BITCOIN

underground99

Notepad_Phil said:

darren232002 said:

Notepad_Phil said:

In the post I was replying to you said that banning bitcoin was impossible due to technical considerations. All I can see in your post are observations that you believe make it difficult to do but nothing which would make it definitively impossible. So are there technical considerations that would make it impossible or is it just a case of it being difficult to do?

Oh, did you miss you bit where I pointed out that you couldn't stop BTC trading unless you shut off the internet? I should probably add to that that I can store my entire wealth in my head with 24 words too. How are you going to ban an asset that can be traded over an all-pervasive network and effectively stored in my mind?

I had thought that there was some aspect of BTC that you were aware of that made it truly impossible, but if that's all you've got then I'd say that impossible is much too strong a word.

Anyway I doubt that any government would ever try to ban bitcoin or any of the legitimate cryptos, so I hope your dealings with crypto continue with success .

Perhaps not 'impossible' so much as 'impractical'.

If you banned all the legitimate banks from sending money to and from BTC exchanges you would make it very difficult for lay people to move money from cash to BTC without some effort, and it would become more niche. But without cash you could still freely exchange other things for BTC (such as other crypto, or gold, or black market goods, or favours on some sort of  barter system, or perhaps units of an ETF that holds a known basket of public shares, etc etc). Driving the system underground would make the coins less valuable due to reduced demand from retail investors if that downtick wasn't replaced with some other source of demand, but it is perhaps something that a government would prefer to regulate (e.g. regulating the cash-to-crypto exchanges for anti-money laundering rules etc) rather than just have the system end up as something entirely unregulated that's great for trading favours between organised crime gangs.

So you could try to ban it, just like you can try to ban people greeting each other with 'hello' in the street and tell them they must say 'good morning' instead, but it is hard to enforce such a ban because people will do what they want, just a bit more quietly or in a different way to subvert the rules.  Once the genie is out of the bottle it is hard to make him go back in if he doesn't want to.

Scottex99

deejaybee said:

Coinbase what a palaver..... so far i have uploaded driving license and passport, plus done the webcam thing more than once, and still they are saying they cant verify my account !!!

Scott has kindly provided me info about Swissport, so i may have to go that way.

Swissborg 
Very good app, I sat with someone the other day and they created an account, topped up £ and bought a few different cryptos in the time it took to neck a pint. You can stake for Yield too

prowla

Scottex99 said:

Thrugelmir said:

patient_investor said:

IanManc said:

patient_investor said:

HansOndabush said:

Bitcoin could go to any price $100K, $1m, anything which still would not prove it isn't just a bubble and might go to $0

Have fun staying poor then, while we enjoy our millions. There’s a sucker born every minute. 😄

That comment might just come back to bite you.  🤨

 Cashed out profits thousand times over already and I still have active position in Bitcoin.

How do you cash out Bitcoin other than to sell it to another dumb speculator. When there's no one to sell it to what happens then? Takes two to trade. 

Why does this get raised again and again like it's relevant? It's not some illiquid fantasy asset with 3 orders in each order book. $65bn of BTC traded in the last 24 hours according to Gecko. My team put 2 x $1m BTC limit sell orders through an exchange fairly recently and they filled in about 4 mins.

Maybe the whole world's dumb?

deejaybee

So no ID checks with Swissport Scott ?

P1

wilding45 said:

I wanted to try Bitcoin trading and deposited 350 euro with a broker. I could not even access the site to give instructions and noticed that the firm was not fsa regulated for UK trading. I requested a refund , to no effect. I was not worried as I had paid by credit card and asked for a chargeback.....their response was no chargeback and no section 75 because a cryptocurrency is involved. I will let you know how I get on at the ombudsman.

Which "broker" was it.  Sounds odd.  Most buy from exchanges

Notepad_Phil

underground99 said:

Notepad_Phil said:

darren232002 said:

Notepad_Phil said:

In the post I was replying to you said that banning bitcoin was impossible due to technical considerations. All I can see in your post are observations that you believe make it difficult to do but nothing which would make it definitively impossible. So are there technical considerations that would make it impossible or is it just a case of it being difficult to do?

Oh, did you miss you bit where I pointed out that you couldn't stop BTC trading unless you shut off the internet? I should probably add to that that I can store my entire wealth in my head with 24 words too. How are you going to ban an asset that can be traded over an all-pervasive network and effectively stored in my mind?

I had thought that there was some aspect of BTC that you were aware of that made it truly impossible, but if that's all you've got then I'd say that impossible is much too strong a word.

Anyway I doubt that any government would ever try to ban bitcoin or any of the legitimate cryptos, so I hope your dealings with crypto continue with success .

Perhaps not 'impossible' so much as 'impractical'.

If you banned all the legitimate banks from sending money to and from BTC exchanges you would make it very difficult for lay people to move money from cash to BTC without some effort, and it would become more niche. But without cash you could still freely exchange other things for BTC (such as other crypto, or gold, or black market goods, or favours on some sort of  barter system, or perhaps units of an ETF that holds a known basket of public shares, etc etc). Driving the system underground would make the coins less valuable due to reduced demand from retail investors if that downtick wasn't replaced with some other source of demand, but it is perhaps something that a government would prefer to regulate (e.g. regulating the cash-to-crypto exchanges for anti-money laundering rules etc) rather than just have the system end up as something entirely unregulated that's great for trading favours between organised crime gangs.

So you could try to ban it, just like you can try to ban people greeting each other with 'hello' in the street and tell them they must say 'good morning' instead, but it is hard to enforce such a ban because people will do what they want, just a bit more quietly or in a different way to subvert the rules.  Once the genie is out of the bottle it is hard to make him go back in if he doesn't want to.

I'd have preferred "very, very difficult" but I guess we'll never know how difficult it would be as I doubt that any government would ever want to do it - though maybe crypto fans are lucky that Elon can't run to be the U.S. President as he'd likely outlaw everything but Doge

HansOndabush

Notepad_Phil said:

underground99 said:

Notepad_Phil said:

darren232002 said:

Notepad_Phil said:

In the post I was replying to you said that banning bitcoin was impossible due to technical considerations. All I can see in your post are observations that you believe make it difficult to do but nothing which would make it definitively impossible. So are there technical considerations that would make it impossible or is it just a case of it being difficult to do?

Oh, did you miss you bit where I pointed out that you couldn't stop BTC trading unless you shut off the internet? I should probably add to that that I can store my entire wealth in my head with 24 words too. How are you going to ban an asset that can be traded over an all-pervasive network and effectively stored in my mind?

I had thought that there was some aspect of BTC that you were aware of that made it truly impossible, but if that's all you've got then I'd say that impossible is much too strong a word.

Anyway I doubt that any government would ever try to ban bitcoin or any of the legitimate cryptos, so I hope your dealings with crypto continue with success .

Perhaps not 'impossible' so much as 'impractical'.

If you banned all the legitimate banks from sending money to and from BTC exchanges you would make it very difficult for lay people to move money from cash to BTC without some effort, and it would become more niche. But without cash you could still freely exchange other things for BTC (such as other crypto, or gold, or black market goods, or favours on some sort of  barter system, or perhaps units of an ETF that holds a known basket of public shares, etc etc). Driving the system underground would make the coins less valuable due to reduced demand from retail investors if that downtick wasn't replaced with some other source of demand, but it is perhaps something that a government would prefer to regulate (e.g. regulating the cash-to-crypto exchanges for anti-money laundering rules etc) rather than just have the system end up as something entirely unregulated that's great for trading favours between organised crime gangs.

So you could try to ban it, just like you can try to ban people greeting each other with 'hello' in the street and tell them they must say 'good morning' instead, but it is hard to enforce such a ban because people will do what they want, just a bit more quietly or in a different way to subvert the rules.  Once the genie is out of the bottle it is hard to make him go back in if he doesn't want to.

I'd have preferred "very, very difficult" but I guess we'll never know how difficult it would be as I doubt that any government would ever want to do it - though maybe crypto fans are lucky that Elon can't run to be the U.S. President as he'd likely outlaw everything but Doge

Turkey is having a good think about it right now with 'new rules' to be announced any time now:

https://www.coindesk.com/turkeys-central-bank-head-says-crypto-regs-coming-denies-total-ban-ahead

Looks like they might be pulling back from an outright ban for now.

Scottex99

wilding45 said:

I wanted to try Bitcoin trading and deposited 350 euro with a broker. I could not even access the site to give instructions and noticed that the firm was not fsa regulated for UK trading. I requested a refund , to no effect. I was not worried as I had paid by credit card and asked for a chargeback.....their response was no chargeback and no section 75 because a cryptocurrency is involved. I will let you know how I get on at the ombudsman.

RIP, sounds like a scam to me, good luck getting the cash back though

Scottex99

deejaybee said:

So no ID checks with Swissport Scott ?

SwissBORG.

It's not ID checks that's the problem, it's the time it takes for the onboarding to be completed. Coinbase support is notoriously awful too. Swissborg's is all done via in-app tech, shouldn't take more than a few mins. Similar to say N26, I opened a full bank account there the other day whilst sat in the car, in about 5 mins.

There's also plenty of decentralised exchanges (DEXs) where you dont submit any KYC too but that's a whole different ball game to be looked at further down the line.

HansOndabush

Notepad_Phil said:

underground99 said:

Notepad_Phil said:

darren232002 said:

Notepad_Phil said:

In the post I was replying to you said that banning bitcoin was impossible due to technical considerations. All I can see in your post are observations that you believe make it difficult to do but nothing which would make it definitively impossible. So are there technical considerations that would make it impossible or is it just a case of it being difficult to do?

Oh, did you miss you bit where I pointed out that you couldn't stop BTC trading unless you shut off the internet? I should probably add to that that I can store my entire wealth in my head with 24 words too. How are you going to ban an asset that can be traded over an all-pervasive network and effectively stored in my mind?

I had thought that there was some aspect of BTC that you were aware of that made it truly impossible, but if that's all you've got then I'd say that impossible is much too strong a word.

Anyway I doubt that any government would ever try to ban bitcoin or any of the legitimate cryptos, so I hope your dealings with crypto continue with success .

Perhaps not 'impossible' so much as 'impractical'.

If you banned all the legitimate banks from sending money to and from BTC exchanges you would make it very difficult for lay people to move money from cash to BTC without some effort, and it would become more niche. But without cash you could still freely exchange other things for BTC (such as other crypto, or gold, or black market goods, or favours on some sort of  barter system, or perhaps units of an ETF that holds a known basket of public shares, etc etc). Driving the system underground would make the coins less valuable due to reduced demand from retail investors if that downtick wasn't replaced with some other source of demand, but it is perhaps something that a government would prefer to regulate (e.g. regulating the cash-to-crypto exchanges for anti-money laundering rules etc) rather than just have the system end up as something entirely unregulated that's great for trading favours between organised crime gangs.

So you could try to ban it, just like you can try to ban people greeting each other with 'hello' in the street and tell them they must say 'good morning' instead, but it is hard to enforce such a ban because people will do what they want, just a bit more quietly or in a different way to subvert the rules.  Once the genie is out of the bottle it is hard to make him go back in if he doesn't want to.

I'd have preferred "very, very difficult" but I guess we'll never know how difficult it would be as I doubt that any government would ever want to do it - though maybe crypto fans are lucky that Elon can't run to be the U.S. President as he'd likely outlaw everything but Doge

Speculators becoming weary of Elon's nonsense:

https://uk.finance.yahoo.com/news/elon-musk-spacex-dogecoin-tweet-price-bitcoin-ethereum-cryptocurrencies-085825451.html