91–100 of 309 posts
Earlier quoted context omitted.
> the major stable coins still holding pegs How? In what assets? Even in Treasuries, tens of billions of unexpected sales in an off run will depress prices. If deposited in a podunk bank, it might literally go under.
Still refers to the present. You are referring to a hypothetical future.
Earlier quoted context omitted.
Wait...they're refusing to allow on-chain transfer of USDC from their custodial account to a customer's wallet? I assumed this was about exchange of USDC to fiat, hence the hand waving about banks.
Not your key, not your crypto.
> 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…
P.S. also too not sure how special credit card hardware is a problem anymore, if you want to pay with your phone, there are more and more options every year to do that, and even tie that to a credit card (for benefit of risk and/or points).
> 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 have been waiting for 2 and a half months for an international payment via SWIFT, I worked long hours for that money and I needed it urgently. The money left the sender's account 2 and a half months ago. Neither of us has the money in our accounts while the bank tells us to just wait a little bit longer, or they do not know where the amount is, some nonsense about beneficiary bank holding/releasing my money. Whereas a friend just sent me a hefty figure (mid 5 figures) of crypto by withdrawing it out of Binance Global to my personal wallet, it was confirmed in 15 minutes and I got the money in my account in 10 minutes. I sent the crypto to my local (Binance has different companies/legal bodies in different countries) Binance account, converted it to a currency of my liking and withdrew it to my personal bank account. All under 20-30 minutes and I have the money now.
Not endorsing Binance or any other central exchange (my personal position is: not your keys, not your coins, I would never hold a big amount in any central exchange), but I do not understand HN's (majority of HN's) position against crypto in general. Maybe you are privileged enough to never have this kind of issues, but some of us do. Some of us live in countries with hostile governments, (which government isnt hostile towards the public anyways? /s).
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…
Earlier quoted context omitted.
After all of this fallout, the only people left that will even touch crypto will be the ones that understand how to set up and use a hardware wallet. I don't think that will be a very large market.
Perhaps. I’m guessing that the sting will wear off and newcomers will venture into crypto sometime in the future. I personally view these crashes as a necessary cleansing since so many scam/meme projects get created every go around.
Governments are modernizing trade and settlement systems. Other areas of tech are booming, and one could conceivably still get in at the ground floor. And who knows, we may have yet to even see the bottom of where crypto will drop.
If I were in crypto, I'd be looking at AI/ML with hungry eyes.
> 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.
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…
>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/…
Thus the proper expansion of the initialism FUD is, (directed at grandparent,) "Facts U Dislike"
Earlier quoted context omitted.
You could say the same thing about Eurodollars-- "US Dollar" denominated assets that are held in banks outside the United States and not subject to US Bank regulations. The size of this market is more than 10x all of crypto.
You could an you'd be right. Although, then you are trading one regulatory body for another, which you can do pretty freely with currency trading. Crypto is where you go if you don't want any regulatory bodies at all.
Crypto is where you go if you are naive enough to believe that technology can be an effective substitute for financial rules and regulations.
Earlier quoted context omitted.
>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/…
Do we know what token they swapped USDC for? Why would you swap a stable coin for another token? Didn't FTX swap coins for their native currency and use the proceeds for Alameda?
Actually it makes thing easier for user because now USDC and BUSD always calculated as 1:1 with no swap fee. Crypto pair are more lean since they only need to pair with BUSD.
Options to withdraw USDC still available and will use BUSD balance.