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Temporary pause of Bitcoin withdrawals on Binance

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Re: Temporary pause of Bitcoin withdrawals on Binance

#101

Post by mmastrac »

ekianjo wrote: post #84
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

> As usual crypto in practice is the opposite of decentralized because people. Will. Not. Run. Their. Servers. Nope, you just don't own any crypto assets if they are not stored on your own means. That's not hard to understand.

If you cannot trust a single third party to hold your money, it's no better than cash under the mattress.

We have guard rails in banking for a reason.

Re: Temporary pause of Bitcoin withdrawals on Binance

#102

Post by Ekaros »

bluedino wrote: post #37

How does a transaction get "stuck"? Internal system thing, right?

Basically you bid for someone to deliver a packet for you. They promise to deliver it as soon as your bid is high enough to get into bunch of deliveries they are going to do. If others pay more they might end up never delivering your packet...

Re: Temporary pause of Bitcoin withdrawals on Binance

#104

Post by once_inc »

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"

I can list a number of valid, real-world use cases. Bitcoin can be easily held either online or offline, in a number of solutions ranging between paper wallets, through hardware wallets, to dedicated laptops.

Holding bitcoin on exchange is like giving people the keys to your safe because it is easier if they can open the safe for you while you gamble.

Re: Temporary pause of Bitcoin withdrawals on Binance

#105

Post by l33t2328 »

lxgr wrote: post #76
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

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.

I’ve only heard of this mythical “risk free 20%” after the crash.

I never heard anyone advertising that rate before.

Re: Temporary pause of Bitcoin withdrawals on Binance

#106

Post by rco8786 »

ekianjo wrote: post #84
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

> As usual crypto in practice is the opposite of decentralized because people. Will. Not. Run. Their. Servers. Nope, you just don't own any crypto assets if they are not stored on your own means. That's not hard to understand.

If this is true, crypto is dead in the water and always has been. It's not hard to understand that people are simply not going to go through that trouble in order to own something.

Re: Temporary pause of Bitcoin withdrawals on Binance

#108

Post by lumost »

I recently watched some traditional cable and was shocked by the number of crypto ads bombarding viewers. I have to imagine that this market was goosed up by retail investors trading on coinbase and binance just as the e-betting market was. The only difference between crypto and e-betting is that everyone got to be a winner on the crypto markets for a while. As users lose out, and exchanges stop ad campaigns - how long will that last?

Crypto needed a tangible market/reason d'etre to be valuable. This required lower transaction fees, cheap audits, and a reasonable degree of price stability. We haven't seen any of that materialize except for cheap auditing. Cheap auditing isn't much use if there isn't anything of interest to audit.

I'd doubt BTC will go to zero, but I wouldn't be surprised if the entire covid rally gets wiped out and we see BTC 6k again.

Re: Temporary pause of Bitcoin withdrawals on Binance

#109

Post by nytesky »

tatertots1234 wrote: post #35
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

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.

If all the exchanges lock users out, you can “transact” with BTC But can you convert it into US dollars? Where does one spend BTC these days, buy some furniture off overstock?
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