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Binance US No Longer Allows USD Withdrawal for Users

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Re: Binance US No Longer Allows USD Withdrawal for Users

#61

Post by UncleMeat »

vaxintar wrote: post #52
stouset wrote: post #6

Earlier quoted context omitted.

Nearly 14 years in, where exactly is this “ton of real world utility”? Surely someone somewhere would have a product providing this utility, even amidst the sea of fraud and grift. I still don’t see it. Some utility? Okay, sure. A ton? Not even close. Consider that the web launched in 1993. By 2007 (14 years later), virtually the entire planet had changed dramatically as a result. That is a technology with a ton of r…

Thanks to Ethereum (and specially now that there are L2s which have cheaper tx costs) I can distribute revenue from my business between different types of collaborators, without incurring in paying 120% in taxes for having "employees". In Argentina if someone works for you more than 15/20 hours in a given month you are legally obliged to hire them for, at least, 3 months. The legislation doesn't fit in tons of cases,…

This really is the key thing. Crypto allows for the evasion of laws. That's its key contribution. In authoritarian states this is probably a net good. In the rest of the world this is a harm.

"The killer app for this technology is crime."

Re: Binance US No Longer Allows USD Withdrawal for Users

#62

Post by giantrobot »

charcircuit wrote: post #17
stouset wrote: post #6

Earlier quoted context omitted.

Nearly 14 years in, where exactly is this “ton of real world utility”? Surely someone somewhere would have a product providing this utility, even amidst the sea of fraud and grift. I still don’t see it. Some utility? Okay, sure. A ton? Not even close. Consider that the web launched in 1993. By 2007 (14 years later), virtually the entire planet had changed dramatically as a result. That is a technology with a ton of r…

NFTs. It's like Steam's marketplace, but without having to have one company have control to ban anyone. It lets you safely make trades without having to pass your items to sites for them to hold on to your items for you.

No. NFTs let you trade some bullshit token. The token's provenance and ownership doesn't have to be respected by anyone.

The state of any particular blockchain doesn't confer any copyrights, license, or real world ownership. It's about as valid as me writing "I own a pair of Air Jordans" on an index card.

Unless a game developer decides to honor any particular blockchain and NFTs on it those NFTs mean nothing. There's no upside to a developer honoring third party NFTs because they make no money off them but do have support and development costs.

Re: Binance US No Longer Allows USD Withdrawal for Users

#63

Post by palmfacehn »

burnte wrote: post #21
stouset wrote: post #6

Earlier quoted context omitted.

Nearly 14 years in, where exactly is this “ton of real world utility”? Surely someone somewhere would have a product providing this utility, even amidst the sea of fraud and grift. I still don’t see it. Some utility? Okay, sure. A ton? Not even close. Consider that the web launched in 1993. By 2007 (14 years later), virtually the entire planet had changed dramatically as a result. That is a technology with a ton of r…

Blockchain tech isn't 14 years old, it's 30 years old, or even 40 if you want to go back to the '82 paper. Still no world-changing tech has come from it, aside from monopoly money.

Sounds like the wrong monopoly's Monopoly money.

I find it ironic that challenges to the state's monopoly on currency issuance are described as "Monopoly money". Also funny to observe that Binance is reacting to the regulatory moats created to preserve the state's monopoly.

Say what you will about the grift and VC backed pump 'n dump schemes. There's no disputing that. The controversy will be around central banks, the legitimacy thereof and Cantillon effects which result in much of the same via similar means.

Re: Binance US No Longer Allows USD Withdrawal for Users

#64

Post by adamc »

jy1 wrote: post #46
stouset wrote: post #6

Earlier quoted context omitted.

Nearly 14 years in, where exactly is this “ton of real world utility”? Surely someone somewhere would have a product providing this utility, even amidst the sea of fraud and grift. I still don’t see it. Some utility? Okay, sure. A ton? Not even close. Consider that the web launched in 1993. By 2007 (14 years later), virtually the entire planet had changed dramatically as a result. That is a technology with a ton of r…

There's a lot of utility outside of the US, in countries without stable currencies. It's no web, but its a lot more impactful than say self driving cars (thus far), 3D-printing, or vegan meat. Edit: This is not to discount those technologies, rather to emphasize that crypto is used by millions worldwide for real transactions.

Is that utility somehow better than just moving assets into dollars or Euros?

Re: Binance US No Longer Allows USD Withdrawal for Users

#65

Post by AnimalMuppet »

aidenn0 wrote: post #16
sickofparadox wrote: post #11

Earlier quoted context omitted.

The utility is on the name: cryptoCURRENCY. Before it became a speculative asset, crypto faced the issue of adoption, now that it is one, it faces the issue of not being useful as a way to facilitate transactions.

It doesn't help that the most popular cryptocurrency is intentionally deflationary. Deflationary currencies are terrible units of exchange.

Gresham's Law: Bad money drives out good. If cryptocurrency is deflating, it's becoming more valuable with time. The dollar is inflating - it's becoming less valuable with time. So given the choice, I would pay with dollars and hold crypto. That's just normal human behavior. But while that may make crypto a good investment, it makes it a terrible unit of exchange, as you say (or at least a unit of exchange that will only be used as a last resort).

Re: Binance US No Longer Allows USD Withdrawal for Users

#66

Post by buildbuildbuild »

anon1199022 wrote: post #22
stouset wrote: post #6

Earlier quoted context omitted.

Nearly 14 years in, where exactly is this “ton of real world utility”? Surely someone somewhere would have a product providing this utility, even amidst the sea of fraud and grift. I still don’t see it. Some utility? Okay, sure. A ton? Not even close. Consider that the web launched in 1993. By 2007 (14 years later), virtually the entire planet had changed dramatically as a result. That is a technology with a ton of r…

Arpanet started at 1969 and it was not immediately labed with certain groups as a scam, like here for years. That literally blocks the perception. So 2007-1969 is 38 years and not 14.

People were very hesitant to enter their credit card numbers into any website. This is a financial technology, it will bring more risks and justified hesitancy until the right projects iterate past the tests of time.

We’re in the MVP stage as an industry with plenty of problems. Unfortunately those problems can impact lives in much more negative ways than a communication tech like the internet could during its “MVP era”.

Re: Binance US No Longer Allows USD Withdrawal for Users

#67

Post by carstenhag »

px43 wrote: post #2

Great, Binance was fundamentally not built to service US citizens. Coinbase and maybe Gemini are basically the only ones who have gone through the legal hurdles to actually service US citizens. The intended market for Binance, and exchanges like it, is the other 95% of the human population without US citizenship, and that's fine. Kind of a bummer that US regulations make it incompatible with the financial infrastruct…

Binance "voluntarily" retracted the license application in Germany: https://www.btc-echo.de/schlagzeilen/binance-kryptoboerse-zi...

Binance retracts license application in Austria: https://de.beincrypto.com/binance-rueckzug-aus-oesterreich-d...

Binance has been unable to get a license in the Netherlands: https://twitter.com/binance/status/1669628787267624961

Binance to discontinue services for UK customers https://www.binance.com/en/feed/post/1374447

No, it's not the world moving towards crypto except for the US. Binance just doesn't comply (enough) in many countries apparently. Maybe it's a very shady company? Who knows.

Re: Binance US No Longer Allows USD Withdrawal for Users

#68

Post by mrweasel »

agloe_dreams wrote: post #25
sickofparadox wrote: post #3

Cryptocurrency was (and still is to an extent) a really interesting idea that has a ton of real world utility, especially as government surveillance continues its march towards panopticon. It's a shame that the "get rich quick" grifters and speculators took ahold of it and have killed any chance of normal people adopting it as a regular form of payment.

> government surveillance continues its march towards panopticon The entire notion of crypto is that you can track a block over every transaction and that the transaction history creates the whole. Most Exchanges are forced to report who opened a wallet. Compared to cash/gift cards or many other payment forms, Crypto is the government surveillance DREAM.

Various law enforcement agencies around the world has even publicly states how pleased they are with the tracking blockchain technology allows them, without even requiring a warrant for much of the work.

It's at a point where you could easily read the original comment as blockchain should technology should be pushed by governments to help fight crime.

For the average person crypto-currency have all of the disadvantages of credit/debit- cards, cash and Zimbabwe dollars combined while providing none of the benefits.

Re: Binance US No Longer Allows USD Withdrawal for Users

#69

Post by sydbarrett74 »

vaxintar wrote: post #52
stouset wrote: post #6

Earlier quoted context omitted.

Nearly 14 years in, where exactly is this “ton of real world utility”? Surely someone somewhere would have a product providing this utility, even amidst the sea of fraud and grift. I still don’t see it. Some utility? Okay, sure. A ton? Not even close. Consider that the web launched in 1993. By 2007 (14 years later), virtually the entire planet had changed dramatically as a result. That is a technology with a ton of r…

Thanks to Ethereum (and specially now that there are L2s which have cheaper tx costs) I can distribute revenue from my business between different types of collaborators, without incurring in paying 120% in taxes for having "employees". In Argentina if someone works for you more than 15/20 hours in a given month you are legally obliged to hire them for, at least, 3 months. The legislation doesn't fit in tons of cases,…

You're engaging in tax evasion by misclassifying employees as IC's. Call it whatever you want, the essence doesn't change.

Re: Binance US No Longer Allows USD Withdrawal for Users

#70

Post by thomasahle »

stouset wrote: post #6
sickofparadox wrote: post #3

Cryptocurrency was (and still is to an extent) a really interesting idea that has a ton of real world utility, especially as government surveillance continues its march towards panopticon. It's a shame that the "get rich quick" grifters and speculators took ahold of it and have killed any chance of normal people adopting it as a regular form of payment.

Nearly 14 years in, where exactly is this “ton of real world utility”? Surely someone somewhere would have a product providing this utility, even amidst the sea of fraud and grift. I still don’t see it. Some utility? Okay, sure. A ton? Not even close. Consider that the web launched in 1993. By 2007 (14 years later), virtually the entire planet had changed dramatically as a result. That is a technology with a ton of r…

It was pretty useful for sending money to people. If you regularly need to send money to friends in other countries, the current apps and bank account transfers are a pain.
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