[Finance] The cryptocurrency (Bitcoin etc) thread

[Berty23]

You don't really think their modus operandi is sustainable shirley? They'll quite happily shuffle different flavours of magic beans around for you, once they've got your GBP/EUR in their pockets, and it'll look on your screen like Number Go Up. The hard bit is to get that Number converted back into real money before the inevitable hack/rug-pull/insolvency. Might work for a little while, but like all such ponzi schemes, it won't work for everyone forever. And as with all things crypto, you'll have zero recourse to a regulator

I take regular profit and it is back in my account in seconds.

When I sold my eth I bought some shares in SwissBorg. Might fail. Might go mainstream and give me retirement fund. It is all done with profit now though so whatever.

 

[Tom Hark Preston Park]

I take regular profit and it is back in my account in seconds.

When I sold my eth I bought some shares in SwissBorg. Might fail. Might go mainstream and give me retirement fund. It is all done with profit now though so whatever.

Make sure you keep doing that very regularly. Because the first time they 'temporarily' halt withdrawals is the point where you say goodbye to your money

 

[Seagull58]

Yep. That is it. 100%. I have not been on an exchange for years. Whenever I sell it is in my bank in seconds. I have locked in some SwissBorg coins which get interest and then got that portfolio they have and manage for you. It is a lazy approach and relies on others but then doesn’t most share dealing/pensions?

I've had a SIPP for well over 20 years and have made all my own fund choices, but based on research. I have done minimal research on crypto and have no desire to (it's all a scam with no intrinsic value anyway), so the discretionary fund management approach suits me well.

 

[Knocky's Nose]

Can you translate please.

It's the last bit

I'm not an expert on this, but my understanding is that blockchain and DLT don't require tokens that are publicly traded and there are permissioned/private blockchains.

If correct, wouldn't any future CBDC or settlement network run on a permissioned blockchain, so that the riff raff cant be involved?

A token is a token, and a coin is a coin. You can have Private Ledgers, of course (to keep the riff raff from knowing your figures). In the case of XRP it'll be worth the same on a private or public ledger and I suspect that'll be the case industry wide. If it doesn't, then you have arbitrage opportunities which holders will certainly take advantage of I'd have thought...

 

[Knocky's Nose]

Yep. That is it. 100%. I have not been on an exchange for years. Whenever I sell it is in my bank in seconds. I have locked in some SwissBorg coins which get interest and then got that portfolio they have and manage for you. It is a lazy approach and relies on others but then doesn’t most share dealing/pensions?

Until there's full regulation and insurance in the industry I don't trust leaving anything with anyone. I buy through Uphold and the second my transaction is cleared I'm flipping open my laptop, connecting up my Ledger Nano, and getting my crypto the f*ck off the exchanges.... If there's anything I can repeat to everyone on here and ask them to remember, it's the saying "Not your keys, Not your crypto"

Once it's on your cold storage, it's yours (barring you losing your Ledger, losing your seed phrases, or losing your seed phrases and the government doing an EMP attack outside your front door).

Full regulation will come once the banks and institutions have stopped squabbling. They're like dogs fighting over a side of beef at the moment. Then, when they've all calmed down, filled their bags to bursting and got all their ducks in a row - you'll see the media telling us that Crypto has saved the world, we should all embrace it - and it'll make us rich.

Until then we'll all be spoon fed that it's a con, a ponzi scheme, and something to be scared of.

 

[Berty23]

Until there's full regulation and insurance in the industry I don't trust leaving anything with anyone. I buy through Uphold and the second my transaction is cleared I'm flipping open my laptop, connecting up my Ledger Nano, and getting my crypto the f*ck off the exchanges.... If there's anything I can repeat to everyone on here and ask them to remember, it's the saying "Not your keys, Not your crypto"

Once it's on your cold storage, it's yours (barring you losing your Ledger, losing your seed phrases, or losing your seed phrases and the government doing an EMP attack outside your front door).

Full regulation will come once the banks and institutions have stopped squabbling. They're like dogs fighting over a side of beef at the moment. Then, when they've all calmed down, filled their bags to bursting and got all their ducks in a row - you'll see the media telling us that Crypto has saved the world, we should all embrace it - and it'll make us rich.

Until then we'll all be spoon fed that it's a con, a ponzi scheme, and something to be scared of.

SwissBorg have built themselves about being regulated. They seem quite different to others. As I said it might go wrong but it is worth the gamble for me. https://swissborg.com/blog/legal-ama-2022

 

[Knocky's Nose]

SwissBorg have built themselves about being regulated. They seem quite different to others. As I said it might go wrong but it is worth the gamble for me. https://swissborg.com/blog/legal-ama-2022

Great answer-dodge there...

_________________________

What are the main reasons behind the decision to not introduce SwissBorg to the US? - Viktor Dimov

The US market is very appealing - it’s massive, homogenous, and has a fantastic crypto community. However, entering any new market is a strategic decision that the management team has to make, and legal is only one of the many aspects that have to be taken into account.

______________________

That's because Gary Gensler and the SEC would be on them like a randy labrador...

______________________

Next question and answer....

Are there any regulations you're looking forward to?- Justine Lamberger and Viktor Dimov

Justine

EU Regulation! The impact of the EU regulating crypto assets is major because it will harmonise the regulation at a very large scale (all EU), reducing much of the legal uncertainty and driving the future of democratisation. There are two parts of EU regulation under consideration, the Pilot regime, and Markets in Crypto-assets (MiCA).

Viktor

The United Kingdom is currently having discussions on how best to regulate crypto and is on track to becoming an important hub for the crypto industry. The UK is exploring ways to bring stable coins within the regulatory perimeter and to recognize them as a form of payment. It will be interesting to monitor the UK’s approach when compared to the EU regulations to come.

________________________

So, basically they're saying without saying - they're unregulated because little to no regulation exists for companies not based in the UK or registered with the FCA.

I just typed into Google - "Is Swissborg regulated in the UK?"

Here's the top answer.....

SwissBorg is not registered as a cryptoassset firm with the Financial Conduct Authority (FCA) in the UK. As the company doesn't have headquarters in the UK, FCA registration isn't legally required – but it's something to consider before signing up

__________________________

So, basically - if they go tits up, you can do this to your money :

 

[Berty23]

Great answer-dodge there...

_________________________

What are the main reasons behind the decision to not introduce SwissBorg to the US? - Viktor Dimov

The US market is very appealing - it’s massive, homogenous, and has a fantastic crypto community. However, entering any new market is a strategic decision that the management team has to make, and legal is only one of the many aspects that have to be taken into account.

______________________

That's because Gary Gensler and the SEC would be on them like a randy labrador...

______________________

Next question and answer....

Are there any regulations you're looking forward to?- Justine Lamberger and Viktor Dimov

Justine

EU Regulation! The impact of the EU regulating crypto assets is major because it will harmonise the regulation at a very large scale (all EU), reducing much of the legal uncertainty and driving the future of democratisation. There are two parts of EU regulation under consideration, the Pilot regime, and Markets in Crypto-assets (MiCA).

Viktor

The United Kingdom is currently having discussions on how best to regulate crypto and is on track to becoming an important hub for the crypto industry. The UK is exploring ways to bring stable coins within the regulatory perimeter and to recognize them as a form of payment. It will be interesting to monitor the UK’s approach when compared to the EU regulations to come.

________________________

So, basically they're saying without saying - they're unregulated because little to no regulation exists for companies not based in the UK or registered with the FCA.

I just typed into Google - "Is Swissborg regulated in the UK?"

Here's the top answer.....

SwissBorg is not registered as a cryptoassset firm with the Financial Conduct Authority (FCA) in the UK. As the company doesn't have headquarters in the UK, FCA registration isn't legally required – but it's something to consider before signing up

__________________________

So, basically - if they go tits up, you can do this to your money :

That’s fine. As I said. It is all profit and I take it out. This is a gamble but if this does all go mainstream and become regulated properly then I will be laughing. If it goes wrong then I can write it off. It happens. You need to gamble sometimes.

 

[pb21]

It's the last bit

A token is a token, and a coin is a coin. You can have Private Ledgers, of course (to keep the riff raff from knowing your figures). In the case of XRP it'll be worth the same on a private or public ledger and I suspect that'll be the case industry wide. If it doesn't, then you have arbitrage opportunities which holders will certainly take advantage of I'd have thought...

But, if/when the CBDCs arrive why will they be an existing token, or blockchain. Won't it make sense for a new ledger to be developed, with a number (50?) of trusted validators?

 

[CheeseRolls]

I'm not an expert on this, but my understanding is that blockchain and DLT don't require tokens that are publicly traded and there are permissioned/private blockchains.

If correct, wouldn't any future CBDC or settlement network run on a permissioned blockchain, so that the riff raff cant be involved?

If you are interested take a quick look at Oracle's approach here. https://www.oracle.com/uk/blockchain/cloud-platform/
Basically they are offering organisations a managed cloud blockchain service built upon the Open Source Hyperledger. IBM also have an offering built on Hyperledger. It is the payment rails, smart contracts, supply chain management layers, which require interoperability. The same principle applies to third parties transacting with a CBDC.

Dig into Oracles offering and their interoperability solution is overledger. This is Quant and you require Quant to transact through overledger.

 

[Tom Hark Preston Park]

Clearly not a manipulated market, no sirreee

 

[CheeseRolls]

I tought I would share this article on Central Bank Digital Currencies. https://www.timesofisrael.com/centr...weden-model-hub-for-digital-currency-payments Project Icebreaker included the central banks from Israel, Sweden and Norway, piloting international payments via digital currencies and it describes some of the benefits of such an approach, in a non-technical way.

 

[GrizzlingGammon]

Has anyone else here been mining Pi?

Have you completed the KYC process?

 

[Randy McNob]

 

[RandyWanger]

If it goes well then come back and thank me. If crypto goes to pot then I never said anything. I have bought some shares in the company as I am convinced it is going to go mainstream and if it does then I might be able to retire. If it doesn’t well I can just be happy for the ride as I have taken out everything I put in so now it is just profit that will be lost.

When you got shares did you get an email? I just got one saying "you are our newest business partner" but in the email or app, nothing official looking.

 

[Berty23]

When you got shares did you get an email? I just got one saying "you are our newest business partner" but in the email or app, nothing official looking.

Just the email and you can see it in the ap with conversion From USD. The shares closes at the end of the month i think and then it will all appear. Let’s see how it goes. We can be millionaires together.

 

[beorhthelm]

while people get obsessed about a tweet by a TV pundit, elsewhere some tweets by US politican trying to damage crypto might have triggered a bank run and mass liquidations in tradfi. be sure to enjoy the irony of that.

 

[Berty23]

Clearly not a manipulated market, no sirreee

View attachment 157852

No idea what is going on in the global finance world but it is up c20% today back to almost 20k. The fluctuations are nuts and I suspect some people are making a lot of money

 

[RandyWanger]

Just the email and you can see it in the ap with conversion From USD. The shares closes at the end of the month i think and then it will all appear. Let’s see how it goes. We can be millionaires together.

Just took the last out of my 121 trading app and going to put that into swiss. Here's hoping.

 

[moggy]

Total beginner here.
Using crypto.com app on iPhone.
How do I withdraw crypto from the app into my bank?