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Temporary pause of Bitcoin withdrawals on Binance

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Re: Temporary pause of Bitcoin withdrawals on Binance

#501

Post by bouncycastle »

optimiz3 wrote: post #327
bouncycastle wrote: post #280

Earlier quoted context omitted.

Ethereum sanctioned, you mean Geth? Geth does not go away in 2.0. You will still need it, as it's still the main software that executes the transactions. "2.0 validator" is not a node, it's more like a client that talks to the PoS chain nodes (Beacon).

Until there's an Ethereum Foundation backed validator, a huge number of people are going to stay away. The Ethereum Foundation can do things like roll back a broken DAO. A 3rd party offering a potentially broken validator cannot force a fork to fix things. It's also super weird the foundation is not building the validation code into Geth and making it a baseline part of a reference node as PoW certainly is.

Nope. The Ethereum Foundation foundation cannot do anything either.

Think of the foundation as someone like the World Wide Web Consortium. They research and lead the protocol(s) standardisation, but it's not up to them to do the implementation, besides perhaps providing a reference implementation.

Re: Temporary pause of Bitcoin withdrawals on Binance

#502

Post by can16358p »

RobotsDownUnder wrote: post #481
can16358p wrote: post #430

Earlier quoted context omitted.

Donations? Purchasing stuff? (And before you ask, NO, there were no other possible ways for me to do those donations to people in war or purchase those stuff where crypto and PayPal were the only way to pay and PayPal is blocked in my corrupted country)

So... you're saying that what you did is a crime in your country?

No, nothing I did was crime. If you reached that conclusion you need to re-read the entire thread.

Re: Temporary pause of Bitcoin withdrawals on Binance

#503

Post by can16358p »

alar44 wrote: post #473
yunohn wrote: post #419

Earlier quoted context omitted.

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

Probably a sovereign citizen type who thinks that the existence of government is a crime to humanity. Gotta have some windmills to tilt at.

Existence of government? No. Corrupted government? Yes.

Re: Temporary pause of Bitcoin withdrawals on Binance

#504

Post by tiborsaas »

RestlessMind wrote: post #411
lumost wrote: post #328

Earlier quoted context omitted.

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.

Gold has some intrinsic value, you can turn it into fancy jewelry, teeth replacement or cutlery :)

Re: Temporary pause of Bitcoin withdrawals on Binance

#505

Post by saurik »

TheHypnotist wrote: post #275
saurik wrote: post #67

Earlier quoted context omitted.

Does it even matter? What is interesting and actually-important is that it is even possible. Just because most people do something dumb doesn't mean we should throw up our hands in defeat and build systems where it isn't even possible to do something smart.

It matters very much who the owner is of the currency you are saying can be transacted. If a large chunk of bitcoin adopters don't own the currency, can't transact, and can't withdraw into fiat, what do you have exactly? Just a theory that this could work if just everyone played by a very specific set of rules.

I honestly don't understand how you can possibly come to that conclusion, and in all honesty that people like you exist is part of why tech is so demoralizing these days. If a large chunk of Bitcoin adopters--or smart phone adopters or Internet users or ANYTHING--don't know how the technology they are using works and put themselves in a bad situation with it, it simply doesn't mean that the technology doesn't work... it just doesn't; and it certainly doesn't mean we should just give up and re-centralize everything. If you build something that can't be used wrong--or hell: that most people who aren't trained don't use wrong--you probably built something evil :/.

Re: Temporary pause of Bitcoin withdrawals on Binance

#506

Post by viraptor »

caslon wrote: post #185
viraptor wrote: post #96

Earlier quoted context omitted.

> Sounds like the problem's with trading, rather than using it like currency. The context here is an exchange limiting withdrawals, so... Yes, exactly? Decentralised exchanges have massive fees in practice. If you want to buy in and cash out after a year, sure. But show me one that takes <0.1% for the whole transaction including transfer/signing fees and supports BTC.

That doesn't mean people aren't stupid, in contrast to what you implied in another comment. Unwittingly day-trading cryptocurrency is stupid, and the people who desire to do it are not very smart. That said, I do know a decentralized exchange that fits your criteria. I'm not going to mention it, because I refuse to enable such incredibly harmful behavior.

I don't believe anyone is "unwittingly" day trading anything. You're quite aware of doing it - it takes time.

Re: Temporary pause of Bitcoin withdrawals on Binance

#507

Post by yunohn »

jimmydorry wrote: post #499
yunohn wrote: post #496

Earlier quoted context omitted.

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…

I keep being told by maxis that P2P crypto->fiat is alive and kicking. Looking at recent hacks (Axie, Crypto.com, etc) seems like tumbling is quite doable too.

Re: Temporary pause of Bitcoin withdrawals on Binance

#508

Post by Geee »

lolc wrote: post #478
Geee wrote: post #388

Earlier quoted context omitted.

Money allows optionality - instead of hoarding food and fuel, you can hoard money and buy the things you need in the future. If you know for sure that you need food and fuel, and hoard them in advance, they will rot and evaporate by the time you need them. Inflationary money is like rotting food, instead of canned food. It makes no sense at all to store your wealth in rotting and evaporating things.

How do you know people will want to trade fuel for casino chips in the future?

Well, you don't really know, but you can make certain assumptions. Money is like a social network with network effects, which means that people want to hoard casino chips which are most popular, and thus they also want to accept them in trade and reject everything else. This keeps them in the most popular economic network, and also keeps the casino chips valuable.

However, if there's something wrong in the casino chips itself (like inflation), people start to switch to a better version of casino chips, and they can assume that everyone switches, sooner or later, to the best alternative available, with least issues and largest network. Network effects will keep the new casino chips valuable as long as there's no better alternative.

Re: Temporary pause of Bitcoin withdrawals on Binance

#509

Post by yellowapple »

blep_ wrote: post #453
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.

("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.

Because they're actually using it as a currency. Consequently, they probably won't feel as much of the pain speculators are feeling right now / will continue to feel; as long as the amount of $FOO earned from a day's work pays for the day's expenses, they have little reason not to continue adopting and using $FOO (for whatever value of $FOO we're using).

Put differently: when the options are "failed local currency" v. "hard to obtain foreign currency" v. "easy to obtain electronic currency", you and I would probably be inclined to use the third option.

Re: Temporary pause of Bitcoin withdrawals on Binance

#510

Post by dizhn »

piva00 wrote: post #465
blep_ wrote: post #453

Earlier quoted context omitted.

("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.

The way I type compute always involves deleting the r at the end. :)
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