I was about to impulsively throw away my £5-6 to top up my Metamask wallet, but thankfully, the UK regulations gave me an extra 24 hours to think things over and decide if this was really the right move for me.
Is this really how it works? This is my first time dealing with a "cooling off period," but I wasn't even making any trades outside the exchanges I'm already registered with and have done KYC. This is just absurd, especially since there aren’t any similar restrictions for online gambling sites. The UK is really going downhill.
I think this kind of feature is on transak.com, a 3rd party provider that Metamask uses to buy and sell inside of their wallet.
It says it is only for first-timer customers, is this your first time doing the transaction with Transak inside Metamask?
I found this article from Transak:
Cooling-Off Period
Indeed, it is ridiculous, like many regulations that reach the point of absurdity. I recently learned about a regulation on a parking lot that can only be understood if the person who made it and the municipal corporation that approved it are morons.
Even if it is only for first-time customers, it is absurd to apply it on amounts as low as 5 pounds.
Metamask does not ask for kyc data, it is a decentralized wallet
https://support.metamask.io/privacy-and-security/will-metamask-ever-ask-me-to-verify-my-account/
https://support.metamask.io/privacy-and-security/staying-safe-in-web3/i-received-an-email-claiming-to-be-from-metamask-is-it-legit/
I wrote this for those who are afraid to use the wallet and there are no restrictions on exchanges there.
If you use the transak.com custodial service, you must abide by its rules.
If you don't want to use custodial services, look for a solution in this thread
https://web.archive.org/web/20231108171939/https://bitcointalk.org/index.php?topic=5461917.0
It's not just Transak's feature but the government requirement (for 1st-time customers), the same goes for any other payment processor.
Yup, it was my first time on Transak and the first time I experienced that nonsense policy. I actually dropped the transaction and went to the exchange I was already registered with and deposited to the MetaMask. It was much quicker that way.
The UK is increasingly treating its adult citizens as little kids, incapable of making decisions independently.
I think it's politicians/regulators desperately trying to prove that "they're doing something" instead of addressing real problems.
Yes, I am aware of what is going on there. I think after many decades the UK, with these policies is going to be a place from which people emigrate, rather than a place where people want to go. They are going to drive out people who have money and talent while filling it with people who have no money and in many cases no talent either. Those who stay are going to be squeezed by taxes and regulations. And they are going to promote Woke to the hilt at the same time they are fine with this:
Kate Middleton has handshake REJECTED by Muslim community leader
This is beyond ridiculous. It would have been one thing if they asked you before hand if you wanted them to help you out with Risk Management, it is completely another thing if they enforce it. When somebody forcefully manages my own Money and tells me what to do with it, I know I have to go very far away.
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This is very true and very obvious from outsiders. I am not surprised 'Nanny State' is a term that originates from The United Kingdom at all, because that is exactly what they seem like. Over protecting to the point of ridiculousness.
What's the problem with the video?
I know that in Europe women shake hands with men, but in Islamic countries it is forbidden for a man to shake hands with other women. No problem if it is your grandmother, mother, daughter, and there are a number of other permissions regarding other female relatives.
The same restrictions the Queen of Britain has on the male gender.
The problem with the video is that if the one who refuses to shake her hand was a white heterosexual male he would have been accused of being a sexist and if he became famous there would have been a scandal but here they have turned a blind eye.
The same politicians who promote the feminazi garbage say nothing about this.
If Nigel Farage did that, the media would be all day demanding his resignation, but there is an obvious double standard with respect to certain behaviors depending on who carries them out, which violates basic principles of ethics and law.
Thank you, but of course it's very difficult for me to understand it.
In Russia it is not customary to meet women by the hand, but if a person does not want to touch other women because of religious restrictions, then there is no problem.
If he would shake hands with other women, but in this case he didn't, that's a different matter.
I don't find this measure so much ridiculous if it only applies to new investors buying cryptocurrencies with fiat money. Because cryptocurrencies are a highly volatile and risky asset. In addition they are more likely to fall into a scam. But it would be silly and useless if it applies to crypto-crypto exchanges, sales of cryptos against fiat money and withdrawals. Because it would mean customers already own cryptos and are therefore already exposed to risk.
Lucky you!!! Now if it wasn't for these new consumer protection restrictions you would have lost your £6 so congratulations!!
Seriously, I don't know anything about this "cooling off period" but it could be a good service to prevent new users from wasting their money on crypto casinos or investing in new projects they don't know about but at least the warning should be for large amounts of money, it doesn't make sense to have it for small amounts as well.
Do a lot of Casinos not already have this measure where you can limit yourself?
If they wanted to do something good, they would Regulate the gambling Market well enough that it becomes harder for people to lose Money they should not afford to be losing. What OP shows is a stupid attempt from the UK Government at preventing reckless spending I suppose?
The entire World is getting fatter, less healthy, burning their lungs vaping, outside activity is probably at one of the lowest recorded points ever, yet the number 1 priority is this cooldown. OP, that 5 quid would have better been spent recklessly on a McDonalds, what do you think!
Yes, but it is pretty much useless because casinos are not connected and even if you exclude yourself or limit your gambling in a casino if you get into a compulsive state you end up depositing in another casino, and if the legal casinos licensed in your country were not enough you can always find others that welcome you with open arms, such as cryptocurrency casinos.
That said, as I said above, I reiterate that I think this measure is nonsense.