81–90 of 532 posts
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
Alternatively: Many people will not pass an opportunity of a "risk-free" 20% APY. (Not sure if Binance in particular is paying interest on deposits, but many exchanges do, as far as I know.) Also, how are wallets the same thing as servers? That analogy seems a bit stretched.
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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.
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
Nope, you just don't own any crypto assets if they are not stored on your own means. That's not hard to understand.
"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.)
Two guesses: 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 alternati…
There's at least two, "child pays for parent" and replace-by-fee. It's pretty hard to get regular transactions really "stuck", these days.
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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.
Prices went up exactly because of these centralized exchanges.
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> 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.
> This is due to an earlier batch of transactions getting stuck from low transaction fees submitted and hence, resulting in a backlog of Bitcoin (BTC) network withdrawals. The Binance team is working on a solution to resume Bitcoin (BTC) network withdrawals soon. https://www.binance.com/en/support/announcement/8437dfd1c7bf...
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> 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.