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Binance US No Longer Allows USD Withdrawal for Users

thenewscrypto.com

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Re: Binance US No Longer Allows USD Withdrawal for Users

#21

Post by burnte »

stouset wrote: post #6
sickofparadox wrote: post #3

Cryptocurrency was (and still is to an extent) a really interesting idea that has a ton of real world utility, especially as government surveillance continues its march towards panopticon. It's a shame that the "get rich quick" grifters and speculators took ahold of it and have killed any chance of normal people adopting it as a regular form of payment.

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…

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.

Re: Binance US No Longer Allows USD Withdrawal for Users

#22

Post by anon1199022 »

stouset wrote: post #6
sickofparadox wrote: post #3

Cryptocurrency was (and still is to an extent) a really interesting idea that has a ton of real world utility, especially as government surveillance continues its march towards panopticon. It's a shame that the "get rich quick" grifters and speculators took ahold of it and have killed any chance of normal people adopting it as a regular form of payment.

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…

Arpanet started at 1969 and it was not immediately labed with certain groups as a scam, like here for years. That literally blocks the perception. So 2007-1969 is 38 years and not 14.

Re: Binance US No Longer Allows USD Withdrawal for Users

#23

Post by dale_glass »

sickofparadox wrote: post #3

Cryptocurrency was (and still is to an extent) a really interesting idea that has a ton of real world utility, especially as government surveillance continues its march towards panopticon. It's a shame that the "get rich quick" grifters and speculators took ahold of it and have killed any chance of normal people adopting it as a regular form of payment.

> Cryptocurrency was (and still is to an extent) a really interesting idea that has a ton of real world utility, especially as government surveillance continues its march towards panopticon.

Cryptocurrency not only doesn't help much, but even goes backwards there. You think the government is bad? Imagine life in NFT land. Your gym ticket is a NFT. Your movie ticket is a NFT. Your house deed is a NFT.

So everyone you interact with knows where you work, how much you earn, what you own, where's your house, what you buy, what groups you belong to... and they can keep tracking you forever if you tell them who you are just once.

They can treat you preferentially or charge you more or ban you depending on your past history.

Sure, there's Monero, but nobody seems to really care about that one.

> It's a shame that the "get rich quick" grifters and speculators took ahold of it and have killed any chance of normal people adopting it as a regular form of payment.

It's built into the system. The early makers like Satoshi wanted a deflationary system. A deflationary system is inherently undesirable for usage as a currency, and makes it just the thing for HODLing and speculation.

You could have inflation, but who controls it? There are no good answers.

Re: Binance US No Longer Allows USD Withdrawal for Users

#24

Post by salamanderss »

sickofparadox wrote: post #11
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…

The utility is on the name: cryptoCURRENCY. Before it became a speculative asset, crypto faced the issue of adoption, now that it is one, it faces the issue of not being useful as a way to facilitate transactions.

This is one of those Richard Feynman moments where perhaps it's more useful to consider the properties of the bird than its name. The technology doesn't have a soul, it's up to us to decide when and where to use it regardless of taxonomy.

Re: Binance US No Longer Allows USD Withdrawal for Users

#25

Post by agloe_dreams »

sickofparadox wrote: post #3

Cryptocurrency was (and still is to an extent) a really interesting idea that has a ton of real world utility, especially as government surveillance continues its march towards panopticon. It's a shame that the "get rich quick" grifters and speculators took ahold of it and have killed any chance of normal people adopting it as a regular form of payment.

> government surveillance continues its march towards panopticon The entire notion of crypto is that you can track a block over every transaction and that the transaction history creates the whole. Most Exchanges are forced to report who opened a wallet. Compared to cash/gift cards or many other payment forms, Crypto is the government surveillance DREAM.

Re: Binance US No Longer Allows USD Withdrawal for Users

#26

Post by ericjmorey »

px43 wrote: post #2

Great, Binance was fundamentally not built to service US citizens. Coinbase and maybe Gemini are basically the only ones who have gone through the legal hurdles to actually service US citizens. The intended market for Binance, and exchanges like it, is the other 95% of the human population without US citizenship, and that's fine. Kind of a bummer that US regulations make it incompatible with the financial infrastruct…

What makes you think that the world is moving towards cryptocurrencies in any significant way?

Re: Binance US No Longer Allows USD Withdrawal for Users

#28

Post by smoldesu »

charcircuit wrote: post #17
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…

NFTs. It's like Steam's marketplace, but without having to have one company have control to ban anyone. It lets you safely make trades without having to pass your items to sites for them to hold on to your items for you.

> It's like Steam's marketplace, but without having to have one company have control

...and without payment processing, fraud detection, customer service, moderation tools, user reviews or a refund policy.

Re: Binance US No Longer Allows USD Withdrawal for Users

#29

Post by charcircuit »

keep_reading wrote: post #4

TL;DR they're forcing the customer to do the currency conversion instead of them doing it automatically at the time of withdrawal?

You can withdraw USDC, USDT, etc. But you can't have Binance send you actual USD to your bank account. You will have to find somewhere else who will send you real money for your stablecoins.

Re: Binance US No Longer Allows USD Withdrawal for Users

#30

Post by pphysch »

stouset wrote: post #6
sickofparadox wrote: post #3

Cryptocurrency was (and still is to an extent) a really interesting idea that has a ton of real world utility, especially as government surveillance continues its march towards panopticon. It's a shame that the "get rich quick" grifters and speculators took ahold of it and have killed any chance of normal people adopting it as a regular form of payment.

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…

Or look at much newer LLMs, or even Gaussian Splatting. Clear use cases, rapid innovation, certain impact.

Cryptocurrency has two main applications: illegal transactions, and speculation. It's high time to stop pretending it got popular for any other reason.

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