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Temporary pause of Bitcoin withdrawals on Binance

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Re: Temporary pause of Bitcoin withdrawals on Binance

#221

Post by tasuki »

Night_Thastus wrote: post #131
SkyMarshal wrote: post #56

Earlier quoted context omitted.

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…

The person you're replying to was very careful to say "has historically been a lucrative investment". They have not claimed it to be a lucrative investment right now.

Re: Temporary pause of Bitcoin withdrawals on Binance

#223

Post by lgvld »

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

Thank you for replying to the question. ;-)

Re: Temporary pause of Bitcoin withdrawals on Binance

#224

Post by jonathanstrange »

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…

It is surely seems crazy to me as long as these exchanges can withhold your money - which brings me to the question how this practice could possibly by legal. Is it in the contract of these pseudo-banking services that they can withhold their clients' money whenever and as long as they wish? Why would anybody agree to such a contract?

Re: Temporary pause of Bitcoin withdrawals on Binance

#225

Post by pontus »

shmatt wrote: post #142
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.

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

Why would one expect Bitcoin which is more-or-less trying to disrupt the world order to be stable at this point in its evolution? Maybe in 20 years it'll be stable, but now? Sort of like saying that there was political instability in US following the revolutionary or civil wars and that therefore the US would never be a country that could be depended upon for international trade.

Re: Temporary pause of Bitcoin withdrawals on Binance

#226

Post by boc »

nicbou wrote: post #195
mmastrac wrote: post #126

Earlier quoted context omitted.

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.

Not to be flippant, but nobody who I've heard promote crypto has any real, deep training in economics. Computer science yes, totally, but not econ. There are obvious problems with the entire concept of decentralized money if you've studied economic/financial history. We already experienced it back in the 19th Century and it's following pretty much the same pattern. Wildcat banks, frontrunning, wash trading, bank runs, and much more.

Some brilliant computer scientists created crypto and Dunning-Kruger'ed themselves into thinking that they were also experts in finance.

Re: Temporary pause of Bitcoin withdrawals on Binance

#227

Post by notahacker »

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.

tbh, that example kind of underlines the lack of linkage between crypto assets' market value and real world use cases. A significant number of hitherto law-abiding, middle class and computer literate Russians who suddenly wanted to take all their money out of Russia and/or realised they needed a different way to continue to paying for services as their banks were hit with unexpected sanctions is pretty much the ideal real world use case for BTC.

But BTC actually fell in value sharply this year instead (and the spike in ruble/BTC trades was surprisingly small and short lived), because Bitcoin's peak valuation was more or less entirely unlinked to its theoretically increased usefulness for possessors of rubles.

Re: Temporary pause of Bitcoin withdrawals on Binance

#228

Post by coldpie »

optimiz3 wrote: post #212
faangiq wrote: post #196

Earlier quoted context omitted.

Also ETH is nonsense with no use case.

Wouldn't go that far - the programmable aspects were at release were certainly unique and value added.

Wait till this guy hears about stored procedures.
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