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Temporary pause of Bitcoin withdrawals on Binance

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Re: Temporary pause of Bitcoin withdrawals on Binance

#41

Post by woodpanel »

rvz wrote: post #9
wfhordie wrote: post #5

Earlier quoted context omitted.

Crypto is user hostile then? Got it

Nope. The point is you store your crypto on a non-custodial software wallet (Metamask) or a hardware wallet (Ledger Nano) and not on an exchange, so it cannot be 'held hostage' . It is not your keys, not your coins if it is on an exchange which uses custodial wallets, but doesn't apply if it is on a non-custodial wallet.

Thanks for highlighting the bad UX of crypto currencies, as it provides a nice segue into the financial danger that UX causes, as it creates customer-demand for simplifications that exchanges provide – so every time an exchange does something rugpull-ish we're actually testing how much of crypto's market-cap is based on maybe not-so-sturdy confidence of retail investors...

Re: Temporary pause of Bitcoin withdrawals on Binance

#42

Post by coldpie »

ParksNet wrote: post #26
shawabawa3 wrote: post #8

Earlier quoted context omitted.

You should be asking "what exactly is the point of holding BTC on Binance"

We should be asking "what exactly is the point of holding BTC"

People like gambling. It's a fact of humanity that's never going away.

Re: Temporary pause of Bitcoin withdrawals on Binance

#44

Post by anuraaga »

colesantiago wrote: post #34
jmoak3 wrote: post #20

You really cannot make this up. As usual crypto in practice is the opposite of decentralized because people. Will. Not. Run. Their. Servers. Moxie nailed it

It is known for years that centralised exchanges can do this with custodial wallets. Not exactly the discovery of the century. Cryptocurrencies can be held in offline wallets i.e non-custodial hardware or software wallets, like Metamask, Trust Wallet, Ledger Nano, Tezos etc. But no, let's rush into the comments section and scream our heads off and create panic that it is 'exchanges === all crypto is scam'. When it is…

> When it is really a case of what happens when you store you crypto on an exchange rather than a non-custodial wallet.

In this case, what would happen would likely be pay extremely high gas fees or wait very long for the transaction to be picked up, isn't it?

I think what gets people making these comments is there really is no crypto free lunch yet that includes stable UX and fees.

Re: Temporary pause of Bitcoin withdrawals on Binance

#45

Post by dgfitz »

colesantiago wrote: post #34
jmoak3 wrote: post #20

You really cannot make this up. As usual crypto in practice is the opposite of decentralized because people. Will. Not. Run. Their. Servers. Moxie nailed it

It is known for years that centralised exchanges can do this with custodial wallets. Not exactly the discovery of the century. Cryptocurrencies can be held in offline wallets i.e non-custodial hardware or software wallets, like Metamask, Trust Wallet, Ledger Nano, Tezos etc. But no, let's rush into the comments section and scream our heads off and create panic that it is 'exchanges === all crypto is scam'. When it is…

No post body was provided.

Re: Temporary pause of Bitcoin withdrawals on Binance

#46

Post by colesantiago »

daniel-thompson wrote: post #31
artemonster wrote: post #28

Earlier quoted context omitted.

What is moxie?

Moxie Marlinspike is a widely-respected security hacker and parent's comment is referring to this post of his -> https://moxie.org/2022/01/07/web3-first-impressions.html

I wonder if he told that he was also part of a cryptocurrency pump-and-dump scam as well? [0]

After learning this I just lost respect for him.

[0] https://amycastor.com/2021/04/07/signal-adopts-mobilecoin-a-...

Re: Temporary pause of Bitcoin withdrawals on Binance

#47

Post by _aavaa_ »

colesantiago wrote: post #34
jmoak3 wrote: post #20

You really cannot make this up. As usual crypto in practice is the opposite of decentralized because people. Will. Not. Run. Their. Servers. Moxie nailed it

It is known for years that centralised exchanges can do this with custodial wallets. Not exactly the discovery of the century. Cryptocurrencies can be held in offline wallets i.e non-custodial hardware or software wallets, like Metamask, Trust Wallet, Ledger Nano, Tezos etc. But no, let's rush into the comments section and scream our heads off and create panic that it is 'exchanges === all crypto is scam'. When it is…

> Cryptocurrencies can be held in offline wallets i.e non-custodial hardware or software wallets, like Metamask, Trust Wallet, Ledger Nano, Tezos etc.

They can, but if you'd like to convert that into fiat (I know a dirty word) you will most likely need an exchange.

Re: Temporary pause of Bitcoin withdrawals on Binance

#48

Post by [deleted] »

colesantiago wrote: post #34
jmoak3 wrote: post #20

You really cannot make this up. As usual crypto in practice is the opposite of decentralized because people. Will. Not. Run. Their. Servers. Moxie nailed it

It is known for years that centralised exchanges can do this with custodial wallets. Not exactly the discovery of the century. Cryptocurrencies can be held in offline wallets i.e non-custodial hardware or software wallets, like Metamask, Trust Wallet, Ledger Nano, Tezos etc. But no, let's rush into the comments section and scream our heads off and create panic that it is 'exchanges === all crypto is scam'. When it is…

[deleted]

Re: Temporary pause of Bitcoin withdrawals on Binance

#49

Post by colesantiago »

dgfitz wrote: post #45
colesantiago wrote: post #34

Earlier quoted context omitted.

It is known for years that centralised exchanges can do this with custodial wallets. Not exactly the discovery of the century. Cryptocurrencies can be held in offline wallets i.e non-custodial hardware or software wallets, like Metamask, Trust Wallet, Ledger Nano, Tezos etc. But no, let's rush into the comments section and scream our heads off and create panic that it is 'exchanges === all crypto is scam'. When it is…

Quoted post unavailable.

What does this mean? Stripe Crypto is a scam because they happen to be using cryptocurrencies?

Maybe Stripe should stop their crypto endeavors because they have a crypto offering which means it's a scam.

Re: Temporary pause of Bitcoin withdrawals on Binance

#50

Post by dgfitz »

colesantiago wrote: post #49
dgfitz wrote: post #45

Earlier quoted context omitted.

Quoted post unavailable.

What does this mean? Stripe Crypto is a scam because they happen to be using cryptocurrencies? Maybe Stripe should stop their crypto endeavors because they have a crypto offering which means it's a scam.

I have no idea how you made this mental leap. I don't understand the question.
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