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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
#132When I was interested in trading a long time ago it was common to move shit around in Eth or BTC or whatever until you found your USD exchanger, typically coinbase. Why would this be news?
Re: Binance US No Longer Allows USD Withdrawal for Users
#133Earlier quoted context omitted.
What does it do better than a classic centrally run steam marketplace? Why hasn’t Valve switched to NFTs?
It destroys the monopoly Valve has over item ownership and gives power to the people. Valve hasn't switched because having a monopoly is good financially.
It really doesn’t. Steam or other stores still have to cooperate ro implement the items on each of their stores to make them work on their platform and then have to honour what the NFT claims. That’s still very heavily replying on the platforms and they can still ban you or pull the item out form under you (and we can trivially see this by the fact that people have been selling things they don’t even own as NFTs).
For it to truly destroy the monopoly, the items that the NFTs represent would have to stand on their own, outside of any particular platform, implemented entirely in the NFT smart contract itself, but outside of the most trivial use cases (eg displaying an image) that’s not a technology that exists as platforms would have to at a minimum agree on a standard interface and functionality of items. Right now, it’s also held back by storage and transaction costs (although some blockchains are cheaper than others).
But even then, if there was a common item standard and you could use that to somehow implement cross platform (or cross game or whatever) items, any particular platform could still decide not to honour it or to ban you or whatever they want.
Re: Binance US No Longer Allows USD Withdrawal for Users
#134Earlier 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."
"If you have nothing to hide you have nothing to fear." I'd say the ability to avoid penalties from "victimless" laws is beneficial, irrespective of the governing state.
Tax evasion is not a victimless crime.
Re: Binance US No Longer Allows USD Withdrawal for Users
#135Earlier 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 the rest of the world is a harm
Have you ever considered what might happen if that distant, authoritarian state suddenly appeared within your country? It has happened many times before, and I don't see why we should think it won't happen again.
Things turn around faster and faster as technology progresses, at least from my perspective
Re: Binance US No Longer Allows USD Withdrawal for Users
#136[flagged]
Try posting as a conservative.
Re: Binance US No Longer Allows USD Withdrawal for Users
#137Earlier quoted context omitted.
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?
I think that allowing people to protect themselves from authoritarian governments is often a good thing. I also think it is important to understand that if this is the killer app then we need to be honest about what it is and how that affects people in states that are more just. The benefits to those suffering in Venezuela cannot be separated from the harms done to people in non-authoritarian states.
Tax evasion is not its killer app, but I reckon cryptocurrencies can be misused that way.
Tax evasion is possible with or without mechanism. Real world example in Argentina: the way most landlords evade taxes is by charging tenants in cash. They expect you to go to their place with an envelope full of 1000's ARS banknotes.
So far I've not seen rents paid in cryptocurrency, but by extension, would you say cash's killer app is tax evasion indeed?
Re: Binance US No Longer Allows USD Withdrawal for Users
#138Cryptocurrency 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…
if presence of crypto accelerated various central banks towards faster digitization like India's UPI or very recent US FedNow then I'd consider that a success of crypto. you cannot claim otherwise just like you have to acknowledge role of Linux in us not be completely beholden and nickle & dimed to death by the likes of MS/Apple.
to be clear I still think crypto is completely take over by grifters & charlatans & the environmental footprint of proof-of-work is abysmal but still its good to have a decentralized alternative to central bank fractional reserve paper money. its as close to gold as we are ever gonna get now. if it were not so they (not just US but all around world) would not be trying to kill it that hard.
PS: dont own crypto
Re: Binance US No Longer Allows USD Withdrawal for Users
#139Cryptocurrency 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…
> Nearly 14 years in, where exactly is this “ton of real world utility”?
You can exchange cryptocurrency for goods and services, even the ones governments and banks don't want you to buy.
Re: Binance US No Longer Allows USD Withdrawal for Users
#140Earlier 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…
The problem is that "simply put it on the blockchain" also means "change the laws around edge cases in nontrivial ways".
For example consider title on property. Just putting it on the blockchain would run into trouble when you try to implement squatters rights https://propertyclub.nyc/article/squatters-rights-in-califor..., or the government takes the title back with eminent domain https://ij.org/issues/private-property/eminent-domain/califo..., or you fail to pay taxes https://www.sco.ca.gov/ardtax_public_auction.html, or the bank forecloses https://www.nolo.com/legal-encyclopedia/california-foreclosu....
Additionally what happens when the keys and person separate? Some scammer gets your key off of your computer and sells the title to themselves? Or someone loses the computer on which they had their title, and now can't sell because they can prove that they are them?
The real world is messy. And for most of the messy cases that the world has to deal with, the blockchain makes things worse. Not better.