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hellkat |
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hellkat Super Spammer
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The Artist |
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The Artist Super Spammer
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JackButler |
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JackButler Traffic Copper
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Copycat73 |
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Copycat73 World Chat Champion
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Raza |
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Raza Two Stroke Sniffer
Joined: 01 Apr 2021 Karma :
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Posted: 19:33 - 24 Apr 2021 Post subject: |
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My interest is academic.
I do not trade crypto-currencies or crypto-assets.
As far as I can see the main use for cryptos is its ability to facilitate crime. This has brought it to the attention of the Financial Conduct Authority that is seeking to regulate its activity.
https://www.fca.org.uk/news/press-releases/fca-establishes-temporary-registration-regime-cryptoasset-businesses
The FCA is bringing traders into the scope of the Money Laundering Regime. This is likely to increase the cost of trading and make it more difficult for cryptos to facilitate crime.
If memory serves these are strict liability offences where the penalty is up to 7 seven years in prison and an unlimited fine.
Happy days. ____________________ Raza - Account closed - |
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The Artist |
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The Artist Super Spammer
Joined: 06 Jan 2008 Karma :
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Posted: 05:24 - 25 Apr 2021 Post subject: |
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Raza wrote: | My interest is academic.
I do not trade crypto-currencies or crypto-assets.
As far as I can see the main use for cryptos is its ability to facilitate crime. This has brought it to the attention of the Financial Conduct Authority that is seeking to regulate its activity.
https://www.fca.org.uk/news/press-releases/fca-establishes-temporary-registration-regime-cryptoasset-businesses
The FCA is bringing traders into the scope of the Money Laundering Regime. This is likely to increase the cost of trading and make it more difficult for cryptos to facilitate crime.
If memory serves these are strict liability offences where the penalty is up to 7 seven years in prison and an unlimited fine.
Happy days. |
Anyone trading has had to comply with AML/KYC rules since 2017...
I think for the first 5 years of bitcoin, more value was traded on underground market places for sure. The fact that it survived this period of time is what kind of proved it's worth as a resilient decentralised technology.
If you are purely in it for the academic side, go and read about the Iota foundation and see what you think rather than spouting ill informed opinion here. |
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The Artist |
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The Artist Super Spammer
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Raza |
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Raza Two Stroke Sniffer
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The Artist |
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The Artist Super Spammer
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Raza |
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Raza Two Stroke Sniffer
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Robby |
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Robby Dirty Old Man
Joined: 16 May 2002 Karma :
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Posted: 13:00 - 25 Apr 2021 Post subject: |
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This thread is quickly going the ways of other crypto currency threads, and showing the reasons why I keep well out of it.
It's the people. Say any negative things, or ask any vaguely negative noobish question, and all the fanboys will pile in. Thin skins, when lack of confidence could damage their ponzi scheme.
Also the idea that it being decentralised is so great. It's out of the hands of governments, sure, but it means it's effectively in the hands of the people holding the most of the currency. So instead of a central bank with members appointed by politicians that were elected in a vaguely transparent member, the control sits with a bunch of shadowy rich people.
Also the overlap between crypto currency and the alt-right is distasteful.
So as a tool to speculate and make some money, go ahead, I hope you do well. The idea that cryptocurrency as currently operated is the future of money, I doubt it and I hope not. The only thing worse than a global money supply in the hands of governments is a global money supply out of the hands of governments. |
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The Artist |
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The Artist Super Spammer
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Posted: 13:22 - 25 Apr 2021 Post subject: |
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Robby wrote: | This thread is quickly going the ways of other crypto currency threads, and showing the reasons why I keep well out of it.
It's the people. Say any negative things, or ask any vaguely negative noobish question, and all the fanboys will pile in. Thin skins, when lack of confidence could damage their ponzi scheme. |
I am just correcting misinformation and answering questions. All the negative stuff is coming from people who are saying things that are just wrong. If by "Fanboys piling in" you mean they are answering questions then yes, yes they are. If you are implying they are trying to hide something or shill, then read my last post.
Robby wrote: |
Also the idea that it being decentralised is so great. It's out of the hands of governments, sure, but it means it's effectively in the hands of the people holding the most of the currency. So instead of a central bank with members appointed by politicians that were elected in a vaguely transparent member, the control sits with a bunch of shadowy rich people. |
Ok, another fundamental misunderstanding of how crypto works. It doesn't matter who holds the coins. I can have 80% of all bitcoin, I still can't fraudulently spend any. Power is in the hands of miners, not holders of coins. There may be some overlap but most will be selling their coins to pay for their electricity and hardware costs.
Robby wrote: |
Also the overlap between crypto currency and the alt-right is distasteful. |
Eh??? First time hearing that one!
Robby wrote: |
So as a tool to speculate and make some money, go ahead, I hope you do well. The idea that cryptocurrency as currently operated is the future of money, I doubt it and I hope not. The only thing worse than a global money supply in the hands of governments is a global money supply out of the hands of governments. |
For the umpteenth time, it is not the future of money, it is just an additional asset class. It has very specific use cases and I hope it doesn't replace traditional banking entirely. Can't have my parents dealing with seeds and other Opsec.
You can be a proponent of crypto without thinking it is going to take over the world. |
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Raza |
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Raza Two Stroke Sniffer
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The Artist |
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The Artist Super Spammer
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Raza |
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Raza Two Stroke Sniffer
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The Artist |
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The Artist Super Spammer
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Raza |
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Raza Two Stroke Sniffer
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Jmoan |
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Jmoan Brolly Dolly
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Raza |
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Raza Two Stroke Sniffer
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Pjay |
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Pjay World Chat Champion
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Raza |
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Raza Two Stroke Sniffer
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notbike |
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notbike Formerly known as notabikeranymore
Joined: 02 Apr 2014 Karma :
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Posted: 20:20 - 25 Apr 2021 Post subject: |
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Raza wrote: | The Artist wrote: |
Because you were implying I was trying to convince people to "invest" in crypto when I am not, I am just answering questions and correcting misinformation.
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Now who is providing misinformation? Prior to your denial, I was implying nothing of the sort.
Subsequently, I feel that, "The lady doth protest too much".
So, we have established that technology does not give crypto-assets value and a technical explanation serves no purpose.
And, now you agree that "cryptos only have value when you can convince someone else that they have value."
Albeit that "this logic applies to lots of things". Like second-hand toilet paper perhaps? |
Tldr; have fun being smug about being wrong.
I've earned over half a million from crypto to-date so saying it's valueless is very stupid.
There are an infinite amount of use cases with blockchain technology.
Nobody owes you an explanation or needs to compile information that you can readily look into yourself if you weren't utterly closed off in your mentality. You remind me of the dinosaurs who thought the internet was magic and who claimed that seeing a real-time human on a hand-held device from across the world would be impossible.
Do your own research and stop exuding this arrogance over something you're obviously clueless about.
If you had done your own studies on blockchain and made a solid argument against why crypto is inherently valuable, I'd pay attention but it's apparent you're full of shit.
I'm not here to give you financial advice or prove shit to you, but just know you're very wrong and you could make a lot of money being open to crypto.
There are several parallels between modern day crypto ICOs and IPOs of the dotcom bubble that you're missing out on.
EDIT: Also you talk about bitcoin not being insured. Duh. Everyone knows it's an unregulated market. Everyone knows there's risk. That's why smart investors hedge their risk against fiat-backed stablecoins like USDC which is essentially insured with a dollar peg in audited federal bank accounts.
Why are you pretending you know what you're talking about? You sound risk-averse and ignorant.
Also let's conveniently ignore that 40% of fiat was 'printed' in the last year, that hyperinflation is on it's way, and that federal reserve banking is the biggest fucking scam of the century. Your safe little insured money in the bank is devaluing faster than you can accrue interest. Fact.
Imo, investing in volatile unregulated markets is some of the most lucrative money you can make. Unless you're one of those little forex kids doing it the "regulated way" and getting arse-raped trying to compete with investment bank algorithms and hedge funds designed to make your trading efforts completely unprofitable at all costs. |
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Raza |
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Raza Two Stroke Sniffer
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notbike |
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notbike Formerly known as notabikeranymore
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Posted: 21:42 - 25 Apr 2021 Post subject: |
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Raza wrote: | Perhaps, you can explain without being so foul mouthed, why, if you are making so much money that you need to draw other people into buying into cryptos?
Is it because the exponential growth in cryptos cannot be sustained and you need suckers to buy-in so you can cash out?
If that is not the case then why don't use use all the money that you have made to buy more cryptos? |
I'll talk how I want and I don't need you to buy in with your £50 to push any prices up. I've already made money at this stage I'm not here to convince anyone and never have tried to convince others to buy in. I tell most people not to because they blind ape into shitcoins and get scammed. That's the problem with having custody of your own currency. You are responsible for it, it isn't insured, so if you are a complete moron with your money and do something dumb you pay for it and not mummy bank.
I just wanted to point out that you're wrong and will remain a wage slave with your current mindset. I implore you to learn about crypto and learn about investing before you rubbish either, but do it yourself. My gripe is you haven't researched shit before thinking you're the authority on it and know better. That's arrogant at best.
Also I've heard your ponzi argument many times. The fact is for the price of anything to move up, people have to buy in to reduce supply. It's the same with stocks and commodities. The less gold in circulating supply for example, the more it goes up in value per gram.
On your "why don't you use your money to buy more cryptos" jibe, I do regularly reinvest in a bunch of cryptos. The whole point is to grow capital whilst managing risk and moving profits into stablecoin. 50% of my net-worth is in crypto with a large majority in stables, but I've already cashed out six figures to buy a house very soon. Before you rubbish that and say "they won't accept money from crypto", my friend's already done it.
Anyway, back to this idea of ponzi/cash out/buying shit, this is the same as something like trading gold. You cash out to buy things with fiat, although I've already spent 5 figures with crypto directly without ever having to cash out to fiat. You probably couldn't trade gold directly for much else. Actually crypto is better and has more utility than gold, even though Bitcoin is mostly seen as the SoV of Crypto. |
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Raza |
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Raza Two Stroke Sniffer
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Old Thread Alert!
The last post was made 3 years, 1 day ago. Instead of replying here, would creating a new thread be more useful? |
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