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Binance US No Longer Allows USD Withdrawal for Users

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Re: Binance US No Longer Allows USD Withdrawal for Users

#191

Post by philwelch »

gosub100 wrote: post #95
rco8786 wrote: post #12

Earlier quoted context omitted.

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…

> what utility it provides that fiat currencies do not Forex (for travelers) perhaps? Technically, fiat itself does not provide exchange. you always need a broker or a counterparty. crypto provides liquidity that can replace a paid service (yes I know crypto also has fees). I have never owned crypto but I think it's a great idea as a currency that should have been able to compete with paypal/credit cards, but somehow…

If all you're buying is sandwiches, you don't need crypto. Crypto is for when you buy things that are a lot more interesting than sandwiches :)

Re: Binance US No Longer Allows USD Withdrawal for Users

#192

Post by JohnFen »

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

Tax evasion is against the law and therefore is objectively a crime. Whether or not the law is good is a different discussion entirely.

Re: Binance US No Longer Allows USD Withdrawal for Users

#193

Post by ivanmontillam »

rangerelf wrote: post #108
ivanmontillam wrote: post #72

Earlier quoted context omitted.

I'm not condoning crime, but do you recognize that changing laws in an authoritarian state is next to impossible right? Lives lost in Venezuela doing a serious attempt at changing. Do you prefer blood shed on streets?

Nobody "prefers" it (psychopaths need not apply), but against a regime where literally their prevention method to getting replaced is "bloodshed", what is your suggestion?

To starve the government financially, through mechanisms of tax evasion.

As a very last resource, because again, I do not condone crimes, but: When tyrants rule, it's our human right to disobey.

Would you accept to be subservient to a power structure that doesn't work for you? For the "We The People"? Vote them away yes, given voting is not a deceptive theatrical show like it is in Venezuela. So, what are the other alternatives? Ruling out violence of course.

Re: Binance US No Longer Allows USD Withdrawal for Users

#194

Post by uxp8u61q »

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]

If crypto crashes when leaders of countries with worthless currency ban it, then maybe crypto isn't really that great at solving any of the problems it purports to solve (independence from central authority etc).

Re: Binance US No Longer Allows USD Withdrawal for Users

#195

Post by coffeebeqn »

charcircuit wrote: post #85
coffeebeqn wrote: post #47

Earlier quoted context omitted.

What does it do better than a classic centrally run steam marketplace? Why hasn’t Valve switched to NFTs?

It destroys the monopoly Valve has over item ownership and gives power to the people. Valve hasn't switched because having a monopoly is good financially.

But why would any company want this? You’re giving away control of your projects for… what exactly?

Re: Binance US No Longer Allows USD Withdrawal for Users

#196

Post by vaxintar »

Aurornis wrote: post #166
vaxintar wrote: post #118

Earlier quoted context omitted.

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?

Because to hand over the money I'd need to travel 1000 KMs [1].

And if you want to know "why you don't simply transfer through a bank?" I encourage you to read the Corralito wiki.

Just before the Corralito ended, there was an asymmetric pesification of bank deposits. This meant that if you had 100k USD in your account on Monday, by Friday it would be converted to 100k ARS at a rate of 4 ARS = 1 USD, effectively leaving you with just 25k USD.

This event left a general feeling of discomfort regarding leaving real money (in terms of store of value) in the bank.

1. https://www.google.com/maps/dir/Viedma,+R%C3%ADo+Negro+Provi...

Re: Binance US No Longer Allows USD Withdrawal for Users

#197

Post by latchkey »

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."

> Crypto allows for the evasion of laws.

Uber allowed anyone to drive without a taxi medallion.

AirBnB allowed anyone to turn a home into a hotel.

Amazon allowed anyone to buy a book online, without having to go to a book store.

Not everything is about evasion of laws.

Re: Binance US No Longer Allows USD Withdrawal for Users

#198

Post by salamanderss »

pnpnp wrote: post #111
sydbarrett74 wrote: post #98

Earlier quoted context omitted.

Blockchain is a solution in search of a problem. Conventional technologies can do the same thing with far less overhead. The issue is that they're 'conventional' and not 'new/shiny/sexy'. New doesn't always mean better, and it's often objectively and demonstrably worse than what preceded it.

I'm not defending blockchain, just pointing out that part of the example wasn't really a good one. Property ownership being something that's already completely public. I have a public map overlay on my phone that gives me deed information for (AFAIK) every parcel I can see in the USA.

[dead]

Re: Binance US No Longer Allows USD Withdrawal for Users

#199

Post by uxp8u61q »

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,…

You're evading taxes and worker protection laws. Congrats I guess? If your business model is dependent on flouting the law, then maybe it's time to rethink the business model.

Re: Binance US No Longer Allows USD Withdrawal for Users

#200

Post by rprospero »

TurningCanadian wrote: post #87
simonw wrote: post #7

Earlier quoted context omitted.

Normal people were never going to do well with a payment system where if you forget your password you've irretrievably lost access to your funds. (I've heard all of the arguments about backup phrases and social recovery wallets and suchlike, and I have yet to see evidence that these will work for anyone other than the most technically sophisticated of users.)

You also irretrievably lose access to your funds if an attacker steals your credential. Not a problem as long as you have flawless security. /s

Honestly, this is more of a problem for blockchain than it is for the old system. Let's say that an 80's movie villain gets his goons to beat you until you sign over the deed to your house (he wants to open another dojo). Today, you could go to court, present your evidence that you made the transaction under duress, and you get your house back. Even if he won't sign the deed back to you, the court can just print a new one on a laser printer, give it a fancy stamp, and the house is yours again.

In the blockchain world, there's two options. The first is the "code is law" option. Since you sent him the house, it's his and there's nothing you can do about it. The court might arrest him, but there's no way of ever recovering your house. If he's particularly spiteful, the villain might kill himself. With proper security, his private key is lost forever and that property becomes inaccessibly for eternity.

The other option is the "reasonable" option. Here, you go to court and have his token for your house officially invalidated. Additionally, a new token is minted for the property is minted and sent to your account, making you whole again. However, this only works with a modified blockchain that allows a centralised authority to invalidate and mint new tokens. Since we're already trusting this centralised authority, then we're back to the old laser printer and stamp, just with extra steps.

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