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Temporary pause of Bitcoin withdrawals on Binance

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Re: Temporary pause of Bitcoin withdrawals on Binance

#61

Post by PinguTS »

_aavaa_ wrote: post #47
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…

> 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.

Not only fiat. You need them also to convert it into any other crypto.

Re: Temporary pause of Bitcoin withdrawals on Binance

#62

Post by byyll »

colpabar wrote: post #6
naraga wrote: post #4

Earlier quoted context omitted.

not your keys not your coins. nothing to see here

"real crypto has never been tried"

It has been tried, it's on my computer right now and is irrelevant whether some exchange has paused withdrawals or not.

Re: Temporary pause of Bitcoin withdrawals on Binance

#63

Post by colesantiago »

postalrat wrote: post #57
colesantiago wrote: post #54

Earlier quoted context omitted.

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.

Those companies aren't immune from getting suckered in to a scam.

They are merely facilitating, participating and offering the services in the crypto scam no?

Stripe went in to Bitcoin, exited Bitcoin, then invested into a shitcoin called 'Stellar' and went back into crypto again supporting crypto exchanges like FTX, NFTs and offering crypto payments with 'Polygon'.

That is hardly getting 'suckered in'. I would argue that they are 100% fully complicit in the crypto scam.

Since we agree that 'crypto is all a scam', it should mean that Stripe, Coinbase and all the other companies that have crypto operations should be called out for their participation in the scam and they should immediately shut down their operations since 'all crypto is a scam' right?

Re: Temporary pause of Bitcoin withdrawals on Binance

#64

Post by tirpen »

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.

> Maybe Stripe stop their crypto endeavors

They probably should, yes. It makes them look sketchy and less trustworthy by association.

Re: Temporary pause of Bitcoin withdrawals on Binance

#65

Post by caslon »

viraptor wrote: post #18
caslon wrote: post #11

Earlier quoted context omitted.

I dislike cryptocurrency, generally, but plenty of people hold their own keys. It's rarer, now, but that's because mass consumers are generally stupid, not because the technology is flawed. If you can do the correct thing, and you choose not to (or just are ignorant enough to not do the correct thing), it's kind of your fault. I still think we should legislate it, but let's be honest: Most people who lose, here, kind…

This doesn't have much to do with people being stupid. If you want to trade more than once a month, you pretty much have to keep the funds on an exchange. Otherwise transfer fees would kill any profit you made. If you're not trading often, you may still want to take the risk due to free in-exchange transfers.

Sounds like the problem's with trading, rather than using it like currency. I've used it for legal, in-person transactions just fine. There are also decentralized exchanges, but the peanut gallery and the incompetent masses would hardly know about them.

Shockingly, "get rich quick" schemes are a bad idea. Who would have thought? Oh, wait. Everyone.

I still think most cryptocurrencies should be highly legislated, because most adults in society are more or less children who can't be trusted around shiny objects, but we should really stop pretending the problem is with the technology. It's with the users, trying to shoehorn it into a use-case it's unsuited for (get rich quick schemes).

Re: Temporary pause of Bitcoin withdrawals on Binance

#66

Post by mritchie712 »

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

there are products headed in the right direction with simple self-custody:

https://www.coinbase.com/wallet

Re: Temporary pause of Bitcoin withdrawals on Binance

#67

Post by saurik »

TheHypnotist wrote: post #60
tatertots1234 wrote: post #35

Earlier quoted context omitted.

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.

I wonder if that's even a majority of bitcoin owners. I use the term owners loosely.

Does it even matter? What is interesting and actually-important is that it is even possible. Just because most people do something dumb doesn't mean we should throw up our hands in defeat and build systems where it isn't even possible to do something smart.

Re: Temporary pause of Bitcoin withdrawals on Binance

#68

Post by DonHopkins »

cool_dude85 wrote: post #53
throwaway4good wrote: post #36

"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.)

You know how the internet is a series of tubes? Well someone clogged the bitcoin tube over at Binance.

No post body was provided.

Re: Temporary pause of Bitcoin withdrawals on Binance

#70

Post by lvturner »

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.

This is great if I want to store it, or spend it on places that accept Bitcoin (or other coins) but what if I want to exchange it for another currency? Seems to me only two options, an exchange or a face to face trade?
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