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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

#141

Post by jy1 »

malfist wrote: post #57
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.

Crypto is not more impactful than 3D printing. 3D printing has built real things, real products and has immense significance to fast prototyping. Crypto hasn't built a single tangible item.

Crypto is used everyday by millions in many countries including turkey, argentina, africa. You may be lucky to have a great financial system in the US but thats a very narrow POV.

Re: Binance US No Longer Allows USD Withdrawal for Users

#142

Post by throwawayqqq11 »

Zuiii wrote: post #109
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 moanin…

Relying on something volatile sounds like a contradiction to me and trust is the core of all currencies.

Every crypto "currency" was dead the moment they dropped stability for personal/miners gains.

Edit: Imagine a system where nodes would gain progressively less by dicovering new blocks but would prevent a timed decay of their wallets by doing so. A naive inverted incentive structure. Would this be a more long term relyable currency?

Re: Binance US No Longer Allows USD Withdrawal for Users

#143

Post by wetpaws »

pierat wrote: post #122
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,…

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).

[dead]

Re: Binance US No Longer Allows USD Withdrawal for Users

#144

Post by bparsons »

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.

The blockchain is a perfect tool of government surveillance. They can track the flows of money like never before, while most users think it is completely anonymous.

There has been hundreds of stories about how blockchain technology has been a boon to investigators trying to track drug, terrorism and illegal porn money flows.

https://www.wsj.com/articles/bitcoin-blockchain-hacking-arre...

Re: Binance US No Longer Allows USD Withdrawal for Users

#145

Post by rprospero »

thomasahle wrote: post #70
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…

It was pretty useful for sending money to people. If you regularly need to send money to friends in other countries, the current apps and bank account transfers are a pain.

As someone who has been regularly transferring money between the US and UK for nearly a decade, using standard banking means has always been faster and cheaper for me than any of the crypto solutions that I've been presented.

Re: Binance US No Longer Allows USD Withdrawal for Users

#146

Post by autokad »

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…

> Nearly 14 years in, where exactly is this “ton of real world utility”?

That's not a helpful comment, and you aren't even correct. the web was around in the 80s, 70s ... no wait the 1960s.

The number of years its been around is irrelevant to its current or future usefulness.

Re: Binance US No Longer Allows USD Withdrawal for Users

#147

Post by lelanthran »

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.

What real world utility?

Re: Binance US No Longer Allows USD Withdrawal for Users

#148

Post by jy1 »

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?

Dollars and euros are in areas with the strongest economic regions in the world. What about the billions of people in emerging markets such as turkey, argentina, africa etc that dont have a stable currency to transact?

Re: Binance US No Longer Allows USD Withdrawal for Users

#149

Post by llm_nerd »

Every bit of evidence is that the crypto boom has crashed to Earth. In tech it is basically a dirty word now and is overwhelmingly associated with the worst products, the worst teams and the worst get rich and quick sorts. In the rest of the market it has made little to no impact.

Yet somehow BTC is still trading at close to historic highs.

Now to be fair the market cap of all of BTC is 1/4 Apple, but if it were remotely a functioning market or were at all "real", it would be trading at a tiny fraction of that amount. The fact that it still holds is the best demonstration of how illusory the whole sham is.

Re: Binance US No Longer Allows USD Withdrawal for Users

#150

Post by olalonde »

Arainach wrote: post #134
olalonde wrote: post #119

Earlier quoted context omitted.

"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.

It's actually easier to perform tax evasion with cash, as it doesn't leave a transaction history.
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