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

Re: Binance US No Longer Allows USD Withdrawal for Users

#181

Post by ForkMeOnTinder » Wed, Oct 18, 2023, 4:35 PM UTC

rprospero wrote: post #145

thomasahle wrote: post #70

Earlier quoted context omitted.

It was pretty useful for sending money to people. If you regularly need to send money to friends in other countries, the current apps and bank account transfers are a pain.

As someone who has been regularly transferring money between the US and UK for nearly a decade, using standard banking means has always been faster and cheaper for me than any of the crypto solutions that I've been presented.

Do you believe your own personal experience with those two English-speaking countries can be extrapolated to every other country in the world?

Re: Binance US No Longer Allows USD Withdrawal for Users

#182

Post by freejazz » Wed, Oct 18, 2023, 4:35 PM UTC

codedokode wrote: post #172

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]

Did we really land on the moon?!?

Re: Binance US No Longer Allows USD Withdrawal for Users

#183

Post by philwelch » Wed, Oct 18, 2023, 4:35 PM UTC

rco8786 wrote: post #12

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…

Yea same. Really still unclear what utility it provides that fiat currencies do not. Not theoretical utility, like real world utility. I think crypto will go down in history as an amazing example of the importance of institutional knowledge and regulation. Like how did nobody see fraud coming in an unregulated financial instrument? Did folks genuinely think that "decentralization" was going to sidestep all of the typ…

> Really still unclear what utility it provides that fiat currencies do not. Not theoretical utility, like real world utility.

Because it gets you away from the fiat aspect of it.

I'm not talking about the arguments over monetary economics and whether we should just trust central banks not to print too much money; I'm talking about the other type of fiat. If you contribute money to the wrong protesters, "liberal" "democratic" Western governments can and will freeze your bank account. If you live in the wrong country, Visa and Mastercard will cut off your access to your own money as collective punishment for the actions of a government you didn't even freely elect. If you want to trade in goods the government doesn't like, they have ways of making that difficult for you.

Crypto got sold to finance bros as some sort of respectable financial instrument, which it clearly is not. If you're a respectable normal person in a Western country, crypto probably just isn't for you.

Re: Binance US No Longer Allows USD Withdrawal for Users

#184

Post by toomuchtodo » Wed, Oct 18, 2023, 4:35 PM UTC

rvz wrote: post #173

toomuchtodo wrote: post #121

Earlier quoted context omitted.

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 c…

You seem to be very pro crypto, so I don't believe we're going to find middle ground. Appreciate the debate regardless!

Re: Binance US No Longer Allows USD Withdrawal for Users

#185

Post by Pet_Ant » Wed, Oct 18, 2023, 4:35 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…

> The hotel must be trusted to actually provide the room, so why not trust the hotel to also store the booking information?

Because the hotel then has to swap the reservation whenever it's traded. Let's say I want to book a hotel in the future for downtown Chicago Cubs making it to the World Series. As the season progresses it's a future whose value goes up and down depending on how they are playing. If the hotel is in the loop they could play shenanigans and charge you a fee every time you reschedule. The idea of the blockchain is that it's out of their hands.

The owner of the room at the time of the booking shows up with the private key, and swaps it for the room key.

If you involve the hotel enshittification will ensue to make sure they grind out every last cent.

Also, being on a blockchain allows for trades such as swapping rooms across chains, trading rooms for cars, etc. The blockchain unifies ownership and rights as tradeable like money did for barter. There is a common unifying method of exchange.

Re: Binance US No Longer Allows USD Withdrawal for Users

#186

Post by freejazz » Wed, Oct 18, 2023, 4:36 PM UTC

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,…

>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".

That's not a technical feature, that's just tax fraud

Re: Binance US No Longer Allows USD Withdrawal for Users

#187

Post by olalonde » Wed, Oct 18, 2023, 4:36 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…

Your conclusion is pretty funny. In general, when reality doesn't match up with my sources of information, I assume that my sources of information are biased or wrong, not that reality itself is. I was genuinely expecting your last sentence to be something like: "The fact that it still holds is the best demonstration of how biased the tech echo chamber is."

Re: Binance US No Longer Allows USD Withdrawal for Users

#188

Post by tempodox » Wed, Oct 18, 2023, 4:36 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…

Why would anybody buy something that they can't sell for real money any more? Shouldn't that convince even the dumbest acolytes that there is no value to be had?

Re: Binance US No Longer Allows USD Withdrawal for Users

#189

Post by csomar » Wed, Oct 18, 2023, 4:36 PM UTC

rprospero wrote: post #145

thomasahle wrote: post #70

Earlier quoted context omitted.

It was pretty useful for sending money to people. If you regularly need to send money to friends in other countries, the current apps and bank account transfers are a pain.

As someone who has been regularly transferring money between the US and UK for nearly a decade, using standard banking means has always been faster and cheaper for me than any of the crypto solutions that I've been presented.

It's only cheaper if you and your friend are inside the system. The two eco-system are separated and this makes friction and cost high (if you are onboarding/offboarding liquidity).

Re: Binance US No Longer Allows USD Withdrawal for Users

#190

Post by anonym29 » Wed, Oct 18, 2023, 4:37 PM UTC

Arainach wrote: post #134

olalonde wrote: post #119

Earlier quoted context omitted.

"If you have nothing to hide you have nothing to fear." I'd say the ability to avoid penalties from "victimless" laws is beneficial, irrespective of the governing state.

Tax evasion is not a victimless crime.

Taxation is not a victimless crime.