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Binance US No Longer Allows USD Withdrawal for Users

thenewscrypto.com

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Re: Binance US No Longer Allows USD Withdrawal for Users

#101

Post by jonkho »

alexgartrell wrote: post #60
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,…

Even if the laws are stupid, the killer feature you are describing is called crime.

Yes and we need tools to route around stupidity to keep checks and balances on stupidity. Otherwise locked-in stupidity can get even more stupid and that’s how suffering occur at scale.

Re: Binance US No Longer Allows USD Withdrawal for Users

#102

Post by gary_0 »

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."

> In authoritarian states this is probably a net good

Crypto doesn't fix the problem with authoritarian states (or the drug war, or backwards prostitution laws), though, it's just another workaround. There's no shortcut around actual social change.

And the idealistic notion that crypto could allow mass civil disobedience didn't really pan out; these days, "civil disobedience" is usually too marketable and monetizable for it to not get co-opted by scamvangelists and corporations (which reminds me of the Black Mirror episode where they monetize the guy's suicidal protest against everything being monetized).

Re: Binance US No Longer Allows USD Withdrawal for Users

#103

Post by dkersten »

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.

You are still relying on sites to hold your item for you. Items don’t exist in a vacuum, having ownership over an NFT doesn’t suddenly mean things will just interoperate.

For example, if it’s a game item, you still rely on one or more games to honour your NFT that claims you own it, and to implement that item in the first place. If it’s an image, that image is still hosted somewhere (and even if it’s embedded into the NFT directly, those bits are given meaning externally).

An NFT is just a receipt claiming ownership, what that receipt allows you to do still relies on external services honouring that receipt.

NFTs only solve one small part of the puzzle and I’d argue it’s not even the most important one.

Re: Binance US No Longer Allows USD Withdrawal for Users

#104

Post by garba_dlm »

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.

> 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.

that's like saying that submarines were invented when Jules Verne wrote about them (i.e. you're wrong)

blockchain technology requires the internet, hence it cannot be older than the internet

Re: Binance US No Longer Allows USD Withdrawal for Users

#105

Post by xnorswap »

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…

Like too many people, you have confused "blockchain" with "digital signature", which doesn't require a blockchain, and typically already is used to verify things.

If you need to trust a central authority to hold up their end of the bargain, for example trusting a Hotel to actually provide the room, then a decentralised system adds absolutely no benefit over the hotel simply digitally signing a ticket themselves.

The hotel must be trusted to actually provide the room, so why not trust the hotel to also store the booking information?

Re: Binance US No Longer Allows USD Withdrawal for Users

#106

Post by pnpnp »

dale_glass wrote: post #84
pnpnp wrote: post #55

Earlier quoted context omitted.

> So everyone you interact with knows where you work, how much you earn, what you own, where's your house, what you buy, what groups you belong to... and they can keep tracking you forever if you tell them who you are just once. Granted public blockchain is a lot more discoverable, but a lot of this already is public. Property ownership is public (at least in the US), credit cards sell your data, facebook knows which…

Not nearly to the same level, and a lot of that is proprietary info. Facebook collects lots of data but doesn't like to share it.

Some of it is, but things like property ownership are completely open in some countries. I have a map overlay that lets me see ownership for parcels.

Granted you can have an LLC own property, but that's a different obfuscation mechanism.

Re: Binance US No Longer Allows USD Withdrawal for Users

#107

Post by vitehozonage »

rco8786 wrote: post #12
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…

Yea same. Really still unclear what utility it provides that fiat currencies do not. Not theoretical utility, like real world utility. I think crypto will go down in history as an amazing example of the importance of institutional knowledge and regulation. Like how did nobody see fraud coming in an unregulated financial instrument? Did folks genuinely think that "decentralization" was going to sidestep all of the typ…

How else can you do private digital transactions other than with something like monero? Given that cash is dying, and mass surveillance on all transactions is incredibly dystopian for reasons I hope are obvious, it fascinates me that HN doesn't see the importance and utility there. What is one meant to do in a few decades if they want to pay for an abortion, buy a copy of 1984, or some weed, receive onlyfans money, or whatever the society doesnt accept in x years?

Imagine you're in a different thread about social credit scores, or mastercard selling user data, or Canadian protestors having their bank accounts frozen...

Re: Binance US No Longer Allows USD Withdrawal for Users

#108

Post by rangerelf »

ivanmontillam wrote: post #72
UncleMeat wrote: post #61

Earlier quoted context omitted.

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."

I'm not condoning crime, but do you recognize that changing laws in an authoritarian state is next to impossible right? Lives lost in Venezuela doing a serious attempt at changing. Do you prefer blood shed on streets?

Nobody "prefers" it (psychopaths need not apply), but against a regime where literally their prevention method to getting replaced is "bloodshed", what is your suggestion?

Re: Binance US No Longer Allows USD Withdrawal for Users

#109

Post by Zuiii »

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.

It's still being used by normal people in really bad situations. It's just hn's typical demographic bubble that fails (or refuses) to see how it helps people. Of course, you're only experience with it is scams if you have easy access to USD and a more or less stable economy. Why on earth would you use something else!!

It really makes me happy that cryptocurrecy is here to stay despite the constant groaning and moaning. One day, even folks like hn will face the same issues that forced people to rely on it and they will be glad that it exists too :)

Edit: less downvoting, more useful discussion.

Re: Binance US No Longer Allows USD Withdrawal for Users

#110

Post by paulproteus »

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 you put the property deed and your best attempt at its history in a public database, such as a blockchain, then all you've got is your best attempt at the property deed's history. You're still going to want to buy title insurance.
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