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Temporary pause of Bitcoin withdrawals on Binance

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Re: Temporary pause of Bitcoin withdrawals on Binance

#521

Post by SantalBlush »

rat9988 wrote: post #308
SantalBlush wrote: post #297

Earlier quoted context omitted.

There was recently an article posted to HN [0] about a startup founder doing this very thing, blaming his customers for behaving like humans. >I was fighting human nature and losing. >Everyone swears they will eat right and exercise, but most don’t. Everyone agrees they need to spend less to be financially secure later, but most won’t. Our users were telling us they would use ContractBeast to achieve those long-term…

>here was recently an article posted to HN [0] about a startup founder doing this very thing, blaming his customers for behaving like humans. He did it the opposit. He blamed his product for going against human nature.This is misquoting him.

I read the article. He didn't blame his product, he blamed users for not utilizing his product to its full potential, and compared them with people who don't eat right and exercise.

Re: Temporary pause of Bitcoin withdrawals on Binance

#522

Post by Siira »

ricardobayes wrote: post #198
menzoic wrote: post #164

Earlier quoted context omitted.

> As usual crypto in practice is the opposite of decentralized Binance is a centralized exchange. There are both centralized and decentralized exchanges. > people. Will. Not. Run. Their. Servers. Moxie nailed it People don't need to run their own servers. They just need to use a light client which is even light even for mobile and browser extensions https://eth.wiki/concepts/light-client-protocol Light clients existe…

Good luck getting people to use even a semi-updated web browser, let alone deal with an extension

Laziness has costs, that’s not a new thing. You want something, you have to work for it.

Re: Temporary pause of Bitcoin withdrawals on Binance

#523

Post by fmmlp »

ohgodplsno wrote: post #416
can16358p wrote: post #290

Earlier quoted context omitted.

Many sanctions harm completely innocent people.

That is the point yes. We have collectively decided that assassinating heads of state was pretty bad, and moved on to applying sanctions, so that if they hit hard enough back, said innocent people do need to get rid of the leader or the system that got them in such a situation.

That's presuming that Russian people don't support they goverment, which is far from proved afaik.

Re: Temporary pause of Bitcoin withdrawals on Binance

#524

Post by lolc »

Geee wrote: post #508
lolc wrote: post #478

Earlier quoted context omitted.

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 chi…

Network effects go to a certain point yes. Then having people who hoarded chips is a detriment to the network. Because after that, people with actual resources like food or fuel will just invent their own chips to trade.

Re: Temporary pause of Bitcoin withdrawals on Binance

#525

Post by webinvest »

throwaway4good wrote: post #36

"stuck transaction causing a backlog" Can someone explain the mechanism here? What is going on? (Is it something interally at Binance or something to do with the Bitcoin network.)

1 guess: Transaction fees spiked and they didn’t pay enough for their transaction.

Re: Temporary pause of Bitcoin withdrawals on Binance

#526

Post by ekianjo »

Klonoar wrote: post #500
ekianjo wrote: post #467

Earlier quoted context omitted.

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.

> 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.

This makes no sense. If you wanted to prove that you would need to have a signal equivalent that does not use phone numbers. Where is that?

Re: Temporary pause of Bitcoin withdrawals on Binance

#527

Post by RestlessMind »

tiborsaas wrote: post #504
RestlessMind wrote: post #411

Earlier quoted context omitted.

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 :)

And yet its market cap, >10T USD, is not at all commensurate to the uses you cited. Governments hold gold in their reserves because they see it as a hard asset.

Re: Temporary pause of Bitcoin withdrawals on Binance

#528

Post by Geee »

lolc wrote: post #524
Geee wrote: post #508

Earlier quoted context omitted.

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 chi…

Network effects go to a certain point yes. Then having people who hoarded chips is a detriment to the network. Because after that, people with actual resources like food or fuel will just invent their own chips to trade.

It won't get to that point, because no one wants to hoard too much. Hoarding chips endlessly is pointless. It's basically just a riskless buffer for future spending or investing. People will either spend or invest all extra chips. Rich people would own all the factories that produce food and fuel. They wouldn't sit on a pile of chips.

If someone is endlessly hoarding chips, it means that they are producing more than they are consuming. This would be positive for the economic network, but negative for the individual (because they are working more than needed).

If someone has a lot of chips, but isn't producing anything, they'll eventually lose their chips, because they have to spend them to stay alive.

Re: Temporary pause of Bitcoin withdrawals on Binance

#530

Post by lolc »

Geee wrote: post #528
lolc wrote: post #524

Earlier quoted context omitted.

Network effects go to a certain point yes. Then having people who hoarded chips is a detriment to the network. Because after that, people with actual resources like food or fuel will just invent their own chips to trade.

It won't get to that point, because no one wants to hoard too much. Hoarding chips endlessly is pointless. It's basically just a riskless buffer for future spending or investing. People will either spend or invest all extra chips. Rich people would own all the factories that produce food and fuel. They wouldn't sit on a pile of chips. If someone is endlessly hoarding chips, it means that they are producing more than…

Well fine. But now you're contradicting what you said two comments up:

> instead of hoarding food and fuel, you can hoard money and buy the things you need in the future.

Again, how do you know people won't just start trading with other chips? That will devalue the hoarded chips.

The argument started with paper thalers being a poor store of value. Casino chips were pitched as an alternative. And now here we are. Turns out the chips too are a poor store of value. Both can be true at the same time.

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