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Crypto exchange AAX suspends withdrawals

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Re: Crypto exchange AAX suspends withdrawals

#511

Post by tootie »

JumpCrisscross wrote: post #73
tootie wrote: post #67

Earlier quoted context omitted.

Is it? There's no reserve rate on the books but there's still a natural interest rate. And I'd estimate that for something like Bitcoin it's sky high. That's how it produced massive returns with no equity or assets. When Bitcoin was first launched, economists said the mining and splitting algorithm would be massively deflationary and that seems to have come true.

> would be massively deflationary and that seems to have come true Bitcoin makes Argentina and Venezuela look like bastions of hard money. It’s lost purchasing power, i.e. inflated, at an astronomical rate.

In the past year, yes. I'm talking about the bull run years. It's well below it's peak but still trading around $16k when it was worth $0 15 years ago.

Re: Crypto exchange AAX suspends withdrawals

#512

Post by anticristi »

jandrese wrote: post #385
anticristi wrote: post #109

Pardon for living under a rock, but why are crypto exchanges affected by the mood in the crypto market? I thought that a crypto exchange functions like a currency market: I put an offer to sell 10,000 EUR for 1 BTC and someone else puts an offer to buy 10,000 EUR for 1 BTC. When orders cross, a transaction happens and the exchange gets a fee, whether in currency or crypto units. What are crypto exchanges fundamentall…

The thing that you are missing is that crypto transactions are slow and expensive. When I say slow I mean hours to complete a single transaction. That's why people keep their money on the exchange, it's far more efficient and usable. Of course it's also risky because exchanges do rug pulls all the time. Knowing when to pull your crypto and bail is a trick. If you're seeing news articles about "minor irregularities" a…

Okay, so if I replace the word "exchange" with "Ponzi scheme", then all "crypto exchange" news make a lot more sense to me.

Thanks!

Re: Crypto exchange AAX suspends withdrawals

#513

Post by cmsj »

koheripbal wrote: post #230
rtkwe wrote: post #212

Earlier quoted context omitted.

Exchanges are the primary reason crypto value is as high as it is though. Without the easy way to get money in (and usually out) of $COINs there's less speculation, less money flowing in, less market to drive prices. If we were back in the days of Local Bitcoin being the best way to buy coins there'd be even less of the meager adoption we've seen in business too.

Satoshi also never said Bitcoin should have a high value or be an investment vehicle.

A high value is certainly an implicit outcome of taking this literally:

"What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party"

One could make the argument that crypto ownership could be a short-lived thing - you buy some crypto, use it immediately for an electronic payment, then you have no more crypto, which would keep its value low, but then you need a trusted third party to buy the crypto from, and the retailer needs one to sell the crypto to.

Removing a third party means that you need to be paid in crypto, and do all your transactions with crypto. Given that Bitcoin was created with a finite pool of coins, it's obviously necessary that each coin be worth a vast amount of money, for it to replace all fiat currently used for electronic payments.

Re: Crypto exchange AAX suspends withdrawals

#514

Post by mcrad »

flanked-evergl wrote: post #96
spywaregorilla wrote: post #72

Earlier quoted context omitted.

SBF spent about 33% Republican / 66% Democrat EDIT: Not accurate ^ Yet 18 of the 25 top donors were Republican leaning. Billionaires comprise 20% of Republican funding vs. 14% for Dems. Most republican megadonors were entirely republican. The big ones are from hedge funds. So yeah, SBF donated to the dems. We need more regulation to get money out of politics. But let's not kid ourselves into thinking the republican p…

> So yeah, SBF donated to the dems. We need more regulation to get money out of politics. But let's not kid ourselves into thinking the republican party is immune to this. They are in it. They tend to be more in it. Fair enough and thanks for the context, but politically connected is politically connected. Can be politically connected to democrats or republicans.

Some people will never understand how damaging this level of tech money tied up in politics is. Apparently it's easier to jump on one side and do finger-pointing than to actually accept the level of fraud happening.

Re: Crypto exchange AAX suspends withdrawals

#516

Post by BitwiseFool »

yewenjie wrote: post #497

How likely is this cascade to reach Binance?

If I were a betting man, and I am because I am involved in this crypto-calamity, yes, do expect this cascade to reach them eventually. Putting aside the philosophical questions about contributing to a bank-run, if you have assets on Binance it may behoove to you start withdrawals sooner rather than later.

Re: Crypto exchange AAX suspends withdrawals

#517

Post by eptcyka »

coconut08 wrote: post #503
yewenjie wrote: post #497

How likely is this cascade to reach Binance?

anyone who claims to know is lying to you. historically speaking, a good heuristic would be: not your keys not your coins, no matter what the exchange is. if you control your own keys then you don't need to wonder about whether binance is solvent or not.

If Binance was to topple, the price of coins would drop. Most people using crypto exchanges don't care about holding keys, they only care about making a profit in a fiat currency.

Re: Crypto exchange AAX suspends withdrawals

#519

Post by HideousKojima »

andybak wrote: post #324
MichaelCollins wrote: post #260

Earlier quoted context omitted.

Print your private key on paper and lose it all when your house burns down. vs Give your private key to an exchange, and enrich the shitheads running the exchange when they run away with your money. First option seems preferable. If you're going to lose your money, better for the money to be truly lost than to enrich a thief.

> If you're going to lose your money, better for the money to be truly lost than to enrich a thief. I'd quite like an option C

Become a goldbug?

Re: Crypto exchange AAX suspends withdrawals

#520

Post by CliffStoll »

skinnymuch wrote: post #330
nanna wrote: post #129

Earlier quoted context omitted.

> As I've noted before on HN One of the joys of HN is that on the whole no one knows who anyone else really is nor keeps track of what they've argued previously.

Some of us put out real info in our profiles.

some of us use our real names
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