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Temporary pause of Bitcoin withdrawals on Binance

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Re: Temporary pause of Bitcoin withdrawals on Binance

#181

Post by seanw444 »

dgfitz wrote: post #129
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.

> 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?

Being what Bitcoin was supposed to be. Minimal transaction fees, maximum privacy, no need for extra layers.

It's certainly used far less often for small-scale, personal transactions. Businesses mostly don't support it yet. I'm hoping that will change. The only company I do business with that supports Monero is Mullvad, and that was only a recent addition. The media is certainly doing a good job of pinning the "Monero = bad guy naughty money" connotation to it. That connotation means it's doing its job though. If organized crime thinks it's secure and private enough, then it's definitely good enough for me.

I honestly can't answer the speculative asset usage part with any empirical evidence, but it seems to be used speculatively no where near as much as Bitcoin and Ethereum. I don't see crypto hype-guys chanting "MO-NER-O!" at all really in comparison to the other two.

Re: Temporary pause of Bitcoin withdrawals on Binance

#182

Post by 0daystock »

ekianjo wrote: post #95
artemonster wrote: post #28

Earlier quoted context omitted.

What is moxie?

It's guy that promised you private chats by asking you to register with a phone number.

Don't forget they now offer their own cryptocurrency ... to make us more secure and private, I guess.

Re: Temporary pause of Bitcoin withdrawals on Binance

#183

Post by oneoff786 »

SilverBirch wrote: post #92
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.

There's two counter points to this. The first is that in terms of day to day likelihood of losing the bitcoin, you're probably generally safer with an exchange than holding the crypto yourself. Secondly, if the exchanges actually do collapse, then whilst you won't lose your BTC if you're not on the exchange, your BTC are probably going to be worth a lot less anyway, so you're still exposed to the risk of exchanges co…

> The first is that in terms of day to day likelihood of losing the bitcoin, you're probably generally safer with an exchange than holding the crypto yourself.

The word you’re looking for is bank

Re: Temporary pause of Bitcoin withdrawals on Binance

#184

Post by [deleted] »

koonsolo wrote: post #83
viraptor wrote: post #18

Earlier quoted context omitted.

This doesn't have much to do with people being stupid. If you want to trade more than once a month, you pretty much have to keep the funds on an exchange. Otherwise transfer fees would kill any profit you made. If you're not trading often, you may still want to take the risk due to free in-exchange transfers.

Once Ethereum goes to PoS, let's hope those transfers become cheap enough to compete with centralised exchanges.

[deleted]

Re: Temporary pause of Bitcoin withdrawals on Binance

#185

Post by caslon »

viraptor wrote: post #96
caslon wrote: post #65

Earlier quoted context omitted.

Sounds like the problem's with trading, rather than using it like currency. I've used it for legal, in-person transactions just fine. There are also decentralized exchanges, but the peanut gallery and the incompetent masses would hardly know about them. Shockingly, "get rich quick" schemes are a bad idea. Who would have thought? Oh, wait. Everyone. I still think most cryptocurrencies should be highly legislated, beca…

> Sounds like the problem's with trading, rather than using it like currency. The context here is an exchange limiting withdrawals, so... Yes, exactly? Decentralised exchanges have massive fees in practice. If you want to buy in and cash out after a year, sure. But show me one that takes <0.1% for the whole transaction including transfer/signing fees and supports BTC.

That doesn't mean people aren't stupid, in contrast to what you implied in another comment. Unwittingly day-trading cryptocurrency is stupid, and the people who desire to do it are not very smart.

That said, I do know a decentralized exchange that fits your criteria. I'm not going to mention it, because I refuse to enable such incredibly harmful behavior.

Re: Temporary pause of Bitcoin withdrawals on Binance

#186

Post by naraga »

viraptor wrote: post #170
naraga wrote: post #163

Earlier quoted context omitted.

PoS has nothing to do with fees being high or low.

For competeness, there's also another change planned after pos - sharing. And that one is expected to lower the fees.

i believe eth (just like bitcoin before) has chosen 2nd layers as a primary scaling solution. which obviously affects compatibility of code across different 2nd layers. basically we are talking about futures years ahead.

Re: Temporary pause of Bitcoin withdrawals on Binance

#187

Post by woodpanel »

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.

> Also, how are wallets the same thing as servers? That analogy seems a bit stretched.

It's a stretch but I think we can agree of the underlying statement: People. Aren't. Nerds.

The learning curve to understand the technology of wallets is comparable to that of understanding the technology of running servers.

PS: After writing this out loud I'm tending towards more people understanding how servers work than how wallets work.

Re: Temporary pause of Bitcoin withdrawals on Binance

#188

Post by mattbrewsbytes »

SilverBirch wrote: post #92
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.

There's two counter points to this. The first is that in terms of day to day likelihood of losing the bitcoin, you're probably generally safer with an exchange than holding the crypto yourself. Secondly, if the exchanges actually do collapse, then whilst you won't lose your BTC if you're not on the exchange, your BTC are probably going to be worth a lot less anyway, so you're still exposed to the risk of exchanges co…

Use exchanges for just that, exchanging it, but don’t let a central exchange hold it in their wallet.

Re: Temporary pause of Bitcoin withdrawals on Binance

#189

Post by optimiz3 »

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

Case in point: was an early adopter of Eth, mined many of the very early blocks. Sold it all back in February. One of the reasons? The whole Eth 2.0 upgrade requires both a base level node (Ethererum sanctioned) and a "2.0 validator node" where one is supposed to trust a 3rd party implementation with minimally 10s of thousands of dollars per stake. At least with a 1st party node the Ethereum Foundation stood behind it but now there is no official release backing the future of the project, only a spec.

How is anyone sane supposed to run their own servers in this case?

Re: Temporary pause of Bitcoin withdrawals on Binance

#190

Post by HideousKojima »

trompetenaccoun wrote: post #156
shrubble wrote: post #103

The goldbugs' saying that 'if you don't hold it, you don't own it' seems to apply...

While I somewhat agree, there's likely some irony in the upvotes since this is a mantra more often said than done. How many here self custody their gold? The problem is exactly the same as in crypto, where they also say "not your keys, not your coins": You can self custody and it's 100% yours, until someone takes it off you and then it isn't. Trusting third parties is a risk, but so is taking care of your own securit…

>How many here self custody their gold?

I'll have you know I keep all 1 ounces of silver that I own in my physical possession

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