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BITCOIN

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  • Notepad_Phil
    Notepad_Phil Posts: 1,551 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper
    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
    HansOndabush Posts: 470 Forumite
    100 Posts Name Dropper Photogenic
    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:
    Looks like they might be pulling back from an outright ban for now.


  • Scottex99
    Scottex99 Posts: 811 Forumite
    Ninth Anniversary 500 Posts Name Dropper Photogenic
    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
    Scottex99 Posts: 811 Forumite
    Ninth Anniversary 500 Posts Name Dropper Photogenic
    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
    HansOndabush Posts: 470 Forumite
    100 Posts Name Dropper Photogenic
    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:


  • Last year on the thread, Patient was saying he had cashed out amounts  that were 'dozens of times more' than what he had invested, and this weekend he's mentioned making profits 'thousands of times over'. In that context, the number of 'times' can refer to a multiple on the initial investment rather than specifically meaning that number of trades. If you invest a fiver when it's at $50 or $500 and sell when it's at $50,000, there's 100x or 1000x return just from tucking them away - it doesn't really mean that he entered into transactions thousands of times.  So perhaps he was patient and held from $20 to $20000 before giving up work in 2017.
    You really have patience to explain this over and over. I gave up 😆

  • deejaybee
    deejaybee Posts: 925 Forumite
    Part of the Furniture 500 Posts Name Dropper
    Sorted my coinbase verification now.... used the Mrs's Ipad to take clearer pics, as scanning stuff via my printer wasnt good enough..
  • P1
    P1 Posts: 59 Forumite
    Third Anniversary 10 Posts Name Dropper
    https://www.cnbc.com/2021/05/11/palantir-pltr-q1-2021-earnings.html

    Considering adding BTC to balance sheet.  Peter Thiel has always been a bull, but still.  "Considering" is different to doing though ;)  Suspect we will see more of this.  Quarterly filings will be interesting for a lot of large companies over the next 6 months I suspect.
  • Michael121
    Michael121 Posts: 166 Forumite
    Third Anniversary 100 Posts Name Dropper
    P1 said:
    https://www.cnbc.com/2021/05/11/palantir-pltr-q1-2021-earnings.html

    Considering adding BTC to balance sheet.  Peter Thiel has always been a bull, but still.  "Considering" is different to doing though ;)  Suspect we will see more of this.  Quarterly filings will be interesting for a lot of large companies over the next 6 months I suspect.
    I cant remember what book i read it in now but something along the lines of giant companies acquired business they knew naff all about ended up hurting revenues which lead to the author naming it diworseifcation.


  • TimSynths
    TimSynths Posts: 603 Forumite
    500 Posts Third Anniversary Name Dropper Photogenic
    I'm currently having an issue trying to move ETH from Coinbase Wallet to Coinbase (will then move to Pro) to take some profit and trade. Has been pending for 30 hours + so have had to contact support. Want to buy some more BTC as I think its soon to do some upward growth.
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