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Pjay
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PostPosted: 07:39 - 15 Jun 2021    Post subject: Reply with quote

So Bitcoin isn't green because it uses electricity, but Tesla cars are green because they use electricity.

Ok that's cleared that up.
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The Artist
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PostPosted: 09:57 - 15 Jun 2021    Post subject: Reply with quote

Pjay wrote:
So Bitcoin isn't green because it uses electricity, but Tesla cars are green because they use electricity.

Ok that's cleared that up.


There is only a small amount of logic behind people that claim bitcoin is a "waste" of energy but still I hope greener crypto becomes more popular.

Secondly, almost all the energy used for non-green cryptos goes into heat. So it could actually be used elsewhere but it just isn't at the moment as the industry is so new.
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Ribenapigeon
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PostPosted: 09:34 - 28 Jun 2021    Post subject: Reply with quote

Binance getting canned in the UK by the Financial conduct authority.
https://www.ft.com/content/8bc0e5e0-2705-496d-a265-acccaffaee87
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notabikeranym...
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meef



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PostPosted: 11:10 - 28 Jun 2021    Post subject: Reply with quote

Ribenapigeon wrote:
Binance getting canned in the UK by the Financial conduct authority.
https://www.ft.com/content/8bc0e5e0-2705-496d-a265-acccaffaee87


The FCA have tried to ban futures trading since a long time ago but Binance just ignored it. You can still trade futures. It's incredibly unlikely they will do anything to enforce their desire to ban futures trading.
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The Artist
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PostPosted: 12:19 - 28 Jun 2021    Post subject: Reply with quote

Ribenapigeon wrote:
Binance getting canned in the UK by the Financial conduct authority.
https://www.ft.com/content/8bc0e5e0-2705-496d-a265-acccaffaee87


No it isn't.
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Ribenapigeon
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PostPosted: 12:38 - 28 Jun 2021    Post subject: Reply with quote

The Artist wrote:


No it isn't.


So where have I read the article wrong? Is just part of Binances operation they're blocking?
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Ste
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PostPosted: 13:23 - 28 Jun 2021    Post subject: Reply with quote

As Binance don't operate from the UK, there's nothing going on which can be banned.

From their twitter...
We are aware of recent reports about an FCA UK notice in relation to Binance Markets Limited (BML).

BML is a separate legal entity and does not offer any products or services via the https://Binance.com website. (1/4)

The Binance Group acquired BML May 2020 and has not yet launched its UK business or used its FCA regulatory permissions.

For questions related to BML, please contact compliance@binance.uk. (2/4)

The FCA UK notice has no direct impact on the services provided on https://Binance.com.

Our relationship with our users has not changed. (3/4)

We take a collaborative approach in working with regulators and we take our compliance obligations very seriously.

We are actively keeping abreast of changing policies, rules and laws in this new space. (4/4)

https://twitter.com/binance/status/1409229417415680008?s=20

Their website and app now tells UK people that:

"BINANCE MARKETS LIMITED IS NOT PERMITTED TO UNDERTAKE ANY REGULATED ACTIVITY IN THE U.K. Due to the imposition of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA. (No other entity in the Binance Group holds any form of U.K. authorisation, registration or license to conduct regulated activity in the U.K.)."

https://register.fca.org.uk/s/firm?id=001b000000nojfNAAQ#what-can-this-firm-do-restrictions

Basically, the FCA banning them doesn't have any real world implications.
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Ribenapigeon
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PostPosted: 15:08 - 28 Jun 2021    Post subject: Reply with quote

So they provide services to people in the ukvia the interwebs but they dont operate in the uk?
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Polarbear
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PostPosted: 15:20 - 28 Jun 2021    Post subject: Reply with quote

Ribenapigeon wrote:
So they provide services to people in the ukvia the interwebs but they dont operate in the uk?


A bit like Russian porn sites I presume. Thinking
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Ribenapigeon
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PostPosted: 15:23 - 28 Jun 2021    Post subject: Reply with quote

Polarbear wrote:


A bit like Russian porn sites I presume. Thinking


Presume?
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Ste
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PostPosted: 15:30 - 28 Jun 2021    Post subject: Reply with quote

Pretty much, the Binance Group is based in the Cayman Islands. Laughing
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Pjay
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PostPosted: 08:22 - 01 Jul 2021    Post subject: Reply with quote

The regulators in the UK do not regulate Cryptocurrencies and their trading.

The ban has nothing to do with that. It's the other services like futures that Binance offer that is regulated. Binance wont be offering these services in the UK. If you are in the UK and use these services you wont be covered by the FCA regulations and ombudsman. That is all.

There seems to be a confusion in some parts of the media on what the regulators regulate, which is par for the course.
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Ribenapigeon
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PostPosted: 11:00 - 23 Jul 2021    Post subject: Reply with quote

Home heating via btc
https://medium.com/swlh/heating-my-home-with-crypto-mining-137d2a29b62a

Probably beats an air source heat pump which seems to be what we're all getting pushed towards.
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xX-Alex-Xx
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PostPosted: 12:02 - 23 Jul 2021    Post subject: Reply with quote

The Artist wrote:


There is only a small amount of logic behind people that claim bitcoin is a "waste" of energy but still I hope greener crypto becomes more popular.



Until you see things like this: https://arstechnica.com/tech-policy/2021/07/bitcoin-power-plant-is-turning-a-12000-year-old-glacial-lake-into-a-hot-tub/
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MarJay
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PostPosted: 12:39 - 23 Jul 2021    Post subject: Reply with quote

Pjay wrote:
So Bitcoin isn't green because it uses electricity, but Tesla cars are green because they use electricity.


C'mon. A Tesla uses electricity to do something that was previously achieved by burning Fossil Fuels. Mining bitcoin uses electricity to perform increasingly difficult and complex algorithmic functions to generate... what? A monetary unit? Solving a problem that we basically already have an answer for?

It's not a fair comparison, and it's so obviously not a fair comparison that I'm quite sad that I've had to point it out to be honest.
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Ribenapigeon
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PostPosted: 23:30 - 30 Oct 2021    Post subject: Reply with quote

My MANA just jumped 146% on the back of Zuckerberg anouncing his Meta bullshit Shocked
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Polarbear
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PostPosted: 10:14 - 01 Nov 2021    Post subject: Reply with quote

Can someone explain to me what actual use bitcoin and other crypto currencies are. I get you can make (and lose) stupidy big amounts investing in them but what do they do that good old pounds, dollars and euros dont do that warrants their use as a currency?
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Ribenapigeon
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PostPosted: 10:20 - 01 Nov 2021    Post subject: Reply with quote

Polarbear wrote:
Can someone explain to me what actual use bitcoin and other crypto currencies are. I get you can make (and lose) stupidy big amounts investing in them but what do they do that good old pounds, dollars and euros dont do that warrants their use as a currency?


Governments cant print them.
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xX-Alex-Xx
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PostPosted: 10:31 - 01 Nov 2021    Post subject: Reply with quote

Polarbear wrote:
Can someone explain to me what actual use bitcoin and other crypto currencies are. I get you can make (and lose) stupidy big amounts investing in them but what do they do that good old pounds, dollars and euros dont do that warrants their use as a currency?


Buying drugs, weapons, and other illegal shit from black markets online.
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The Artist
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PostPosted: 10:43 - 01 Nov 2021    Post subject: Reply with quote

Can't be printed and can't be shut down are the 2 main points that cover most crypto but there are certain caveats to those statements.

Then different crypto's offer different features. Some can process transactions almost instantaneously. Some are more centralised than others in exchange for additional features.
Some use fees, some do not. Some use miners, some use proof of stake, some use none of the above.
Some can process data and so called "smart contracts" which don't necessarily rely on a third party to execute a contract or command.
There are so many with different feature sets and plans, it is hard to sum up. At the core of it all is the idea that there is an immutible ledger of past transactions. This applies to 99.9% of crypto projects and is the reason for the "excitement" around this area of technology.

If you aren't into it, fine. No need to look any further but as this thread has proved, not understanding something and then making bold statements doesn't work out.

Is it going to revolutionise the world and topple "old money"? Almost certainly not.

Is it a new asset class that will change finance in some way? Sure, it already has and it feels like it is still just the beginning. Also, hard to call it new anymore with bitcoin being around for 12 years now.
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Ste
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PostPosted: 12:01 - 01 Nov 2021    Post subject: Reply with quote

Polarbear wrote:
what do they do that good old pounds, dollars and euros dont do that warrants their use as a currency?

Back in 2010 when bitcoin was somewhere around $0.003 someone bought two takeaway pizzas for 10,000 bitcoins.

But you can do that with traditional currencies I hear you say. You can indeed but if the bitcoin pizza person had spend $30 in USD and kept those bitcoins then today the coins would be worth a total of ~$621,982,600. Shocked

Instead, he's got a cool story bro about how he bought two pizzas using bitcoin that is now worth 20,732,743 times what he sold it for. You don't get stories like that from any traditional currencies. Laughing
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xX-Alex-Xx
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PostPosted: 12:10 - 01 Nov 2021    Post subject: Reply with quote

Ste wrote:
Polarbear wrote:
what do they do that good old pounds, dollars and euros dont do that warrants their use as a currency?

Back in 2010 when bitcoin was somewhere around $0.003 someone bought two takeaway pizzas for 10,000 bitcoins.

But you can do that with traditional currencies I hear you say. You can indeed but if the bitcoin pizza person had spend $30 in USD and kept those bitcoins then today the coins would be worth a total of ~$621,982,600. Shocked

Instead, he's got a cool story bro about how he bought two pizzas using bitcoin that is now worth 20,732,743 times what he sold it for. You don't get stories like that from any traditional currencies. Laughing



https://www.moneycontrol.com/news/business/cryptocurrency/bitcoin-pizza-day-2021-some-interesting-facts-about-this-special-cryptocurrency-day-6924731.html
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Ribenapigeon
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PostPosted: 10:54 - 24 Jan 2022    Post subject: Reply with quote

Another big crypto slump, any ideas how long it will last? Just how low can btc go?
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The Artist
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PostPosted: 19:42 - 24 Jan 2022    Post subject: Reply with quote

Ribenapigeon wrote:
Another big crypto slump, any ideas how long it will last?


No and anyone that tells you they do is a liar or a moron.

Ribenapigeon wrote:

Just how low can btc go?


£0

However I am still bull on crypto in general.
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