0 sats \ 0 replies \ @shado_op 14 Nov 2023 \ on: My two cents on today's FT article bitcoin
The FT is a uk based paper, and taking that into account, the article is not surprising.
  1. UK residents cannot invest in crypto/bitcoin funds, eg Greyscale. The UK's regulator, the FCA, banned retail investors from being sold such funds. https://www.fca.org.uk/publications/policy-statements/ps20-10-prohibiting-sale-retail-clients-investment-products-reference-cryptoassets
  2. UK banks regularly block/restrict payments from bank accounts to crypto exchanges, and send out messages urging customers to avoid crypto scams
  3. However, most people in the UK have a free, functioning bank account, online retail banking is hassle free, and online transfers to friends and family are often free and immediate (not really, there is a 3 day clearance but the funds are made available in accounts straight away), so most people dont need the benefits of the Lightning Network.
  4. You only have to view the FT's UK HQ online to realise most of the people working there have no idea what it is like to be one of billions of the world's unbanked!! (ok that last point was cynical).
  5. I would guess the vast majority of "informed" FT readers have no idea Bitcoin is any different from FTX. (Again, opinion!)
  6. What is interesting is the UK's banks do get fined for money laundering! https://www.fca.org.uk/news/press-releases/natwest-fined-264.8million-anti-money-laundering-failures
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