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The Bubbly Bitcoin Thread -- Merged Threads


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I don't have the energy today to engage where there appears to be a basic lack of understanding bitcoin.

 

Helpfully, I've just watched Michael Saylor do his thing I.e. another masterclass. Maybe it's worth having a listen.  If you haven't got time, go to 1:18.  Saylor explains very clearly why he is only in Bitcoin. 

 

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@markyh

Have no idea what this means other than the difficulty level will reduce by close to 25% as a result of the exodus of miners from China?  Impact upon price?  Does it even matter as they set up elsewhere.  They'll be done before my time range of at least 4years+ so nothing to see here 😁

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6 hours ago, Buffer Bear said:

@markyh

Have no idea what this means other than the difficulty level will reduce by close to 25% as a result of the exodus of miners from China?  Impact upon price?  Does it even matter as they set up elsewhere.  They'll be done before my time range of at least 4years+ so nothing to see here 😁

Won’t effect price. 

a just means there are less miners so it’s becoming easier to mine with less mining power.

it’s just self correcting. it’s a beautiful code.

it means bitcoin can never die as long as a few people are willing to run it on CPUs (like the old days) as the difficulty can adjust right down. 

the release of coins is at set intervals, so the ease of mining blocks must roughly match those intervals. 

it won’t increase the number of coins entering the system, it won’t speed it up. It just means the system self corrects.

it only ever gets harder to ensure that the set intervals are met when more and more commuting power is thrown at it. Last coin to be released is something like the year 2140

regardless of the price of bitcoin (other than if it was worthless) there will always be enough miners to run it. 

If anything having the network better distributed outside of China is a good thing (not that it really mattered that much in the first place)

if the network got too small, then it would leave it open to a 51% attack which means someone meaning harm to bitcoin could change who they see as legitimate holders of the coins, effectively breaking bitcoin.

but that would require serious commuting power, and bitcoin has the biggest amount of computing power known to man, there is no other network as powerful. 

there was some talk about quantum computers, but they are always 20 years away, and the code bitcoin uses is the same as what the banks use, plus bitcoin can always fork to a quantum resistant code anyway. 

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8 hours ago, Buffer Bear said:

@markyh

Have no idea what this means other than the difficulty level will reduce by close to 25% as a result of the exodus of miners from China?  Impact upon price?  Does it even matter as they set up elsewhere.  They'll be done before my time range of at least 4years+ so nothing to see here 😁

Good for price, pretty much closes the book on China FUD, the difficulty adjustment is just doing what it is supposed to and proves you can "offline" a massive chunk  of the hashrate and BTC just carries on as normal. 

Can you imagine what would happen to society is 25% of world datacentres went offline overnight?  Do you think it would only take 2-3 weeks to "adjust". 

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17 minutes ago, Peter Hun said:

Binance banned from the UK

No they arnt, they just have to restrict UK residents to using 1:1 products, like etoro currently do. Of course binance could refuse to implement that restriction in which case they would be banned.

Edited by goldbug9999
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The UK’s financial watchdog has ordered Binance to stop all regulated activities in Britain and imposed stringent requirements in a stinging rebuke of one of the world’s biggest cryptocurrency exchanges. 

The intervention by the Financial Conduct Authority in recent days is one of the most significant moves any global regulator has made against Binance, a sprawling digital asset firm with subsidiaries around the world. The exchange has until Wednesday evening to confirm it has complied with the watchdog’s demands, and removed its advertising.

The intervention is a sign of how regulators are cracking down on the cryptocurrency industry over concerns relating to its potential role in illicit activities such as money laundering and fraud, and over often weak consumer protection.

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4 minutes ago, Peter Hun said:

The UK’s financial watchdog has ordered Binance to stop all regulated activities in Britain and imposed stringent requirements in a stinging rebuke of one of the world’s biggest cryptocurrency exchanges. 

The intervention by the Financial Conduct Authority in recent days is one of the most significant moves any global regulator has made against Binance, a sprawling digital asset firm with subsidiaries around the world. The exchange has until Wednesday evening to confirm it has complied with the watchdog’s demands, and removed its advertising.

The intervention is a sign of how regulators are cracking down on the cryptocurrency industry over concerns relating to its potential role in illicit activities such as money laundering and fraud, and over often weak consumer protection.

Only crypto derivatives and futures are "regulated products", holding the underlying is not (which is why etoro still offers this to UK investors, ditto for bitstamp and coinbase).

Edited by goldbug9999
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The FCA also this weekend issued a consumer warning against both the Cayman Islands-registered Binance holdings company and Binance Markets Limited, a London-based affiliate that is controlled by chief executive Changpeng Zhao and is overseen by the UK regulator. 

“Binance Markets Limited is not permitted to undertake any regulated activity in the UK,” the FCA said, adding, “no other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK.”

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4 minutes ago, goldbug9999 said:

Only crypto derivatives and futures are "regulated products", holding the underlying is not (which is why etoro still offers this to UK investors).

No part of cryptocurrency is regulated, certainly not derivatives. Binnace will only have regulated money transfer permissions, I think.

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5 minutes ago, Peter Hun said:

Accepting bank transfers is regulated.

Pretty much noone sends fiat directly to binance (dont know if its even a service they offer ...), you fund your account with bitcoin or tether generally.

Edited by goldbug9999
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https://www.fca.org.uk/firms/cryptoassets

Quote

 

Unregulated tokens

...

The category also includes tokens such as Bitcoin, Litecoin and equivalents

 

Quote

 

Investment products that reference cryptoassets

While some cryptoassets are outside the FCA’s perimeter, investment products such as derivatives contracts that reference these cryptoassets are likely to be within our perimeter, as we have previously stated.

 

The action against Binance is a result of it advertising leveraged trading which is a regulated activity.

Edited by goldbug9999
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14 minutes ago, goldbug9999 said:

Pretty much noone sends fiat directly to binance (dont know if its even a service they offer ...), you fund your account with bitcoin or tether generally.

they do, i sent fiat to them few months ago, but haven't they acquired a subsidary renamed Binance UK that will be regulated once launched? 

https://www.binance.co.uk/

 

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24 minutes ago, Peter Hun said:

Banned for consumers in any case and institutions won’t touch Binance.

So you just buy bitcoin and sent it there, no biggie, permissionless money is a beautiful thing isnt it.

Edited by goldbug9999
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8 hours ago, markyh said:

Good for price, pretty much closes the book on China FUD, the difficulty adjustment is just doing what it is supposed to and proves you can "offline" a massive chunk  of the hashrate and BTC just carries on as normal. 

Can you imagine what would happen to society is 25% of world datacentres went offline overnight?  Do you think it would only take 2-3 weeks to "adjust". 

A thread...

Yep, it clearly illustrates the absolute genius of Bitcoin's monetary policy.  Hard money! 

Edited by Buffer Bear
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4 hours ago, Peter Hun said:

The UK’s financial watchdog has ordered Binance to stop all regulated activities in Britain and imposed stringent requirements in a stinging rebuke of one of the world’s biggest cryptocurrency exchanges. 

The intervention by the Financial Conduct Authority in recent days is one of the most significant moves any global regulator has made against Binance, a sprawling digital asset firm with subsidiaries around the world. The exchange has until Wednesday evening to confirm it has complied with the watchdog’s demands, and removed its advertising.

The intervention is a sign of how regulators are cracking down on the cryptocurrency industry over concerns relating to its potential role in illicit activities such as money laundering and fraud, and over often weak consumer protection.

Funny, I just logged onto my Binance account and played around with some crypto dust one there, everything works no problems, so the FCA ban aint done shit.  

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