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Temporary pause of Bitcoin withdrawals on Binance

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Re: Temporary pause of Bitcoin withdrawals on Binance

#291

Post by danuker »

twawaaay wrote: post #266

I am so happy about this. I hope this is going to sour crypto for "investors". I use quotes, because they really are not -- investing should be reserved for fronting cash to create some value (like buying stock to infuse capital into a corporation). As it is all crypto trading is purely speculation. The world would be so much better if money tended to be exchanged in good faith, to improve something rather than just…

> As it is all crypto trading is purely speculation.

The reason I stay invested is the supply-side economics.

The supply is well-known in advance, and is advantageous to Bitcoin. US M2 money supply grew 8.04% in the past year [0], while Bitcoin's grew ~1.75% [1].

Yes, demand has its 80% ups and downs, but each crash was to a level higher than the previous.

[0] - https://ycharts.com/indicators/us_m2_money_supply_yoy

[1] - https://charts.woobull.com/bitcoin-inflation/

Re: Temporary pause of Bitcoin withdrawals on Binance

#292

Post by warkdarrior »

throw_nbvc1234 wrote: post #272
Mvandenbergh wrote: post #158

Earlier quoted context omitted.

Conceptually it is very simple to understand. The point that Moxie was making at the time was that, pragmatically, most users would end up not doing this. Just as most people share their thoughts on Facebook or Twitter and not on their own blogs, and if they do have their own blogs they don't run their own server, and if they do it's a virtual machine on Amazon's hardware. So something can be theoretically capable of…

People look at decentralization as an ideology rather then a threat model. The security you might implement to protect $100 vs $100k vs $100 million is different. Running your blog on AWS is running your own server in a decentralized sense; but if your threat model includes Amazon shutting you down or something like the US Govt/public compelling Amazon to shut you down then it might not be good enough. Which is why T…

> The security you might implement to protect $100 vs $100k vs $100 million is different.

This almost makes sense, except that you have to take into the relative value of that amount, in particular relative to one's total net worth. If I want to protect $100, and that is all the money I have, I'll worry about security a lot. If I have $1,000,000, protecting $100 is not a priority.

The general assumption is that people put all of their money in one place, which is not true for anyone I know -- poor, middle class, or rich. Everyone has cash, bank accounts, various physical valuables, stock, etc.

Re: Temporary pause of Bitcoin withdrawals on Binance

#293

Post by naraga »

ausbah wrote: post #277
naraga wrote: post #166

Earlier quoted context omitted.

real crypto works just fine for millions. it is not problem of crypto that there are people falling for ponzis (not refering to Binance now). also, even quality of cefi exchanges like binance, coinbase, kraken, bitfinex has been outstanding in recent years so really, not sure what are we even talking about here. you get much more often blocked by credit card company or bank because of suspicious nonsense they dont ex…

sure they aren't the problem of crypto because they're a feature of the surrounding ecosystem not the underlying implementation, but when the ecosystem gains the reputation of a scam filled hellscape and most of the value and "use cases" is tied up in artificial hype - that has to pose some amount of worry in terms of future regulation and adoption does it not?

i really hate this analogy but if you want to avoid scams avoid internet. crypto, for whatever reason is treated as special while most are commited with all sorts of hacks or social engineering. on the other hand i do recognize this is an issue but imo the only thing you can do is education. crypto has valid unique amazing usecases and it enables things that were not possible before.

Re: Temporary pause of Bitcoin withdrawals on Binance

#294

Post by readthenotes1 »

FerociousTimes wrote: post #283
mumblemumble wrote: post #192

Earlier quoted context omitted.

> 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.

Or is it the ought-is, the opposite?

Re: Temporary pause of Bitcoin withdrawals on Binance

#295

Post by can16358p »

1270018080 wrote: post #263
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…

As long as people want to buy illegal things online, I don't think bitcoin will go to zero. That has, and always will be, it's only rational use case.

Wow. I just learned that all the toyally legit things I've done with Bitcoin are all illegal.

Re: Temporary pause of Bitcoin withdrawals on Binance

#296

Post by misslibby »

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...

Decentralized exchanges exist, but they can't trade with fiat money. One of the reasons why stablecoins exist.

Re: Temporary pause of Bitcoin withdrawals on Binance

#297

Post by SantalBlush »

ethbr0 wrote: post #217
mumblemumble wrote: post #192

Earlier quoted context omitted.

> 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 [product] would be perfect if only I could convince humans to stop acting like humans," is the original sin of bad [technologists] fixed that

There was recently an article posted to HN [0] about a startup founder doing this very thing, blaming his customers for behaving like humans.

>I was fighting human nature and losing.

>Everyone swears they will eat right and exercise, but most don’t. Everyone agrees they need to spend less to be financially secure later, but most won’t. Our users were telling us they would use ContractBeast to achieve those long-term benefits, but most weren’t.

>When I looked at the contracts the users were creating, I found most of them were ones in which a particular feature provided a clear and immediate benefit. Usually involving contract review and approval.

>Human nature sucks.

[0] https://news.ycombinator.com/item?id=11866868

Re: Temporary pause of Bitcoin withdrawals on Binance

#298

Post by FabHK »

rglullis wrote: post #87
PinguTS wrote: post #61

Earlier quoted context omitted.

Not only fiat. You need them also to convert it into any other crypto.

Here you go, a whole list of decentralized crypto exchanges: https://www.coingecko.com/en/dex

Can you trade BTC/USDC or BTC/ETH on any of them?

Re: Temporary pause of Bitcoin withdrawals on Binance

#299

Post by fddhjjj »

RC_ITR wrote: post #233
optimiz3 wrote: post #212

Earlier quoted context omitted.

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)

Why would programmable money be useful for anything beyond financial engineering. It’s literally engineering + finance.

Why is financial engineering inherently universally without qualification bad? I have a mortgage, an index fund, and an ATM card. I :heart: financial engineering.

Re: Temporary pause of Bitcoin withdrawals on Binance

#300

Post by misslibby »

twawaaay wrote: post #266

I am so happy about this. I hope this is going to sour crypto for "investors". I use quotes, because they really are not -- investing should be reserved for fronting cash to create some value (like buying stock to infuse capital into a corporation). As it is all crypto trading is purely speculation. The world would be so much better if money tended to be exchanged in good faith, to improve something rather than just…

I really don't get why people are happy about Bitcoin crashing. It is the only hope for freedom.

What do you mean by "exchanging money in good faith"? So being able to prove transactions are valid is a bad thing in your opinion?

You think it is a good thing that the FED can make the whole economy tumble by playing with their interest rates?

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