The only thing that comes to mind here is that there was a fee spike [1] and they've got too many unspents stuck in the mempool and can't initiate further withdrawals because their wallet is effectively "spent" until those pending transactions complete and they receive their change. I find this a bit hard to believe though...wallet management isn't simple when it comes to the scale that Binance handles, however I'd be shocked if they didn't have code written to trigger CPFP (Child Pays For Parent) [2].
Temporary pause of Bitcoin withdrawals on Binance
191–200 of 532 posts
Re: Temporary pause of Bitcoin withdrawals on Binance
#192You 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
> As usual crypto in practice is the opposite of decentralized because people. Will. Not. Run. Their. Servers.
"My theory would be perfect if only I could convince humans to stop acting like humans," is the original sin of bad economics.
I would submit that it is approximately impossible to have a cryptocurrency that is simultaneously popularly successful, and has even a significant minority of its users owning their own wallets. Because only a fraction of a percent of the general public has both the skill and the inclination to do something like that.
Re: Temporary pause of Bitcoin withdrawals on Binance
#193You 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
> As usual crypto in practice is the opposite of decentralized because people. Will. Not. Run. Their. Servers. Nope, you just don't own any crypto assets if they are not stored on your own means. That's not hard to understand.
How is this any better than the current banking system?
Re: Temporary pause of Bitcoin withdrawals on Binance
#194Earlier 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.
Anybody who thinks 20% crypto APY is risk free is asking for trouble.
Anybody who thinks 20% APY is risk free is asking for trouble. S&P gives you an average of 6% a year so getting to 10% is hard and 20 and above is probably a scam or has extreme risk.
Re: Temporary pause of Bitcoin withdrawals on Binance
#195I 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 had a few different moments, since I was always very skeptical of crypto.
However being pitched crypto by an old bartender in Stuttgart was probably the most obvious one.
Generally, crypto was not promoted to me by people who would understand either computer science or economics.
Re: Temporary pause of Bitcoin withdrawals on Binance
#196You 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 i…
Also ETH is nonsense with no use case.
Re: Temporary pause of Bitcoin withdrawals on Binance
#197I 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...
This article is off by 3.5 years and I bet that most FAANG stocks are still above their values when it was published.
Tech “growth” companies has been overpriced but it made kind of sense as long as interest rates were negative and their revenue was growing… people believed in positive returns because they assumed the only way is up.
Truth is … in any healthy public market no company has any business being at a higher than 20 p/e ratio. Unless maybe for a transitioning period of time (market making)
Re: Temporary pause of Bitcoin withdrawals on Binance
#198You 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
> As usual crypto in practice is the opposite of decentralized Binance is a centralized exchange. There are both centralized and decentralized exchanges. > people. Will. Not. Run. Their. Servers. Moxie nailed it People don't need to run their own servers. They just need to use a light client which is even light even for mobile and browser extensions https://eth.wiki/concepts/light-client-protocol Light clients existe…
Good luck getting people to use even a semi-updated web browser, let alone deal with an extension
Re: Temporary pause of Bitcoin withdrawals on Binance
#199I 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.
No, because energy is not free.
Re: Temporary pause of Bitcoin withdrawals on Binance
#200Earlier 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.
Investing with Bernie Madoff was historically a lucrative investment, right up until it wasn’t anymore.