Binance US No Longer Allows USD Withdrawal for Users
thenewscrypto.com
Binance US No Longer Allows USD Withdrawal for Users
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Re: Binance US No Longer Allows USD Withdrawal for Users
#2Great, 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 infrastructure that the rest of the world is moving towards, but that's just the world we live in. We (the US) have enjoyed a certain level of economic dominance in the world, and aren't excited to give that up, but at some point the unsustainability of our financial infrastructure will catch up with us.
Edit: Quick example. In the US, there is an adversarial relationship between commodities regulators, and securities regulators. They frequently fight for territory, which spills over onto us, in the form of contradictory lawsuits and regulatory uncertainty. No other country in the world is set up like this.
Re: Binance US No Longer Allows USD Withdrawal for Users
#3Cryptocurrency 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.
Re: Binance US No Longer Allows USD Withdrawal for Users
#4TL;DR they're forcing the customer to do the currency conversion instead of them doing it automatically at the time of withdrawal?
Re: Binance US No Longer Allows USD Withdrawal for Users
#5Cryptocurrency 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.
when the only people using it are grifters and speculators I think that points pretty clearly to the fact that it has no real world utility :)
Re: Binance US No Longer Allows USD Withdrawal for Users
#6Cryptocurrency 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 real world utility.
Re: Binance US No Longer Allows USD Withdrawal for Users
#7Cryptocurrency 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.
Normal people were never going to do well with a payment system where if you forget your password you've irretrievably lost access to your funds.
(I've heard all of the arguments about backup phrases and social recovery wallets and suchlike, and I have yet to see evidence that these will work for anyone other than the most technically sophisticated of users.)
Re: Binance US No Longer Allows USD Withdrawal for Users
#8I thought that crypto was the asset of last resort, independent from the fluctuations and manipulations of the market. Better than gold, better than oil, better than SP500...
Re: Binance US No Longer Allows USD Withdrawal for Users
#9Cryptocurrency 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.
Maybe, but part of the problem is nearly all of that “utility” lies in circumventing the government, for better or for worse
Re: Binance US No Longer Allows USD Withdrawal for Users
#10Cryptocurrency 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.
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