Nostr Web Client

🚨 Some troubling Bitcoin news from the UK.

I met a broker last week, who is making system changes to comply with new regulations requiring all exchanges to implement - by 6 Jan 2024 - the following for UK bitcoin buyers:

- A 6-page test that you must pass.

- You will get 3 chances to pass the test. If you fail all 3, they must deny your account. PERMANENTLY!

- A 48 hr “cooling period” before you can actually buy.

- Your bitcoin purchases will be limited to 10% of your net worth, measured in LIQUID assets.

Trapping you in fiat debt hell. Warn your friends.

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Discussion

Alan ₿ 2y ago

Can you run the questions through GPT 4 to pass the test? How do they prevent one from looking up the answers

The Daniel 🖖 2y ago

We’re going to need a source for this “news.”

Shawn 2y ago

Even for the UK, this sounds absurd.

szarka 2y ago

I assume it's implementing this:

https://www.fca.org.uk/news/press-releases/fca-introduces-tough-new-rules-marketing-cryptoassets

The Daniel 🖖 2y ago

Aren’t these regulations mainly targeted at exchange business? It doesn’t seem to be the emergency it was made to sound like, and people buying “crypto” should be warned that it’s most likely going to end badly for them.

szarka 2y ago

Warning folks that most "crypto" is a Ponzi isn't the worst thing that could happen. A good exchange would do that anyway. But the cynic in me is betting that the same high hurdles won't be placed in the way of someone buying, say, a "crypto" ETF from Black Rock…

nostr.build 2y ago

They are scared.

SMS 2y ago

I am Jacks complete lack of surprise

😭

The Ben Gunn 2y ago

Q1: do you like bugs, and what recipes are your favourite?

TKay 2y ago

0021 - license to trade.

Dan 2y ago

I assume a spot ETF wouldnt fall under these rules? Gotta funnel people to custodians somehow

TKay 2y ago

https://apps.apple.com/app/id6443545393

CappyNate🍁 2y ago

No problem. Black market exchanges will pop-up to fill the gap. Also, "physical good" proxies. Buy a computer with Fiat, sell it for Btc.

When the currency is so inflationary and undesirable, the people and market always find a way.

ODELL 2y ago

this is fucked but unfortunately not surprising

Ivan 2y ago

nostr:npub18sjcq2ya2cj98c6xhs3flqmzdyf0ama8f9p9fq5xva9v9nauga2qlhlx3q Luckily we have some good peer to peer market places like Bisq and Hodlhodl.

mleku 2y ago

don't forget robosats!

. 2y ago

always buy what is valuable while it is available

The Beave 2y ago

Ew.

deleted 2y ago

Exchanges will not be the answer, they will be closed off. Learn how to buy sats p2p friends...it is the true superpower of bitcoin.

saeed 2y ago

nostr:nevent1qqspv5nxrpdx69uny80gsmxg0gkexu8aeelh5j0s8jen0s6rfxuu7zqpzemhxue69uhhyetvv9ujumn0wd68ytnzv9hxg3ahq0z

mleku 2y ago

the irony of all this is that those who are determined are now at more risk of being scammed.

jakub 2y ago

Ok so why not buy as much as possible before then?

El_monty 2y ago

This kinda feels like someone is pulling your plonker... On the other hand coinfloor did recently ask my net worth or something similar out of the blue that I did think why..?

El_monty 2y ago

Or coincorner even! Lol