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Temporary pause of Bitcoin withdrawals on Binance

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Re: Temporary pause of Bitcoin withdrawals on Binance

#491

Post by Tesl »

danuker wrote: post #291
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 […

This claim won't be true anymore very soon!

Re: Temporary pause of Bitcoin withdrawals on Binance

#492

Post by jlokier »

optimiz3 wrote: post #189
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

Case in point: was an early adopter of Eth, mined many of the very early blocks. Sold it all back in February. One of the reasons? The whole Eth 2.0 upgrade requires both a base level node (Ethererum sanctioned) and a "2.0 validator node" where one is supposed to trust a 3rd party implementation with minimally 10s of thousands of dollars per stake. At least with a 1st party node the Ethereum Foundation stood behind i…

The Ethereum Foundation takes the view that "client diversity" of proof-of-stake validator implementations is a security requirement: https://ethereum.org/en/developers/docs/nodes-and-clients/cl...

Shipping an endorsed EF implementation would undermine that requirement.

So instead, they publish and regularly update a spec, the major clients are all open source, to some extent the EF has sponsored the development of multiple clients, there is continuous interop testing between all the major clients going on, and the client teams meet at weekly EF meetings.

Ideally they would like to see client diversity in the execution layer as well (Geth et al), and consider single-client (Geth) dominance to be a weak part of the system.

Re: Temporary pause of Bitcoin withdrawals on Binance

#493

Post by sweetbitter »

mmastrac wrote: post #101
ekianjo wrote: post #84

Earlier quoted context omitted.

> As usual crypto in practice is the opposite of decentralized because people. Will. Not. Run. Their. Servers. Nope, you just don't own any crypto assets if they are not stored on your own means. That's not hard to understand.

If you cannot trust a single third party to hold your money, it's no better than cash under the mattress. We have guard rails in banking for a reason.

Hm, I am not quite sure I understand. Are you saying that people should not have the ability to withdraw their USD into cash either? Cryptographic currencies are exactly the same thing imo- they are not meant to replace trusted third parties in the traditional sense, they are just the digital equivalent of cash. A cryptocurrency wallet is far closer to a physical object than being a 'promise' from networks of trusted authorities. Apples and oranges.

Re: Temporary pause of Bitcoin withdrawals on Binance

#494

Post by maccolgan »

ohgodplsno wrote: post #242
golergka wrote: post #127

Earlier quoted context omitted.

> Crypto needed a tangible market/reason d'etre to be valuable. I have recently paid $40 for a $240 SWIFT transaction that I made on behalf of my father, as his bank (with most Russian banks) have been cut of from the world's financial system. Crypto is fulfilling a real need felt by many people all around the globe; it's just most of those people don't live in first world nations.

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.

What makes you think everyone has agreed to them?

Re: Temporary pause of Bitcoin withdrawals on Binance

#495

Post by kayxspre »

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...

I often see the ads in advertising billboard. I usually go to a public park every other day, and the road will pass through a major intersection with large billboard. At one point, a billboard of cryptocurrency broker appeared every time I passed through that intersection. The particular broker also advertises into a convenience store (7-11), so I will be pretty much guarantee to see its ads every day.

Another broker dared to register the domain name "Join the Crypto Revolution" to promote its scheme. I wish we could have an enforceable rules on prohibition to market cryptocurrency to general public like Singapore did (see [1]). We did open for comments regarding this, but it has not been set in stone as cryptocurrency broker tried to game the rules.

[1] https://www.zdnet.com/finance/banking/singapore-cautions-aga...

Re: Temporary pause of Bitcoin withdrawals on Binance

#496

Post by yunohn »

tasuki wrote: post #214
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…

> 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 I hear this repeated often. Very short term, sure. But long term, shouldn't your slice of magical internet money pot be worth more simply because there's now less of it in total?

CEX collapses don’t result in the destruction of the coins they hold. It’s usually due to a hack/theft or greedy/risky investments of customer funds.

Re: Temporary pause of Bitcoin withdrawals on Binance

#497

Post by yunohn »

mattbrewsbytes wrote: post #174
yunohn wrote: post #132

Earlier quoted context omitted.

> Holding crypto on an exchange is like giving money to a guy on the corner I’m sorry, what? A CEX /should/ be comparable to a brokerage like Charles Schwab or even Robinhood. This comes with legal protections - they can’t gamble with my unused money or invested stocks. Also, and this is the most disingenuous part - how do you buy crypto with fiat? Literally everyone I know uses a CEX to on/off-ramp, and sadly this i…

Are there really legal protections for crypto exchanges? Use an exchange to on/off ramp it, then put it into your own wallet for holding.

Sure, that’s technically feasible if you’re willing to pay all the greedy fees.

Here’s how it looks for me using Coinbase:

- On-ramp (fiat to CEX-fiat): 0.15€ flat

- Conversion (CEX-fiat to CEX-crypto): ~4%

- Self-custody (CEX-crypto to wallet-crypto): Depends on coin, average ~10€ flat

And if I want to off-ramp, I need to follow all these steps in the opposite order.

Meanwhile, atleast in the non-US countries I’ve lived in, all fiat transactions are free. I can top-up my bank account, send digital money to others, withdraw fiat, etc etc with ZERO fees.

Re: Temporary pause of Bitcoin withdrawals on Binance

#498

Post by ohgodplsno »

maccolgan wrote: post #494
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.

What makes you think everyone has agreed to them?

You have elected a representative who agreed to them. Your personal opinion doesn't matter on the subject.

Re: Temporary pause of Bitcoin withdrawals on Binance

#499

Post by jimmydorry »

yunohn wrote: post #496
tasuki wrote: post #214

Earlier quoted context omitted.

> 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 I hear this repeated often. Very short term, sure. But long term, shouldn't your slice of magical internet money pot be worth more simply because there's now less of it in total?

CEX collapses don’t result in the destruction of the coins they hold. It’s usually due to a hack/theft or greedy/risky investments of customer funds.

Practically speaking, coins proven stolen from a CEX are "blacklisted" on most of the other exchanges where crypto interfaces with fiat. If you happen to come into possession of coins that originated from a "blacklisted" address, you will have to prove that you obtained them legally.

So yes... a majority of stolen coins are for all intents and purposes, "burnt". Will the major exchanges care about coins stolen from a CEX 10 years ago? Probably not, but I guess we will cross that bridge when we get to it.

Of course, it is possible to "tumble" these coins, but it's an arms race between criminals and chain analysis, and while they can evade the analysts in the short-term, the crime is recorded in a distributed ledger for eternity allowing near unlimited opportunity for future review.

Re: Temporary pause of Bitcoin withdrawals on Binance

#500

Post by Klonoar »

ekianjo wrote: post #467
Klonoar wrote: post #364

Earlier quoted context omitted.

This is confusing privacy and anonymity. He 100% delivered on the former; the latter was the trade off.

there was no need for the trade off in the first place

You're welcome to try and claim that, but the sheer success of Signal and Moxie's approach is proof you're arguing in bad faith.

Privacy and anonymity are not the same thing. Signal foregoes the latter to provide the former to a much wider range of people; foregoing the latter enables substantially better usability for non-technical people.

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