This is hilarious. Buying “down” coins on binance. Seems like all real coins will drop in value, and “down” will go up. Splashed 100£. Guess i’m buying twitter soon.
Crypto exchange AAX suspends withdrawals
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Re: Crypto exchange AAX suspends withdrawals
#592The warning bells should be going off in the entire crypto sector right now. If you have money in crypto, I'd strongly recommend going off-exchange
Why wouldn't you get out of any/all crypto you can right now?
If you're bullish on crypto's long-term prospects you can always buy back in after the crash. There will be a new "ground floor". (I would suggest no one do that... just saying, even if you believe whole-hog in the future of crypto, now's the time to sell any way you can.)
Re: Crypto exchange AAX suspends withdrawals
#593Earlier quoted context omitted.
A lot of crypto investors are day traders or naive hodlers who have no idea what blockchain and DeFi means. But DeFi protocols like Uniswap and Aave are holding up fine and are incapable of pausing user withdrawals.
There is still the question of how to convert your crypto to actual spendable dollars again. Sure, uniswap will let you get another token but you still need an exchange to get dollars. This gets particularly important when, say, the giant scam that is Tether finally crashes and burns,
Yes, a regulated centralized exchange is valuable for on and off ramp. All they would need to do is process user transactions, take a small fee, and not gamble with user funds. Regulators could do audits and keep consumers protected.
But regulators have failed to provide clear framework for exchanges in the US[1], so most CEXes are running off shore.
[1] https://www.cnbc.com/2022/11/11/op-ed-crypto-markets-need-re...
Re: Crypto exchange AAX suspends withdrawals
#594Crypto for retail consumers is dead. The end.
I just don't see how consumer confidence can come back after losing thousands.
Re: Crypto exchange AAX suspends withdrawals
#595Earlier quoted context omitted.
The use case is "stuff we can't imagine"?
Imagine someone told you in 1989 when all the internet did was email and ftp, that the internet was going to do a lot of other things but they didn't really know what yet.
> all the internet did was email and ftp
In retrospect, that would have been a nice stopping point...
Re: Crypto exchange AAX suspends withdrawals
#596Crypto for your average retail customer is dead.
I just don't see how consumer confidence can come back after losing thousands.
Re: Crypto exchange AAX suspends withdrawals
#597Can someone actually explain what the intrinsic use of coins is supposed to be (aside from speculating). Their value is so volatile they suck as actual currency, not to mention if you were the guy that spent 10,000 bitcoins on a pizza back in the day you'd feel pretty stupid about your 300 million dollar pizza. They're not even particularly good for illegal purchases -- you have to know what you're doing to keep your…
The only real use case for crypto has always been buying drugs online (and other, similarly illegal things that normal payment processors won't touch). Tons of hot air has been generated proposing other things but none of them have any product market fit once you remove the traders/speculators.
Re: Crypto exchange AAX suspends withdrawals
#598Pull enough cards out, and the house will collapse completely.
Ironically, an exchange may not be in actual danger at this moment, but they may recognize the coming (what's a word for worse than a winter?...), and they may decide to close up shop, use the failures of others as an excuse, and walk away with as many marbles as they can liquidate.
Yes this is a pessimistic view, but it has already happened many times in history (not just crypto).
Re: Crypto exchange AAX suspends withdrawals
#599Crypto for retail consumers is dead. The end. I just don't see how consumer confidence can come back after losing thousands.
21st Century Beanie Babies
Re: Crypto exchange AAX suspends withdrawals
#600Can someone actually explain what the intrinsic use of coins is supposed to be (aside from speculating). Their value is so volatile they suck as actual currency, not to mention if you were the guy that spent 10,000 bitcoins on a pizza back in the day you'd feel pretty stupid about your 300 million dollar pizza. They're not even particularly good for illegal purchases -- you have to know what you're doing to keep your…
Volatility aside, stuff like Bitcoin _is_ already used for payments, albeit in a much lower volume than the crypto proponents wish it would be. I pay contractors now and then with BTC, particularly in South America and Africa, and works MUCH better than SWIFT (even if I have to convert from USD to BTC and they have to convert from BTC to whatever on their side). Projects like Ripple also have their use - it's mostly…
> and works MUCH better than SWIFT (even if I have to convert from USD to BTC and they have to convert from BTC to whatever on their side).
Assuming the exchange you're converting in doesn't collapse before giving you your money...