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Temporary pause of Bitcoin withdrawals on Binance

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Re: Temporary pause of Bitcoin withdrawals on Binance

#411

Post by RestlessMind »

lumost wrote: post #328
RestlessMind wrote: post #320

Earlier quoted context omitted.

> What does Bitcoin provide that a cheaper coin doesn't? Longer track record than the rest. More buy-in from people. Just like Gold vs other shiny metals.

The network effect is strong, if BTC actually was to take over for USD then people would have to have trust that BTC wouldn't evaporate the next day. BTC's incentive model and network effect provide that. Assuming of course that BTC could outplace USD.

I see BTC in the same class as Gold (hard assets without any intrinsic value and valued only because everyone else values it). USD is a different asset type - Fiat currencies which are essentially debts owed by various governments to the holders of those currencies.

So BTC won't be replacing USD, imo.

Re: Temporary pause of Bitcoin withdrawals on Binance

#412

Post by gardenhedge »

jmoak3 wrote: post #392
gardenhedge wrote: post #386

Earlier quoted context omitted.

Can you explain your comment a bit more? How does Binances' actions affect Bitcoin users who don't use Binance? And how do you arrive at your comment from this tweet? It doesn't say or imply how many people are using Binance. Futhermore, people who use Binance might also use a number of other options.

Sure thing - once again people were unable to move around their coins due to depending on a tool hosted on someone else's computer. We've seen this many times, and it's a shame because letting another party manage your wallet or run a node for you defeats what I find attractive about bitcoin - the ability to be a peer in a decentralized peer-to-peer system. If Binance went under in that time, people would have simply…

How do you know many (or too many) people are doing it this way?

Re: Temporary pause of Bitcoin withdrawals on Binance

#413

Post by jiveturkey »

achenet wrote: post #347
jiveturkey wrote: post #317

Earlier quoted context omitted.

Is that a failure of implementation though? I ask because you also said "impossible". Computers themselves were impossibly unfriendly for so long. What if someone created a UX friendly cryptocurrency. Like any computer, deep down it could be insanely complex, but is it a requirement that the UX reflect that complexity?

that is kind of what the exchanges do. The thing is user friendly UX usually creates user friendliness by removing the user's ability to control the product. For example, macOS vs BSD. The GUI makes it much more user friendly, but at the cost of limiting the user a bit more. Then again, perhaps there are exceptions.

> that is kind of what the exchanges do.

Well not really. the parent I replied to specifically qualified it as users holding their own wallets. I agree that is a critical component. Exchanges are a bit of a farce from the perspective of "not your wallet, not your coins".

Like you say, exchanges that abstract this too much, for their benefit not yours, are probably distorting the original intent of a cryptocurrency. macOS doesn't have to hide all the knobs; they could have an advanced interface, which they do for some things. Why can't there be a wallet hardware/software that does the same? Is there something inherent that prevents this, making it "impossible"? Or is there just no business model around it, that can overcome the gravity of the kind of exchanges we have today.

For example, are wallet addresses inherently unmanageable?

Re: Temporary pause of Bitcoin withdrawals on Binance

#414

Post by jmoak3 »

gardenhedge wrote: post #412
jmoak3 wrote: post #392

Earlier quoted context omitted.

Sure thing - once again people were unable to move around their coins due to depending on a tool hosted on someone else's computer. We've seen this many times, and it's a shame because letting another party manage your wallet or run a node for you defeats what I find attractive about bitcoin - the ability to be a peer in a decentralized peer-to-peer system. If Binance went under in that time, people would have simply…

How do you know many (or too many) people are doing it this way?

There are ~16k total reachable bitcoin nodes out there, which means there are plenty of users are trusting 3rd party nodes.

https://bitnodes.io/

Having your own keys and using a wallet application that connects to someone else's node is better than keeping your coins on an exchange, but you're still relying on someone else's node to not screw you.

Compare the meager 16k nodes people trust with the 100 million who claim to own bitcoin.

https://www.wsj.com/articles/bitcoins-one-percent-controls-l...

(no paywall: https://archive.ph/73vR1#selection-4213.0-4213.97)

I have no data on this but if history is any indication, I'd wager 90% of user's wallets point to the same 100 nodes.

All of crypto looks like PayPal with extra steps.

If I'm incorrect someone please educate me on this.

Re: Temporary pause of Bitcoin withdrawals on Binance

#415

Post by colesantiago »

dgfitz wrote: post #396
colesantiago wrote: post #351

Earlier quoted context omitted.

> Stripe and Moneygram have a business model that can exist outside of crypto...I won't go so far as to call them a scam company themselves. Contradicts: > All crypto is a scam. As you are trying to legitimise both of them of having a 'use-case' for their crypto offerings, holdings, etc which regardless of their business models and what they do as companies, it is still all a scam. If we agree that both Stripe and Mo…

No it doesn't. You're making a lot of mental leaps that I'm not able to follow. Those companies existed and were profitable BEFORE crypto. They don't NEED crypto. They're NOT CRYPTO COMPANIES. I'm going to politely bow out of this debate, this isn't a productive use of time.

It's actually quite simple.

In case you forgotten, you said: 'All crypto is a scam.' [0]

That means everything including anyone who is using it, or has holdings or are insiders which includes Stripe, Moneygram, Square (now Block) and especially Signal who are still directly involved in the entire scam. All the ones I've listed either got no backlash or did have some but never removed their crypto products, which certainly still makes them fully involved in the entire crypto scam as they continue to offer it.

Trying to give exceptions to companies like Moneygram and Stripe, Square, etc is legitimising their crypto offerings as a 'use-case' which contradicts what you said with it all being a scam, since we both know what they are offering is nothing but still a scam which they are all involved in.

There is no mental leaps here, No exceptions or any use-cases with that statement. If another commenter got the point straightaway [1], it is not hard to recognise that.

[0] https://news.ycombinator.com/item?id=31725260

[1] https://news.ycombinator.com/item?id=31725426

Re: Temporary pause of Bitcoin withdrawals on Binance

#416

Post by ohgodplsno »

can16358p wrote: post #290
ohgodplsno wrote: post #242

Earlier quoted context omitted.

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.

That is the point yes. We have collectively decided that assassinating heads of state was pretty bad, and moved on to applying sanctions, so that if they hit hard enough back, said innocent people do need to get rid of the leader or the system that got them in such a situation.

Re: Temporary pause of Bitcoin withdrawals on Binance

#417

Post by yunohn »

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…

> It's more of a hedge against low interest rates and the central banks printing money in that environment IMO.

Could you explain how /exactly/ it functions as a hedge? I don’t care about price, just the mechanics/logic.

Re: Temporary pause of Bitcoin withdrawals on Binance

#418

Post by FabHK »

DonHopkins wrote: post #257
piva00 wrote: post #149

Earlier quoted context omitted.

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…

Well, people that got in early and got out about 6m ago (or now, still) might have made good money. Attributing it to a deep understanding of the technology is almost certainly wrong; attributing it to a certain street-smart understanding of bubbles, marketing, and hype might be correct. Though I'm inclined to just call it luck.

Re: Temporary pause of Bitcoin withdrawals on Binance

#419

Post by yunohn »

can16358p wrote: post #398
1270018080 wrote: post #389

Earlier quoted context omitted.

By rational, I mean the only time it is better than other methods. Buying legal things with bitcoin is slower, more expensive, dramatically more environmentally harmful, and dangerous to the consumer (no regulation). Truly no upside in real life applications unless you're trying to do illegal things.

You must be living in a perfect society with zero government/political corruption. Good for you.

What “totally legit” things have you been doing with crypto? Curious to know more.

Re: Temporary pause of Bitcoin withdrawals on Binance

#420

Post by FabHK »

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…

> if you target 2% inflation every year it's all but guaranteed that $BTC will simply be "worth" a lot of dollars (or $0).

FWIW, the BTC money supply increases at 1.7% p.a. right now (until the next halving).

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