Binance temporarily suspends USDC withdrawals • Hacker News Board

Re: Binance temporarily suspends USDC withdrawals

#191

Post by unnouinceput » Wed, Dec 14, 2022, 9:05 AM UTC

jacquesm wrote: post #190

unnouinceput wrote: post #189

Earlier quoted context omitted.

Don't forget to tell that to Mossad who not even a few years ago hunted down a 90 years old Hungarian dude who was nothing more than a simple guard at one of the concentration camps, forget which one.

The Mossad's relentless focus and unlimited budget to go after these assholes is commendable. But that is a very long way from seeing the present day Argentina as directly influenced by the Nazis. Laszlo Csatary is probably who you are thinking of. We're rapidly approaching the end of the hunt though, simply because there are fewer and fewer of the escapees still alive.

Which is my point exactly. Relentless focus and unlimited budget and you only get to see the tip of the iceberg in the news. Can you imagine that Mossad is like "we only hunt old Nazis but the countries benefited from their gold we leave them alone and don't meddle in their politics"? Because I don't.

Re: Binance temporarily suspends USDC withdrawals

#192

Post by denton-scratch » Wed, Dec 14, 2022, 11:58 AM UTC

LudwigNagasena wrote: post #188

denton-scratch wrote: post #162

Earlier quoted context omitted.

...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.

Not sure if that’s sarcasm, but the promise is to exchange it for gold, not “hard currency”. Barely 100 years since the establishment of the Bank of England has passed before the convertibility was annulled for 20 years because of wars and, as a consequence, gold shortage.

There's no mention of "gold". It says on this here piece of paper: "I promise to pay the bearer on demand the sum of twenty pounds".

The implication that this £20 note is not actually £20. But ten £2 coins is coin-of-the-realm, and coin is what you can expect the Governor to hand over when you go to cash-in the promise.

Re: Binance temporarily suspends USDC withdrawals

#193

Post by AdamN » Wed, Dec 14, 2022, 12:03 PM UTC

LudwigNagasena wrote: post #114

antupis wrote: post #32

Earlier quoted context omitted.

Problem lies here that dodgy institutions without goverment supervision are issuing stable coins so you never know when some crypto guy is going to do rug pull. But first government backed stable coin which you can buy and sell fast will be huge.

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.

The government institutions are definitely more dutiful than Binance. Even if they weren't though, a USD will have more value after a major Fed screw up than the equivalent stablecoin after their crypto backers make a major screw up.

Re: Binance temporarily suspends USDC withdrawals

#194

Post by rvz » Mon, Dec 26, 2022, 4:58 PM UTC

hocuspocus wrote: post #146

rvz wrote: post #117

Earlier quoted context omitted.

A use case indeed for crypto, Especially if your friends and customers are from Argentina, Nigeria, Venezuela, Russia, Ukraine and Iran who's currencies have been totally de-vauled and close to worthless. One can use that to send USDC worldwide, instantly, cheaply and can exchange that to their local fiat currency. USDC doesn't require an exchange at all, only if you are exchanging it to fiat. Both pro-crypto and ant…

You're mixing so many things up that I don't know where to start. But if your customers are in Venezuela, Russia or Iran and you use stablecoins to work around US or international sanctions, you're facing pretty serious legal troubles. If ending up in jail is a valid use case for you, sure.

> But if your customers are in Venezuela, Russia or Iran and you use stablecoins to work around US or international sanctions, you're facing pretty serious legal troubles.

Not if one gets a license to operate in those sanctioned countries.

> If ending up in jail is a valid use case for you, sure.

Sigh.

So NGOs with licences to operate in sanctioned countries should be put in jail for aiding people without access to money to pay for food due to blanket sanctions then?

It appears that HNers here are just too privileged to not see the global money transfer use-case, especially with countries who's currency has lost 90% of their value.