Temporary pause of Bitcoin withdrawals on Binance

Post by TrapLord_Rhodo » Mon, Jun 13, 2022, 4:10 PM UTC

renonce wrote: post #157

tatertots1234 wrote: post #148

Earlier quoted context omitted.

Sure. many of those speculators will be forced to wait for Binance to resume BTC orders, or use another centralized exchange, or use a bridge to swap BTC to another crypto asset.. Edit: swapping BTC needs a centralized bridge as child commenter notes

Unfortunately there is no decentralized exchange for BTC. There is no smart contracts on BTC so you have to somehow bridge it to something like Ethereum before you can swap it. And to bridge it you have to rely on some centralized party, such as WBTC. (I know renBTC but it's unclear who their validators are so I'd just assume it's centralized)

Post by dehrmann » Mon, Jun 13, 2022, 4:13 PM UTC

mmastrac wrote: post #126

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 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...

Post by Geee » Mon, Jun 13, 2022, 4:18 PM UTC

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…

Post by jiveturkey » Mon, Jun 13, 2022, 4:19 PM UTC

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…

Post by hectorlorenzo » Mon, Jun 13, 2022, 4:19 PM UTC

m348e912 wrote: post #270

sergiotapia wrote: post #222

I just liquidated my entire BTC position. Crypto failed and will never be anything but a grift. I'm out.

I have two buying/selling indicators for crypto. 1. When my mom or other people who have no business in investing in crypto ask me how much bitcoin they should buy. (selling indicator) 2. When people start liquidating their positions and call crypto a grift. (buying indicator)