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Temporary pause of Bitcoin withdrawals on Binance

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Re: Temporary pause of Bitcoin withdrawals on Binance

#281

Post by rasz »

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.

>most Russian banks have been cut of from the world's financial system. Crypto is fulfilling a real need felt by many

skirting sanctions for unprovoked war targeting civilian population, got it

Re: Temporary pause of Bitcoin withdrawals on Binance

#282

Post by FabHK »

sgt101 wrote: post #116
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

I think it's because bitcoin trading can't actually use the network - it's too slow and expensive. So the exchanges and the stable coins are used as a proxy which then means that they are disconnected from the actual currency. This means that there is an amplifier (leverage) on the way up, leading to spectacular bull runs. Also...

> bitcoin trading can't actually use the network

Crypto trading on exchanges never uses the network. You send your crypto to an exchange on-chain, and all trading happening on the exchange then is off-chain: just adjustment of a few positions in the exchange's databank (as it should be: quick and efficient, within a centralised trusted institution).

Re: Temporary pause of Bitcoin withdrawals on Binance

#283

Post by FerociousTimes »

mumblemumble wrote: post #192
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

> 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…

"My theory would be perfect if only I could convince humans to stop acting like humans," is the original sin of bad economics.

In other words, the is–ought problem as viewed by David Hume.

Re: Temporary pause of Bitcoin withdrawals on Binance

#284

Post by JustFinishedBSG »

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.

I don't see any value in the ability to program a very very limited Ti-89 for hundreds of dollars per hours ( and matching ecological impact )

Re: Temporary pause of Bitcoin withdrawals on Binance

#285

Post by TheHypnotist »

tatertots1234 wrote: post #160
TheHypnotist wrote: post #60

Earlier quoted context omitted.

I wonder if that's even a majority of bitcoin owners. I use the term owners loosely.

amount of BTC on exchanges is something like < 14% of its total circulating supply.

I read somewhere that a not so insignificant sum is held by accounts that just hold.

Re: Temporary pause of Bitcoin withdrawals on Binance

#286

Post by [deleted] »

jmoak3 wrote: post #278
olalonde wrote: post #264

Earlier quoted context omitted.

> You really cannot make this up. Not only you can make this up but it's literally happened hundreds of times in the history of cryptocurrency. So much that there is even a catchphrase for it: "Not your keys, not your Bitcoin". MtGox being the most infamous example. > As usual crypto in practice is the opposite of decentralized because people. Will. Not. Run. Their. Servers. 1) Only a small percentage of the total Bi…

> MtGox being the most infamous example. I was there for it. I mined my first coins in late 2011. Few people want to run their local node (server), few people want to point their wallet at their own node, and fewer people want to run code they've compiled themselves. If you aren't running your own node you are relying on someone else's. As a mass adoption decentralized trust-less technology for transacting, bitcoin h…

[deleted]

Re: Temporary pause of Bitcoin withdrawals on Binance

#287

Post by time_to_smile »

spookthesunset wrote: post #256
time_to_smile wrote: post #218

Earlier quoted context omitted.

> 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?

> What is the thing that makes it end?

This is much easier to answer, at least in general, than many of the other "bubble" questions out there.

The growth simply requires a larger and larger pool of new investors. It first started with tech enthusiasts who were really interested in the principles of cryptocurrency and people who also knew how they worked. The was a time when everyone in crypto had read the original Bitcoin whitepaper.

Then it spreads to less savvy technical investors, people working at tech companies but not really able to understand it. This was the first bubble a few years back. The crypto boom could have ended here, relatively harmlessly.

But then a ton of money started flowing into the market and into individuals pockets as well. Suddenly the pool of potential "investors" opened up and crypto also appeared to be much more liquid than before with the rapid rise of crypto exchanges. This is when you start seeing TV ads for crypto and hear of people on reddit, with no technical knowledge or skills, pouring all their surplus income into crypto.

It ends when there aren't enough new "investors" to keep the illusion up, and it crashes as people start to need to liquidate that investment. During the artificial pandemic boom there was money flowing everywhere, people could throw tons of money into crypto and still eat and pay their mortgage. Very soon people are going to need to get that money out, or desperately want to, and then liquidity will be a problem because there aren't any people left to feed into the scheme.

The faster the price drops coupled with people needing that money, the more likely a panic is to happen which will cause a sudden crash.

Re: Temporary pause of Bitcoin withdrawals on Binance

#288

Post by scoopertrooper »

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.

I think most people would prefer for the sanctions on Russia to be more rigorously enforced

Re: Temporary pause of Bitcoin withdrawals on Binance

#289

Post by paganel »

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…

It was the same thing for football (or soccer, as you call it in the US) over here in Europe, at some time late last year I started to notice that a lot of European clubs were advertising for this crypto thing, much of it related to Binance. It so happens that most of the tokens “released” by those clubs (yes, they also did that) are 90% or more bellow their peak value, there were a few threads about it on /r/soccer recently.

Re: Temporary pause of Bitcoin withdrawals on Binance

#290

Post by can16358p »

ohgodplsno wrote: post #242
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.

So, what you're saying is that sanctions are in place and you're unhappy about them ? sounds exactly like what sanctions are for, and all crypto is good for is evading sanctions that a massive part of the world has agreed in.

Many sanctions harm completely innocent people.
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