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Binance banned from doing business in UK

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Re: Binance banned from doing business in UK

#81

Post by ozi »

jameshart wrote: post #78
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…

Looking at the cryptosteel - am I missing something or do you need to securely store or destroy all the engraved letters you don't use? Otherwise someone who obtains the remaining letters surely knows exactly which ones are in your secure word store...

Just throw a few away each time you take out the trash.

Re: Binance banned from doing business in UK

#82

Post by newfriend »

ArkanExplorer wrote: post #52
jMyles wrote: post #47

Earlier quoted context omitted.

This perspective is just so alien to me. I don't understand how anyone can casually express such vulgar celebration of the state, knowing the misery that it inflicts on the most vulnerable in society, with money as its chief method of lifelong emotional torment. Moreover, your predictions seem completely bombastic to me. Has there ever been a case where governments banned something and the resulting black market sett…

The State can be replaced democratically. Crypto is full of pump and dump and exit scams. Bitcoin et al are also algorithmically supply inelastic. As demand for the coins decreases (due to the inability to actually buy them), the price will decline. This is basic supply and demand economics.

The State is forced upon you.

Crypto is opt-in.

If you think it's a pump and dump, then just don't participate. Stop forcing people to do what you want, stop banning things you don't like. Leave me alone.

Re: Binance banned from doing business in UK

#83

Post by LatteLazy »

spottybanana wrote: post #62
LatteLazy wrote: post #61

Anti money laundering is (rightly or wrongly) pretty incompatible with crypto. The question "where did these funds come from" is something no one using crypto can really answer honestly and it's the core question in AML. I like crypto. I like defacto drug decriminalisation and sanctions busting. But it was never gonna make it past AML.

What? I have used BTC for years and never had problem answering that honestly. I would argue the opposite, most BTC users are very straightforward investors, they bought BTC, maybe bought something with it along the years, then held the rest, then when the value went up sold some. Maybe the ones who have something shady going on are just the noisiest?

The issue is a buy and hold investor will get $5k and sit on it. Another user sells $5k's worth every month because he's a small drug dealer. That second user is 1000x more revenue for the exchange because he trades every month. But you can't do business with him unless he tells you exactly what he's doing and who he is and gives you evidence he's getting those bitcoin from legitimate sources. Which he is not. So he really can't do any of that...

You get the same thing in most exchanges: a few percent of users are 80% of revenue. And that's true even when there is no "secondary market" which can only make it worse.

Re: Binance banned from doing business in UK

#84

Post by wyldfire »

I've always believed in the strength and independence of Bitcoin and cryptocoins. But maybe there's just so many evil-doers/criminals out there that the novel trust free payment network will crumble under the weight of all of the adjacent scams. I hope not, but I find myself in the truly puzzling position of rooting for the regulators sometimes.

I can easily partition bitcoin's good qualities from all of the bad things that people do with/for them. But I don't think most people will do that. At the same time, in some ways it's nearly indestructible. So even if it's unpopular it will at the very least continue to serve the black market.

Re: Binance banned from doing business in UK

#85

Post by puranjay »

tonfa wrote: post #48
jasdine817 wrote: post #36

Earlier quoted context omitted.

I just used a tool called BIP39 generator on and offline machine which you can feed entropy and it will generate a bitcoin private key. then sent funds to that address. Then just keep those details safe.

How do you handle giving access to your keys to your next of kin?

Important question - I hope OP can answer.

Too many people I know haven’t instructed their dependents how to access their crypto.

Re: Binance banned from doing business in UK

#86

Post by agilob »

celticninja wrote: post #2

Banned from setting up a UK specific exchange and not allowed to undertake regulated activities such as lending. This in no way affects the existing Binance exchange or the ability of UK users to use Binance.

but does that mean Binance will stop reporting accounts with trades for over £5k to HMRC?

Re: Binance banned from doing business in UK

#87

Post by puranjay »

hermitsings wrote: post #54

Won't be surprised if India goes this way as well.

Yeah, on-off ramps might be hard in India very soon. The RBI has no fondness for crypto. Don’t think a ban is coming but I do think we will have to rely on P2P to on/off ramp - not a great solution when large sums of money are involved.

Re: Binance banned from doing business in UK

#88

Post by puranjay »

spottybanana wrote: post #62
LatteLazy wrote: post #61

Anti money laundering is (rightly or wrongly) pretty incompatible with crypto. The question "where did these funds come from" is something no one using crypto can really answer honestly and it's the core question in AML. I like crypto. I like defacto drug decriminalisation and sanctions busting. But it was never gonna make it past AML.

What? I have used BTC for years and never had problem answering that honestly. I would argue the opposite, most BTC users are very straightforward investors, they bought BTC, maybe bought something with it along the years, then held the rest, then when the value went up sold some. Maybe the ones who have something shady going on are just the noisiest?

Its become a whole lot more complicated with DeFi. You might have made your profits from yield farming, lending, airdrops, etc.

Its not simply a matter of “bought low, sold high”.

Re: Binance banned from doing business in UK

#89

Post by Paradigma11 »

tonfa wrote: post #48
jasdine817 wrote: post #36

Earlier quoted context omitted.

I just used a tool called BIP39 generator on and offline machine which you can feed entropy and it will generate a bitcoin private key. then sent funds to that address. Then just keep those details safe.

How do you handle giving access to your keys to your next of kin?

And how do you prevent access for your next of kin if there is a breakup/fallout?
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