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Temporary pause of Bitcoin withdrawals on Binance

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Re: Temporary pause of Bitcoin withdrawals on Binance

#251

Post by pjc50 »

woodpanel wrote: post #187
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.

> 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 wall…

It's the usability of gpg, but with a cost of losing all your money if you make a mistake with the user interface.

Re: Temporary pause of Bitcoin withdrawals on Binance

#252

Post by kybernetyk »

faangiq wrote: post #196
optimiz3 wrote: post #189

Earlier quoted context omitted.

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.

They have a use case: roll backs when something goes """"wrong"""" ;)

Re: Temporary pause of Bitcoin withdrawals on Binance

#253

Post by lovingCranberry »

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…

> which will necessitate $BTC being "worth" hundreds of thousands of dollars

You'd need a two trillion dollar market cap in bitcoin to make each unit worth more than 100k USD.

(Currently there are 19m out of 21m coins minted; two trillion / 19million = ~105k)

Re: Temporary pause of Bitcoin withdrawals on Binance

#254

Post by Kinrany »

planb wrote: post #199
fartcannon wrote: post #134

Earlier quoted context omitted.

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.

So what? The value of making a transaction just needs to be high enough.

Re: Temporary pause of Bitcoin withdrawals on Binance

#255

Post by ekianjo »

rco8786 wrote: post #106
ekianjo wrote: post #84

Earlier quoted context omitted.

> 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.

If this is true, crypto is dead in the water and always has been. It's not hard to understand that people are simply not going to go through that trouble in order to own something.

People go thru a lot more trouble to ensure the value of their savings does not go to zero.

Re: Temporary pause of Bitcoin withdrawals on Binance

#256

Post by spookthesunset »

time_to_smile wrote: post #218
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 I think there's some serious liquidity issues coming up ahead. You need a buyer at the other end to sell, and I think there's an unknown point where there are effectively no buyers. Right now there are still plenty of crypto-bugs out there that will provide some liquidity because they think things will eventually turn around, but even these people only have so much cash. There's a mome…

The problem is, when does bitcoin actually crash? I agree it is a scam and should crash in a sane rational world. But I’ve heard these exact arguments like 5 years ago. It’s the scam that just keeps going!

Eventually it has to end, right? What is the thing that makes it end? Or will it just fizzle out with no real implosion? Maybe after 10 years to most people it would be just a distant memory?

Re: Temporary pause of Bitcoin withdrawals on Binance

#257

Post by DonHopkins »

piva00 wrote: post #149
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 visited Brazil recently (3-4 months ago), I got into cryptocurrency-talk or some shitcoin peddled by cashiers, Uber drivers, waiters in some restaurants, acquaintances that aren't tech-savvy at all, etc. That's when it downed on me how big this whole thing got outside of internet chatter, it downed how many vulnerable people are exposed to the fallout of a crypto implosion.

It's so ironic how all those libertarian crypto-bros think they've got the inside track and they're so much smarter than everyone else, when actually they're just as gullible and common and deluded as random cashiers, Uber drivers, waiters, bartenders, used car salesmen, chiropractors, cosmeticians, shoeshine boys, and ordinary hoi polloi on the street, all being influenced by the exact same mass market ads and hype all over the world.

Re: Temporary pause of Bitcoin withdrawals on Binance

#258

Post by twawaaay »

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…

> The only difference between crypto and e-betting is that everyone got to be a winner on the crypto markets for a while.

Is also description of a bubble or a pyramid.

Re: Temporary pause of Bitcoin withdrawals on Binance

#259

Post by lovingCranberry »

rocqua wrote: post #58
throwaway4good wrote: post #36

"stuck transaction causing a backlog" Can someone explain the mechanism here? What is going on? (Is it something interally at Binance or something to do with the Bitcoin network.)

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…

You are right about your first guess.

Childs can pay fees for their parent now.

Re: Temporary pause of Bitcoin withdrawals on Binance

#260

Post by FabHK »

DonHopkins wrote: post #245
kkielhofner wrote: post #216

Earlier quoted context omitted.

There is a very real calculation to be done here: Leave it on an exchange and have access to customer support, etc in the event you get locked out of your account or whatever. -OR- Be the next news story of the person who messed up the transfer, forget their seed, etc. The entire blockchain ecosystem is still so incredibly difficult to use with bad UI/UX on top of it that this is the more likely outcome for the vast…

Making you dig through a garbage dump is what I consider bad UI/UX. Richard & Gilfoyle At Landfill Site Talking ICO Crypto currency Idea To Russ: https://www.youtube.com/watch?v=GrEjaZw95kI

"Again, Richard: The math is sound." - brilliant.
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