Luno return my money please!!!

reactor_sa said:
Really? I think more coin exchanges have fallen since bitcoin was invented than traditional banks.
Here's another happy story for coins.
https://gizmodo.com/crypto-exchange-says-it-cant-repay-190-million-to-clie-1832309454
Click to expand...

This article for an Exchange, just because they die doesn't mean Bitcoin does.
Exchanges are essentially replacing banks, or at least acting like them.

Using your example, if a bank goes under, does the currency it transacts in also go away? No.
 
IOPS said:
This article for an Exchange, just because they die doesn't mean Bitcoin does.
Exchanges are essentially replacing banks, or at least acting like them.

Using your example, if a bank goes under, does the currency it transacts in also go away? No.
Click to expand...
I'm highlighting the lack of regulations around exchanges and digital currencies as one of the reasons why it seems digital currencies are falling way out of mainstream focus. It was the hype that fueled the FOMO and the rocketing prices, that's all over now.
 
reactor_sa said:
I'm highlighting the lack of regulations around exchanges and digital currencies as one of the reasons why it seems digital currencies are falling way out of mainstream focus. It was the hype that fueled the FOMO and the rocketing prices, that's all over now.
Click to expand...
You only need an exchange if you want to buy and sell currency like you would on a fiat exchange. You dont need to use an exchange if you dont want to buy and sell other crypto currencies. Actually, theres very little point. You can safely buy crypto from many vendors and never use an exchange again, while still using it for purchases, sending and receiving of cash. Blockchain crypto currency is not reliant on exchanges.

The exchange is not a bank and I dont see how it can be fairly compared to one. An exchange is more like a stock market than a bank. The rule of thumb with crypto exchanges is DONT use them like a bank to store money. If you want to do a trade, keep the amount there as small as possible. Only put there what you want to trade. As soon as the trade is done, transfer funds to your private wallet.

People who leave large amounts of money in their exchange wallets will get burnt if that exchange goes down.
 
reactor_sa said:
I'm highlighting the lack of regulations around exchanges and digital currencies as one of the reasons why it seems digital currencies are falling way out of mainstream focus. It was the hype that fueled the FOMO and the rocketing prices, that's all over now.
Click to expand...

I'm pretty sure everyone and their grandma aren't pumping cash into Bitcoin at the moment is because the price is flat at best, bear market at worst.

Your original argument was that Exchanges affect the Bitcoin price, which is entirely incorrect.

Who cares if Exchanges are regulated? Decentralised, and therefor unregulated, Exchanges are already a thing. An Exchange like Luno or any other centralised entity is a single point of failure. If that fails and you store your Bitcoin there that's your problem.

Not your private keys, not your Bitcoin.

Also, the "rocketing prices" was caused by a huge amount of demand for Bitcoin, not a demand for crypto exchanges.

Anyway, this thread is super derailed - I'm still interested as to why OPs account was blocked by Luno and where their feedback is.
 
Luno did reply to me yestoday,and i offered more docs to them,hope they can sort out the problem.If Luno could have a OTC market ,isnt it a good idea?
 
qq54368 said:
Luno did reply to me yestoday,and i offered more docs to them,hope they can sort out the problem.If Luno could have a OTC market ,isnt it a good idea?
Click to expand...

Use spaces after a comma, and don't shout or use WTF when seeking assistance.
 
Bitcoin's value may pop down to $1 for 1 bitcoin, but the digital currency will not be going anywhere. It will stay around for a long time to come. Way too much advantages using these currencies.
 
IOPS said:
I'm sure they'll help soon, a bit of patience goes a long way.
Why was your account disabled in the first place?
Click to expand...
 

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Geez, seriously. And I thought banks had onerous requirements.
 
qq54368 said:
Luno did reply to me yestoday,and i offered more docs to them,hope they can sort out the problem.If Luno could have a OTC market ,isnt it a good idea?
Click to expand...
I can understand a bank statement for proof of address. Three months banks statements - this makes no sense. @Lunomoney ? They can basically just lock your account as a way of harvesting personal details above & beyond what's usually required to validate identity.
 
saor said:
I can understand a bank statement for proof of address. Three months banks statements - this makes no sense. @Lunomoney ? They can basically just lock your account as a way of harvesting personal details above & beyond what's usually required to validate identity.
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they lost mind!!!
 

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saor said:
I can understand a bank statement for proof of address. Three months banks statements - this makes no sense. @Lunomoney ? They can basically just lock your account as a way of harvesting personal details above & beyond what's usually required to validate identity.
Click to expand...
maybe they thinking they are sort of goverment institution???
 
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