Crypto currency (IF banned from CA)

[evilwebby]

Bitcoin is old crap technology, said it here loads of times. Blockchain's are just slow expensive databases, but they have two very important properties. They are censorship resitant and trustless.

That speech really wasn't giberish. There is a lot of value in removing inefficient middlemen.

That might be the best thing since sliced bread if you work in cyber security, but any technology is only as useful as its capacity to be harnessed to provide goods and services better and cheaper to society at large.

Besides, you have to be a pretty paranoid person to think that the protocols already developed aren't already more than good enough to have got us to the point where the weakest link by far in technological systems is the human element.

 

[LinekersLegs]

Life comes at you fast!

 

[DuuuncanHadaPigeon]

Life comes at you fast!

 

[DuuuncanHadaPigeon]

That might be the best thing since sliced bread if you work in cyber security, but any technology is only as useful as its capacity to be harnessed to provide goods and services better and cheaper to society at large.

Besides, you have to be a pretty paranoid person to think that the protocols already developed aren't already more than good enough to have got us to the point where the weakest link by far in technological systems is the human element.

I agree, money is just an accounting tool for goods and services, but cryptos fake imaginary made up internet money is better than the governments fake imaginary made up internet money. More efficient, less downtime no middlemen.

Solving the byzantine general theorem is an important thing, trustless systems are important, removing inefficient rent keeping middlemen is an important thing.

I don't have to be a paranoid person to not trust big banks, that have proven time and time again to be corrupt and inefficient. Privacy is a human right, how can you have privacy when you are forced to use visa/mastercard, when banks can tell you how you can/cannot spend your money?

 

[Moomin]

I agree, money is just an accounting tool for goods and services, but cryptos fake imaginary made up internet money is better than the governments fake imaginary made up internet money. More efficient, less downtime no middlemen.

Solving the byzantine general theorem is an important thing, trustless systems are important, removing inefficient rent keeping middlemen is an important thing.

I don't have to be a paranoid person to not trust big banks, that have proven time and time again to be corrupt and inefficient. Privacy is a human right, how can you have privacy when you are forced to use visa/mastercard, when banks can tell you how you can/cannot spend your money?

When has a bank ever told you that can't spend your money?

 

[DuuuncanHadaPigeon]

When has a bank ever told you that can't spend your money?

A lot of banks, one of mine included, restrict you from buying cryptocurrency.

 

[Moomin]

A lot of banks, one of mine included, restrict you from buying cryptocurrency.

All forms of Crypto though?

 

[DuuuncanHadaPigeon]

All forms of Crypto though?

Yes, they don't let you send money to an exchange.

 

[Moomin]

Yes, they don't let you send money to an exchange.

Are the exchanges regulated?

Makes a bit more sense now. People have probably bought some Crypto via exchanges and lost money then tried to claim it back from the bank.

So the bank will class these as bad actors and not allow it.

 

[DuuuncanHadaPigeon]

Are the exchanges regulated?

Makes a bit more sense now. People have probably bought some Crypto via exchanges and lost money then tried to claim it back from the bank.

So the bank will class these as bad actors and not allow it.

The biggest one, binance, is no longer FCA authorised and rightly so in my opinion. There are some UK based exchanges and most of the US based ones are approved. Even if they are certain banks just don't allow it.

Yes you are right that is probably what has happened, in general exchanges are bad actors, they are the antithesis of crypto.

 

[Moomin]

The biggest one, binance, is no longer FCA authorised and rightly so in my opinion. There are some UK based exchanges and most of the US based ones are approved. Even if they are certain banks just don't allow it.

Yes you are right that is probably what has happened, in general exchanges are bad actors, they are the antithesis of crypto.

The issue is not with the banks then is it.

If people lose money via the exchanges they will run back to the banks crying for there money back, I'm guessing this has happend on a large scale?

 

[DuuuncanHadaPigeon]

The issue is not with the banks then is it.

If people lose money via the exchanges they will run back to the banks crying for there money back, I'm guessing this has happend on a large scale?

Well it kind of is.

If I deposit £1000 to an exchange and decide to do leverage trading, lose it all. I have not been scammed, the same way if I deposit £1000 to a bookies and bet on Everton to win every week, I have not been scammed just foolish with money.

The typical crypto scam is to go after your private keys, which you don't have on an exchange. If a scammer gets you to deposit money into an exchange they will then immediately get you to send money off that exchange.

If an exchange is FCA approved then it no business of the banks to tell you, me or anyone that they cannot deposit there, they can give warnings sure. Banks shouldn't make rules based on the actions of a few people who got scammed. You don't ban every football fan from a stadium because a handful are racist scum.

 

[Moomin]

Well it kind of is.

If I deposit £1000 to an exchange and decide to do leverage trading, lose it all. I have not been scammed, the same way if I deposit £1000 to a bookies and bet on Everton to win every week, I have not been scammed just foolish with money.

The typical crypto scam is to go after your private keys, which you don't have on an exchange. If a scammer gets you to deposit money into an exchange they will then immediately get you to send money off that exchange.

If an exchange is FCA approved then it no business of the banks to tell you, me or anyone that they cannot deposit there, they can give warnings sure. Banks shouldn't make rules based on the actions of a few people who got scammed. You don't ban every football fan from a stadium because a handful are racist scum.

But, have people lost money and moaned about it to banks and wanted it back?

Definately needs regulation and some factors in place.

Personally to me, it seems like a modern day Ponzi scheme and generation after generation get sold on get rich schemes. No doubt some people have made a massive fortune over the years but people always do at the start.

It will all end up as the great depression of 1929 and the crash of 2008.

 

[DuuuncanHadaPigeon]

But, have people lost money and moaned about it to banks and wanted it back?

Definately needs regulation and some factors in place.

Personally to me, it seems like a modern day Ponzi scheme and generation after generation get sold on get rich schemes. No doubt some people have made a massive fortune over the years but people always do at the start.

It will all end up as the great depression of 1929 and the crash of 2008.

I don't know, people probably have.

A lot of these exchanges are pretty much ponzi schemes, but this idea that crypto is a ponzi because people buy it and hope the price goes up is wrong in my opinion because it applies to nearly everything.

People buy apple stock because they want the price to go up and sell to a new guy. The value of apple stock, is not tied to the earnings, it is largely tied to speculation. TSLA is a great example.

1929 and 2008 happened with no crypto, fix the money fix the world.

 

[Moomin]

I don't know, people probably have.

A lot of these exchanges are pretty much ponzi schemes, but this idea that crypto is a ponzi because people buy it and hope the price goes up is wrong in my opinion because it applies to nearly everything.

People buy apple stock because they want the price to go up and sell to a new guy. The value of apple stock, is not tied to the earnings, it is largely tied to speculation. TSLA is a great example.

1929 and 2008 happened with no crypto, fix the money fix the world.

unfortunately people are motivated by greed.

The get rich schemes appeals to people.