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Binance temporarily suspends USDC withdrawals

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Re: Binance temporarily suspends USDC withdrawals

#171

Post by Galanwe »

Ntrails wrote: post #163
Galanwe wrote: post #93

Earlier quoted context omitted.

Holding does not mean holding _now immediately liquid assets_. For the 10000th time: no single broker has ever been instantaneously liquid.

> no single broker has ever been instantaneously liquid. Really? If Vanguard had to transfer all of my cash and all of my ETF holdings to directly and everyone elses too I would expect that to be zero hassle for them bar the likely collapse of their future business.

Go ahead then. Log in to your Vanguard account, withdraw everything, sell your ETFs, and tell me when the funds are wired in your bank account.

Re: Binance temporarily suspends USDC withdrawals

#172

Post by meowface »

ReptileMan wrote: post #155
unnouinceput wrote: post #123

Earlier quoted context omitted.

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.

Now let's talk about paperclips...

While the US importing Nazi scientists is ethically very questionable, it's not really the same. Many of those scientists were guilty of benefiting from the work of forced labor and such, though typically weren't involved in enslaving people themselves, while the Nazis given refuge in Argentina were directly responsible for not only that but the abuse and murder of millions of innocent civilians.

Re: Binance temporarily suspends USDC withdrawals

#173

Post by jacquesm »

meowface wrote: post #172
ReptileMan wrote: post #155

Earlier quoted context omitted.

Now let's talk about paperclips...

While the US importing Nazi scientists is ethically very questionable, it's not really the same. Many of those scientists were guilty of benefiting from the work of forced labor and such, though typically weren't involved in enslaving people themselves, while the Nazis given refuge in Argentina were directly responsible for not only that but the abuse and murder of millions of innocent civilians.

The motives were fairly closely aligned though, both the US and Argentina at the time hoped that bringing these Nazi operatives into their respective countries would give them an edge military wise.

Also, let's not belittle the involvement of the German scientists that went to the US in the Nazi campaign, they knew very well what they were doing and each and every rocket launched against London had the signature of Werner von Braun on it. See also: Tom Lehrer.

Re: Binance temporarily suspends USDC withdrawals

#174

Post by ivanmontillam »

ethanbond wrote: post #164
ivanmontillam wrote: post #160

Earlier quoted context omitted.

> definitely were evading taxes by using these services, 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…

And all of this is supposed to be an argument for the US not to enforce its laws against institutions that enable such activity?

I'm not saying that they shouldn't do it. I'm only exposing its consequences.

Re: Binance temporarily suspends USDC withdrawals

#175

Post by beaker52 »

hocuspocus wrote: post #170
beaker52 wrote: post #141

As an observer, the schadenfreude around crypto is unreal. If you want to see crypto fail, and jump on opportunities to spread FUD, to eventually prove your position and briefly smugly walk around saying "I told you so", then that's disgraceful.

Well, we're just having fun staying poor.

Don’t spend your time in this world bringing people down to prevent them from climbing higher than you. Lift them up. You’ll know you’ve got it right when they reach back down and give you a hand up.

Your character is yours alone to write.

Re: Binance temporarily suspends USDC withdrawals

#176

Post by hocuspocus »

beaker52 wrote: post #175
hocuspocus wrote: post #170

Earlier quoted context omitted.

Well, we're just having fun staying poor.

Don’t spend your time in this world bringing people down to prevent them from climbing higher than you. Lift them up. You’ll know you’ve got it right when they reach back down and give you a hand up. Your character is yours alone to write.

Either you don't understand your own words, or you don't understand who's truly getting rich from cryptocurrency speculation, or maybe both. Either way I had a good laugh, thanks.

Re: Binance temporarily suspends USDC withdrawals

#177

Post by frumper »

stefan_ wrote: post #79
drexlspivey wrote: post #59

Earlier quoted context omitted.

People hate crypto so much in here they are actually trying to start a bank run.

Can't bank run something that's not supposed to be a bank. Remember that goblin SBF tweeting "FTX doesn't use customer deposits"?

I mean, I feel like we can call it something else, but people did a bank run on grocery stores for toilet paper in 2020. It's a term people use to convey what's happening even if it's not technically the correct term to use.

Re: Binance temporarily suspends USDC withdrawals

#178

Post by nailer »

crypt1d wrote: post #120
nailer wrote: post #115

Earlier quoted context omitted.

The point is that custody services should hold coins 1:1. Binance should already have the USDC on hand. They do not, because they swapped the currency their customers were holding. Saying BUSD is the same as USDC is akin to saying UST is the same as USDC. They are not the same, they are backed by different entities with different behaviour and different reputations.

They are not a custody service, they are an exchange. They are not obliged to hold USDC, if all customers have their assets in BUSD due to the conversions that happened. Are you expecting Binance to have 1:1 BUSD on hand, in addition to holding the same amount in USDC as well (so 2x the amount of funds deposited by the customers)? Nobody said BUSD == USDC. But comparing it to UST (an algorithmic stablecoin nonetheles…

> They are not a custody service, they are an exchange.

Interesting. Because a lot of people think they're a custody service and use Binance as such.

> They are not obliged to hold USDC, if all customers have their assets in BUSD due to the conversions that happened.

What? Someone trusted Binance to store USDC. The conversions should not have happened.

> Are you expecting Binance to have 1:1 BUSD on hand, in addition to holding the same amount in USDC as well

No. Nobody is expecting that. You're the only person that mentioned it.

Re: Binance temporarily suspends USDC withdrawals

#179

Post by crypt1d »

nailer wrote: post #178
crypt1d wrote: post #120

Earlier quoted context omitted.

They are not a custody service, they are an exchange. They are not obliged to hold USDC, if all customers have their assets in BUSD due to the conversions that happened. Are you expecting Binance to have 1:1 BUSD on hand, in addition to holding the same amount in USDC as well (so 2x the amount of funds deposited by the customers)? Nobody said BUSD == USDC. But comparing it to UST (an algorithmic stablecoin nonetheles…

> They are not a custody service, they are an exchange. Interesting. Because a lot of people think they're a custody service and use Binance as such. > They are not obliged to hold USDC, if all customers have their assets in BUSD due to the conversions that happened. What? Someone trusted Binance to store USDC. The conversions should not have happened. > Are you expecting Binance to have 1:1 BUSD on hand, in addition…

> Interesting. Because a lot of people think they're an exchange and use BInance as such.

...that's what I said?

> What? Someone trusted Binance to store USDC. The conversions should not have happened.

Conversions were announced timely. See https://www.binance.com/en/support/faq/what-is-busd-auto-con...

> No. Nobody is expecting that. You're the only person that mentioned it.

Its the logical conclusion of people expecting Binance to hold full USDC deposit amounts, even when most/all USDC was converted to BUSD.

Re: Binance temporarily suspends USDC withdrawals

#180

Post by nailer »

denton-scratch wrote: post #162
LudwigNagasena wrote: post #114

Earlier quoted context omitted.

As if government institutions are any more dutiful. The British banknotes still say “I promise to pay the bearer on demand…” as a big FU to all the holders.

...signed by the Governor of the Bank Of England, the oldest central bank in the world, which has never yet reneged on that promise to exchange paper for hard currency.

I see your point, but also: that pound was a failed stablecoin against the Deutschemark at one time.

http://news.bbc.co.uk/onthisday/hi/dates/stories/september/1...

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