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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

#251

Post by palmfacehn »

Arainach wrote: post #164
olalonde wrote: post #150

Earlier quoted context omitted.

It's actually easier to perform tax evasion with cash, as it doesn't leave a transaction history.

There's nothing to debate. Everyone living in society benefits from taxes paid - food inspected, fire service and toll-free roads provided, and so much more. Evading taxes is theft of service from everyone.

There's so much value in roads. You'd think that they could be funded on a pay as you go voluntary model rather than expropriation under penalty of imprisonment. Not to mention the opportunity costs of misallocated resources. If there were nothing more to say here, centrally planned economies would deliver the utopia their proponents promise. Somehow history hasn't played out that way.

I'll allow that pragmatism has an important role in tempering the extremes. Claiming that there is "nothing to debate" is a leap into absolutism.

Re: Binance US No Longer Allows USD Withdrawal for Users

#252

Post by gobip »

rspeele wrote: post #250
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…

As much as I would like to believe BTC's market is completely fake, there has to be some real liquidity there. The hashrate is ~421 EH/s which represents a tremendous amount of ongoing spending on mining equipment and energy. That spending has to be funded somehow and the only way that makes sense is by selling the mined BTC. So there may be a lot of wash trading and games played with stablecoins trying to prop up th…

Yes, thank you for your comment. Altcoins are terrible, NFTs are terrible, it was all a trend and I'm glad it's gone now. Bitcoin is different, always has been, always will be. Bitcoin is the digital gold. In my opinion it's not a currency and will not function like a currency but rather like gold. You don't buy your latte with gold, but you own gold stocks. Same thing with Bitcoin.

It's the safest, oldest, most tested blockchain out there. You can't beat that.

Re: Binance US No Longer Allows USD Withdrawal for Users

#253

Post by SilasX »

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.

So, what's the connection to the article, or Binance, or USD withdrawals?

Oh, right, HN no longer does anything about generic soapbox comments that have nothing to do with the article.

Re: Binance US No Longer Allows USD Withdrawal for Users

#254

Post by sjsdaiuasgdia »

s_dev wrote: post #83
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…

>Nearly 14 years in, where exactly is this “ton of real world utility”? People usually qualify this with "moral" or "legal" uses -- crypto currencies are absolutely useful for tax evasion and moving money across borders illegally -- it's why many people use them. It's these exact qualities that draw in the 'scammers' and 'get rich guys' as well. So it absolutely has real world uses just ones you don't like. The next…

>The next question naturally then is why don't we shut them down?

TBH I think one of the larger reasons why authorities haven't taken more aggressive action against cryptocurrency blockchains is the "prosecution futures" aspect. The capabilities of the system attract illegal use, and truly staying unidentified requires really tight opsec. This gets even harder if you want to be able to pull some value back into traditional currency anywhere in the process.

It is effectively a distributed honeypot the authorities don't even have to run themselves.

Re: Binance US No Longer Allows USD Withdrawal for Users

#255

Post by drak0n1c »

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…

Decentralized ledger tech is just starting to get there - blockchains are the first inefficient implementation, and newer technologies like Hedera Hashgraph can do it far more cheaply and efficiently. Services are dependent on network effects and independent contributors. As long as people are discouraged from using it we won't get solid examples of usage.

Wouldn't it be ideal if open source apps and platforms could go beyond the slow and risky traditional donation model, and not have to be entirely user-hosted or hosted by a paid company? Imagine social media platforms not susceptible to the pettiness of absolutist employees and owners, MMORPGs not debilitated by IP holders, cryptographically secured cloud software that follows the needs of its users. Perhaps like communes such projects are forever limited by the requirement of a modicum of participant interest and cost-sharing.

Re: Binance US No Longer Allows USD Withdrawal for Users

#256

Post by HDThoreaun »

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.

Currencies aren't supposed to be a good store of value, just a predictable store of value. Investments are supposed to be good stores of value. The government very much does not want people hoarding currency.

Re: Binance US No Longer Allows USD Withdrawal for Users

#257

Post by D-Coder »

ivanmontillam wrote: post #193
rangerelf wrote: post #108

Earlier quoted context omitted.

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…

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

I'm curious if this has ever worked before.

I accept that next time might be different, but previous examples would add to your argument.

Re: Binance US No Longer Allows USD Withdrawal for Users

#258

Post by Baeocystin »

gobip wrote: post #252
rspeele wrote: post #250

Earlier quoted context omitted.

As much as I would like to believe BTC's market is completely fake, there has to be some real liquidity there. The hashrate is ~421 EH/s which represents a tremendous amount of ongoing spending on mining equipment and energy. That spending has to be funded somehow and the only way that makes sense is by selling the mined BTC. So there may be a lot of wash trading and games played with stablecoins trying to prop up th…

Yes, thank you for your comment. Altcoins are terrible, NFTs are terrible, it was all a trend and I'm glad it's gone now. Bitcoin is different, always has been, always will be. Bitcoin is the digital gold. In my opinion it's not a currency and will not function like a currency but rather like gold. You don't buy your latte with gold, but you own gold stocks. Same thing with Bitcoin. It's the safest, oldest, most test…

Even Etherium? I was impressed they seemed to manage the transition to proof of stake and not blow up the whole thing.

(not a stakeholder myself, so this is only an outside view opinion)

Re: Binance US No Longer Allows USD Withdrawal for Users

#259

Post by Arainach »

pton_xd wrote: post #179
Arainach wrote: post #152

Earlier quoted context omitted.

If you don't like the law, lobby politicians to change it. You don't get to decide that speed limits are stupid and go 100. You don't get to decide that taxes are stupid and not pay them. You don't get to decide that rules against murder are stupid and ignore them.

> If you don't like the law, lobby politicians to change it. Some laws are unjust and it's your duty as a human being with free will to disobey them.

Drop the persecution complex. You're being asked to pay taxes, not commit genocide.

Re: Binance US No Longer Allows USD Withdrawal for Users

#260

Post by saalweachter »

Guvante wrote: post #178
ReflectedImage wrote: post #171

Earlier quoted context omitted.

I'm not convinced that crypto is much worse than the rest of tech. Your average VC tech company is run as a pump and dump scheme. They take a crazy idea, get a ton of funding for it, go public and sell the shares to uninformed investors who are left holding the bag when it all comes crashing down.

There are success stories in tech at least. Crypto only has "Bitcoin has above market returns" in terms of success. There was some neat smart contract stuff but some of that technically breaks trading rules (aka is questionable legality) and others are a coin flip as to whether a vulnerability will let someone drain the entire fund.

The S&P 500 pays out half a trillion in dividends each year, and performs another half a trillion worth of stock buybacks, funded by the profits from the economic activities of the traded companies.

It's not all "number goes up"/a zero sum game of early investors selling to later investors.

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