[Finance] The cryptocurrency (Bitcoin etc) thread

[Machiavelli]

That is a bit like saying you are Anti-TV because of the GB News Agenda. The technology is separate from the political agenda of libertarianism, which I certainly don't support. In fact there is a good case for arguing that crypto, can be a powerful force against corruption around the world, for the good of soceity. The technology doesn't have a political agenda, some of the people who design and use it do. They come from all walks of life and certainly do not solely represent a narrow political spectrum.

Interesting analogy, but not one I accept. I'm pro-TV and anti-GB News FWIW but that wasn't your point, which I'll try to get to (although I might have misunderstood it).
The bit that I don't quite understand is your use of the word technology, although this might be because I don't have the knowledge of cryptocurrencies that you do. A cryptocurrency, I'd say, is by definition one that seeks to operate outside the domains of established/mainstream/familiar currencies (all of which are connected to a Central Bank and, ultimately, a government). Those seeking to operate outside of those established domains are, at the very least, more libertarian-oriented. I also don't understand your point about cryptos being a powerful force against corruption -- that said, I certainly don't want to make the case that the current ecosystem of finance and currencies do provide 'a powerful force against corruption', because their current design in many cases facilitates it.

 

[bhafc99]

New company for you to put your monopoly money with.
[TWEET]1410976559008305161[/TWEET]

Surely they should have called their units of currency Noncents?

I can see the marketing campaign now: "Believe in nonsense? Then buy noncents!"

 

[CheeseRolls]

New company for you to put your monopoly money with.
[TWEET]1410976559008305161[/TWEET]

From:https://www.hypr.com/nonce/

A nonce in cryptography is a number used to protect private communications by preventing replay attacks. Nonces are random or pseudo-random numbers that authentication protocols attach to communications. Sometimes these numbers include a timestamp to intensity the fleeting nature of these communications.

Globally understood, unlike the local slang definition, you slag!

 

[CheeseRolls]

Surely they should have called their units of currency Noncents?

I can see the marketing campaign now: "Believe in nonsense? Then buy noncents!"

I am old enough to have been around when Wang Cares, was the marketing slogan, adopted by the former US giant.

 

[Tyrone Biggums]

That is a bit like saying you are Anti-TV because of the GB News Agenda. The technology is separate from the political agenda of libertarianism, which I certainly don't support. In fact there is a good case for arguing that crypto, can be a powerful force against corruption around the world, for the good of soceity. The technology doesn't have a political agenda, some of the people who design and use it do. They come from all walks of life and certainly do not solely represent a narrow political spectrum.

Don't believe that the technology isn't driven by the Libertarian spirit. Vitalik and Hoskinson are both stanch Libertarians.

They will do anything they can to disrupt the current systems.

 

[schmunk]

Surely they should have called their units of currency Noncents?

I can see the marketing campaign now: "Believe in nonsense? Then buy noncents!"

Phil's way ahead of you.

 

[CheeseRolls]

Interesting analogy, but not one I accept. I'm pro-TV and anti-GB News FWIW but that wasn't your point, which I'll try to get to (although I might have misunderstood it).
The bit that I don't quite understand is your use of the word technology, although this might be because I don't have the knowledge of cryptocurrencies that you do. A cryptocurrency, I'd say, is by definition one that seeks to operate outside the domains of established/mainstream/familiar currencies (all of which are connected to a Central Bank and, ultimately, a government). Those seeking to operate outside of those established domains are, at the very least, more libertarian-oriented. I also don't understand your point about cryptos being a powerful force against corruption -- that said, I certainly don't want to make the case that the current ecosystem of finance and currencies do provide 'a powerful force against corruption', because their current design in many cases facilitates it.

If I am using the terms a bit loosely, it is because contracts, borrowing and lending, licensing plus a whole lot of other associated use cases hang off this.

Cryptocurrencies are global and do operate outside the jurisdiction of central banks. This is especially helpful, if you live under the jurisdiction of a corrupt central bank. There are also plenty of intermediaries, who add no value to modern commerce, but still take a hefty slice of a transaction, usually due to their connections with corrupt governments.

 

[beorhthelm]

From:https://www.hypr.com/nonce/

A nonce in cryptography is a number used to protect private communications by preventing replay attacks. Nonces are random or pseudo-random numbers that authentication protocols attach to communications. Sometimes these numbers include a timestamp to intensity the fleeting nature of these communications.

Globally understood, unlike the local slang definition, you slag!

nice try, i reckon there are more people in the world that know the slang meaning than technical crypto jargon meaning (or formal English language meaning). either way its a failure of marketing, will go down in textbooks alongside use of "Nova" for car in South America (meant "wont go" to locals) and other brands that fail to translate across markets.

on other hand, maybe its genius as it gets so much attention in crypto twitter and beyond.

on yet another hand, its not actually a great brand for crypto. use once - is that the right pitch?

 

[CheeseRolls]

The technology doesn't have a political agenda, some of the people who design and use it do.

Don't believe that the technology isn't driven by the Libertarian spirit. Vitalik and Hoskinson are both stanch Libertarians.

They will do anything they can to disrupt the current systems.

*Other developers/influencers/gurus/critical thinkers/inventors are available.

 

[MJsGhost]

New company for you to put your monopoly money with.
[TWEET]1410976559008305161[/TWEET]

There's a whole lot of comedy GOLD* in the Investopedia definition for this (or should that be Investopaedia? )




*(I find wordplay/word jokes in general funny, rather than actual nonces)

 

[Knocky's Nose]

...either way its a failure of marketing, will go down in textbooks alongside use of "Nova" for car in South America (meant "wont go" to locals) and other brands that fail to translate across markets.

Persil Washing Powder in France... Persil directly translates as 'Parsley'

'Esso' in South American countries, which was rebranded 'Exxon' as 'Esso' translates directly as slang for 'C*nt'

 

[Neville's Breakfast]

Interesting analogy, but not one I accept. I'm pro-TV and anti-GB News FWIW but that wasn't your point, which I'll try to get to (although I might have misunderstood it).
The bit that I don't quite understand is your use of the word technology, although this might be because I don't have the knowledge of cryptocurrencies that you do. A cryptocurrency, I'd say, is by definition one that seeks to operate outside the domains of established/mainstream/familiar currencies (all of which are connected to a Central Bank and, ultimately, a government). Those seeking to operate outside of those established domains are, at the very least, more libertarian-oriented. I also don't understand your point about cryptos being a powerful force against corruption -- that said, I certainly don't want to make the case that the current ecosystem of finance and currencies do provide 'a powerful force against corruption', because their current design in many cases facilitates it.

Just to add; there is also an economic case against crypto which is that it does not represent the sum of hard work. The value of a ‘real’ currency is determined by supply and demand, which in the long term represents the strength of economic activity of one community relative to another. Libertarianism seeks to abolish that link with the aim of diminishing the power of Governments to enact democratically determined economic policy. I see Crypto, if successful, as a major threat to economic stability. This thread though is quite an interesting snapshot of people’s hopes and dreams as speculators. I just hope nobody is ploughing their life savings into what is in reality a shady marketplace wide open to major fraud.

 

[Marshy]

Just to add; there is also an economic case against crypto which is that it does not represent the sum of hard work. The value of a ‘real’ currency is determined by supply and demand, which in the long term represents the strength of economic activity of one community relative to another. Libertarianism seeks to abolish that link with the aim of diminishing the power of Governments to enact democratically determined economic policy. I see Crypto, if successful, as a major threat to economic stability. This thread though is quite an interesting snapshot of people’s hopes and dreams as speculators. I just hope nobody is ploughing their life savings into what is in reality a shady marketplace wide open to major fraud.

That why 99% of the current 10,000 crypto's will go away.

I would say only 100 or so will remain as there are simply not enough use cases for crypto to warrant anymore.

Please Please choose a crypto with utility, something that provides a solution to a real world problem.

Regulation is coming very soon.

 

[Surport Local Team]

Persil Washing Powder in France... Persil directly translates as 'Parsley'

'Esso' in South American countries, which was rebranded 'Exxon' as 'Esso' translates directly as slang for 'C*nt'

Nescafe in Spanish means not coffee! Took them a surprisingly long time to work out why sales were so slow!!!

 

[Tyrone Biggums]

Just to add; there is also an economic case against crypto which is that it does not represent the sum of hard work. The value of a ‘real’ currency is determined by supply and demand, which in the long term represents the strength of economic activity of one community relative to another. Libertarianism seeks to abolish that link with the aim of diminishing the power of Governments to enact democratically determined economic policy. I see Crypto, if successful, as a major threat to economic stability. This thread though is quite an interesting snapshot of people’s hopes and dreams as speculators. I just hope nobody is ploughing their life savings into what is in reality a shady marketplace wide open to major fraud.

Yeah because the world of banking and finance isn't shady as **** and linked to corrupt politicians on the take.

Look at the reaction when the common man ****ed them over with Gamestop.

 

[beorhthelm]

Just to add; there is also an economic case against crypto which is that it does not represent the sum of hard work. The value of a ‘real’ currency is determined by supply and demand, which in the long term represents the strength of economic activity of one community relative to another.

thats not correct, though often an argument used in favour of Bitcoin (due limited supply). GDP is measure of economic activity, currency is well divorced from this in monetary policy, only a fraction of money is physical and the supply/demand goes far beyond issuing country.

 

[Marshy]

Yeah because the world of banking and finance isn't shady as **** and linked to corrupt politicians on the take.

Look at the reaction when the common man ****ed them over with Gamestop.

Yep and then they blame retail when they have been cooking the books forever. The big banks run everything. All corrupt.

 

[KeegansHairPiece]

2 contrasting emails today:

From Binance
A letter from our CEO: Reflecting on Progress and the Road Ahead

Hi there,

You may have noticed a lot of news surrounding Binance lately, with several regulators paying more attention to our activities. Binance is the largest cryptoasset marketplace in the world by trading volume, so it is hard not to see why. However, we have seen an increasing amount of misinformation being spread about recent events so we’ve asked our CEO to clear the confusion, address the progress being made and how we envision our road ahead.

“When Binance launched four years ago, the crypto industry was still in its infancy - with few early adopters and no clear standards. Within a short period, the crypto environment has drastically grown and evolved: there are now more crypto offerings, an increasing number of first-time crypto users and a lot more attention and debates on how the crypto industry should move forward.

Given the recent hyper-focus on regulation when it comes to Binance, I would like to take this opportunity to share our historical background and principles, clarify our stance and commitment, and outline our approach and plans for regulations and the sustainable development of the crypto industry going forward….Read more here”

Important links:

Statement in regards to FCA UK Notice: https://twitter.com/binance/status/1409229415846981634
Statement in regards to Barclay's UK Notice: https://twitter.com/binance/status/1412147421291986946
We are working urgently to resume normal services, we appreciate all your patience and support.

Thank you for choosing Binance, the most trusted and secure cryptoasset platform.


From Santander
We’re stopping payments to Binance for your protection

We want to let you know that from 8 July 2021, we’ll be stopping payments from Santander accounts to Binance wherever possible. This follows the Financial Conduct Authority (FCA)’s recent warning to consumers and is to help protect you from fraud. For now, we won’t be restricting payments from Binance into your account(s).

We’re taking this step as we want to do everything we can to protect you and help keep your money safe. We’ll continue to monitor the situation, and let you know if anything changes.

Investment in crypto assets can be high risk
In recent months we have seen a large increase in customers in the UK becoming the victims of cryptocurrency fraud.

The FCA has also recently warned of the high risks associated with investment in crypto assets, and that money held in customers’ crypto wallets is unlikely to be protected by the Financial Ombudsman Service and Financial Services Compensation Scheme if something goes wrong.

Got a question?
Our online security centre provides a range of tips on how you can protect yourself from scams, including cryptocurrency scams. You can also find further information on the FCA’s website.

If you need anything else, simply visit the support section on our website or contact us.

Kind regards

The Santander Team

 

[CheeseRolls]

2 contrasting emails today:

So Santander and now Barclays. I have no idea what this gesturing is supposed to achieve.

1 Anyone uncertain would have been assured by a warning not to use the service.
2 Anyone who wants to use Binance, will move their balance to another bank.

Why single out Binance, other than they are the largest? Is trading via Kucoin any safer/better regulated?
Why is it okay to act as dumb as Fck throwing your money around on football and horse racing, but not on trading digital assets?

It isn't particularly relevant to this case, but my experience of going through KYC checks on Binance, was that it was slick, polished and reassuring. I have just signed up for an Amex/Amazon business credit card (£100 gift voucher) and can't wait to cancel it. They must have put someone from HR on the UI design (a Username must contain a number a password can't be longer than 20 characters guess the 4 digit pin and they will sort it all out for you on the phone)

Amex have a first rate reputation for customer service, Binance have a huge backlog of complaints. My personal choice is if I have to phone someone up for help, either the service has failed or I am too lazy or stupid to work things out for myself. Either way a big fail.

 

[Tom Hark Preston Park]

So Santander and now Barclays. I have no idea what this gesturing is supposed to achieve.

1 Anyone uncertain would have been assured by a warning not to use the service.
2 Anyone who wants to use Binance, will move their balance to another bank.

Why single out Binance, other than they are the largest? Is trading via Kucoin any safer/better regulated?
Why is it okay to act as dumb as Fck throwing your money around on football and horse racing, but not on trading digital assets?

It isn't particularly relevant to this case, but my experience of going through KYC checks on Binance, was that it was slick, polished and reassuring. I have just signed up for an Amex/Amazon business credit card (£100 gift voucher) and can't wait to cancel it. They must have put someone from HR on the UI design (a Username must contain a number a password can't be longer than 20 characters guess the 4 digit pin and they will sort it all out for you on the phone)

Amex have a first rate reputation for customer service, Binance have a huge backlog of complaints. My personal choice is if I have to phone someone up for help, either the service has failed or I am too lazy or stupid to work things out for myself. Either way a big fail.

Stormclouds are gathering for Binance. Poland is the latest country to issue a proceed with caution warning 'The Polish Financial Supervision Authority (UKNF) is warning customers to use caution when using the services of Binance group entities.' (multiple sources)