Crypto exchange AAX suspends withdrawals

Post by iamthirsty » Mon, Nov 14, 2022, 4:23 PM UTC

gruez wrote: post #267

phailhaus wrote: post #233

Earlier quoted context omitted.

> Satoshi wouldn't be encouraging people to put their coins on a trusted third party like that. All fundamental crypto values say this. You can literally say this about "regular" currency. Just don't put your money in banks! But people do, why? Once you answer that, you'll realize why people do it for crypto too. You can't complain that it's "against fundamental crypto values" when it doesn't have any mechanism for p…

>But people do, why? 1. cash is bulky and risky to keep at home 2. inflation eats away at your savings Bitcoin is designed to solve both issues.

Post by awinder » Mon, Nov 14, 2022, 4:24 PM UTC

codedokode wrote: post #298

gzer0 wrote: post #119

"At this point I'm convinced Satoshi Nakamoto was actually a public administration professor trying to teach kids why financial institutions have the rules in place that they do. Given enough time, the entire crypto space will have reinvented every regulation they tried to get rid of and understood why they existed in the first place."

Regulated banks and currencies have similar issues, for example: - the government can print more money and devaluate your savings (it's like a form of tax one cannot avoid). But it is difficult to "print" more cryptocurrency. - the government can put limits on amount of money one can withdraw from a bank account. So you legally have the money but cannot use it. - the bank can refuse to deal with you under AML acts wi…

Post by Closi » Mon, Nov 14, 2022, 4:26 PM UTC

notch656a wrote: post #370

Closi wrote: post #333

Earlier quoted context omitted.

> But at least in crypto I have the OPTION of storing it myself. You have the option with Fiat too - you can get paper currency and store it yourself in a secure location. $10,000 can be stored in $100 bills in as little as c0.03 meters^3. Using a bank is much more convenient to store Fiat though if you want to buy/sell things, much like using an exchange to store Crypto is much more convenient if you want to trade c…

Storing a 12/13 word string in your head for a cold wallet puts it into territory a lot closer to a bank account, and in the US normally words in your head can't be seized via court order (there are some exceptional circumstances, but they're far more limited than freezing bank accounts).

Post by Nursie » Mon, Nov 14, 2022, 4:26 PM UTC

zeroclip wrote: post #328

Nursie wrote: post #280

Earlier quoted context omitted.

Yes, because DeFi never suffers from collapses or hacks. Nobody every drained a DAO with a flash-loan, or used one to cash-out illiquid assets with no intention of paying it back... DeFi is as much of a joke as the rest of the ecosystem.

Different category of risk. CEX and DEX can both have hacks. An open source DEX can be verified, formally tested, and made immutable and un-upgradable on chain, like Uniswap. Uniswap V2 contract is 2 years unchanged, $3.8B TVL and $1B daily volume, close to 10 year old Coinbase CEX. Not bad for being a joke.

Post by zmgsabst » Mon, Nov 14, 2022, 4:27 PM UTC

skinnymuch wrote: post #363

zmgsabst wrote: post #112

Earlier quoted context omitted.

SBF spent 99.9% Dems and 0.1% Repub, according to your first link. You’re telling untrue facts according to your own sources — to minimize that the second largest Dem donor was a criminal stealing customer funds. Your comparison to Repubs is unfounded as none of their donors engaged in organized crime like SBF. Why are you spreading election misinformation?

Those other billionaires donating a ton may be mostly legally doing their huge business. That doesn’t make it moral or ethical or completely legal. If the entire system is corrupt, pointing all fingers at the corrupt Dem party when the Repub part is just as corrupt if not more so is weird, uniformed, and biased. Are you spreading election misinformation?