Cryptocurrency. Bitcoin, Litecoin etc. - do you have any?

[mwgdrwg]

You wouldn't be unnerved by the negative press?

Yes, that's why most of my crypto is on a wallet I control rather than exchanges.

If they ban Binance (won't happen), aren't you unnerved that they could ban Coinbase (or any other exchange) too?

 

[BigTom]

Yes, that's why most of my crypto is on a wallet I control rather than exchanges.

If they ban Binance (won't happen), aren't you unnerved that they could ban Coinbase (or any other exchange) too?

From what I understand, Binance are choosing not to be regulated by the FCA, other exchanges can and do choose to be regulated in order to reach the wider market which wants (or needs) that legal regulation / oversight. It's not just a case of the FCA banning binance.
Does the FCA banking guarantee apply to these exchanges if they become regulated by the FCA? Cos that would be a big reason for customers to hold their assets there rather than anywhere else.

 

[Idaho]

I use a USB crypto thingy, so all my moneys are on the chip and transferable to whomsoever has that chip. I have told people close to me that the chip exists, and should anything happen, they should empty that chip of all funds and use it wisely. It's a big old USB dongle with the words CRYPTO MONEY on it, so there will be little chance it gets discarded if I get hit by the Number 88 crossing the road in Stockwell at the shitty junction tomorrow.

You would be well advised to store a paper seed phrase back up. Usb drives are not unbreakable.

This safe storage issue is a big problem with crypto. Be your own bank seems like a good idea in some ways, but trusted intermediaries have their uses.

 

[BigTom]

You would be well advised to store a paper seed phrase back up. Usb drives are not unbreakable.

This safe storage issue is a big problem with crypto. Be your own bank seems like a good idea in some ways, but trusted intermediaries have their uses.

sealed and with a solicitor to be released with your will if needed.

 

[two sheds]

sealed and with a solicitor to be released with your will if needed.

Not sure I'd trust a solicitor with that it's not like they're all honest.

 

[BigTom]

Not sure I'd trust a solicitor with that it's not like they're all honest.

That's why it wants to be sealed. You also don't need to tell the solicitor what info is in the sealed document, leave it as a mystery for the will reading!

You want some kind of dead drop/dead man's handle for this anyway. No point in having it written down in case of your death if nobody knows about it.

 

[two sheds]

Solicitors have kettles, too, you know

Perfect crime really: unseal, read, transfer to solicitor's own bitcoin account, reseal, gone no trace.

 

[Idaho]

Solicitors have kettles, too, you know

Perfect crime really: unseal, read, transfer to solicitor's own bitcoin account, reseal, gone no trace.

Setting aside the need for the solicitor to know what's in the sealed envelope, while also being one of the rare ones who will risk it all to steal from their own safe - it won't be no trace. There will be an immutable and publicly visible time stamped record of when the transfer occurred and where it went.

 

[two sheds]

just not the name of who owns the account it's transferred to, surely?

 

[Idaho]

just not the name of who owns the account it's transferred to, surely?

Bitcoin is psuedonomous, so yes there is no record on the blockchain of the names. But once that bitcoin moves anywhere with kyc (know your customer) rules, or if it's spent in a transaction that's traceable, then it is no longer anonymous.

 

[BigTom]

Solicitors have kettles, too, you know

Perfect crime really: unseal, read, transfer to solicitor's own bitcoin account, reseal, gone no trace.

pfft. wax seal or gtfo.

 

[not-bono-ever]

Though this shite isn’t FSA regulated or even monitored at present it doesn’t mean that the holder is absolved of reporting liability for personal profits . If you are serious about this game and confident that unheard of riches will be coming your way , then think about architecture that will be able to support your decision on whether to keep your head down or be open about it

the SFO and their copper Mates already suck up cash info from banks relating to online gambling movements for AML sniffing about - it’s not a massive step to start monitoring other cash flows if needed

 

[Idaho]

Though this shite isn’t FSA regulated or even monitored at present it doesn’t mean that the holder is absolved of reporting liability for personal profits . If you are serious about this game and confident that unheard of riches will be coming your way , then think about architecture that will be able to support your decision on whether to keep your head down or be open about it

the SFO and their copper Mates already suck up cash info from banks relating to online gambling movements for AML sniffing about - it’s not a massive step to start monitoring other cash flows if needed

Pretty much all crypto exchanges are kyc compliant and share info with HMRC.

 

[not-bono-ever]

Only ones that fall under direct UK jurisdiction. International ones can respond but don’t have to. there are generally accepted KYC standards globally but basing outfits in strategic locations can impact the quality of KYC that is enforced.

 

[Idaho]

Only ones that fall under direct UK jurisdiction. International ones can respond but don’t have to. there are generally accepted KYC standards globally but basing outfits in strategic locations can impact the quality of KYC that is enforced.

Well there is nothing to stop anyone exchanging psuedonomous crypto for cash, but 99% of transactions are between kyc exchanges and banks. Crypto is a poor way to dodge tax compared to the many tried and tested methods used routinely.

And seeing as, of the the last few months, most people have lost money rather than made it, the issue of dodging tax on profits is academic.

 

[q_w_e_r_t_y]

Pretty much.
Have decided I don't really want the hassle of maintaining wallets other than web based wallets due to memory issues.

Just want somewhere that ain't going to crash and burn or somewhere I potentially may lose access to the funds.

FFS

Exchanges are not really safe. The question is whether you are safer.

Do you trust them more than you trust yourself?
Who has your best interests at heart?

Exchanges are not always transparent with what they are doing with funds, they are centralised, so they are a target for regulators who may either shut them down or force them to hand over their info on you, they tempt "trading" (which in many cases is just gambling, and they can shut you out of your funds. If you have your private keys (which are kindof embedded in your seed words) you always have access to the crypto....as does anyone else who knows those words.

I would get a ledger and use Ledger Live for monitoring (downloadable add on). The seed words are your key, not the actual device. Keep those seedwords carefully and offline.

Only buy from the company, never ever second hand.

Hardware Wallet & Crypto Wallet - Security for Crypto | Ledger

Secure your crypto assets such as Bitcoin, Ethereum, XRP, Monero and more. Give yourself peace of mind by knowing that your cryptocurrencies are safe

www.ledger.com

 

[Riklet]

Id never buy any, its all terrible for the environment, makes computer parts unaffordable for most people (so terrible for human rights too the increased demand for precious metals).... but above all, crypto is promoted by the most insufferable boring economically-ignorant wankers.

And i look forward to them losing all their money. Ho ho ho.

 

[Dogsauce]

I use a USB crypto thingy, so all my moneys are on the chip and transferable to whomsoever has that chip. I have told people close to me that the chip exists, and should anything happen, they should empty that chip of all funds and use it wisely. It's a big old USB dongle with the words CRYPTO MONEY on it, so there will be little chance it gets discarded if I get hit by the Number 88 crossing the road in Stockwell at the shitty junction tomorrow.

And if your flat burns down or floods due to a burst pipe, what happens then? Might be worth getting a cheap fire safe for such eventualities.

 

[strung out]

This made me laugh

 

[Throbbing Angel]

Exchanges are not really safe. The question is whether you are safer.

Do you trust them more than you trust yourself?
Who has your best interests at heart?

Exchanges are not always transparent with what they are doing with funds, they are centralised, so they are a target for regulators who may either shut them down or force them to hand over their info on you, they tempt "trading" (which in many cases is just gambling, and they can shut you out of your funds. If you have your private keys (which are kindof embedded in your seed words) you always have access to the crypto....as does anyone else who knows those words.

I would get a ledger and use Ledger Live for monitoring (downloadable add on). The seed words are your key, not the actual device. Keep those seedwords carefully and offline.

Only buy from the company, never ever second hand.

Hardware Wallet & Crypto Wallet - Security for Crypto | Ledger

Secure your crypto assets such as Bitcoin, Ethereum, XRP, Monero and more. Give yourself peace of mind by knowing that your cryptocurrencies are safe

www.ledger.com

FYI - the Ledger Nano S is 30% off atm if you vote for your favourite app on their website until August 2nd - making it £38ish

The main differences between this and the Nano X seems to be Bluetooth connectivity and being able to install 3 to 6 apps on the S and 100 on the X

q_w_e_r_t_y Does the number of apps matter or is it the compatibility with wallets that matters??

 

[q_w_e_r_t_y]

FYI - the Ledger Nano S is 30% off atm if you vote for your favourite app on their website until August 2nd - making it £38ish

The main differences between this and the Nano X seems to be Bluetooth connectivity and being able to install 3 to 6 apps on the S and 100 on the X

q_w_e_r_t_y Does the number of apps matter or is it the compatibility with wallets that matters??

I never use the bluetooth, just plug it into my computer. If you interact on your phone bluetooth would probably be useful. Its the increased no of apps that is the attractive point of the X for me.

You might think you will only use a few apps, but unless you are sticking strictly to a limited number of chains, you'll find that it creeps up over time, especially as people are moving to sidechains (which need their own app) because of eth gas fees.

 

[Puddy_Tat]

i did contemplate investing in stanley edwards' shitcoin, but don't think he got the bog-chain technology working...

 

[Throbbing Angel]

I never use the bluetooth, just plug it into my computer. If you interact on your phone bluetooth would probably be useful. Its the increased no of apps that is the attractive point of the X for me.

You might think you will only use a few apps, but unless you are sticking strictly to a limited number of chains, you'll find that it creeps up over time, especially as people are moving to sidechains (which need their own app) because of eth gas fees.

seems complicated to the layman - plus spending £109 on something to store something I've already bought rankles too

I have no idea how many apps or chains I'll be using

 

[q_w_e_r_t_y]

seems complicated to the layman - plus spending £109 on something to store something I've already bought rankles too

I have no idea how many apps or chains I'll be using

I caught a promotion that gave me the X for the price of the S.

Think about it like spending £10 on a wallet to keep your loose change in, so that it doesnt fall through the holes in your jeans.

Even if you start out with loose change in crypto, it often doesnt stay that way.

 

[likesfish]

Apprantly sweat coin is launching a crypto soon I will have nearly 700 sweat ons soon