151–160 of 194 posts
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The other two, which conveniently both have ties back to Binance. It feels a bit like saying "Unfortunately, converting Facebook Dollars to Apple Dollars is currently not possible due to minor technical difficulties. However, you can still easily convert to Oculus Dollars or Instagram Dollars..."
Where can I read more about how usdt has ties to binance? My search-fu is failing me.
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> Nobody is prepared for a bank run It's an exchange. Your money should be 100% liquid. Everyone should be prepared for a bank run. Unless they're just as dodgy as FTX and using everyone else's money for shenanigans. I don't know why people are defending this as if it is a good thing.
Sorry but no. No single broker on the planet is instantly liquid. At the very best daily liquid. Most currency settlements are between 1 and 3 days for DM. Your "feeling" of instantaneous transfers is just front office display, the real back office takes days.
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If I have someobe holding my crypto currency , that is as close to a crypto bank as it gets. Otherwise crypto woupdn't be money but some form of security. In which case, one has to ask, it is not regulated as such. And show me one broker that refused, regardless of transaction fees or other contractual stuff, customer wothdraels of funds. Other than those brokers that actually "lost" customer funds. Which is, by the…
> If I have someobe holding my crypto currency, that is as close to a crypto bank as it gets. You don't get to define what is a bank, and "anyone holding my money" is definitely far from the definition of a bank. USDC is _not_ USD. When you deposit 100 USDC to Binance and ask to withdraw USD, you are effectively making an FX swap between two currencies, even if these currencies are 1:1 pegged. Again, there is simply…
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The legal currency exchange rate in Argentina is a local problem, not an international one. This is not rare in countries with weak local currencies but it is a bit strange to blame the issuer of the currency that you chose to use privately for your troubles. In the former SovBloc countries the USD and the DM were the currencies of choice for the black market, and the official exchange rate was something ludicrous (y…
Well, I was just pointing out that if Binance were to fall down (and by extension, its P2P functionality), it'd make it harder for the people to access exchange rates that have made their lives easier, the easiest they have been. > One problem with looking at the world through the lens of blaming others for local issues that you declare them in essence unfixable. If you find a way to make such a problem a local one y…
I get that, but that's not necessarily the fault of the regulators in other countries, much more the fault of the local government not being able to provide their citizens with a stable local currency.
> The core problem with this economy is that most people are uneducated about political and economical issues. All they want are the local government benefits. The state of the economy affects us all local residents, but without the support of the majority I cannot change it singlehandedly.
I very much sympathize with you, especially in light of the US's past willingness to interfere in those local affairs when it suited their business interests. Even so, the only real solution for this problem can come from inside. Argentina has tremendous potential, natural resources and a whole bunch of other things going for it, I sincerely hope that you and your fellow countrymen will be able to somehow turn this around and make it work.
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My Argentinian friends tend to view everything that happens in Argentina as part of either some nefarious plot by the US government, or the glorious struggle of the brave Argentinian people against the US government. They would certainly view anything that happens with Binance, or even FTX/SBF as the US government trying to screw them over.
Well, housing Nazis tends to put you on, at the very least, a "tread with caution" international list, not to mention on the very infamous Mossad's "blacklist". Argentina and Switzerland are their black sheep for housing Nazis and stealing the Jewish gold.
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'your people' has nothing to do with oversight of Binance. But I agree that oversight could be more precise in its goals and execution, however, and this is a big issue, it requires a well functioning, non-corrupt government in all countries participating backed by a non-corrupt police force and local financial authorities. This is a problem in a large part of the world, and even in countries where these factors are…
> it requires a well functioning, non-corrupt government in all countries participating backed by a non-corrupt police force and local financial authorities. In the current times, that's nothing realistically accessible to Argentinian and Venezuelan people. Too much "ideal" conditions need to happen at the same time. What we need are practical solutions.
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> - USDC on Binance is not 1:1 backed by USDC, but by another stable coin such as BUSD or perhaps even USDT. Both of them are much harder to convert into real dollars! This is not true in any way. First, you do not hold USDC on Binance, you hold BUSD. Your USDC deposits are automatically converted to BUSD. Neither USDT nor BUSD is "hard" to convert to real dollars. Swap them to USDC on Uniswap and do whatever you ple…
> Your USDC deposits are automatically converted to BUSD Guess this is not new, but it seems like an obviously horrible idea!! The minute people lose confidence, the value of BUSD go do down and people will withdraw in not-BUSD. Meaning they will have to make more BUSD to cover the difference, devaluing the BUSD more, causing a spiral. What am I missing here? Hmm..
BUSD is just USD denominated in tokens on chain, each token represents 1 usd at their bank so they cannot (or rather, should not) mint more than they have in custody.
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There are plenty of ways to transact money if you’re not creditworthy. What’s “missing” is a non-fraudulent way to get credit if you’re not creditworthy, and that has nothing to do with US enforcement of fraud and everything to do with the fact that only fraudulent lenders will lend to non-creditworthy people.
> everything to do with the fact that only fraudulent lenders will lend to non-creditworthy people. Exactly, another thing that happens is that the ways money is exchanged for black markets[0] is also the way terrorists and tax evaders would use. So, we share the same "highway" and get classified as such. But we aren't terrorists or tax evaders, we just need to make our lives less expensive. -- [0]: https://news.ycom…
You aren't but you can bet that plenty of people even if they were not terrorists definitely were evading taxes by using these services, or at a minimum worsening the strength of the local currency. If enough people do that then the effect can be so strong that you end up leaving yourself no alternative. Obviously, a stable currency requires all parties to believe in it, and this is the first problem that any competent government would have to address.
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Well, I was just pointing out that if Binance were to fall down (and by extension, its P2P functionality), it'd make it harder for the people to access exchange rates that have made their lives easier, the easiest they have been. > One problem with looking at the world through the lens of blaming others for local issues that you declare them in essence unfixable. If you find a way to make such a problem a local one y…
> Well, I was just pointing out that if Binance were to fall down (and by extension, its P2P functionality), it'd make it harder for the people to access exchange rates that have made their lives easier, the easiest they have been. I get that, but that's not necessarily the fault of the regulators in other countries, much more the fault of the local government not being able to provide their citizens with a stable lo…
Thanks for holding up in this debate! (and thanks for the good wishes, of course).
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> everything to do with the fact that only fraudulent lenders will lend to non-creditworthy people. Exactly, another thing that happens is that the ways money is exchanged for black markets[0] is also the way terrorists and tax evaders would use. So, we share the same "highway" and get classified as such. But we aren't terrorists or tax evaders, we just need to make our lives less expensive. -- [0]: https://news.ycom…
> But we aren't terrorists or tax evaders You aren't but you can bet that plenty of people even if they were not terrorists definitely were evading taxes by using these services, or at a minimum worsening the strength of the local currency. If enough people do that then the effect can be so strong that you end up leaving yourself no alternative. Obviously, a stable currency requires all parties to believe in it, and…
I'm not condoning tax evasion, but in South America if you are on tax evasion and you're not wealthy then you evade taxes by ideological reasons.
As a South American citizen, you'd evade taxes for:
1) Choking the government, one cent at a time.
2) If you know the Treasury Dept. of the Local Govt. is going to be looted anyway by corrupt politicians, then why pay taxes? (the most common one).
It's very easy to loot the government, just bribe the Purchases Manager of any Govt. institution and pave your way to the local top elite.