Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Binance US No Longer Allows USD Withdrawal for Users

thenewscrypto.com

Post reply on HN
Print view View original

171–180 of 424 posts

Re: Binance US No Longer Allows USD Withdrawal for Users

#171

Post by ReflectedImage »

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'm not convinced that crypto is much worse than the rest of tech. Your average VC tech company is run as a pump and dump scheme. They take a crazy idea, get a ton of funding for it, go public and sell the shares to uninformed investors who are left holding the bag when it all comes crashing down.

Re: Binance US No Longer Allows USD Withdrawal for Users

#172

Post by codedokode »

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…

[flagged]

Re: Binance US No Longer Allows USD Withdrawal for Users

#173

Post by rvz »

toomuchtodo wrote: post #121
rvz wrote: post #100

Earlier quoted context omitted.

Of course, moving the goal-posts are we? > "Stripe talks a lot, while TranferWise (among others) gets shit done wrt cross border payments on real rails." Stripe has also shipped theirs though and it is available and is in use. [0] So have Moneygram [1], Visa [2], Checkout.com [3], PayPal [4] and beyond payments, Walmart Canada is using one right now. [5] The fact is, they are using blockchains and they are not going…

I don't believe crypto is the future of payments, domestic or international. That's my thesis, and I'm fairly confident in it. If I'm wrong, after evaluating all available data, such is the peril of attempting to predict the future. I will eat crow and say I was wrong if that is the future we arrive at. PIX in Brazil and UPI in India are evidence of what instant payment systems do to incumbent instant (credit card) r…

None of the examples you mentioned are even world-wide, given that you can't use UPI in Japan, or FedNow can't be used outside of the US or PIX outside of Brazil so are totally useless for users outside of those countries.

These 'rails' are just meant for the introduction of a CBDC in their respective countries which will just have the same issues that Nigeria's eNaira 'CBDC' had which once that was tried, it was a complete failure. [0] [1] which UPI and PIX will have the same problems and will be no different.

[0] https://business.cornell.edu/hub/2023/04/28/nigerias-enaira-...

[1] https://www.pymnts.com/cbdc/2022/nigeria-cuts-atm-cash-withd...

Re: Binance US No Longer Allows USD Withdrawal for Users

#174

Post by dragontamer »

tromp wrote: post #169
nmitchko wrote: post #158

Earlier quoted context omitted.

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.

What's the $ in your remark?

Hint: Its not USD. For an exchange like Binance, its USDT, or Tethers. Its not so hard for them to print USDT and pretend that they're dollars.

Re: Binance US No Longer Allows USD Withdrawal for Users

#175

Post by acdanger »

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 was around $65,000 a couple years back, no? I wonder how much of the current price of $28,000 is propped up by lost thumb drives , or wallets seized by authorities - limited supply rather than continued speculation.

Re: Binance US No Longer Allows USD Withdrawal for Users

#176

Post by [deleted] »

garba_dlm wrote: post #104
burnte wrote: post #21

Earlier quoted context omitted.

Blockchain tech isn't 14 years old, it's 30 years old, or even 40 if you want to go back to the '82 paper. Still no world-changing tech has come from it, aside from monopoly money.

> Blockchain tech isn't 14 years old, it's 30 years old, or even 40 if you want to go back to the '82 paper. Still no world-changing tech has come from it, aside from monopoly money. that's like saying that submarines were invented when Jules Verne wrote about them (i.e. you're wrong) blockchain technology requires the internet, hence it cannot be older than the internet

[deleted]

Re: Binance US No Longer Allows USD Withdrawal for Users

#177

Post by Arainach »

throwawayrupl wrote: post #89
bko wrote: post #38

Earlier quoted context omitted.

Sending money to other countries? You don't need to hold the coins long. Just buy some stable coins, send it, and other person sells them through a broker. From what I understand sending money across counties is very expensive. Not to mention "bad countries" Do people use it for this in real life?

Yes, I do. I'm originally from a bad country (Russia) but right now live in a good country (Poland). I still do some work in the bad country and USDT is basically the only inexpensive, easy, and fast way to transfer money from the bad country to the good country.

So the big use case of crypto is evading and violating international sanctions?

Re: Binance US No Longer Allows USD Withdrawal for Users

#178

Post by Guvante »

ReflectedImage wrote: post #171
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'm not convinced that crypto is much worse than the rest of tech. Your average VC tech company is run as a pump and dump scheme. They take a crazy idea, get a ton of funding for it, go public and sell the shares to uninformed investors who are left holding the bag when it all comes crashing down.

There are success stories in tech at least.

Crypto only has "Bitcoin has above market returns" in terms of success.

There was some neat smart contract stuff but some of that technically breaks trading rules (aka is questionable legality) and others are a coin flip as to whether a vulnerability will let someone drain the entire fund.

Re: Binance US No Longer Allows USD Withdrawal for Users

#179

Post by pton_xd »

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.

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

Some laws are unjust and it's your duty as a human being with free will to disobey them.

Re: Binance US No Longer Allows USD Withdrawal for Users

#180

Post by anonym29 »

acdanger wrote: post #175
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 was around $65,000 a couple years back, no? I wonder how much of the current price of $28,000 is propped up by lost thumb drives , or wallets seized by authorities - limited supply rather than continued speculation.

BTC seized by authorities is regularly sold for market value.
Post reply on HN