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Temporary pause of Bitcoin withdrawals on Binance

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Re: Temporary pause of Bitcoin withdrawals on Binance

#141

Post by paulgb »

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.

Not quite 20%, but I got slapped around on crypto Twitter by a blue check account for suggesting that supposed 15% returns were not risk-free. https://twitter.com/ErikVoorhees/status/1466802265956577283

Re: Temporary pause of Bitcoin withdrawals on Binance

#142

Post by shmatt »

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.

That's a decent use case for real stablecoins, not for something that can go up and down 20% within a few hours

Re: Temporary pause of Bitcoin withdrawals on Binance

#144

Post by renonce »

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 is your nation? How the law is enforced varies greatly from country to country so it depends a lot.

Re: Temporary pause of Bitcoin withdrawals on Binance

#145

Post by tomcat27 »

dragontamer wrote: post #113
tomcat27 wrote: post #82

It's not in the spirit of decentralization to stop withdrawals

It actually is. Smaller banks are vulnerable to bank runs. So a lot of banks during crisis (before FDIC / Centralized Banking in the USA) would close up to stop bank runs. Closing up shop during a bank run only made people angrier, and exacerbated the problem. What was invoked as a solution, was for every bank in the nation to be FDIC insured by the central bank. The smaller and more decentralized banks are, the more…

They are not banks. They are forex traders.

Re: Temporary pause of Bitcoin withdrawals on Binance

#146

Post by cryptoanon »

woodpanel wrote: post #73
xwdv wrote: post #32

Earlier quoted context omitted.

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.

I'm wondering if it's just going to be 25%. 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 Ether…

I love how cocksure people are of Tether's decline. Do you believe reading a bitcoin (or IOTA) whitepaper is sufficient to understanding market structure because I get the sense that you do not understand it.

If you are so sure, feel free to short Tether.

Re: Temporary pause of Bitcoin withdrawals on Binance

#147

Post by PinguTS »

rglullis wrote: post #87
PinguTS wrote: post #61

Earlier quoted context omitted.

Not only fiat. You need them also to convert it into any other crypto.

Here you go, a whole list of decentralized crypto exchanges: https://www.coingecko.com/en/dex

You mean a list of distributed exchanges.

Its like a list of all the small shop money exchanges that exists. But it doesn't mean its decentralized. It also means you always need a trusted third party for the exchange.

Wasn't crypto about going rid of those trusted third parties?

Re: Temporary pause of Bitcoin withdrawals on Binance

#148

Post by tatertots1234 »

DebtDeflation wrote: post #91
tatertots1234 wrote: post #35

Earlier quoted context omitted.

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.

Transacting with it is one thing, withdrawing into fiat is quite another. Let's not pretend that most people holding BTC are holding it to buy goods and services rather than as a speculative vehicle.

Sure. many of those speculators will be forced to wait for Binance to resume BTC orders, or use another centralized exchange, or use a bridge to swap BTC to another crypto asset..

Edit: swapping BTC needs a centralized bridge as child commenter notes

Re: Temporary pause of Bitcoin withdrawals on Binance

#149

Post by piva00 »

mmastrac wrote: post #126
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...

I visited Brazil recently (3-4 months ago), I got into cryptocurrency-talk or some shitcoin peddled by cashiers, Uber drivers, waiters in some restaurants, acquaintances that aren't tech-savvy at all, etc. That's when it downed on me how big this whole thing got outside of internet chatter, it downed how many vulnerable people are exposed to the fallout of a crypto implosion.

Re: Temporary pause of Bitcoin withdrawals on Binance

#150

Post by renonce »

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.

Of course they are not. What the author means here is that people create wallets without owning servers, so they are in fact delegating chain verification to thrid parties like Etherscan, rather than by themselves. This is effectively centralizing the crypto on a few entities.
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