https://coin.dance/volume/localbitcoins/TRY/BTC

6 BTC this week in Localbitcoins volume.

Woah.

I recall there was a survey that said 20% of Turkish people were balls deep in BTC. I presume they surveyed 10 people at a Bitcoin meet in Istanbul, and 8 of them were there to use the toilet.

Never in my life have I seen any mention of Bitcoin in Turkey.

Not in the UK. Not even Coinbase could hang on to their banking.

It would be a bleedin' miracle if any bank gave you any type of account if you mentioned crypto, let alone a business account. I've seen countless threads where people tried to do it right with trying to open a business account and were told to go away.

I don't know how big volume British Localbitcoins traders operate. I assume they have a ton of burner accounts or patsies they run money through. There's no way banks will let you run as a proper operation.

This bank doesn't have any branches. It's one of several that have popped up the UK that are purely web and app based which is why I wouldn't want to get embroiled in any proper ball ache with them. I have a Revolut card. I don't think I'd ever use them for anything vital because they're the same.

Bricks and mortar banks are doing their very best to dispose of physical custom too but there are still outlets where you could go and toss your cookies in person. It may not achieve much.

Can't the Gemini fees be reverted if you apply for a certain status? I also believe fees are higher through their app.

It'll be interesting to see if some of these places attempt to push their customers to breaking point with charges. There must be a level where they start to think about shopping elsewhere no matter how legit the exchange is.

If I were running an exchange I'd be pretty discerning about potentially pushing volume away. Once it's gone it rarely returns.

They're considerably more scared of having their arses nailed to the wall dabbling in an area with uncertain regulation. Very few countries have delivered proper clarification and their willingness to wallop banks is getting more fervent by the day.

If I were running a bank I'd reject crypto business unless everything was set in stone and I knew for certain that I'd never have any comebacks for getting involved in it.

https://www.cnbc.com/2013/11/12/peter-schiff-calls-bitcoin-bubble-tulip-mania-20.html

'But while Schiff is confident that bitcoins are in a bubble, he does have a major caveat.

“I don’t know where the top is. Whether we’re at the end now, or whether it will keep going on for months or years, I don’t know,” he said. “I mean, you can play the game if you want.”


I could understand scoffing at 50 grand when this article was published. Not now. It could well be a totally empty bubble. It could still be achieved in a few short weeks.

I'd say the opposite. As time goes on it becomes clearer and clearer that most people operating exchanges are morons. Bitstamp will have earned plenty of loyalty so they'll be confident of retaining most of their customers.

In future exchanges will consolidate into behemoths while the middle ground withers. There'll be thousands scrabbling around for scraps at the bottom but go to any at your own risk.

Dunno. That all sounds very weird to me. I've seen plenty of moans about crypto-related account closures but there've never been any problems beyond that one account.

The standard trajectory of stories like this is the real story gradually emerges in other posts and it turns out the OP was milking trillions through countless accounts. Maybe that was the case there.

Personally I'd never trust any challenger bank to not fuck me hard. They all seem to have 'advanced systems' that detect fraud when you spend 30p via contactless on a visit to a toilet on Paignton seafront for a piss.

Most of them operate on the grace and favour of real banks so they'll do anything not to offend them.

If it were me I would've gone and got some real backing like a real business. It's not pie in the sky crypto bullshit. It's the type of thing that can make plenty of income immediately.

ICOs have wound up making most of these people look like dicks. Easy to say in retrospect but I'm pretty sure I would've felt that way at the time. An ICO piles on pressure and expectations.

A 'real' job should give you some notice, may give you a payout and may help you find another one. A gig on here will simply vapourise. For many that'll be fine, it's play money. If you're feeding your ten kids then it's a problem. And these things are cyclical. There may be no other avenues out there if the whole scene is quiet.

https://monzo.com/blog/2019/04/04/why-we-block-freeze-close-monzo-accounts

In the UK banks can't tell you why you've been frozen and they won't enter into any communication until some sort of decision has been made by the NCA. It's out of the user's hands.

I think these joke banks are going to be considerably twitchier than real ones. There are countless stories of people getting frozen for sending their mates some money or buying crypto p2p through it.

This is the forum you probably want - https://community.monzo.com

https://www.reddit.com/r/UKPersonalFinance/comments/8r96i1/urgent_help_monzo_closed_my_account_immediately/  this thread is a little alarming. It looks like Monzo sent money to the people who paid OP for coins through LBC without bothering to check anything. Best to keep a close eye on progress.

Zero fee crypto withdrawals must have cost them a substantial amount of money over the years so that makes sense.

As for the other fees, if you trade over 10 billion dollars per month you get them free so that's something to aim for. I've seen worse fee schedules out there but it could add up if you're small fry.

That's the prime reason you were frozen. Money laundering aside, they won't tolerate personal accounts being used for what they think is business. They'll freak even more so if it was previously dormant account.

After some noodling they'll ask you to withdraw your money and not come back.

You're better off asking here about the experiences of others - https://old.reddit.com/r/BitcoinUK/

I've been in campaigns that lasted for several years that ended with absolutely no warning at all. When a good campaign ends the market will be flooded with its participants looking to join another and will likely be picked over other users.

If your campaign dying will screw your finances then you should be planning for that. It could happen any moment. I've seen people saying their pay their rent with sig campaign payments. That's nuts.

And yet Japan is one of the world capitals of exchange hacks. The worst, Coincheck, wasn't regulated but others have been. I think people would be more accepting of regulation if it came with some cast iron security practices but the more secure places like Coinbase have developed their set up entirely voluntarily.

What we've seen in general is that exchange operators aren't competent enough and regulators aren't competent enough either. They all need to get together.

Any card company that has an ICO is automatically suspect in my opinion. You should be capable of making more than enough from fees without having to con innocent crypto virgins. Wirex's shit token downgraded my opinion of them significantly.

Monaco have been making noise for several years and have not delivered a great deal. I don't see how issuing a card takes that long or costs so much. Either you can do it or you can't. If you can't - bugger off and don't take my money upfront for the honour of being a damp squib.

No miner will tell you what their costs are. No one needs to care what the cost of creating a coin is.

The market doesn't give a shit what miners pay. The market can push the cost lower than any miner pays. No miner can afford to hold back the tide. It's their problem and no one else's. If they go bust someone else will replace them.

OP's irrelevant fixation with mining continues.

It's about time they made very clear, very obviously what people thinking of using it are getting themselves into.

At the very least the exchange function should be kept completely separate from the wallet function and KYC is forced on you before you can use it.

There's absolutely no mention of the risk of being locked on their site and no FAQ that vaguely mentions KYC either.

This bloke - https://twitter.com/theinstagibbs/status/1163837511287869441 says he's in control now but I can't see any proof.

I still think the lease running out is the most likely option. If someone like Roger fully controlled it there's absolutely no way he'd let it go.