Crypto Currency Thread (Vol.2)
Discussion
Northernboy said:
Transferring them to an intermediate account in order to disguise the origin is money laundering. I genuinely don't understand how anyone can claim otherwise. It's the "layering" phase.
It’s not money laundering, and it’s not layering. No financial crime is being committed. Northernboy said:
So the claim now is that bitcoin isn't a curency?
It's hard to keep up, it seems that the definition changes whenever it's expedient.
If they aren't trying to hide the source then why not transfer direct to a UK bank account? Why use an intermediary step? What does that gain if it's not intended to make illegitimate funds appear legitimate?
It's not a currency in the FCA's eyes... It's hard to keep up, it seems that the definition changes whenever it's expedient.
If they aren't trying to hide the source then why not transfer direct to a UK bank account? Why use an intermediary step? What does that gain if it's not intended to make illegitimate funds appear legitimate?
The Spruce Goose said:
Blown2CV said:
sounds that way
Or not, faster payments processor..'' ClearJunction’s chief executive, Dima Kats, declined to comment on whether Binance had lost access to Faster Payments''
Why decline to comment?
All cryptocurrency is bulls
t, to a first approximation.
If you are a sophisticated investor with skill, timing, low morals and a massive risk appetite then any irrational market is an opportunity to make money from suckers (not everyone lost money on tulips). But the chances are you are not that guy.
Yes, nerds have made dollar from suckers on Bitcoin, but mostly by being early into a false market: they never paid much, or anything, for their holding, so any upside is upside and there is no real downside. The chances of their all being able to cash out are approximately zero so it’s in many ways an illusionary and illiquid wealth, but they are not actively losing money.
If you use actual money to buy digital “currency” then the most likely outcome is losing it. Remember: once they are talking about it on 'You and Yours', the smart money has left town.
https://cryptoslate.com/safedollar-stablecoin-drop...
t, to a first approximation. If you are a sophisticated investor with skill, timing, low morals and a massive risk appetite then any irrational market is an opportunity to make money from suckers (not everyone lost money on tulips). But the chances are you are not that guy.
Yes, nerds have made dollar from suckers on Bitcoin, but mostly by being early into a false market: they never paid much, or anything, for their holding, so any upside is upside and there is no real downside. The chances of their all being able to cash out are approximately zero so it’s in many ways an illusionary and illiquid wealth, but they are not actively losing money.
If you use actual money to buy digital “currency” then the most likely outcome is losing it. Remember: once they are talking about it on 'You and Yours', the smart money has left town.
https://cryptoslate.com/safedollar-stablecoin-drop...
essayer said:
Is it because everyone’s pulling their funds out of Binance so they’ve turned off payments to prevent themselves going bust??
Ooh, Northern Rock but with crypto. Perhaps this is where the magic beans evaporate.Or perhaps they will invent another imaginary substance and say 'Sorry, we don't have any GBP but you can have a million Phlogistons instead, we just made them, they're really nice'....
Vanity Projects said:
Thing is, as long as they’re letting you move the crypto to a wallet /exchange without issue, losing access to bank via them is no big deal, just move it across to Coinbase or somewhere and take it out there.
That works to a point, but I'll let you guess where it would fail. You could ask the Chinese for a hint.Of course you'll still have all your crypto but I bet even the most hardcore of the crypto fanatics would see their faith shaken if their coins were cut off from the accursed FIAT and it became a closed system.
Thing is the moves around Binance have been telegraphed for a while so this latest one shouldn't come as a huge shock.
Zumbruk said:
All cryptocurrency is bullst, to a first approximation.
If you are a sophisticated investor with skill, timing, low morals and a massive risk appetite then any irrational market is an opportunity to make money from suckers (not everyone lost money on tulips). But the chances are you are not that guy.
Yes, nerds have made dollar from suckers on Bitcoin, but mostly by being early into a false market: they never paid much, or anything, for their holding, so any upside is upside and there is no real downside. The chances of their all being able to cash out are approximately zero so it’s in many ways an illusionary and illiquid wealth, but they are not actively losing money.
If you use actual money to buy digital “currency” then the most likely outcome is losing it. Remember: once they are talking about it on 'You and Yours', the smart money has left town.
https://cryptoslate.com/safedollar-stablecoin-drop...
I think that's a very accurate summary. In particular the bolded part - it still amazes me that everyone thinks that they can collectively throw their cash into a big pot that does nothing, and then they can all magically take x10 back out. t, to a first approximation. If you are a sophisticated investor with skill, timing, low morals and a massive risk appetite then any irrational market is an opportunity to make money from suckers (not everyone lost money on tulips). But the chances are you are not that guy.
Yes, nerds have made dollar from suckers on Bitcoin, but mostly by being early into a false market: they never paid much, or anything, for their holding, so any upside is upside and there is no real downside. The chances of their all being able to cash out are approximately zero so it’s in many ways an illusionary and illiquid wealth, but they are not actively losing money.
If you use actual money to buy digital “currency” then the most likely outcome is losing it. Remember: once they are talking about it on 'You and Yours', the smart money has left town.
https://cryptoslate.com/safedollar-stablecoin-drop...
Either that or every single one of them thinks that they are smarter than everyone else and will magically time it right I guess.
Ari said:
I think that's a very accurate summary. In particular the bolded part - it still amazes me that everyone thinks that they can collectively throw their cash into a big pot that does nothing, and then they can all magically take x10 back out.
Either that or every single one of them thinks that they are smarter than everyone else and will magically time it right I guess.
Yes see also classic cars, stocks and shares, gold, bank deposits, art, minerals, salt, sand, pork bellies.Either that or every single one of them thinks that they are smarter than everyone else and will magically time it right I guess.
If everyone tried to sell it all at once we'd be f
ked!Am I rite tho guys??
dimots said:
Yes see also classic cars, stocks and shares, gold, bank deposits, art, minerals, salt, sand, pork bellies.
If everyone tried to sell it all at once we'd be fked!
Am I rite tho guys??
Funny isn't it.If everyone tried to sell it all at once we'd be f
ked!Am I rite tho guys??
People are so vociferous about crypto yet it happens in other things too - but hey, but don't stop kicking the cryptobear.
Man some people on here must of really been hurt by it, maybe pistonheads could whip a crypto haters therapy group or something. Do some inner works and flush out the old childhood issues, resolve the hatred, come to accept how the world is.
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