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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

#121

Post by toomuchtodo »

rvz wrote: post #100
toomuchtodo wrote: post #34

Earlier quoted context omitted.

Okay ¯\_(ツ)_/¯ If you want to bet $10k on the success of this, outline the success criteria and deadline for evaluation of the bet and we'll spin up a Long Bet [1]. Stripe talks a lot, while TranferWise (among others) gets shit done wrt cross border payments on real rails. Crypto is slowly dying while central banks raise rates globally, making the casino attempt at yield unpalatable (most crypto trading was gambling)…

Of course, moving the goal-posts are we? > "Stripe talks a lot, while TranferWise (among others) gets shit done wrt cross border payments on real rails." Stripe has also shipped theirs though and it is available and is in use. [0] So have Moneygram [1], Visa [2], Checkout.com [3], PayPal [4] and beyond payments, Walmart Canada is using one right now. [5] The fact is, they are using blockchains and they are not going…

I don't believe crypto is the future of payments, domestic or international. That's my thesis, and I'm fairly confident in it. If I'm wrong, after evaluating all available data, such is the peril of attempting to predict the future. I will eat crow and say I was wrong if that is the future we arrive at.

PIX in Brazil and UPI in India are evidence of what instant payment systems do to incumbent instant (credit card) rails. Central banks are coming for cross border payments next. For profit firms need profit and investors. Central banks (or other nation state monetary policy orgs with similar functions) simply need mandates. Congress told the Fed to build FedNow (to prevent private/for profit instant rails from gating access), and they did, because they were told to.

Visa, Paypal, and others in the space have an existential crisis, no different than Intuit with the IRS preparing to offer filing for free. A Paypal stablecoin? Are you kidding me? Why would you use that versus an FDIC insured deposit account or a money market fund?

https://archive.ph/vh3Dh | https://www.bloomberg.com/news/articles/2022-11-23/brazilian...

https://www.livemint.com/economy/indians-pick-upi-over-debit...

https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2693~8d4e5804...

https://news.ycombinator.com/item?id=37920633

https://www.paypal.com/us/legalhub/cryptocurrencies-tnc?loca...

https://paxos.com/stablecoin-terms-conditions/

Re: Binance US No Longer Allows USD Withdrawal for Users

#122

Post by pierat »

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,…

Really, thats your selling point?

"Shitcoin allows easy fraud, destruction of employment, and subversion of laws we dont like at scale, because it's not a fiat currency"

Seriously, if that's your selling point, kill it with fire and bury it in the desert. (shitcoin, not you).

Re: Binance US No Longer Allows USD Withdrawal for Users

#123

Post by jonkho »

giantrobot wrote: post #20
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.

But cryptocurrencies were designed to be deflationary which makes them shitty currencies. There's no point in spending a cryptocoin today when its value will be higher tomorrow.

But fiat currencies were designed to be inflationary which makes them shitty store of value. There is no point in saving in fiat today when it’s value will be lower tomorrow.

Re: Binance US No Longer Allows USD Withdrawal for Users

#124

Post by igsomething »

ru552 wrote: post #97
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…

While it may be hard to see in first world countries, imagine being in a third world country and having a place you can store value that can't be debased by your crackpot dictator. That's huge.

It is always the same debate in any cryptocurrency thread. People from economically free countries cannot understand cryptocurrencies because they are not meant for them and label them as scam. They cannot understand what 85% income tax is, authoritarian governments freezing (or emptying!) bank accounts for no reason, etc.

Re: Binance US No Longer Allows USD Withdrawal for Users

#125

Post by Zuiii »

adamc wrote: post #64
jy1 wrote: post #46

Earlier quoted context omitted.

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?

And just how exactly do you propose moving those assets into dollars? Dollars are the first thing that becomes scarce.

Re: Binance US No Longer Allows USD Withdrawal for Users

#126

Post by LoganDark »

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…

> Surely someone somewhere would have a product providing this utility

like tor escrow markets? monero is a great way for us to obtain things that haven't been legalized yet. cryptocurrency has already found quite the niche for transactions that don't want or need government meddling

-vicuna

Re: Binance US No Longer Allows USD Withdrawal for Users

#127

Post by klodolph »

Pet_Ant wrote: post #88
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…

> Nearly 14 years in, where exactly is this “ton of real world utility”? I don't think cryptocurrency has much value, but I think block chain has lots of potential for trading things that have unique ids and are owned by many people. I paid $1500 for research on a title claim and my lawyer came back with "It's looks solid, but I'd get the title insurance just in case". If property deeds were on the block chain then i…

> If property deeds were on the block chain then it'd be trivial.

True, but then a ton of other things would be much, much more difficult.

Like, what happens if Joe has the deed to a home, but then Joe dies, and nobody has the key to his wallet?

If you have some kind of way, on the blockchain, to solve this problem, and reassign the property without Joe’s private key, then what you have is a situation where human decisions take priority over cryptographic guarantees. You can’t have it both ways—either the human decisions are trusted over the cryptographic guarantees, or vice versa.

This is essentially just a reinvention of centralized real property registration systems, where the current owner of a particular piece of property must be registered either at some government office (in a registration system) or on the blockchain (hypothetically). One of the reasons you want title insurance is because some deed (a piece of paper) may be defective for various reasons, and having a centralized registry (either at a government office, or on a blockchain) makes this problem much less likely. I don’t see what advantage blockchain has here.

Re: Binance US No Longer Allows USD Withdrawal for Users

#128

Post by 1970-01-01 »

This is just more evidence that exchanges are bad for cryptocoin. What crypto needs to be healthy is direct user to user transactions, with absolutely nothing in between. That was the original vision with bitcoin. Everything layered on top and in between the transactions fundamentally results in harming adoption.

Re: Binance US No Longer Allows USD Withdrawal for Users

#129

Post by llm_nerd »

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,…

>Crypto gives people living in dysfunctional democracies a chance to participate in the global economy, something that people living in Europe or North America cannot comprehend.

Corruption (which tax evasion is a facet of) is how you end up with dysfunctional governments. Endemic corruption breeds corruption breeds corruption. Crypto facilitates corruption and crime, which is antagonistic if your goal is a healthy society or good governance.

Re: Binance US No Longer Allows USD Withdrawal for Users

#130

Post by altruios »

UncleMeat wrote: post #61
vaxintar wrote: post #52

Earlier quoted context omitted.

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."

net harm in other parts of the world?

Illegality is not directly corelated with harm, sadly.

I mostly agree - but would argue its a lot more gray than black & white.

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