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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

#151

Post by rchaud »

1970-01-01 wrote: post #128

This is just more evidence that exchanges are bad for cryptocoin. What crypto needs to be healthy is direct user to user transactions, with absolutely nothing in between. That was the original vision with bitcoin. Everything layered on top and in between the transactions fundamentally results in harming adoption.

there's a difference "healthy" as per the philosophy of $coin and "healthy" as it relates to a market.

P2P Bitcoin with no exchanges or ACH-based fiat offramps will reduce the number of coin holders to probably what it was in 2011. That in turn will reduce the credibility of the currency and overall market liquidity as there are so few holders that would be willing to accept it as a medium of exchange.

This is playing out right now in Russia, which accepts INR for oil exports, in a bid to limit the dollar's influence.The problem this has created is that Russian banks are flush with Indian rupees that aren't accepted by other vendors. Everyone takes dollars and euros and yen, but the INR isn't considered as portable.

Re: Binance US No Longer Allows USD Withdrawal for Users

#152

Post by Arainach »

jonkho wrote: post #101
alexgartrell wrote: post #60

Earlier quoted context omitted.

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.

If you don't like the law, lobby politicians to change it.

You don't get to decide that speed limits are stupid and go 100. You don't get to decide that taxes are stupid and not pay them. You don't get to decide that rules against murder are stupid and ignore them.

Re: Binance US No Longer Allows USD Withdrawal for Users

#153

Post by gnopgnip »

vaxintar wrote: post #52
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…

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,…

>I can distribute revenue from my business between different types of collaborators, without incurring in paying 120% in taxes for having "employees"

Paying in ethereum, gift cards, gold, etc doesn’t change if they are employees or reduce how much tax you owe

Re: Binance US No Longer Allows USD Withdrawal for Users

#155

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. It is the perfect weapon of state control.

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

#157

Post by vaxintar »

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).

Yeah, well, that's just, like, your opinion, man.

If you associate crypto only with shitcoins maybe your twitter bubble is a bit fucked up.

Re: Binance US No Longer Allows USD Withdrawal for Users

#158

Post by nmitchko »

llm_nerd wrote: post #149

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 remo…

BTC =/= crypto at large.

Despite all the bad press, shady exchanges, bubbles and busts, a large amount of BTC owners don't sell, and that alone will drive it's price up. Other cryptos, I can't speak for.

Re: Binance US No Longer Allows USD Withdrawal for Users

#159

Post by demondemidi »

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.

> especially as government surveillance continues its march towards panopticon

I thought China loved crypto because you get absolute spy power over how every penny of your citizenry is spent, and can then control someone's access to their coins if they speak out against you. Seems like the opposite of what you're describing, no?

Re: Binance US No Longer Allows USD Withdrawal for Users

#160

Post by Aurornis »

vaxintar wrote: post #52
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…

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,…

> I can distribute revenue from my business between different types of collaborators, without incurring in paying 120% in taxes for having "employees".

I'm always fascinated when people come right out and say that the primary use case of crypto is evading laws and taxes.

The strangest part is that using crypto doesn't actually exempt them from the law any more than using a bank account to wire money around. There's just something about crypto that makes some people think it's a safe haven from legal oversight.

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