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Binance freezes withdrawals of stablecoin USDC as investors pull $2B

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Re: Binance freezes withdrawals of stablecoin USDC as investors pull $2B

#201

Post by danaris »

jimbob45 wrote: post #188
nordsieck wrote: post #119

Earlier quoted context omitted.

> In terms of the Euro, I find it more useful to view the Eurozone as somewhat similar to the US. There's one central monetary policy for really large economies that in a different environment, would have liked to do things independently. It's especially relevant now as US states have GDPs comparable to the Eurozone constituent nations. There is an enormous difference, though: internal mobility/identity. Germans tend…

People in Oregon and New Hampshire tend not to have very strong affection for their state. This sounds like the opinion of a European who has never actually lived in the US. People are much more married to their states than it seems that you'd believe.

And even moreso to their cultural regions.

While someone from (say) Connecticut might not think much of moving to Maine, they would probably feel different about moving to Iowa, Washington, or Alabama.

Here's one of the various maps I've seen of US cultural regions: [0]

It seems to be accurate for the areas I know anything about; I can't speak for it in other places.

[0] https://preview.redd.it/ntsqzyp8uq531.png?auto=webp&s=afb643...

Re: Binance freezes withdrawals of stablecoin USDC as investors pull $2B

#202

Post by hypertele-Xii »

kayamon wrote: post #118
hall0ween wrote: post #32

Earlier quoted context omitted.

I'm no crypto expert here, admittedly. Isn't the point of decentralization to avoid this level of control? It's like the crypto 'investor' response is "Decentralization...that's not so important. What we really want is sheer, unaltered speculation."

Bitcoin has continued clearing transactions throughout, just as it always has since its creation. Crypto != Bitcoin.

Except, of course, all the forks that have happened, and thus all the "old bitcoin" that no longer trade.

https://en.wikipedia.org/wiki/List_of_bitcoin_forks

Re: Binance freezes withdrawals of stablecoin USDC as investors pull $2B

#203

Post by graeme »

jacobsimon wrote: post #97
wpietri wrote: post #60

Earlier quoted context omitted.

> 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.

Stablecoins have totally valid use cases in the crypto ecosystem that don’t involve skirting regulations. People want something that isn’t volatile. It takes days to deposit and withdraw actual USD from exchanges and requires centralized entities that charge fees (or are totally untrustworthy as we’ve seen). Contracts and dapps can hold and interact with USDC to create useful applications that aren’t just speculative…

Not volatile? The point of stablecoins is they’re supposed to match the USD in value. By definition they are more volatile than usd as they are pegged to it and vary in price

Re: Binance freezes withdrawals of stablecoin USDC as investors pull $2B

#204

Post by bdcravens »

latchkey wrote: post #101
jqpabc123 wrote: post #66

Earlier quoted context omitted.

I know HN wants to see crypto die in a giant ball of flaming fire, Or maybe crypto has always been a "giant ball of flaming fire" and HN is just trying to discourage people from throwing real money into it.

Quoted post unavailable.

The SEC's job has never been to encourage nor discourage any particular investment, but rather, to enforce safety. That's why there an entire industry of securities analysts.

Re: Binance freezes withdrawals of stablecoin USDC as investors pull $2B

#205

Post by jjulius »

latchkey wrote: post #155
jjulius wrote: post #135

Earlier quoted context omitted.

I... never said that you did? I know you don't, your first post suggests that you and I both want to see crypto go up in flames. That said, defending Binance isn't a prerequisite for spreading FUD. What I'm saying is that you are wrong about this withdrawal freeze being a "pre-announced downtime for a hardfork on their BSC chain" - it is an entirely separate freeze . Here's a really condensed version of what's happen…

> You: "Stop spreading FUD, this was just a planned downtime." Certainly, except that isn't all that I said. After the above, you dropped: * You: Here is a bunch of links of people getting withdrawals no problem.

I'm sorry, but where? You've linked to three Twitter posts...

https://twitter.com/cz_binance/status/1602510004795367424

* https://twitter.com/cz_binance/status/1602676998094069760

https://twitter.com/Travis_Kling/status/1602400700192985100

... and I'm scrolling through the replies and not really seeing anything about anyone confirming functional withdrawals. But that's ignoring the fact that third-party claims of functional withdrawals are irrelevant to my point. None of those claims would change the fact that this downtime was not "pre-announced downtime for a hardfork on their BSC chain". Binance themselves have publicly confirmed this today, regardless of what you're saying third parties have claimed.

* Okay, so you have to click through the shared Tweet on this one, but this appears to be what you're getting at. The few tweets from people at the start of the thread confirming withdrawals all posted during the time that Binance themselves said withdrawals were frozen, and they conveniently offer no actual proof of a successful withdrawal. Scrolling further, there are other people who commented around the same time (or even more recently, since Binance announced they'd resumed) who have been having trouble performing withdrawals. Unreliable anecdata at best.

Re: Binance freezes withdrawals of stablecoin USDC as investors pull $2B

#206

Post by PKop »

grey-area wrote: post #170
jacobsimon wrote: post #97

Earlier quoted context omitted.

Stablecoins have totally valid use cases in the crypto ecosystem that don’t involve skirting regulations. People want something that isn’t volatile. It takes days to deposit and withdraw actual USD from exchanges and requires centralized entities that charge fees (or are totally untrustworthy as we’ve seen). Contracts and dapps can hold and interact with USDC to create useful applications that aren’t just speculative…

If a stablecoin is fully backed by USD, why does it exist? The only reasons for these coins to exist are: 1. Avoid proper financial controls and regulations imposed on real currencies and operate illegally. 2. To separate fools from their USD and replace it with USDT or whatever.

It's obvious why it exists. Dollar liquidity inside of the crypto network ecosystem. You can quickly move out of volatile assets into stable coins. You can transfer these stable coins quickly into and out of wallets and contracts. You cannot do either of these as efficiently with pure fiat which would then require an "IOU" from an exchange which would be less transferable, require trust of the exchange, and would insert friction moving into or out of the $.

Re: Binance freezes withdrawals of stablecoin USDC as investors pull $2B

#207

Post by [deleted] »

jacobsimon wrote: post #97
wpietri wrote: post #60

Earlier quoted context omitted.

> 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.

Stablecoins have totally valid use cases in the crypto ecosystem that don’t involve skirting regulations. People want something that isn’t volatile. It takes days to deposit and withdraw actual USD from exchanges and requires centralized entities that charge fees (or are totally untrustworthy as we’ve seen). Contracts and dapps can hold and interact with USDC to create useful applications that aren’t just speculative…

[deleted]

Re: Binance freezes withdrawals of stablecoin USDC as investors pull $2B

#208

Post by chrisbaker98 »

graeme wrote: post #203
jacobsimon wrote: post #97

Earlier quoted context omitted.

Stablecoins have totally valid use cases in the crypto ecosystem that don’t involve skirting regulations. People want something that isn’t volatile. It takes days to deposit and withdraw actual USD from exchanges and requires centralized entities that charge fees (or are totally untrustworthy as we’ve seen). Contracts and dapps can hold and interact with USDC to create useful applications that aren’t just speculative…

Not volatile? The point of stablecoins is they’re supposed to match the USD in value. By definition they are more volatile than usd as they are pegged to it and vary in price

The point is that their prices are less volatile than the prices of "real" cryptocurrencies like Bitcoin.

Re: Binance freezes withdrawals of stablecoin USDC as investors pull $2B

#209

Post by hef19898 »

rvz wrote: post #176
bellip wrote: post #94

Earlier quoted context omitted.

Yes, it's digital already. However banks manage the whole system and they can do whatever they want with your money if you are nobody. 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 wai…

> Maybe you are privileged enough to never have this kind of issues, but some of us do. Correct. The eternal hate for crypto is by a screaming minority who are too privileged to even bother realising the majority of people are worse off in countries like Argentina, Nigeria, and Turkey which their currencies have lost over 80% of their value and is quite frankly worthless. Using USDC as a cheap, fast, global way of se…

The vast majority of people in those countries either go for USD, Euros or are too poor to bother with crypto. Portraing crypto as anything but privileged people's latest hot investment vehicle to become rich, fast, is just plain wrong.
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