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Temporary pause of Bitcoin withdrawals on Binance

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Re: Temporary pause of Bitcoin withdrawals on Binance

#441

Post by namaria »

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...

About a year ago I was chilling in my bedroom and overheard some crypto-bro shilling just outside my window. That clinched my conviction that it was just a matter of time for it all to collapse.

Re: Temporary pause of Bitcoin withdrawals on Binance

#442

Post by Consultant32452 »

nradov wrote: post #433
Consultant32452 wrote: post #385

Earlier quoted context omitted.

"generally works fairly well" - I agree with this, but I doubt we would agree at what it does fairly well. In the fiat systems the people with the most coins can issue themselves more coins on a whim, thereby devaluing all the other coins held by the poor. This too is a feature, not a bug, and it works really well for all the people with the most coins. They get to slowly and consistently extract wealth from the poor…

Poor people don't hold coins (or really any significant assets), by definition. They live paycheck to paycheck. We should find ways to increase economic mobility for poor people, but cryptocurrency isn't going to help.

Do you think constantly applying downward pressure on their wages and whatever minimal savings they might acquire through inflation could have something to do with economic mobility? The Fed Chairman recently complained that workers had too much power in the market (because they were demanding higher wages) and stated openly that he was going to create policy to stop that.

I really encourage you to think about what that means, and if you didn't know he said that, what it means about the places you get your news from. Why would it not be one of the biggest news stories of the year that one of the most powerful men in the world stated he was going to reduce the power of the worker?

Re: Temporary pause of Bitcoin withdrawals on Binance

#444

Post by misslibby »

eatsyourtacos wrote: post #341
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…

>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. Ok but let's be real- buying a stock is not really "creating value". The stock already exists. Company A has issued 100 shares. People are buying/selling it in the market.. no one is creating value there. Sure they may be arbitrarily driving…

By buying existing stock you help create a functioning market, which in turn helps other people make investments. That they can sell their stock in the future factors into investment decisions. Therefore imp it is incorrect to say buying existing stocks doesn't create value.

Re: Temporary pause of Bitcoin withdrawals on Binance

#445

Post by smaddox »

illwrks wrote: post #426
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 love that phrase, 'shoeshine boy moment'. I've stayed away from crypto, but my shoeshine boy moment was when we went on a road trip around Wales last summer. We happened to wander into a small shop in a small harbour town in Wales, literally about 4-6 streets in total. The guy behind the counter had some 'pay with crypto' machine and was singing the praises of crypto to all of the old ladies, moms and dads that wer…

To be fair, he was likely being paid to sing those praises.

Re: Temporary pause of Bitcoin withdrawals on Binance

#446

Post by namaria »

username_my1 wrote: post #197
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...

This article is off by 3.5 years and I bet that most FAANG stocks are still above their values when it was published. Tech “growth” companies has been overpriced but it made kind of sense as long as interest rates were negative and their revenue was growing… people believed in positive returns because they assumed the only way is up. Truth is … in any healthy public market no company has any business being at a highe…

Boom and bust seem to be the prevailing pattern for the development of complex systems. Happens in ecosystems, and in economies. I don't even think it's detrimental... That was how we get a lot of otherwise unthinkable infrastructure development. The dotcom bubble left a lot of very cheap fiber connections that fueled later internet adoption, for example.

Re: Temporary pause of Bitcoin withdrawals on Binance

#447

Post by namaria »

ericmay wrote: post #425
yunohn wrote: post #417

Earlier quoted context omitted.

> 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.

From what I gather, and certainly someone may come in with a much better explanation or refutation is that Bitcoin is in a sense a finite resource (let's just look at the mechanics right now) and if appetite for Bitcoins increases you can't make more of them. If a central bank is inflating a currency, it means each year that more of that currency exists than it did previously, so people can effectively bid for resour…

Prices don't rise 'due to inflation'. Inflation is just another name for price rise. This 'transmutability' you speak of is called currency. Bitcoin has some but very little compared to cash. Also the so-called 'deflacionary' nature of bitcoin, supposedly caused by the supply cap assumes a constant or growing demand for it, which is far from assured. Bitcoin only needs to collapse once to become worthless forever, there will be no cold re-start. Whereas precious metals don't need one. That, IMHO, is the crucial difference that advocates seem to forget.

Re: Temporary pause of Bitcoin withdrawals on Binance

#448

Post by wcfields »

skohan wrote: post #331
SilverBirch wrote: post #92

Earlier quoted context omitted.

There's two counter points to this. The first is that in terms of day to day likelihood of losing the bitcoin, you're probably generally safer with an exchange than holding the crypto yourself. Secondly, if the exchanges actually do collapse, then whilst you won't lose your BTC if you're not on the exchange, your BTC are probably going to be worth a lot less anyway, so you're still exposed to the risk of exchanges co…

So it's not safe to keep in an exchange and not safe to keep outside of an exchange. Future of finance alright.

Future of finance: Your own mattress (cold wallet) or a bookie incorporated in a tax-haven (exchange)

Re: Temporary pause of Bitcoin withdrawals on Binance

#449

Post by kingTug »

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 predict Matt Damon's career will suffer greatly in the next couple years. Being the face of that crypto.com ad that played 5(?) times during the super bowl and regularly thereafter in prime time slots. I think many Baby Boomers invested last winter based on these ads and will forever associate Matt Damon with a scam that cost them dearly.

Re: Temporary pause of Bitcoin withdrawals on Binance

#450

Post by fddhjjj »

freemint wrote: post #435
fddhjjj wrote: post #365

Earlier quoted context omitted.

I cited three examples of financial engineering. Just to be clear you oppose mortgages, index funds, and ATM machines? I agree all of these or at least mortgages and index funds probably increase inequality especially given uneven access. As far as tangible goods — home ownership, retirement savings, and less time spent waiting at the bank.

The first Master of Financial Engineering degree programs were set up in the early 1990s. The earliest financial engineers (under a different name) might have started around in the late 1970s. [Wikipedia - Financial engineering] Mortgages were invented way earlier. ATMs are an earlier invention. If you use todays categories they would have been invented by automation engineers. While index funds are a financial produ…

Super interesting and over my head but to oversimplif: automation and old financial “tools” (mortgages, index funds) good but (excessively?) “innovative financial instruments” is a bridge too far.

Still hard for people not deep in it — me — to see clearly that crypto doesn’t contain the seeds of a better index fund or a cheaper mortgage.

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