Cryptocurrency

[scooterscot]

1000% increase from now I'll hold for that. Been a weird performer that one. Like a rollercoaster.

Saying 'I'll hold' is the easy part.

[scooterscot]

https://cointelegraph.com/news/metro...wire-transfers

That's gonna hurt...

I noticed Loopring went up on this news. Decentralised exchanges now soon to be the outcome of all this and peers sending money directly to each other.

Your move government.

[Hobosapien]

Have to say I'm sick of local 'wallets' that require downloading, syncing entire blockchains over days just to store coins off the exchange using the official wallet.

I've synced MUSIC, ADA and SC blockchains now...

Is this a technical weakness that can be designed out over time? Seems like the problem is only going to get worse as the blockchains grow over the years. e.g. Bitcoin blockchain size estimated max growth of over 50gb per year.

I presume a new wallet needs to analyse the whole blockchain for first sync but is a one off cost of holding own wallet over trusting third parties?

How do data limited mobile devices and the like cope with this requirement?

[Hobosapien]

I noticed Loopring went up on this news. Decentralised exchanges now soon to be the outcome of all this and peers sending money directly to each other.

Your move government.

I see some concern on the bitcoin forums about getting cash into and out of crypto, mainly due to banks and the regulations meaning they can freeze accounts if unable to prove to a suitable degree where the funds came from, under existing money laundering rules.

Also some banks not liking individuals using their money to fund crypto trading or receive money from such trading for some reason.

One minute a bank is deemed 'safe' and the next someone else has issues.

Even 'p2p' solutions such as buying/selling crypto via localbitcoins/bittylicious and the like is not without risk, even if you trust the buyer/seller, your bank may have other ideas.

I suppose safest way for now is to open other bank accounts for crypto purposes so at least your daily life won't be affected by account freezing while things settle down and become clearer/safer.

[VirtualMonkey]

I see some concern on the bitcoin forums about getting cash into and out of crypto, mainly due to banks and the regulations meaning they can freeze accounts if unable to prove to a suitable degree where the funds came from, under existing money laundering rules.

Also some banks not liking individuals using their money to fund crypto trading or receive money from such trading for some reason.

One minute a bank is deemed 'safe' and the next someone else has issues.

Even 'p2p' solutions such as buying/selling crypto via localbitcoins/bittylicious and the like is not without risk, even if you trust the buyer/seller, your bank may have other ideas.

I suppose safest way for now is to open other bank accounts for crypto purposes so at least your daily life won't be affected by account freezing while things settle down and become clearer/safer.

Hopefully it will all be sorted out by the time any of us are ready to cash out properly

[scooterscot]

And yet more money laundering does and continues to take place using ordinary FIAT currency by both individuals and organised crime through complex off-shoring schemes. How will the banks? As it happens, if you're HSBC, they'll even assist for the right fee.

Probably not about money laundering, this is about the lack of control by the banks.

[psychocandy]

Well, I'd begun thinking I might cash some out to FIAT. More of an experiment more than anything else - don't fancy getting all excited that I've made thousands and then find out I can't turn it back into real money.

Heard news that a lot of the debit card bitcoin cards have been canned now. Also, as discussed a few posts earlier, hear talk of people having bank accounts closed when random amounts start turning up due to cryto sales.

So whats current best plan? I must admit I like the debit card idea - load it up then take it out as cash when I need it so no traceability.

[northernladuk]

Well, I'd begun thinking I might cash some out to FIAT. More of an experiment more than anything else - don't fancy getting all excited that I've made thousands and then find out I can't turn it back into real money.

Heard news that a lot of the debit card bitcoin cards have been canned now. Also, as discussed a few posts earlier, hear talk of people having bank accounts closed when random amounts start turning up due to cryto sales.

So whats current best plan? I must admit I like the debit card idea - load it up then take it out as cash when I need it so no traceability.

Is that the same as evasion?

[SunnyInHades]

I see some concern on the bitcoin forums about getting cash into and out of crypto, mainly due to banks and the regulations meaning they can freeze accounts if unable to prove to a suitable degree where the funds came from, under existing money laundering rules.

Also some banks not liking individuals using their money to fund crypto trading or receive money from such trading for some reason.

One minute a bank is deemed 'safe' and the next someone else has issues.

Even 'p2p' solutions such as buying/selling crypto via localbitcoins/bittylicious and the like is not without risk, even if you trust the buyer/seller, your bank may have other ideas.

I suppose safest way for now is to open other bank accounts for crypto purposes so at least your daily life won't be affected by account freezing while things settle down and become clearer/safer.

BoE were toying with the idea of their own crypto a few weeks ago
"Bank of England .. investigating the introduction of a cryptocurrency linked to pounds sterling"

but shelved it..
"The BoE indicated it dropped the plans over concerns that the public might stop using commercial bank accounts and
move on to BoE's digital payments system for transactions and purchase of goods"

If it's ever resurrected I expect GBP to/from BoE crypto to be a fully regulated, approved and encouraged doddle

[SunnyInHades]

Heard news that a lot of the debit card bitcoin cards have been canned now.

They'll be back 'soon' once an alternative to WaveCrest Gibraltar (the issuer) is up'n'running..

Xapo
"We’re already exploring various alternative card solutions. While we are not ready to announce anything yet, looking for potential new card issuers has been (and continues to be) at the forefront of our mission.”

"Other cryptocurrency debit card service providers issued similar statements, and reassured their users that they will seek out new ways to roll out debit card services to users."