I believed very strongly in Bitcoin until the first time I tried to accept it as payment at by business. It’s fundamentally incapable of providing any real value… unless you’re into money laundering or tax evasion.
Temporary pause of Bitcoin withdrawals on Binance
511–520 of 532 posts
Re: Temporary pause of Bitcoin withdrawals on Binance
#512Earlier quoted context omitted.
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
it is absolutely not. removes many inefficiencies. saying this as someone working in investment banking for years.
Re: Temporary pause of Bitcoin withdrawals on Binance
#513Earlier 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…
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Re: Temporary pause of Bitcoin withdrawals on Binance
#514Earlier quoted context omitted.
Long term I'm bearish because it's a deflationary asset. Deflationary value stores have a tendency to cause all sorts of social ills by encouraging hoarding. There's a reasonable line of thought that observes that it's no coincidence that the end of the age of European colonialism coincided with the demise of the gold standard. More concretely: if crypto is deflationary, then its value works similarly to how an Amway…
> Long term I'm bearish because it's a deflationary asset. Deflationary value stores have a tendency to cause all sorts of social ills by encouraging hoarding. There's a reasonable line of thought that observes that it's no coincidence that the end of the age of European colonialism coincided with the demise of the gold standard. It's definitely an interesting theory - any particular articles or books you've read on…
> inflation literally destroys wealth
Inflation doesn't destroy wealth, inflation erodes the value of money. Wealth and money are two separate but related ideas. One shouldn't tie up the majority of their wealth in money, its non-productive.
> how can someone working a non-high paying job store wealth when the value of that wealth is destroyed at a minimum of 2% per year?
By investing in productive assets instead of holding pieces of paper under their mattress.
Re: Temporary pause of Bitcoin withdrawals on Binance
#515Earlier 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? 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 say speculative, I say productive. Oh I totally agree! Stocks in companies are absolutely productive assets. Though they are still speculative. I guess the first thought that comes to mind is well, so what? Does it make sense for individuals to plow money into the stock market even at all-time highs? Should you basically have to perform an investor level due diligence for buying these productive assets? Sometim…
Gold is still a speculative asset! You're speculating what it will be worth in the future. Its current value varies a good bit compared to other goods and dollars.
Re: Temporary pause of Bitcoin withdrawals on Binance
#516Earlier quoted context omitted.
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...…
The fact that you don't understand means that you are looking at this through some very rosey glasses. The principle of blockchain and decentralization is fine, but we've come full circle where the easiest way to access and track the only marginally useful implementation of blockchain is through a centralized service. So far, the biggest headlines from blockchain and bitcoin have been fraud.
The biggest adoption came when people saw that money (fiat) could be made off of "investing". Bitcoin is a clown show. Blockchain, while probably useful, just doesn't seem to have any truly great applications yet.
Re: Temporary pause of Bitcoin withdrawals on Binance
#517Ah yes, very decentralized
Re: Temporary pause of Bitcoin withdrawals on Binance
#518Earlier quoted context omitted.
Energy expended to mine BTC in the past is a sunk cost and so is irrelevant to the discussion. In the future, if the price of energy required to mine a BTC is below the value of the BTC there will be an incentive to mine BTC. There is no equivalent incentive in the opposite direction. You can convert energy to BTC, you can't convert BTC to energy.
What happens if the value collapses bellow the point where it's profitable to mine it then? Wouldn't this only reinforce the collapse as miners flee the system? Then once it goes below a threshold where it would be trivial to attack it and take it over it's a free for all for the remaining market value and that would be the coup de grace...
Real question, has anyone actually developed an attack that could be executed? I know “what it would look like” is easy to explain, but is there any implementation?
I’m not sure we’re super susceptible to an attack. Assuming you could spot an attack on the network post-hoc (anyone can read the blockchain), if an attack occurred it would destroy the value of bitcoin. This would probably destroy the value of the attackers coins and the attackers mining rigs… which seems like a net loss.
Re: Temporary pause of Bitcoin withdrawals on Binance
#519Earlier quoted context omitted.
> What is the thing that makes it end? This is much easier to answer, at least in general, than many of the other "bubble" questions out there. The growth simply requires a larger and larger pool of new investors. It first started with tech enthusiasts who were really interested in the principles of cryptocurrency and people who also knew how they worked. The was a time when everyone in crypto had read the original B…
I’ve heard this exact argument 5 or 10 years ago. Yet here we are. Like I said, I totally think cryptocoins are all scams. I’m just amazed that the bottom hasn’t fallen out yet.
You said it for years… but for years there hasn’t been a trigger.
There’s a trigger now.
The FED keeps raising rates. There’s a looming recession (or perceived to be. Same thing.). Markets, incl crypto are dropping hard. Several crypto projects are suspending withdrawals, locking peoples money away. “Stable” coins are getting dépêgged, which is destabilizing DeFi.
We’re starting to see dominos start to fall. Your broken clock may finally be right.
Re: Temporary pause of Bitcoin withdrawals on Binance
#520The only thing that comes to mind here is that there was a fee spike [1] and they've got too many unspents stuck in the mempool and can't initiate further withdrawals because their wallet is effectively "spent" until those pending transactions complete and they receive their change. I find this a bit hard to believe though...wallet management isn't simple when it comes to the scale that Binance handles, however I'd b…