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Binance halts deposits and withdrawals for customers in the UK

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Re: Binance halts deposits and withdrawals for customers in the UK

#81

Post by carnitine »

lazzlazzlazz wrote: post #59
distant_hat wrote: post #21

Earlier quoted context omitted.

As Taleb said on Balaji Srinivasan's comment on Fed not communicating about the rate increases earlier. If crypto people feel that the losses are because of Fed's actions, then they should also agree that the profits are because of Fed'a actions.

This argument format - "if X is responsible for a decrease in Y, then not X is responsible for any increase in Y" - is plainly false and silly in any case it is applied, including this one.

No one is claiming it is a tautology for all X and Y, it just happens to be true in this particular case.

Re: Binance halts deposits and withdrawals for customers in the UK

#82

Post by nailer »

TebiObiZA wrote: post #39
nailer wrote: post #28

People outside the UK: Binance broke UK law by selling OTC crypto derivatives after they were made illegal. This is why British people see all those “did you use Binance product X after Y date?” ads online. There's a bunch of people taking legal action against Binance UK.

What are OTC crypto derivates? How do they work?

OTC derivates is selling derivates (not direct instruments like tokens or equities or real estate, but rather instruments whose value is derived from a combination of a base instrument and other features, like an expiration date or a target price) to regular people over the counter (OTC).

Derivatives are way more volatile than base instruments, and since crypto is already volatile as a base instrument, crypto derivates are VERY volatile.

Re: Binance halts deposits and withdrawals for customers in the UK

#84

Post by zopa »

poof131 wrote: post #74
nickstinemates wrote: post #46

Earlier quoted context omitted.

From [1] > No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer... Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law. 1: https://home.treasury.gov/news/press-releases/jy1337

So "consumers" are always said to "pay" as companies "pass through" increased costs due to goods, regulations, etc., but that doesn't apply here to all the taxpayers who use banking and are subject to increased FDIC insurance costs? And taking underwater, low-interest debt on the books at face value costs taxpayers overtime through inflation even if we get "paid back with interest". Why don't private buyers want this…

> So "consumers" are always said to "pay" as companies "pass through" increased costs due to goods, regulations, etc.

It isn’t always said, because it isn’t always true. If the business you’re looking at has profits, then it has pricing power, and the conditions for 100% pass-through don’t exist.

Re: Binance halts deposits and withdrawals for customers in the UK

#85

Post by notahacker »

coffeebeqn wrote: post #70
RjQoLCOSwiIKfpm wrote: post #49

Earlier quoted context omitted.

Cryptocurrencies were meant as a "grow your own food" thing in the first place, they are supposed to be decentralized. Hence it does not seem logical to go to a "grow your own food" subthread and wonder why it makes a point about store-bought food not being grown at home. As with all things in life, a golden rule applies: If you don't like it then don't use it, that's ok!

It seems more like a case of someone inventing tomatoes and getting mad that industrial farms starts planting them. That’s not tomatoes! It’s supposed to be decentralized! Often the thing that’s envisioned by the creators is not the final say on market fit

Worse than that. It's like people whose fortune is tied up in tomato plants insisting that none of the people eating tomatoes or exporting them or making sauces with them should be considered anything to do with the tomato industry

If there were no exchanges to provide a friction-free way for speculators and suckers to buy Bitcoins and Bitcoin recipients to turn them into spendable cash, there would be virtually no demand to buy or accept goods for Bitcoins, and the supply of Bitcoins exceeding the demand for them would obviously render them useless as a "store of value"

Re: Binance halts deposits and withdrawals for customers in the UK

#86

Post by GuuD »

luckylion wrote: post #75
lazzlazzlazz wrote: post #59

Earlier quoted context omitted.

This argument format - "if X is responsible for a decrease in Y, then not X is responsible for any increase in Y" - is plainly false and silly in any case it is applied, including this one.

Isn't it obvious? If the fire was responsible for burning down the house, then the fire must have also built it. Feels close to the theory behind homeopathy. If something can trigger some symptom in a healthy person, then the same something can revert it in a sick person. They just remove any trace of it from the medicine to increase the effect.

English isn't my first language either, and I know how confusing it can be, so let me help here. Here is the quote from the post: "If crypto people feel that the losses are because of Fed's actions, then they should also agree that the profits are because of Fed's actions". As we know, Fed's actions have changed: from providing "cheap" or almost free money (rate was something like 0.08%) to much more expensive ~4.5% now. It wouldn't be a huge leap of reason to assume that at least some of the impressive growth of crypto was driven by insanely low interest rates. But that's just my opinion, feel free to keep comparing monetary policy to homeopathy.

Re: Binance halts deposits and withdrawals for customers in the UK

#87

Post by zopa »

JamesonNetworks wrote: post #56
nickstinemates wrote: post #46

Earlier quoted context omitted.

From [1] > No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer... Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law. 1: https://home.treasury.gov/news/press-releases/jy1337

It is inescapable that tax payers will bear the cost of the insurance, if not directly through taxes than indirectly through increased banking fees and reduced rates.

Does the counter-factual world you’re comparing to have any copy-cat bank runs in it? Seems like those might drive fees up and rates down.

Re: Binance halts deposits and withdrawals for customers in the UK

#88

Post by HN_is_for_gemes »

MagicMoonlight wrote: post #71

Cryptocurrency is just an attempt by fraudsters to repeat all of the previous scams on a brand new banking system. It turns out there’s actually a reason we have so many laws.

What's the scam? I've used Bitcoin once a week at least since 2013. I put a lot of my hard earned money into it back then, it went up, and for the last 5-6 years when I need a little extra cash for a car, girlfriends mortgage payment, vacation, etc. I sell a little BCH or buy stuff on Amazon through https://Purse.io at a 10-25% discount, plus the buyers usually have Prime so I don't even have a use for a Prime subscription anymore :)

Who did I scam? Bitcoin is digital cash, nothing more nothing less. If someone hurt you using a digital currency I'm sorry but don't take it out on the very concept of digitizing money.

Re: Binance halts deposits and withdrawals for customers in the UK

#89

Post by ssnistfajen »

reocha wrote: post #79
MagicMoonlight wrote: post #71

Cryptocurrency is just an attempt by fraudsters to repeat all of the previous scams on a brand new banking system. It turns out there’s actually a reason we have so many laws.

Unsurprisingly these regulations exist for a reason.

Crypto bros looked at the Free Banking Era of the U.S. and unironically thought that would be great to live through. Unsurprisingly they are the exact demographic who would fantasize that era of the United States as a good time to live in.
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