Cryptocurrency

[VirtualMonkey]

Ever had a friend who claimed a 'little too much on an insurance claim? Of course you haven't because you're not that kind of lady...many people do though. That's fraud that was allowed by an insurance company because they dont investigate all claims. Any insurance companies in my pension? I expect so. Without the input from pension funds I bet theyd check more claims to reduce costs. On the face of it...my pension has contributed to fraud. As has everyone else's.
I'm sure if we dug deeply enough into many top flight pension investment funds you'd find lots of companies who have enough dirt that we can confidently say they dont wash with Daz.

[VirtualMonkey]

And all transactions satisfy KYC (know your client) laws?

Your pension fund will have all paperwork, so they are ok

If i gave you 10 quid cash....KYC?
You do understand the blockchain is peer to peer like that don't you?

[AtW]

Know Your Client does not apply to 10 quid one off transactions, even though if I knew it was from a person suspected of money laundering then I would not take it, just in case.

[stonehenge]

Latest News on AMD | Cointelegraph

"Crypto proof-of-work mining is performed with graphics processing units that are a major product of AMD, which is why AMD greatly benefited from the cryptocurrency outburst of the last several years. AMD’s products are used for Bitcoin mining as well as for other cryptocurrencies. AMD has also participated in cryptocurrency development."

[VirtualMonkey]

Know Your Client does not apply to 10 quid one off transactions, even though if I knew it was from a person suspected of money laundering then I would not take it, just in case.

Love it when you answer your own questions.
Yes, the scope is different. What about a £10k loan from a parent? Big enough yet? 100k? 1million.? Has to be declared but kyc? I think not. Cant imagine a parent requiring a child to formally submit info for insecure storage by the goverment.
While I have to admit I'm enjoying this blowing off of steam after a 12 hour day at work...seriously...is this the best youve got?
Do we go back to your original article post and read that the scope of this is 'retail' investors? They're not proposing a derivative ban from what I read. Institutional investors can still deal in these markets...its just your spin on a poorly thought out proposal from a service based in the uk...who is desperate to stay in good graces with the US.
I seem to recall calling you out about this before

[VirtualMonkey]

Know Your Client does not apply to 10 quid one off transactions, even though if I knew it was from a person suspected of money laundering then I would not take it, just in case.

Of course you wouldn't, sweetheart...none of us would. But how about a pint in the pub? Would that be ok? Jog on ( apologies to Jog on )

[VirtualMonkey]

Latest News on AMD | Cointelegraph

"Crypto proof-of-work mining is performed with graphics processing units that are a major product of AMD, which is why AMD greatly benefited from the cryptocurrency outburst of the last several years. AMD’s products are used for Bitcoin mining as well as for other cryptocurrencies. AMD has also participated in cryptocurrency development."

Awesome. Comedy that writes itself. Thanks AtW. I have 4 kids so rarely feel like I'm winning these days. Youve brought thst feeling rushing back. I mean that..thank you. Send me your bitcoin address and I'll drop you a tip...once you've sent me all your key data... KYC and all that.

[stonehenge]

If the FCA wants to protect retail investors from themselves, they'd need to ban an awful lot of stuff.

AIM penny stocks
2x, 3x, 5x leveraged ETFs
CFDs
Spread betting
Investing in a single Nasdaq tech stock
etc.

As I know from painful experience, there are a multitude of ways to lose all your money.

[stonehenge]

I'm currently heavily invested in gold and I reckon BTC is a lot more ethical. Both forms of mining use a lot of energy but at least BTC can use renewable electricity, and it doesn't scar the planet, nor exploit or risk the lives of mine workers.

In the early days of BTC, it may have been used significantly in illegal activities (dark web) but I doubt that's the case now.

I bet the % of the $200Bn BTC market, that's involved in crime, is minuscule. Probably no worse than cash, gold, diamonds.

[BrilloPad]

BTC can use renewable electricity

It can. It may do so. It may not.

At the moment renewable electricity is still growing. If there wewre no bitcoin several coal fired power stations would be closed down.

Or we could divert their output to powering air conditioners to help cool the planet.....