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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

#221

Post by orwin »

jonkho wrote: post #123
giantrobot wrote: post #20

Earlier quoted context omitted.

But cryptocurrencies were designed to be deflationary which makes them shitty currencies. There's no point in spending a cryptocoin today when its value will be higher tomorrow.

But fiat currencies were designed to be inflationary which makes them shitty store of value. There is no point in saving in fiat today when it’s value will be lower tomorrow.

Exactly, working as intended.

You want people to hold real assets, not imaginary ones like a currency, because you want people to be invested in your economy. The only intrinsic value a currency have is taxation.

Re: Binance US No Longer Allows USD Withdrawal for Users

#222

Post by bunderbunder »

nmitchko wrote: post #158
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 =/= 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.

It's not the asking price that determines market rates, nor is it the price that people who aren't currently selling believe their assets are worth. It's the price at which active buyers are willing to buy.

One of the challenges with price discovery in the BTC market, though, is that there's not really an effective mechanism to prevent wash trades in place. That means that all you need to do to create a bunch of fraudulent liquidity at a higher price is create a sock puppet account and start trading with yourself. Anyone sitting on a hoard of BTC is highly incentivized to do this to try and prevent their on-paper losses in the hope that it will mitigate their becoming real losses. And that can concievably become the bulk of BTC trading volume if there isn't a steady supply of new people who are willing to buy in to Bitcoin at any price.

Re: Binance US No Longer Allows USD Withdrawal for Users

#223

Post by JohnFen »

Matticus_Rex wrote: post #113
alasdair_ wrote: post #40

Earlier quoted context omitted.

Why can't the host of the image just delete the image? At that point, the NFT is effectively banned. Also, something like OpenSea can block you and you're effectively banned for all practical purposes.

> Why can't the host of the image just delete the image? If it's a blockchain, there's no single host who can do that.

The receipt is on the blockchain. The thing the receipt applies to (generally) isn't. The thing can be destroyed without the receipt being altered at all.

Re: Binance US No Longer Allows USD Withdrawal for Users

#224

Post by staringback »

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.

The federal government is going to print the needed funds regardless of how much tax income they receive

Re: Binance US No Longer Allows USD Withdrawal for Users

#225

Post by codedokode »

jonathankoren wrote: post #168
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 don’t know why it’s surprising. Cryptocurrency’s killer app was always crime, and crime is big business.

If cryptocurrency wasn't so volatile it would be better than worthless government paper because 1) cryptocurrency doesn't lose its value at rate of 2-13% per year 2) nobody will ban your cryptocurrency account if you use it for business 3) nobody will require to provide documentation and proof for every transaction that happened in last 6 months in your account.

Re: Binance US No Longer Allows USD Withdrawal for Users

#226

Post by [deleted] »

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…

[deleted]

Re: Binance US No Longer Allows USD Withdrawal for Users

#227

Post by codedokode »

uxp8u61q wrote: post #194
codedokode wrote: post #172

Earlier quoted context omitted.

[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).

Nothing can win against the motivated enough government.

Re: Binance US No Longer Allows USD Withdrawal for Users

#228

Post by next_xibalba »

carstenhag wrote: post #67
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…

Binance "voluntarily" retracted the license application in Germany: https://www.btc-echo.de/schlagzeilen/binance-kryptoboerse-zi... Binance retracts license application in Austria: https://de.beincrypto.com/binance-rueckzug-aus-oesterreich-d... Binance has been unable to get a license in the Netherlands: https://twitter.com/binance/status/1669628787267624961 Binance to discontinue services for UK customers https://ww…

Don’t forget, Binance is banned in China. That’s another 18% of the world’s population.

Re: Binance US No Longer Allows USD Withdrawal for Users

#229

Post by Terr_ »

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."

Exactly, or to state the inverse: When a decent legal system can be leveraged by the actors, competing approaches all pull ahead.

Re: Binance US No Longer Allows USD Withdrawal for Users

#230

Post by automatic6131 »

Pet_Ant wrote: post #185
xnorswap wrote: post #105

Earlier quoted context omitted.

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…

You're literally suggesting turning hotel stays into speculative financial assets. This is, fundamentally, a really dumb idea. Whilst hotels do price sometimes unfairly, your suggestion where a selection of speculative traders engage in (at best) zero sum - and it doesn't even benefit the hotel providing the service. Just faceless traders.
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