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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

#61

Post by RjQoLCOSwiIKfpm »

r_hoods_ghost wrote: post #57
RjQoLCOSwiIKfpm wrote: post #52

Earlier quoted context omitted.

Sure, but then don't call it "crypto" industry if it is not about cryptocurrencies. I don't care what you call it, calling the centralized Binance exchange "crypto" is just not accurate. They don't deserve to co-opt the word.

Umm, you do realize that the purveyors of decentralized Ponzi schemes co-opted the word "crypto" from us serious minded folks concerned with cryptography?

Yes that sucks - which is why I had used the full word "cryptocurrency" in the non-quote parts of my replies :)

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

#62

Post by [deleted] »

chatmasta wrote: post #38
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.

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

[deleted]

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

#63

Post by arcticbull »

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.

Literally the only reason ransomware is a thing is because of cryptocurrency.

Every oil pipeline, school, hospital, farm, old age home that's ransomed is 100% thanks to Bitcoin and its progeny. But hey, at least it's found a use case.

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

#64

Post by lifty »

distant_hat wrote: post #21
VHRanger wrote: post #7

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

As Taleb said on Balaji Srinivasan's comment on Fed not communicating about the rate increases earlier. If crypto people feel that the losses are because of Fed's actions, then they should also agree that the profits are because of Fed'a actions.

I think a lot of people would agree with that statement. FED is responsible for a lot of profits, both in the equity market and definitely in the crypto asset market.

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

#65

Post by youngtaff »

distant_hat wrote: post #21
VHRanger wrote: post #7

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

As Taleb said on Balaji Srinivasan's comment on Fed not communicating about the rate increases earlier. If crypto people feel that the losses are because of Fed's actions, then they should also agree that the profits are because of Fed'a actions.

Taleb and Srinivasan in the same thread… that’s one to avoid

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

#66

Post by arcticbull »

blueprint wrote: post #42
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.

ridiculous statement. you're calling physical stores of value equal to nakamoto consensus secured digital ones.

Indeed the physical ones are better because they're secured by social consensus and the legal system. Much more efficient, much more effective.

Not your ability to keep your Ledger safe under your birdbath.

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

#67

Post by optimalsolver »

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…

No true ScotsCoin.

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

#68

Post by kurthr »

capableweb wrote: post #17
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.

> 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 suspect it means that central banks will issue their own digital currencies to enforce negative interest rates. That will break the lower bound and allow economic stimulation from deflationary conditions.

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

#69

Post by acdha »

chatmasta wrote: post #38
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.

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

This is a really bad comparison: ransomeware restricts your data involuntarily. DRM restricts the creator’s data at their request with your voluntary agreement.

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

#70

Post by coffeebeqn »

RjQoLCOSwiIKfpm wrote: post #49
f6v wrote: post #45

Earlier quoted context omitted.

Grocery stores aren’t necessary - you can grow your own food, dentists aren’t necessary - you can pull your own teeth, etc. It just seems like many people use exchanges and that’s what (at least partially) crypto is now.

Cryptocurrencies were meant as a "grow your own food" thing in the first place, they are supposed to be decentralized. Hence it does not seem logical to go to a "grow your own food" subthread and wonder why it makes a point about store-bought food not being grown at home. As with all things in life, a golden rule applies: If you don't like it then don't use it, that's ok!

It seems more like a case of someone inventing tomatoes and getting mad that industrial farms starts planting them. That’s not tomatoes! It’s supposed to be decentralized!

Often the thing that’s envisioned by the creators is not the final say on market fit

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