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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

#261

Post by llm_nerd »

olalonde wrote: post #187
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…

Your conclusion is pretty funny. In general, when reality doesn't match up with my sources of information, I assume that my sources of information are biased or wrong, not that reality itself is. I was genuinely expecting your last sentence to be something like: "The fact that it still holds is the best demonstration of how biased the tech echo chamber is."

The price of BTC reflects one incredibly narrow band of reality. BTC can quadruple tomorrow and the broad reality still is that crypto has not achieved any of the promises, and is less relevant today than it was 10 years ago. But BTC is "traded" in a largely unregulated market, has poor liquidity, and there is every indication that it is being held afloat by manipulation. BTC has close to zero barrier to entry, can be replaced in a second, and technically is just a giant bag of dogshit, so even if somehow crypto had actual value, it wouldn't be BTC.

A few years ago, virtually all of professional sports were sponsored by crypto companies. Since almost all of them have folded, usually under massive fraud, and have been replaced by gambling firms. So I guess nothing has changed.

Re: Binance US No Longer Allows USD Withdrawal for Users

#262

Post by vdqtp3 »

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."

[US specific] Without evasion of laws, women wouldn't be allowed to vote, black folks would be slaves, interracial marriage would be a crime...I can go on and on. The ability to disobey unjust laws is absolutely essential to the health of a society.

Re: Binance US No Longer Allows USD Withdrawal for Users

#263

Post by vaxintar »

JohnFen wrote: post #192
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 Tax evasion is against the law and therefore is objectively a crime. Whether or not the law is good is a different discussion entirely.

Maybe you have a heavy US centric point of view?

I don't condone tax evasion, but if I can't work because the State wants to go broke before I can even start running my business sorry but no one will do it.

Re: Binance US No Longer Allows USD Withdrawal for Users

#264

Post by gosub100 »

philwelch wrote: post #191
gosub100 wrote: post #95

Earlier quoted context omitted.

> 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 :)

If I'm selling sandwiches, I could make a lot more if I accept an alternative payment with the same convenience as credit but lower tx fees. Privacy conscious buyers may prefer crypto than a bank that sells their purchases to advertisers.

Re: Binance US No Longer Allows USD Withdrawal for Users

#265

Post by px43 »

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…

In the past 24 hours, Binance has still had nearly 7x the volume of their nearest competitor. They don't need to operate in markets that show any hostility towards them. That has always been their strategy, and it's served them well. They are by far the largest exchange. Having to hire whole teams of overpriced lawyers to babysit each high maintenance market would just slow them down.

I'm a US citizen, so I don't really care what happens with Binance, but they started being openly hostile to US users maybe 6 or so years ago, for obvious reasons. They don't care, and they don't need to care. The weird part to me IMO is how aggressively some US citizens have still tried to use Binance, which means creating fake identity documents, using VPNs, and risking their account getting locked if they make any mistakes.

Re: Binance US No Longer Allows USD Withdrawal for Users

#266

Post by drak0n1c »

dale_glass wrote: post #23
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…

There is a lot of crypto usage possibility without the need for NFT proliferation. The only necessary "NFT" may be licenses granting access to decentralized cloud software platforms on a perpetual or monthly subscription basis.

Wouldn't it be ideal if open source apps and platforms could go beyond the slow and risky traditional donation model, not have to be entirely user-hosted or hosted by a paid company, and fully accessible to non-technical users? 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

#268

Post by tromp »

giantrobot wrote: post #20
sickofparadox wrote: post #11

Earlier quoted context omitted.

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.

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.

Most cryptocurrencies were designed that way, but some have a so-called tail emission making them disinflationary. One even has a completely linear emission of 1 coin per second forever since launch.

Re: Binance US No Longer Allows USD Withdrawal for Users

#269

Post by mindslight »

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…

I personally see Bitcoin itself falling apart because it lacks the critical ecash property of untraceability, meaning it is the original non-fungible token. Regardless of how many honest verifiers are following the protocol, it's always possible to build a parallel system that judges which transactions/flows are legitimate or not according to completely different criteria - eg AML. This is happening slowly from both the bottom and the top - from the cryptocurrency industry with "blockchain analysis" and from the incumbent financial system with slowly creeping KYC rules. Right now you can still squint, use a mixer, and perhaps a less regulated exchange - just as ten years ago many people blissfully thought the whole thing was "anonymous". But the writing is on the wall. As soon as the more regulated exchanges start routinely rejecting transactions based on the source wallets' provenance, anything that's touched those wallets will become less desirable. Everyone will be drawn to the attractor of heeding the augmented rulesets to make sure they're not receiving tainted coins, and the currency will essentially fork.
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