Binance US No Longer Allows USD Withdrawal for Users • Hacker News Board

Re: Binance US No Longer Allows USD Withdrawal for Users

#161

Post by kemotep » Wed, Oct 18, 2023, 4:24 PM UTC

xnorswap wrote: post #105

Pet_Ant wrote: post #88

Earlier quoted context omitted.

> 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…

That’s the thing. Cryptocurrency and blockchains (at least thr way the Bitcoin protocol works) provides for an “easy” way to verify transactions in a low trust or even no trust environment. However most if not all transactions you engage in need some level of trust. You want to trust that the hotel has a room, the car is not a lemon, a house is not condemned. Putting these transactions onto the blockchain adds nothing to the trustworthiness of these situations and whether you get what they say you are buying and since a lot of advocates push “code is law” the finality of the blockchain will mean you have no recourse. You bought the nft of a house. The house being in ruins is not their problem. The blockchain is the sole source of truth, not reality.

Society should probably be a high trust environment and if it isn’t we should work to fix that.

Re: Binance US No Longer Allows USD Withdrawal for Users

#162

Post by brvsft » Wed, Oct 18, 2023, 4:24 PM UTC

Arainach wrote: post #152

jonkho wrote: post #101

Earlier quoted context omitted.

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.

Wait, why didn't you use these examples:

> You don't get to decide what to put into your body and smoke weed. You don't get to make a choice about your pregnancy and have an abortion. You don't get to not be a chattel slave in 1840.

Re: Binance US No Longer Allows USD Withdrawal for Users

#163

Post by csomar » Wed, Oct 18, 2023, 4:25 PM UTC

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. In the rest of the world this is a harm.

Most of the world is authoritarian and that's if you consider that the Western world is not.

Re: Binance US No Longer Allows USD Withdrawal for Users

#164

Post by Arainach » Wed, Oct 18, 2023, 4:25 PM UTC

olalonde wrote: post #150

Arainach wrote: post #134

Earlier quoted context omitted.

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.

There's nothing to debate. Everyone living in society benefits from taxes paid - food inspected, fire service and toll-free roads provided, and so much more. Evading taxes is theft of service from everyone.

Re: Binance US No Longer Allows USD Withdrawal for Users

#165

Post by rchaud » Wed, Oct 18, 2023, 4:25 PM UTC

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…

What's the mystery? Bitcoin doesn't need actual dollars to prop up the price. Unaudited virtual dollar IOUs like USDT that can be issued out of thin air will be sufficient.

Re: Binance US No Longer Allows USD Withdrawal for Users

#166

Post by Aurornis » Wed, Oct 18, 2023, 4:25 PM UTC

vaxintar wrote: post #118

sydbarrett74 wrote: post #69

Earlier quoted context omitted.

You're engaging in tax evasion by misclassifying employees as IC's. Call it whatever you want, the essence doesn't change.

Tax evasion for a business that makes less than 5k usd a year in reveneu? If you think that's a crime you are delusional about the uses of money. Crypto allow me to create a structure where people can work in an animal health control for rural parts of the Patagonia (which is around 2000000 squared kilometers, five times the size of Germany and has 1/80 its population) and provide this kind of services for free in ma…

> If you think that's a crime you are delusional about the uses of money.

If it wasn't a crime, why do you have to use cryptocurrency for it?

Or is your definition of "crime" more abstract, not a literal interpretation of the law?

Re: Binance US No Longer Allows USD Withdrawal for Users

#167

Post by [deleted] » Wed, Oct 18, 2023, 4:28 PM UTC

throwawayqqq11 wrote: post #142

Zuiii wrote: post #109

Earlier quoted context omitted.

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…

[deleted]

Re: Binance US No Longer Allows USD Withdrawal for Users

#168

Post by jonathankoren » Wed, Oct 18, 2023, 4:28 PM UTC

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…

I don’t know why it’s surprising. Cryptocurrency’s killer app was always crime, and crime is big business.

Re: Binance US No Longer Allows USD Withdrawal for Users

#169

Post by tromp » Wed, Oct 18, 2023, 4:29 PM UTC

nmitchko wrote: post #158

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.

> that alone will drive it's price up

Wrong; you need people buying the roughly $25M worth of daily new bitcoins just to maintain the current price.

Re: Binance US No Longer Allows USD Withdrawal for Users

#170

Post by JohnFen » Wed, Oct 18, 2023, 4:30 PM UTC

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.

> and have killed any chance of normal people adopting it as a regular form of payment.

To be honest, it's not just the grifters that put me off using cryptocurrency as a regular form of payment. It's other considerations such as volatility, the inability to undo payments, etc.

Although it's true that the the fact the cryptocurrency tends to be used, or at least advocated, mostly by certain subcultures (not just criminals) is very off-putting to me as well.

Plus, at least for the sorts of commerce I engage in, cryptocurrency is very inconvenient and doesn't give me any benefits that justify the inconvenience.