Cryptocurrency Chat

That article made me laugh. A lot. Made my week. Stomach still hurting. OMG.
Absolutely hilarious. Now, back to everyday life (but thanks Gizmodo for a brief respite from the five-h-one-tee that we’re all currently experiencing from world events)

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What was funny about it? Sorry I must be missing something!

On a scale of accessibility, even if the quoted ‘84’ UK crypto ATM’s actually exist, what can you do with them? Stand in front of them for 15 mins while you type in your seed to verify who you are on the blockchain to buy, sell, and exchange crypto? (really - an ATM acts as a full crypto exchange service? What fees are involved with that b0110x then?)
Even worse, hand over your blockchain access data to the machine… Oh, come on.

What exchange are they connected to? How can they verify your account? How do they know what crypto assets you actually own? Maybe a Ziglu card will work with such ATM’s?

Still laughing. The whole story smells of a ‘service’ (scam) to get people to reveal their seeds at specific ‘ATM’s’ and should be treated as a general security issue rather than a FCA-no-likey story.

Found a crypto ATM? Move on, don’t engage. It’s 2022 people, no need for physical theft. Just ensure your crypto is protected properly and remains in the digital domain.

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So not every CEX has them then. Weird. I’ve only ever seen them in CEX, and every CEX I’ve been into had one.

There are two CEX locations near me, a larger one in the city and a smaller one in the next suburb along on the high street.

The larger one has one (although seemed to be non-operational last time I visited, not that I have any wish to use one), the smaller branch does not.

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Everyone: There’s an energy and crises and a huge problem with moneylaundering in the British economy we want you to solve.

Chancellor: Heeeerrreee’s Crypto currency!

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1st April was 3 days ago :laughing:

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It’s one thing saying this but another when the actions of disparate regulatory, taxation and monetary policy bodies are the exact opposite:

  1. The FCA banned crypto derivatives (meaning personally I could no longer buy Bitcoin Exchange Traded Products on Trading212 from 6 Jan 2021 and killed access for U.K. investors to the innovations happening in Europe with Digital Asset ETPs)
  1. HMRC updated the Crypto Asset Manual wrt DeFi and Staking/Lending/Liquidity Mining Feb 2022 to little fanfare but it’s not DeFi friendly to say the least.
  1. The Bank of England still led by Dinosaurs pedalling 2017 tropes of criminality

That sounds like a ‘sensible’ precursor to introducing a government supported stable coin to me. Ban all the unregulated/uncontrolled stuff, then focus on thing you are making and controlling yourself.

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Wasn’t aware there has been a recent update to tax guidance. Just skimmed it so far and will need more time to read properly.

Clearly there needs to be more work in tax laws if crypto is to become mainstream and if UK is to be attractive to crypto businesses (especially in relation to activities that generate 100s/1000s of transactions per year - such as DeFi lending and day-to-day spending). But I do think this is more of a work in progress than the final word. It seems a case of regulators not being able to keep up with pace of innovations, but needing to have some guidance on DeFi rather than no guidance.

In relation to the current need to report 100s/1000s of transactions as taxable events - I don’t have much sympathy for the early adopters who get caught up in this issue. It was obvious this was a possibility before this new guidance was issued, so users could have chosen not to engage in these activities due to the potential for arduous tax implications.

:person_facepalming::person_facepalming:

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DFI (the native coin for DeFiChain) for me, and just crossed the £5,000 mark on todays pump post Fed interest rate rise :mechanical_arm:

Do you also use their cards? What are your thoughts on Cronos’ recent changes?

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Gutted to be honest, a lot of people are. And the sell off is no doubt down to that.

A lot of people are unstaking which is probably what I’ll do when my term ends in 170 days :grimacing:

Interesting. 8% and 4% are still decent APYs to me looking from outside in. What were they before this change?

Edit: updated rates again, not a good look. Looks like damage limitation. Crypto.com spent hundreds of millions on advertising in the last year so to reduce rates for users is understandably a kick in the teeth for lot of them.

‘Sensible’ maybe but if you snooze you lose:

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I don’t get what the U.K. has ‘lost’, this seems to just be about France accepting Binance.

It’s in the context of a few posts up where @o99 posted this:

And my post here:

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Anything think bitcoin will drop much further?

Yes.