51–60 of 532 posts
https://www.binance.com/en/support/announcement/8437dfd1c7bf...
"stuck transaction causing a backlog" Can someone explain the mechanism here? What is going on? (Is it something interally at Binance or something to do with the Bitcoin network.)
"stuck transaction causing a backlog" Can someone explain the mechanism here? What is going on? (Is it something interally at Binance or something to do with the Bitcoin network.)
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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.
If you are saying 'ALL crypto is a scam' this also includes all and any crypto offerings by any company. Stripe, Coinbase, FTX, Binance, Moneygram etc are included. Not to mention the 'DeFi' space as well.
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…
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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"
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I have no idea how you made this mental leap. I don't understand the question.
Not a mental leap. If you are saying 'ALL crypto is a scam' this also includes all and any crypto offerings by any company. Stripe, Coinbase, FTX, Binance, Moneygram etc are included. Not to mention the 'DeFi' space as well.
"stuck transaction causing a backlog" Can someone explain the mechanism here? What is going on? (Is it something interally at Binance or something to do with the Bitcoin network.)
Guess one, they made a big transaction with most of their hot wallet, partially paying out to someone who withdrew, with the rest going back to the hot wallet. This transaction is in the queue but not finalized yet. The network won't accept any other spends of that money. Because that would be a double spend. So until that transaction is finalized (or it gets to old) that bitcoin is 'stuck'.
Or alternatively their hot wallet is empty and they have an outstanding transaction to refill it from their cold wallet. (They have the cash, but they have to wait until they can get it from their 'vault', and there is a traffic jam on the way to the vault).
I am not sure the first guess actually still works this way, I vaguely recall there are now mechanisms for one transaction to 'override' another non-confirmed transaction.
Earlier quoted context omitted.
We should be asking "what exactly is the point of holding BTC"
Holding BTC for the long term has historically been a lucrative investment. Just not holding it on one of the many centralized exchanges that always seem to get hacked or go bust.
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
meanwhile anybody who has their own keys is able to transact with it as per usual. “not your keys not your coin.” holding keys are not trivial but far simpler than running a server, better analogy might be to do with people not wanting to stake with a validator because it’s easier to use a centralized staking service.