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This might be why BTC is shooting up at the moment. If you can't withdraw your stable coins you might as well buy Bitcoin and withdraw that.
More likely it's reacting to inflation data.
Several of my stock holdings are up the same amount as Bitcoin is today.
USDC is supposed to be the good stablecoin.
If you give me 100 USDC and I pinky promise to give them back but then I don't, whose fault is it? USDC's?
Honest coin salesman: Look you want to trade honest coins? Down that alley is seedy Joe he is one of the local traders, on a good day there is only a 50% chance that he will mug you.
Earlier quoted context omitted.
> yoh are referring to a hypothetical future I’m referring to the present state of their reserves. A present state which almost deterministically implies a future state under certain conditions.
You’re still wrong though. Do these companies likely have reserves to back their coins? No. Are the pegs currently holding just fine? Yes. Will the pegs fall at some point in the future? Maybe? Hopefully? But this statement is irrelevant to observing the current state of the pegs.
Fair enough. (Though I’m unconvinced of the value of a peg that can’t be redeemed against, à la Tether.)
> The world's biggest crypto exchange will freeze all withdrawals of USD Coin while it conducts a "token swap" to boost its holdings of the dollar-pegged cryptocurrency, the crypto group's CEO Changpeng Zhao said Tuesday It's worth noting that USDC is not even a token controlled by Binance. It's controlled and issued by Circle. So effectively, Binance is refusing to honor its commitment to depositors to give them the…
> US dollar-like liquidity and value preservation without US dollar financial regulation. Or in other words, they'd like the benefits of regulation without the costs of regulation. Which I certainly appreciate. As a child my plan for adulthood was desserts all the time, no vegetables ever.
When you put USD backed stablecoin on exchange you're trusting
1) Exchange won't fail
2) Backers won't fail
3) US gov won't fail
Any single one fail and you're fucked. America decided dollars should float in the 70s, and most of the world followed. IMO sooner or later crypto will end up all floating because pegging relies on centralized points of failure and eventually people will tire of getting wiped out.
> The world's biggest crypto exchange will freeze all withdrawals of USD Coin while it conducts a "token swap" to boost its holdings of the dollar-pegged cryptocurrency, the crypto group's CEO Changpeng Zhao said Tuesday It's worth noting that USDC is not even a token controlled by Binance. It's controlled and issued by Circle. So effectively, Binance is refusing to honor its commitment to depositors to give them the…
I think there is an important missing part of this argument that many of the current paths to move dollars around that network in the traditional system take either days to settle and/or cost quite a lot in fees. I see crypto having potential to optimize lots of things and introduce extra trust from a technical infrastructure standpoint. Right now my traditional money is sitting in several digital banks or brokerages…
Here's the SEPA instant credit transfer service (maximum duration of ten seconds): https://www.europeanpaymentscouncil.eu/what-we-do/sepa-insta...
This might be why BTC is shooting up at the moment. If you can't withdraw your stable coins you might as well buy Bitcoin and withdraw that.
I'm not defending Binance in any way, but this is FUD that is getting blown out of the water (arguably, people are on edge these days). It was pre-announced downtime for a hardfork on their BSC chain. https://twitter.com/cz_binance/status/1602510004795367424 It has caused a bit of a bank run and cz says things are processing just fine (along with tons of 3rd party confirmations). https://twitter.com/cz_binance/status…
>https://twitter.com/cz_binance/status/1602510004795367424
>It has caused a bit of a bank run and cz says things are processing just fine (along with tons of 3rd party confirmations).
>https://twitter.com/cz_binance/status/1602676998094069760
>I know HN wants to see crypto die in a giant ball of flaming fire, but let's not lower ourselves to the point of just passing on FUD.
>Edit: -4 incoming. I'm going to leave this here because it is worth it. I'm not a fan of FUD and neither should you be.
I'm going to quote this full comment for posterity's sake, but I also think that you're a bit confused. You say that "it was pre-announced downtime" and cite a tweet from yesterday that says "Also done now. All resumed". In point of fact, withdrawals are not resumed, and a tweet from CZ today confirms that withdrawals are down and they're waiting for a US bank to open[1].
Edit: Shit, Binance themselves even admit this is because of a token swap, not planned downtime[2]. How is this FUD?
Edit 2: Withdrawals back online as of ~5 minutes prior to my comment[3].
[1]https://twitter.com/cz_binance/status/1602579499903852544
> The world's biggest crypto exchange will freeze all withdrawals of USD Coin while it conducts a "token swap" to boost its holdings of the dollar-pegged cryptocurrency, the crypto group's CEO Changpeng Zhao said Tuesday It's worth noting that USDC is not even a token controlled by Binance. It's controlled and issued by Circle. So effectively, Binance is refusing to honor its commitment to depositors to give them the…
They say a lot of words but they don't understand them. Also greed and pride.
> Binance Coin — a native token that is seen as reflecting customers' trust in the exchange — had slipped 5.12% to trade at just under $269 at last check Tuesday
But then again, my risk aversion / caution in life has probably saved my life from car accidents or overdose so ehh whatever.