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Temporary pause of Bitcoin withdrawals on Binance

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Re: Temporary pause of Bitcoin withdrawals on Binance

#231

Post by buzzin_ »

bluedino wrote: post #37

How does a transaction get "stuck"? Internal system thing, right?

There is an informational asymmetry, so rogue exchanges can lie all they want without you knowing for sure, and those that do not want to give you your money for whatever reason always do (lie that is).

This happened with MtGox and permanent withdrawal problems, both with USD and BTC.

With USD, it was "Oh, no, its the banks, they are limiting us to $50.000 per day, it's not us".

With BTC, it was "Oh, no, Bitcoin network has a bug, we cannot process withdrawals, it's not us".

Re: Temporary pause of Bitcoin withdrawals on Binance

#232

Post by bombcar »

mumblemumble wrote: post #211
ericmay wrote: post #153

Earlier quoted context omitted.

> I'd doubt BTC will go to zero, but I wouldn't be surprised if the entire covid rally gets wiped out and we see BTC 6k again. I agree. We invest a small amount of money into $BTC and I feel pretty neutral on the topic and my comments come from an intention of neutral observation. I think $BTC is in a bad spot that's about to get worse in the short-term. It's getting hit from both ends: expensive energy, and high int…

Long term I'm bearish because it's a deflationary asset. Deflationary value stores have a tendency to cause all sorts of social ills by encouraging hoarding. There's a reasonable line of thought that observes that it's no coincidence that the end of the age of European colonialism coincided with the demise of the gold standard. More concretely: if crypto is deflationary, then its value works similarly to how an Amway…

More importantly it's only "bitcoin" because it's the first; even if everything crypto takes off the world could collectively decide to use something else (Etherium being an obvious choice, but there could be others).

Re: Temporary pause of Bitcoin withdrawals on Binance

#233

Post by RC_ITR »

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.

To do what? (Other than enable financial engineering)

Re: Temporary pause of Bitcoin withdrawals on Binance

#234

Post by imtringued »

mumblemumble wrote: post #211
ericmay wrote: post #153

Earlier quoted context omitted.

> I'd doubt BTC will go to zero, but I wouldn't be surprised if the entire covid rally gets wiped out and we see BTC 6k again. I agree. We invest a small amount of money into $BTC and I feel pretty neutral on the topic and my comments come from an intention of neutral observation. I think $BTC is in a bad spot that's about to get worse in the short-term. It's getting hit from both ends: expensive energy, and high int…

Long term I'm bearish because it's a deflationary asset. Deflationary value stores have a tendency to cause all sorts of social ills by encouraging hoarding. There's a reasonable line of thought that observes that it's no coincidence that the end of the age of European colonialism coincided with the demise of the gold standard. More concretely: if crypto is deflationary, then its value works similarly to how an Amway…

In my opinion mixing the functions of medium of exchange and store of value has caused untold amounts of needless suffering. You see 2% inflation is the middle ground. Rich people may want to save and increase their wealth but my mom just wants a job to pay rent and buy groceries, she has no grand ambitions to become super wealthy. When you mix the two functions into cash, one of the two is going to dominate the economy and with gold it was the rich, with fiat it is mostly average people because having a job is more important than maintaining purchasing power.

Re: Temporary pause of Bitcoin withdrawals on Binance

#235

Post by shadowgovt »

twox2 wrote: post #154
shadowgovt wrote: post #71

Earlier quoted context omitted.

So crypto is fine for transactions that I can wait a few tens of minutes to a few hours to resolve, but not ones that I want to make at the rate of every fiat currency I hold. I can see how other people would have that use-case.

I don't see how this relates to my comment above at all.

Exchanges allow for sub-second resolution of a transaction because the resolution is actually pushing numbers around in the exchange's own internal tables (or between trusted exchanges). Banks offer similar service when trading fiat currency (either because they can resolve an internal account-to-account transaction or because they'll float the risk of fraud until they can resolve a cross-firm transaction). But if you want to have the Bitcoin network agree on a transaction, it has to get buried several blocks deep in the chain, and that takes time.

Re: Temporary pause of Bitcoin withdrawals on Binance

#236

Post by jonathanstrange »

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 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

I'm not a crypto expert but that statement seems incorrect to me, since as far as I know BTC has deflation built into it. The more is mined the harder it is to mine more. So as long as investors are keeping some trust in it and are not selling at large scale, the BTC value should continue to go up in the long run (ignoring smaller fluctuations). That's why people have been flocking to it in the first place.

Re: Temporary pause of Bitcoin withdrawals on Binance

#237

Post by candiddevmike »

ericmay wrote: post #153
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'd doubt BTC will go to zero, but I wouldn't be surprised if the entire covid rally gets wiped out and we see BTC 6k again. I agree. We invest a small amount of money into $BTC and I feel pretty neutral on the topic and my comments come from an intention of neutral observation. I think $BTC is in a bad spot that's about to get worse in the short-term. It's getting hit from both ends: expensive energy, and high int…

What does Bitcoin provide that a cheaper coin doesn't? The only thing pushing the price up is speculation, all digital coins are worth pennies as they're all completely interchangeable from an end user perspective.

Re: Temporary pause of Bitcoin withdrawals on Binance

#238

Post by pcthrowaway »

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?

To be fair, there are probably more goods bought and sold with monero than any other crypto (outside of maybe BTC)

Although those goods are predominantly illegal drugs.

Re: Temporary pause of Bitcoin withdrawals on Binance

#239

Post by koonsolo »

polygamous_bat wrote: post #159
koonsolo wrote: post #97

Earlier quoted context omitted.

There are cryptocurrencies with sub second transactions and zero or almost zero transaction fees. Welcome to the world of Proof of Stake.

You do understand that proof of stake has absolutely nothing to do with transaction speed or fees -- speed depends on how many nodes you want to agree on any transaction (decentralization) while the fees depend on how congested the network gets in an open pricing model for fees? Unless you are a crypto expert in it for the technology, that you happened to learn from random shiller YouTube videos.

Sorry, I classified DAG under PoS, my mistake.
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