Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Temporary pause of Bitcoin withdrawals on Binance

twitter.com

Post reply on HN
Print view View original

11–20 of 532 posts

Re: Temporary pause of Bitcoin withdrawals on Binance

#11

Post by caslon »

colpabar wrote: post #6
naraga wrote: post #4

Earlier quoted context omitted.

not your keys not your coins. nothing to see here

"real crypto has never been tried"

I dislike cryptocurrency, generally, but plenty of people hold their own keys. It's rarer, now, but that's because mass consumers are generally stupid, not because the technology is flawed. If you can do the correct thing, and you choose not to (or just are ignorant enough to not do the correct thing), it's kind of your fault.

I still think we should legislate it, but let's be honest: Most people who lose, here, kind of deserve it, for not doing the bare minimum of research.

Re: Temporary pause of Bitcoin withdrawals on Binance

#14

Post by cloutchaser »

colpabar wrote: post #6
naraga wrote: post #4

Earlier quoted context omitted.

not your keys not your coins. nothing to see here

"real crypto has never been tried"

I'm still waiting for the actual bitcoin infrastructure or algorithm to break. It's been 10 years and a trillion dollar network.

Just because exchanges fail, and there are shitloads of scams, doesn't mean the underlying technology isn't super interesting and can actually grow into something amazing in a few decades.

Re: Temporary pause of Bitcoin withdrawals on Binance

#15

Post by shawabawa3 »

edf13 wrote: post #7
jstx1 wrote: post #2

> due to a stuck transaction causing a backlog How convenient for a transaction to get stuck on such a bad day for crypto prices.

Didn’t read his next message? > This is only impacting the Bitcoin network. You can still withdraw Bitcoin on other networks like BEP-20.

But BTCB (Bitcoin on BSC/BEP-20) is not Bitcoin

To actually withdraw Bitcoin like this, you'd have to bridge your BTCB to WBTC on Ethereum, and from there bridge it back to BTC (using a custodial bridge, AFAIK there are no WBTC/BTC decentralised bridges)

You'd eat 2 sets of fees along the way plus gas, probably costing you 0.3% or more

Re: Temporary pause of Bitcoin withdrawals on Binance

#16

Post by dhsysusbsjsi »

edf13 wrote: post #7
jstx1 wrote: post #2

> due to a stuck transaction causing a backlog How convenient for a transaction to get stuck on such a bad day for crypto prices.

Didn’t read his next message? > This is only impacting the Bitcoin network. You can still withdraw Bitcoin on other networks like BEP-20.

Which is also not Bitcoin

Re: Temporary pause of Bitcoin withdrawals on Binance

#18

Post by viraptor »

caslon wrote: post #11
colpabar wrote: post #6

Earlier quoted context omitted.

"real crypto has never been tried"

I dislike cryptocurrency, generally, but plenty of people hold their own keys. It's rarer, now, but that's because mass consumers are generally stupid, not because the technology is flawed. If you can do the correct thing, and you choose not to (or just are ignorant enough to not do the correct thing), it's kind of your fault. I still think we should legislate it, but let's be honest: Most people who lose, here, kind…

This doesn't have much to do with people being stupid. If you want to trade more than once a month, you pretty much have to keep the funds on an exchange. Otherwise transfer fees would kill any profit you made. If you're not trading often, you may still want to take the risk due to free in-exchange transfers.

Re: Temporary pause of Bitcoin withdrawals on Binance

#19

Post by mattbrewsbytes »

wfhordie wrote: post #3

So what exactly is the point of holding BTC if it can be held hostage like this? Crypto continues to fail at its most basic premises.

Holding crypto on an exchange is like giving money to a guy on the corner who knows a broker to put in the stock market and telling them you don't need the account numbers, you trust them.

If you're going to do crypto, get a wallet setup where you have the keys to it.

Post reply on HN