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So what exactly is the point of holding BTC if it can be held hostage like this? Crypto continues to fail at its most basic premises.
Correct, there is no point in holding crypto on an exchange. If you hold your own crypto, you don't have this problem.
I can see how other people would have that use-case.
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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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Sweethaert, don't waste your popcorn watching that dumpster fire. The real show starts once Tether "de-re-pegs".
Agreed, that’s the one domino I’m waiting for to fall. Once tether collapses it’s instantly going to take about 25% of Bitcoins price down with it, and a whole other series of events will probably set in motion. Everything will start trending to zero.
How many investors actually understand the technology? Who (even here at HN) has read a whitepaper? I've read some, and have to say it became a personal running gag of how many pages it would take until the authors completely descend into fogging the reader with a mumbo-jumbo of made up words ("The Tangle").
But more specifically Tether stands at half the marketcap of Etheruem [0] and represents the largest trade volume (ie that of Bitcoin and Etherium combined) [1]
[0] Marketcap ETH: 147 Bn USD, USDT: 72 Bn USD
[1] Volume BTC: 63 Bn USD, ETH: 42 Bn USD, USDT: 103 Bn USD
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not your keys not your coins. nothing to see here
Crypto is user hostile then? Got it
Satoshi was an excellent C++ programmer but s/he wasn't quite good at creating GUI and "Crypto" consumer apps that's why s/he open sourced it and left it to the community to build upon it and expand the Bitcoin ecosystem.
Btw at the time Bitcoin was in the experimental phase and Satoshi left the Bitcoin community pretty early that's why "Crypto" was user hostile and maybe still is.
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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.
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
Also, how are wallets the same thing as servers? That analogy seems a bit stretched.
"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.)
That much movement is bound to drive transaction and redemption volumes way up at any exchange.
"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.
So what exactly is the point of holding BTC if it can be held hostage like this? Crypto continues to fail at its most basic premises.
Holding crypto on an exchange is like giving money to a guy on the corner who knows a broker to put in the stock market and telling them you don't need the account numbers, you trust them. If you're going to do crypto, get a wallet setup where you have the keys to it.