public keys are traceable. But generating a public key is cheap, easy and can be done anonymously. As long as the blockchain participant doesn't interact with any party revealing his IRL identity, he can keep his true identity hidden.

yes and no. it’s enough to interact with someone that messes up and your identity is revealed. also, in today’s surveillance society I would assume that the gov knows which bitcoins are yours

Re: Binance banned from doing business in UK

#264

Post by minsc__and__boo » Mon, Jun 28, 2021, 3:53 PM UTC

oraphalous wrote: post #173

fakedang wrote: post #156

Earlier quoted context omitted.

I dumped my BTC (2011ish early adopter) once my mom began to talk about a Bitcoin investor who played the crypto markets and made so much money at my age. My mom does not know how to format a Word file. I just hope my parents and relatives aren't secretly stashing away their life long savings in crypto because of all the hullabaloo.

This isn't any more sound as an investment strategy than a dude is hip because they listened to band X before it was cool.

You don't own a stake in band x

https://www.investopedia.com/terms/h/herdinstinct.asp

Re: Binance banned from doing business in UK

#265

Post by renewiltord » Mon, Jun 28, 2021, 4:10 PM UTC

FreeSpeech wrote: post #202

IgorPartola wrote: post #164

Earlier quoted context omitted.

This. If in 2012 you bought a pizza with 1 BTC and now feel silly, don’t. You also bought pizzas for $20 which you could instead have converted to BTC and held until now had you only had a working crystal ball.

They should feel silly. It's not the market value of the spent Bitcoin ($20), but the opportunity cost (~$34k).

Reasoning that way can only conclude that the opportunity cost is always the investments that an oracle would make.

I.e. you would have to not only account for losing $34k but also lose nearer a few hundred thousand because you could have sold at each peak and bought at each trough.

Re: Binance banned from doing business in UK

#266

Post by WalterSear » Mon, Jun 28, 2021, 5:47 PM UTC

BLKNSLVR wrote: post #145

WalterSear wrote: post #139

Earlier quoted context omitted.

It assumes that the fraudulent stablecoin created by Binance, and involved in the vast majority of trades, (more 70%, a few days ago) unwinds. https://crypto-anonymous-2021.medium.com/the-bit-short-insid... https://bitfinexed.medium.com/tether-is-setting-a-new-standa... USDC (the second largest stablecoin), isn't appreciably better.

Tether is associated with the Bitfinex exchange, not Binance. Binance has its own stablecoin: BUSD USDC is associated with Coinbase, the exchange that recently went public, so I'd assume it's far more trustworthy than Tether.

This Binance?

https://wallet.tether.to/richlist

Re: Binance banned from doing business in UK

#267

Post by AgentME » Mon, Jun 28, 2021, 7:45 PM UTC

codeisawesome wrote: post #229

AgentME wrote: post #220

Earlier quoted context omitted.

A dedicated hardware wallet like Trezor or Ledger is likely a much better setup than a homebrew setup on a general purpose computer.

What if those brands are compromised or back-doored by internal or external actors? Just look at the Western Digital fiasco recently. Do these wallets call home at all? Also: aren’t backups easier to make on a normal SSD? (PS: these are my personal genuine concerns and I’m at least somewhat willing to have my mind changed: not trolling or being argumentative for entertainment)

Trezor is open source, and neither of them connects to the internet directly. They only connect to open source programs on your own computer, so the ways they talk to the outside world are known.

Re: Binance banned from doing business in UK

#268

Post by fakedang » Mon, Jun 28, 2021, 8:14 PM UTC

vishnugupta wrote: post #201

fakedang wrote: post #156

Earlier quoted context omitted.

I dumped my BTC (2011ish early adopter) once my mom began to talk about a Bitcoin investor who played the crypto markets and made so much money at my age. My mom does not know how to format a Word file. I just hope my parents and relatives aren't secretly stashing away their life long savings in crypto because of all the hullabaloo.

> once my mom began to talk about a Bitcoin investor There’s an ad running on Indian TV literally of this script..Two moms are talking, while one brags about her son being in USA, buying cars etc the other’s son is seemingly trading crypto on a mobile app. The other mom then retorts “all that is fine, but have you invested in crypto?”. It’s crazy, they are drumming up FOMO. If you are curious and know Hindi: https://…

The video could have been better without the stupid memes and just the ad, which is shocking in itself.

Re: Binance banned from doing business in UK

#269

Post by jMyles » Mon, Jun 28, 2021, 9:00 PM UTC

elefanten wrote: post #221

jMyles wrote: post #96

Earlier quoted context omitted.

> The State can be replaced democratically. Is this still relevant in the information age? I care a lot about my communities, and I don't think that, from my position of privilege, I can justify going around and telling people, "just vote - the violence against you will stop eventually." I'm not saying crypto is a complete answer either, but I think that its status as a change agent outside the political process is s…

This perspective is completely alien to me. What misery and violence is the state uniquely causing that wouldn't be recreated by other forces in a non-state society? That's putting aside all the generations, centuries and millenia of lessons learned that are enshrined in how a government-run state runs. It's hard to guess what alternative you're even imagining, but do you think some anarcho-crypto-decentralized-eco-i…

I'm not much for utopian visions, though I respect some people who are.

I do notice that, at this moment in history (but I grant, not at all moments) the political processes (tactics like voting, lawsuits, etc) seem to produce changes that concentrate privilege. And I also notice that change agency outside the political processes seems to be much more humane. Crypto is just one example of this; mutual aid in the broader sense remains an example.

I've gone back-and-forth on this in my lifetime (including the 5-year period of formal study for my polysci degree), but from where I stand now, I don't think that the marginal safety conferred by sticking to the political processes alone is worth the sacrifice to our suffering friends and neighbors.

It's 2021, and we still have two million people in prison, six million in various phases of the carceral system, wars for profit around the globe, and a currency controlled exclusively by the already-wealthy for their own purposes (which, by the way, I don't think are actually served in this configuration either).

So yeah, I think let's start to build things to allow the state to be relieved so that we can take care of each other.

Re: Binance banned from doing business in UK

#270

Post by notatoad » Mon, Jun 28, 2021, 9:35 PM UTC

mgbmtl wrote: post #19

yawaworht1978 wrote: post #11

Yesterday most of Canada, today Uk. Crypto adoption, but I reverse chronological order./s What is the US waiting for? Can't be long now.

Most of Canada? I only noticed Ontario. Are there other provinces?

that's just how ontario thinks.