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South Park

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I am terrible at Fantasy Football!!!

Quote from: Emitdama on November 11, 2020, 02:44:06 AM

That depends on what they mean by retail trading of bitcoin, because anyone can decide to send Bitcoin to another person and have them give them cash, so is that what they are referring to or people who open up a business space for the main purpose of buying and selling of Bitcoin. Here that I am staying, retail is the trend and that’s because people see it as more profitable than when they are trading with exchanges.

There are always so many people that would want to sell their cryptocurrencies to you face to face than those that would make use of exchanges to sell them.

I think it is the other way around, people are choosing convenience over the ideals of bitcoin and when you add that we are in the middle of a pandemic it makes sense that people do not want to exchange bitcoins face to face and they prefer to use an exchange to do that, but we need for people to understand that while this option is available it is not the best especially if they care about their privacy which is being challenged on all fronts by governments and private corporations.

Emitdama

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That depends on what they mean by retail trading of bitcoin, because anyone can decide to send Bitcoin to another person and have them give them cash, so is that what they are referring to or people who open up a business space for the main purpose of buying and selling of Bitcoin. Here that I am staying, retail is the trend and that’s because people see it as more profitable than when they are trading with exchanges.

There are always so many people that would want to sell their cryptocurrencies to you face to face than those that would make use of exchanges to sell them.

South Park

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I am terrible at Fantasy Football!!!

Quote from: hugeblack on November 03, 2020, 03:55:10 PM

Regulatory pressure to get more money, it appears that countries will accept digital platforms in exchange for imposing more taxes on them.
The current approach will allow many service providers to make more efforts, especially since most of them establish these companies by disregarding fraud and price manipulation.

We knew this was coming, any kind of centralization in this market can be attacked by governments because they are experts on doing exactly that, exchanges are a big weak point as instead of doing P2P trades people have decided to use centralized institutions like exchanges and governments are doing what they always do, to take a cut and try to limit the freedoms of people, this is why we need decentralized exchanges more than anything and yet it seems they are not ready to be as good as their centralized counterparts.

Findingnemo

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Bitcoin = Financial freedom

Quote from: jaberwock on November 10, 2020, 11:41:15 AM

Quote from: Findingnemo on November 08, 2020, 02:00:47 AM

If regulations makes it more tougher for a common citizen to buy cryptos then the regulations itself is the reason why things are getting more support in the dark world. So any government wants to regulate the cryptocurrency trading should take account of this or else its just the revenue loss for them since people are going to trade at some other ways.

It is similar to how some countries ban gambling and believe they are now doing good but the truth is people will find ways to gamble. Similarly you cannot stop people from buying and selling or even trading cryptocurrencies because there are countless ways to do that, there are peer to peer exchanges then there are DEX who don't need your KYC either.

There are decentralized exchanges there but when we want to covert fiat into crypto and vice versa the problem will exist like KYC or we maybe forced to pay higher than the market price but definitely there are ways to do and important thing is all the money goes out of the radar when government oppose such things.

jaberwock

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Quote from: Findingnemo on November 08, 2020, 02:00:47 AM

If regulations makes it more tougher for a common citizen to buy cryptos then the regulations itself is the reason why things are getting more support in the dark world. So any government wants to regulate the cryptocurrency trading should take account of this or else its just the revenue loss for them since people are going to trade at some other ways.

It is similar to how some countries ban gambling and believe they are now doing good but the truth is people will find ways to gamble. Similarly you cannot stop people from buying and selling or even trading cryptocurrencies because there are countless ways to do that, there are peer to peer exchanges then there are DEX who don't need your KYC either.

Quote from: bryant.coleman on November 08, 2020, 08:11:24 AM

I was expecting this. With every passing day, Hong Kong is losing its administrative and financial freedom and the People's Republic of China is now controlling most of the aspects there. Very soon the special privileges that are granted to Hong Kong (as per the treaty between the United Kingdom and China) will be cancelled and Hong Kong will just become another municipality within mainland China.

But actually China is the biggest mining country for Bitcoins if my facts are right because I read in an article that China produces massive mining for bitcoins and some articles even were concerned about 51% attack. So if China allows that why would they ban crypto if they are in control of Hong Kong financial decisions.

wack slacker

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As far as I know, the protests and terrorist activities that took place last year in Hong Kong were funded by international organizations through Bitcoin and crypto. The government is not worried about citizens who own Bitcoin and cryptocurrencies participating in cryptocurrency exchanges for anti-government purposes. Hong Kong is a small country next to China and if they want to develop, they need the leadership and control from the government to avoid similar protests from happening.

bits4books

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Crypto is not a religion but i like it

Quote from: jaysabi on November 07, 2020, 10:37:40 PM

Quote from: bits4books on November 05, 2020, 06:31:18 AM

Few people here may like this opinion - but I believe that this is the right step.
You don't try to pay with A Snickers wrapper at the grocery store because you think it's money, do you? It's the same here - for your token to be considered a legitimate means of payment, it must meet certain requirements (including KYC). This will really help clean the market of garbage and make it
a) more transparent
b) more reliable
If I know for sure that a particular coin meets the established standards, then I am much more comfortable to use it rather than some dark token that doesn't even have a team on the site.
Again , this is another step towards a long and mutually beneficial coexistence and cooperation between the state and cryptocurrencies.

I share this sentiment about regulation of exchanges being necessary for confidence in the system, and a necessary part of that is KYC. I think it's because of the nature of how bitcoin started that so many people are opposed to it, but it's necessary to reach mass adoption. Regulation gives it legitimacy and gives people confidence there will be consequences and recourse for bad actors.

That's it.
It just so happened that without normal regulation, it is impossible to use any service and feel safe - this applies to cryptocurrencies and exchanges, among other things.
Until appearance of the normal mechanisms of regulation and asset insurance are created, as well as the most ordinary control we will not see mass legal adoption.
Yes, everyone is drowning for total decentralization and everything else, but again - it just so happened that we do not live on an island in a vast ocean where you can do whatever you want, but live in a society.

TopT3ns

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#SWGT CERTIK Audited

Quote from: ?? on ??

In a globalized economy, these bans will have hardly any impact. The users will create accounts with cryptocurrency exchanges, which are based in countries such as South Korea or Japan. If they use a VPN, I don't think that the authorities in Hong Kong can prevent them in trading with cryptocurrencies. The only outcome will be revenue loss for the government of Hong Kong.

I think the Hong Kong government should not play a role in the income of cryptocurrency traders from their country because cryptocurrency price movements should have a volume of price movements that are not influenced by the government, I think you only need to change the DNS server IP used so you can access anywhere even though the country you prohibit access to the cryptocurrency website you can still open it.

DrG

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Quote from: Kopetunto on November 09, 2020, 03:06:13 AM

I haven't heard this news on several telegram channels, usually if there is bad news it will spread there,
but this hasn't, is this part of Fud? If HongKong does plan to block cryptocurrencies it will be very bad for Bitcoin..
and I also see that the price of Bitcoin is increasing even though this news is published.

How do you figure "it will be very bad for Bitcoin..". China blocked bitcoin over 5 years ago and yet they make most of the crypto mining hardware (ASICs and GPUs alike). I conceed that Hong Kong is not China per say, but if you say that in Beijing good luck on seeing sunshine for 10 years Tongue

Again it's just China trying to assert its authority over a region. China didn't build the Qinghai–Tibet railway just to make it easier for Tibetans to be tourist in China...

el kaka22

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www.Crypto.Games: Multiple coins, multiple games

Iran also uses crypto to go around the ban from USA, so as you can see there are nations that uses it for something to help themselves and there are nations that uses it to ban it and make it illegal, governments differ from each other and none of them can do anything about it.

Iran has already used crypto without government accepting it as a legal matter, they were selling stuff and buying stuff from other nations using bitcoin way before government got involved, and Hong Kong will maybe not use retail trading obviously, but they will find a way to get around the law and do it anyway without caring about government allowing it or not. If bitcoin people cared about what governments thought about us, we wouldn't have been here, we ignored them to grow this big and made them acknowledge us.

Kopetunto

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I haven't heard this news on several telegram channels, usually if there is bad news it will spread there,
but this hasn't, is this part of Fud? If HongKong does plan to block cryptocurrencies it will be very bad for Bitcoin..
and I also see that the price of Bitcoin is increasing even though this news is published.

RealMalatesta

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Activity: 2338

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This is just a way to make crypto a bit more centralized if it wants to get mass adoption and I am not sure if I am fine with that. Money in itself wasn't the source of the problem to begin with, what humanity did with that money was the trouble that got created.

Banks wanted you to pay interest but if everyone is capable of paying their interest where did the extra money came from? What would happen if banks started to accept bitcoin? Will they want interest from it? What if 21 million coins were all loaned out?

With interest it makes more than 21 million that needs to be repaid but there is only 21 million available even at max. So, centralization kills all currencies and I would say let Hong Kong not have any digital currencies if the other option is to make it centralized.

DrG

legendary

Activity: 2086

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Suppress the crypto currencies so that you can establish your own digital Yuan. Nice move China. They claim they're preventing fraud but the main attempt seem to be to prevent capital flight. If this kind of legislation keeps changing Hong Kong then I can see the property value of those billion dollar buildings start to come down from their stratospheric pricing. The real estate market will be a good leading indicator.

bryant.coleman

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Well.. I was expecting this. With every passing day, Hong Kong is losing its administrative and financial freedom and the People's Republic of China is now controlling most of the aspects there. Very soon the special privileges that are granted to Hong Kong (as per the treaty between the United Kingdom and China) will be cancelled and Hong Kong will just become another municipality within mainland China.

Findingnemo

hero member

Activity: 2366

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Bitcoin = Financial freedom

If regulations makes it more tougher for a common citizen to buy cryptos then the regulations itself is the reason why things are getting more support in the dark world. So any government wants to regulate the cryptocurrency trading should take account of this or else its just the revenue loss for them since people are going to trade at some other ways.

jaysabi

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★777Coin.com★ Fun BTC Casino!

Quote from: bits4books on November 05, 2020, 06:31:18 AM

Few people here may like this opinion - but I believe that this is the right step.
You don't try to pay with A Snickers wrapper at the grocery store because you think it's money, do you? It's the same here - for your token to be considered a legitimate means of payment, it must meet certain requirements (including KYC). This will really help clean the market of garbage and make it
a) more transparent
b) more reliable
If I know for sure that a particular coin meets the established standards, then I am much more comfortable to use it rather than some dark token that doesn't even have a team on the site.
Again , this is another step towards a long and mutually beneficial coexistence and cooperation between the state and cryptocurrencies.

I share this sentiment about regulation of exchanges being necessary for confidence in the system, and a necessary part of that is KYC. I think it's because of the nature of how bitcoin started that so many people are opposed to it, but it's necessary to reach mass adoption. Regulation gives it legitimacy and gives people confidence there will be consequences and recourse for bad actors.

verita1

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Quote

The government planned to release a consultation paper on Tuesday afternoon to collect views on the proposed new rules, which aim to offer investors better protection by combating fraud and money laundering.

I agree with the main objective by the Hong Kong government. Preventing fraud and money laundering is an important job for any nation. Illicit activities do not benefit people, they are detrimental to any economy.

bits4books

sr. member

Activity: 854

Merit: 264

Crypto is not a religion but i like it

Quote from: stompix on November 05, 2020, 04:28:31 PM

Quote from: bits4books on November 05, 2020, 06:31:18 AM

Few people here may like this opinion - but I believe that this is the right step.
You don't try to pay with A Snickers wrapper at the grocery store because you think it's money, do you? It's the same here - for your token to be considered a legitimate means of payment, it must meet certain requirements (including KYC). This will really help clean the market of garbage and make it

So if I show the clerk my id and the id of Franklin Clarence Mars he should accept my wrapper as money? If I pay him in cash do I have to provide KYC? Or if I pay in a foreign country with a foreign debit card?
I'm not a fan of tokens and I know that 99.9% of them are useless garbage but KYC alone means well..shit..when it comes to accepting it.

No, because your candy wrappers are not included in the General pool of acceptable currency payments.

You already have a passport, which means that you, roughly speaking, have already passed KYC from birth. You already have birth certificate, medical police, passport, driver's license, etc. Having the country's citizenship, you automatically have a " Fiat KYC"

I'm not saying that KYC is a panacea, but this is the first step to making the token less suspicious than just random exchange garbage.

Chrystora123

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Omicron is another FUD

Quote from: Dorodha on November 07, 2020, 04:31:27 AM

Countries that are banning crypto will support crypto if they know the proper use of crypto Hong Kong is banning the retail business of digital currency because they think their country's central currency is more acceptable. digital currencies is worthy of support everywhere and the government can run as it pleases. In the case of crypto digital currencies is completely different. No one can control crypto and the government does not get any tax subsidy from here the growing demand for crypto will have a positive impact on the whole world.

If taxes are the reason the Hong Kong government bans crypto trading there, in fact, they (the Hong Kong government) can impose taxes on businesses that use cryptocurrency. I think they have another goal (perhaps to market digital yuan)..

Quote from: Mauser on November 07, 2020, 05:24:39 AM

Also the political landscape will likely change with the digital Yuan in my opinion. Once China is fully promoting their own digital currency I am sure Hong Kong will make special rules for the Yuan. Overall I think China wants to make sure people are not using other crypto currency and will focus on the digital Yuan in the future.

right, your guess is the same as me, this is just a game, they (Hongkong government) have another scenario. We know very well that the Hong Kong government is still under pressure from the Chinese government..

Mauser

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Quote from: Dorodha on November 07, 2020, 04:31:27 AM

Countries that are banning crypto will support crypto if they know the proper use of crypto Hong Kong is banning the retail business of digital currency because they think their country's central currency is more acceptable. digital currencies is worthy of support everywhere and the government can run as it pleases. In the case of crypto digital currencies is completely different. No one can control crypto and the government does not get any tax subsidy from here the growing demand for crypto will have a positive impact on the whole world.

Also the political landscape will likely change with the digital Yuan in my opinion. Once China is fully promoting their own digital currency I am sure Hong Kong will make special rules for the Yuan. Overall I think China wants to make sure people are not using other crypto currency and will focus on the digital Yuan in the future.

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