Earlier quoted context omitted.
We should be asking "what exactly is the point of holding BTC"
People like gambling. It's a fact of humanity that's never going away.
People like free money. They get addicted to gambling because of that.
Temporary pause of Bitcoin withdrawals on Binance
461–470 of 532 posts
Re: Temporary pause of Bitcoin withdrawals on Binance
#462Earlier quoted context omitted.
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 t…
No I don't think that moderate fiat monetary inflation has any negative impact on the economic mobility of poor people. Rather the opposite. Poor people don't really have enough savings in the first place for inflation to make a difference one way or another. Their "assets" are generally in the form of job skills and social capital, plus possibly a car or family home purchased on credit. None of those things are devalued by money printing.
I don't think you've actually thought this through at all and you don't understand even the basics of how it really works.
Re: Temporary pause of Bitcoin withdrawals on Binance
#463a) Think we are overreacting on the particular comment. It is like gmail or github saying service is down/issue in Binance.
b) As other people commented to people's comments: unusual days is when bugs manifest
c) The whole stock and bond market is down. Everything is down. It is the "reddest" state we have been. Feel free to check.
We are watching the whole world economy going down. We can of course carry on burying Crypto, but let us not kid ourselves that the practices do not exist in the rest of the commodity space. Or that the world is booming meanwhile crypto is just getting what it deserves. Now if that is bad and scary, I agree. Good luck.
Re: Temporary pause of Bitcoin withdrawals on Binance
#464Earlier quoted context omitted.
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, th…
Prices rise for more than one reason. For example marble is more expensive because it’s more difficult to find and mine than it was in the past (just a contrived example). But prices also rise due to increases in money supply. I agree that Bitcoin is a poor currency compared to fiat currency, but conversely a dollar is a very poor store of wealth while Bitcoin is looking like it may be a good store of wealth. The con…
I agree with most of what you said, except that Bitcoin looks like a good store of wealth. It has a very short track record, and has shown huge volatility. How does that indicate a good store of wealth?
Re: Temporary pause of Bitcoin withdrawals on Binance
#465Earlier 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.
("dawned") ... but yeah. It's depressing. Countries with already bad economic conditions (like "we literally don't have functioning currency" level, not the things US residents complain about) seem particularly susceptible to it.
I really thought I had written "dawned"... I think it's the same issue I have when writing "ratio", I always end up writing "ration".
Thanks for the correction.
Re: Temporary pause of Bitcoin withdrawals on Binance
#466Earlier 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…
It is surely seems crazy to me as long as these exchanges can withhold your money - which brings me to the question how this practice could possibly by legal. Is it in the contract of these pseudo-banking services that they can withhold their clients' money whenever and as long as they wish? Why would anybody agree to such a contract?
Because people aren't reading the fine print. They just assume it's a better bank until this happens.
While this might change in the future, I would guess bitcoin isn't technically money. It's more like a gift card some people will exchange for real money.
But even a gift card has more protection than crypto lol
Re: Temporary pause of Bitcoin withdrawals on Binance
#467Re: Temporary pause of Bitcoin withdrawals on Binance
#468Earlier quoted context omitted.
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.
crypto is just like banking, which is an already regulated industry
Re: Temporary pause of Bitcoin withdrawals on Binance
#469Earlier quoted context omitted.
Maybe the issue is just that we no longer have a store of wealth that isn't tied to a speculative asset? Fiat currency is a fantastic currency - even terrorists who hate America use dollars. But it's a terrible store of wealth because it loses at least 2% of its value by intention (this fluctuates - just going off the stated Federal Reserve targets). I think this is where things like houses becoming collateralized as…
> it loses at least 2% of its value by intention How do you get "at least"? The target used to be "below, but close to 2%", but has been increased to around 2% (symmetrically). It has been less than 2.5% over the last 20 years ( https://fred.stlouisfed.org/series/CPIAUCSL ) including the recent spike, and has been 2.02% from Jan 2001 to Jan 2021, which I'd call precisely on target. Needless to say, if you parked your…
The indexes used to measure inflation are picked to stay under 2%.
I kept track of my groceries and rent for 10 years up to last year and my perceived inflation was way higher than 2% (even allowing some margin of error). This year is being completely insane but it's hard for me to compare as I moved.
Wages don't grow with inflation (the sad 1% yearly raise) unless you job hop.
Stocks don't give you always the best window to withdraw your annualised 7-8% profit. If you'll need to buy a house or if you'll go to pension you may end up withdrawing at bad times.
Houses have been mostly going up. Good to beat inflation, terrible for youngsters who need a place to live without paying someone else's mortgage.
Re: Temporary pause of Bitcoin withdrawals on Binance
#470Earlier quoted context omitted.
Maybe the issue is just that we no longer have a store of wealth that isn't tied to a speculative asset? Fiat currency is a fantastic currency - even terrorists who hate America use dollars. But it's a terrible store of wealth because it loses at least 2% of its value by intention (this fluctuates - just going off the stated Federal Reserve targets). I think this is where things like houses becoming collateralized as…
> Maybe the issue is just that we no longer have a store of wealth that isn't tied to a speculative asset? You say speculative, I say productive. Is a non-productive store of value actually a thing which exists in nature? For most things, you can't store a thing itself: grain rots, chickens die, houses decay, iron rusts, water is fouled. If you want to have a thing in the future, you need a way to produce the thing:…
You can very well sell these goods and buy new ones maintaining a fixed amount and using it to back your currency.
This would be my favourite currency.