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Temporary pause of Bitcoin withdrawals on Binance

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Re: Temporary pause of Bitcoin withdrawals on Binance

#131

Post by Night_Thastus »

SkyMarshal wrote: post #56
ParksNet wrote: post #26

Earlier quoted context omitted.

We should be asking "what exactly is the point of holding BTC"

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.

It's not a "lucrative investment". It's a bigger fool scam. The only way to make money in BTC is for someone else to buy in for more than you did originally. It makes it appear as if BTC's price is always going up, but in reality the number of fools is limited - especially with the buy-in getting higher and higher.

Sure, the price will always go up in the long run. But it will become less and less liquid, and at some point those who are left will have hundreds of thousands or millions of theoretical money that's completely unspendable, because no-one else will buy in for more than they did.

Re: Temporary pause of Bitcoin withdrawals on Binance

#132

Post by yunohn »

mattbrewsbytes wrote: post #19
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.

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.

> Holding crypto on an exchange is like giving money to a guy on the corner

I’m sorry, what?

A CEX /should/ be comparable to a brokerage like Charles Schwab or even Robinhood. This comes with legal protections - they can’t gamble with my unused money or invested stocks.

Also, and this is the most disingenuous part - how do you buy crypto with fiat? Literally everyone I know uses a CEX to on/off-ramp, and sadly this is widely seen as an acceptable evil.

Re: Temporary pause of Bitcoin withdrawals on Binance

#133

Post by [deleted] »

colesantiago wrote: post #63
postalrat wrote: post #57

Earlier quoted context omitted.

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 a…

[deleted]

Re: Temporary pause of Bitcoin withdrawals on Binance

#134

Post by fartcannon »

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…

Bitcoins reason d'etre is to permit an exchange of value without involving the banks/classic financial infrastructure. It could go down to fractions of a penny and still be able to do that.

Re: Temporary pause of Bitcoin withdrawals on Binance

#135

Post by barnabee »

lvturner wrote: post #70
rvz wrote: post #9

Earlier quoted context omitted.

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?

You can use something like https://bisq.network/

Re: Temporary pause of Bitcoin withdrawals on Binance

#136

Post by mmastrac »

golergka wrote: post #127
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.

I'd be careful about admitting to evading financial sanctions in public, myself.

Re: Temporary pause of Bitcoin withdrawals on Binance

#137

Post by yunohn »

lxgr wrote: post #98
mattbrewsbytes wrote: post #19

Earlier quoted context omitted.

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.

Where do you initially buy that crypto, then? And where would you sell it, in case you need other currencies?

No post body was provided.

Re: Temporary pause of Bitcoin withdrawals on Binance

#138

Post by t_mann »

golergka wrote: post #127
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.

Even those users still need price stability in order for your use case to work. And fiat on/off-ramps (as which Binance functioned for many).

Re: Temporary pause of Bitcoin withdrawals on Binance

#139

Post by jhugo »

mmastrac wrote: post #136
golergka wrote: post #127

Earlier quoted context omitted.

> 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.

I'd be careful about admitting to evading financial sanctions in public, myself.

What makes you think their father is a sanctioned person? It's not very likely, given the number of sanctioned persons vs. the number of Russians.

Re: Temporary pause of Bitcoin withdrawals on Binance

#140

Post by amelius »

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.

Perhaps this is how to phrase it better:

When a cryptocurrency is mainly used for speculation rather than payment, it's a scam.

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