Temporary pause of Bitcoin withdrawals on Binance • Hacker News Board

Re: Temporary pause of Bitcoin withdrawals on Binance

#121

Post by lxgr » Mon, Jun 13, 2022, 1:52 PM UTC

l33t2328 wrote: post #105

lxgr wrote: post #76

Earlier quoted context omitted.

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.

https://medium.com/dare-to-be-better/anchor-protocol-insane-...

And that's only the first Google result that hasn't been unpublished in the meanwhile...

Re: Temporary pause of Bitcoin withdrawals on Binance

#122

Post by colesantiago » Mon, Jun 13, 2022, 1:52 PM UTC

dgfitz wrote: post #75

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.

Stripe and Moneygram have a business model that can exist outside of crypto. The others you listed enable people to be scammed. I won't go so far as to call them a scam company themselves.

We both know that Stripe are actually fully involved in the crypto scam.

They have a crypto division that will be used for crypto payments and NFTs. They also invested into a crypto token called 'Stellar' back in 2014 and said nothing since on the matter.

Plus the CEO of Stripe advises Stellar. [0] Moneygram is also working on the scam as well with this Stellar token.

I don't know about you but it seems that both Stripe and Moneygram are complicit in the crypto scam the same way that the crypto exchanges are.

Also you said 'ALL' by the way so this means no exceptions.

[0] https://stellar.org/foundation/team

Re: Temporary pause of Bitcoin withdrawals on Binance

#123

Post by JCharante » Mon, Jun 13, 2022, 1:53 PM UTC

shawabawa3 wrote: post #15

edf13 wrote: post #7

Earlier quoted context omitted.

Didn’t read his next message? > This is only impacting the Bitcoin network. You can still withdraw Bitcoin on other networks like BEP-20.

But BTCB (Bitcoin on BSC/BEP-20) is not Bitcoin To actually withdraw Bitcoin like this, you'd have to bridge your BTCB to WBTC on Ethereum, and from there bridge it back to BTC (using a custodial bridge, AFAIK there are no WBTC/BTC decentralised bridges) You'd eat 2 sets of fees along the way plus gas, probably costing you 0.3% or more

If you want to withdraw to protect yourself against binance mtgox'ing, WBTC is probably safe enough.

Re: Temporary pause of Bitcoin withdrawals on Binance

#124

Post by bmurphy1976 » Mon, Jun 13, 2022, 1:53 PM UTC

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.

Anybody who thinks 20% crypto APY is risk free is asking for trouble.

Re: Temporary pause of Bitcoin withdrawals on Binance

#125

Post by vishnugupta » Mon, Jun 13, 2022, 1:54 PM UTC

wfhordie wrote: post #3

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.

You need to hold the keys in your own wallet. Holding it in a centralized exchanges like Binance, Coinbase etc is at best just DB entries.

Re: Temporary pause of Bitcoin withdrawals on Binance

#126

Post by mmastrac » Mon, Jun 13, 2022, 1:54 PM UTC

lumost wrote: post #108

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 lo…

I recall walking through an airport this year and seeing Crypto ads everywhere. That was my shoeshine boy moment (1)

(1) https://www.businessinsider.com/how-to-spot-stock-market-bub...

Re: Temporary pause of Bitcoin withdrawals on Binance

#127

Post by golergka » Mon, Jun 13, 2022, 1:54 PM UTC

lumost wrote: post #108

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 lo…

> Crypto needed a tangible market/reason d'etre to be valuable.

I have recently paid $40 for a $240 SWIFT transaction that I made on behalf of my father, as his bank (with most Russian banks) have been cut of from the world's financial system. Crypto is fulfilling a real need felt by many people all around the globe; it's just most of those people don't live in first world nations.

Re: Temporary pause of Bitcoin withdrawals on Binance

#128

Post by kspacewalk2 » Mon, Jun 13, 2022, 1:55 PM UTC

cloutchaser wrote: post #14

colpabar wrote: post #6

Earlier quoted context omitted.

"real crypto has never been tried"

I'm still waiting for the actual bitcoin infrastructure or algorithm to break. It's been 10 years and a trillion dollar network. Just because exchanges fail, and there are shitloads of scams, doesn't mean the underlying technology isn't super interesting and can actually grow into something amazing in a few decades.

A few decades from now, the underlying technology will still be super interesting and will still have the potential to actually grow into something amazing in a few more decades.

Re: Temporary pause of Bitcoin withdrawals on Binance

#129

Post by dgfitz » Mon, Jun 13, 2022, 1:56 PM UTC

seanw444 wrote: post #72

dgfitz wrote: post #45

Earlier quoted context omitted.

Quoted post unavailable.

Now that is hyperbole. There are still good actors out there. Monero is doing its job dutifully. Don't know much about Zcash, but it seems to be doing well.

> Monero is doing its job dutifully.

What is its job? How often do you think goods and services are paid for with Monero? How often do you think the coin is used purely as a speculative asset?

Re: Temporary pause of Bitcoin withdrawals on Binance

#130

Post by px43 » Mon, Jun 13, 2022, 1:56 PM UTC

colesantiago wrote: post #46

daniel-thompson wrote: post #31

Earlier quoted context omitted.

Moxie Marlinspike is a widely-respected security hacker and parent's comment is referring to this post of his -> https://moxie.org/2022/01/07/web3-first-impressions.html

I wonder if he told that he was also part of a cryptocurrency pump-and-dump scam as well? [0] After learning this I just lost respect for him. [0] https://amycastor.com/2021/04/07/signal-adopts-mobilecoin-a-...

Eh, look at the full timeline. When MobileCoin stuff was happening, when Moxie left Signal, and when he posted the Web3 criticisms.

I've been using Bitcoin since 2009, and RedPhone/TxtSecure (Now called Signal) since 2010, and I still have zero clue how I'm even supposed to obtain MobileCoin. It's really a toy project at this point with no real adoption.

Being able to send money via a secure chat network is a super important utility that is currently under-served in a big way, but MobileCoin itself is basically a whitepaper and a bunch of toy code that has a novel re-implementation (in rust) of Monero as a stableishcoin, which, last I checked makes it completely incompatible with the rest of the blockchain ecosystem.

They are making zero effort to shill, or push MobileCoin in any way, and neither Moxie nor anyone on the team stands to profit greatly from massive MobileCoin adoption.