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Temporary pause of Bitcoin withdrawals on Binance

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Re: Temporary pause of Bitcoin withdrawals on Binance

#171

Post by rspeele »

cryptoanon wrote: post #146
woodpanel wrote: post #73

Earlier quoted context omitted.

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.

Is there a place one can short Tether, that can also be trusted to pay out on a short position in the event of a catastrophic Tether collapse? I.e. not a crypto exchange?

Re: Temporary pause of Bitcoin withdrawals on Binance

#172

Post by voidfunc »

a4isms wrote: post #38
theIV wrote: post #29

Earlier quoted context omitted.

Moxie is a who. Probably referencing this blogpost, https://moxie.org/2022/01/07/web3-first-impressions.html .

Who is Moxie? Moxie Marlingspike. What is Moxie? A regional beverage that is the origin of the word, now the official soft drink of the state of Maine: https://en.wikipedia.org/wiki/Moxie

Moxie and a Fluffernutter sandwich. Doesn't get any more New England than that.

Re: Temporary pause of Bitcoin withdrawals on Binance

#173

Post by seanw444 »

amelius wrote: post #140
seanw444 wrote: post #72

Earlier quoted context omitted.

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.

That I can agree with.

Re: Temporary pause of Bitcoin withdrawals on Binance

#174

Post by mattbrewsbytes »

yunohn wrote: post #132
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.

> 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 i…

Are there really legal protections for crypto exchanges?

Use an exchange to on/off ramp it, then put it into your own wallet for holding.

Re: Temporary pause of Bitcoin withdrawals on Binance

#175

Post by alephxyz »

tmpz22 wrote: post #81
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.

Even Bernie Madoff only promised ~13%

20% interest paid out in a shitcoin whose nominal value will be down 90% by the end of the year

Re: Temporary pause of Bitcoin withdrawals on Binance

#176

Post by gruez »

throwaway4good wrote: post #151
rocqua wrote: post #58

Earlier quoted context omitted.

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…

What queue? Is there a queue in the bitcoin network? I thought it was a question of paying a high enough transaction fee and you would get your transaction done faster / within 10 minutes.

> What queue? Is there a queue in the bitcoin network?

Yes, that's what the mempool is.

>I thought it was a question of paying a high enough transaction fee and you would get your transaction done faster / within 10 minutes.

that's broadly true, but if transaction volume spikes then your initial fee estimate might be too low. there are ways around this (RBF, CPFP), but it's unknown whether their wallet software handles it.

Re: Temporary pause of Bitcoin withdrawals on Binance

#178

Post by whatever1 »

tmpz22 wrote: post #81
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.

Even Bernie Madoff only promised ~13%

Bernie was paying for 20years straight

Re: Temporary pause of Bitcoin withdrawals on Binance

#179

Post by The-Bus »

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.

I saw a finance TikTok of someone advertising how they were able to afford a $1M+ home by essentially having crypto interest cover payments. This video was taken down a few weeks ago (lol).

Re: Temporary pause of Bitcoin withdrawals on Binance

#180

Post by 0daystock »

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

All monetary systems are built on trust. You can say the same thing about a run on traditional banks, which only have a fraction of reserves to cover deposits and would result in similar price depression.
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