I find it bizarre that day trading is still well thought of here. Almost everyone is useless at it and finishes up worse off than how they started.

As long as you're patient enough buying and holding has a far better track record provided that day trading mentality didn't creep in and you FOMO'd buying everything all at once.

Simple. Uncrackable transactions whenever you want. You can't say the same about paper or hot wallets.

However people seem to be far too quick to trust anyone and anything, or not verify at all, and I think there are going to be some hardware wallet scares in the future.

Thread revival time.

1 BTC now has very different connotations compared to the start of the year. We're really starting to get a sniff of a world where 1 BTC is the stuff of dreams, and indeed now it already is for many.

How many people achieved what they wanted?

The only crash so far is the CMOE or whatever website.

It hasn't crashed? I thought Wall St promised this to us.

The supernodes are subsidised by a preallocated fund that should last for a few more years.

NEM will soon get a huge capacity upgrade so fees will probably never rise above the standard level. If they do then it's a nice problem to have. If the XEM USD price rises then of course the fee costs more, but developers have already reduced the fee once and can again.

Companies will use a private version of the NEM chain and there won't be any fees. They will occasionally need to use the main chain but only to transact with other companies.

Yes. I've heard of plenty of cases of it but I think 9.5 times out 10 what's really happening is that they're selling shitloads on Localbitcoins and not telling them. In that scenario it's more the unauthorised use as a business account that pisses them off rather than the Bitcoin bit, but money laundering must be up there too.

I've never had any trouble myself but I haven't had any banking interactions with crypto for years now.

But this thread is specifically about commercial level banking. That's almost always been unavailable to Brits.

There you go. It's P2P. They can't stop that.

Intersango was the biggest UK BTC exchange in the old days. They got their business account by lying to Barlcays about it. They eventually found it and it was game over.

The GBP operations like Coinfloor have to bank in Poland.

Yup. I recently got in on this new thing called the Pound. It's backed by the actual UK government and all the banks and that's going to be announced on the Pound Slack soon. It offers returns of up to 0.75% a year, but don't tell no one and especially don't tell them about the 3-8% inflation bit.

Um, yeah. It's fiat. Cash or this pretty much.

Try Coinfloor. Their OTC page says it's institutional only but they do private people too. Lots of people seem to have used them.

The two biggest are probably Genesis Trading, which is Barry Silbert's operation, and Cumberland Mining. They may well have GBP clients waiting too as it's all case by case. Genesis Trading only do trades above 25 BTC last time I checked.

Itbit does a lot of it too.

No. You go to a professional OTC broker who acts as the matchmaker and possibly the escrow too. There are plenty of them.

If I ever need to sell then that's straight where I'm heading. Sod exchanges.

So isn't that the entire crypto market? It's been running around with its knickers on its head in public for years, or are we talking the internal workings? In which case they can demonstrate they've been using them for years too.

I'll try with Taylor anyway.

But if that mindset exists why haven't UK banks taken it on? It's one the world's financial centres. There are plenty of other places with little or no regulation where you can bank just fine.

You cannot sell lemonade for Bitcoin and maintain a business account in the UK.

Ah, you're a wee ray of sunshine.

I know nothing about patents. How is it possible that something that's been operating for years across the world thousands of times over can suddenly be restricted like this when they had nothing to do with its creation?

Can I patent KFC or Taylor Swift and fire them?

I really don't get why they're referencing Kraken. It's not regulated, the USD market is tiny, plus it doesn't really work.

In the UK no crypto business has a bank account. I think this is primarily because there's no regulation so they can't be arsed to try and interpret laws that might bite them on the arse in the future. There's also the likelihood that they don't like crypto too of course.

In other places I assume it's kind of similar yet there are enough places that do have banking.

Many of these banks must now be taking in and sending out billions per year in crypto business. Considering the ball ache and potential future implications, why are they still tolerating it? It's business of course, but there's plenty of other business out there that's less trouble.

Whether we like it or not, Bitcoin and friends at present is largely dependent on company banking. They know perfectly well they can put a lid on it by cutting off bank accounts and your average exchange has no leverage over them. Why isn't it happening more often?

You go to Genesis Trading or Cumberland Mining who telephones one of their nice clients looking to buy. You deposit your coins with them. Their client pays Genesis Trading. When the money is cleared everyone gets what they want.

Plus you get a nice man or woman to hold your hand throughout who won't freeze your arse because you're nothing more than an anonymous reference number on a status page.

One joint said they won't participate in settlement or something. Everyone else is go.

Why on Earth didn't you do an OTC sale? There's no way I'd trust any exchange with amounts above a few grand. They're too prone to freeze you over AML shite.