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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

#31

Post by anon1199022 »

toomuchtodo wrote: post #18
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…

It is perfect for laundering large amounts of value, transacting in business that might not be legal but is between consenting adults (sex work and all the shades of that, pharma/recreational drugs), or for storing your value somewhere that can't be confiscated or inflated away by your local government. You might be willing to tolerate some loss if these are your threat models or use cases (versus being wholly unable…

You have no idea what you're talking about, right? https://www.axios.com/2023/05/11/stripes-crypto-strategy

"Accepting money is one thing, but paying out money to the rest of the world — especially long-tail countries with poor banking rails is another thing," he said. "It works better than fiat payments in a lot of cases," he added."

Re: Binance US No Longer Allows USD Withdrawal for Users

#33

Post by onlyrealcuzzo »

anon1199022 wrote: post #22
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…

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.

Are you claiming that in 1983 - it was mainstream even in the investment world that the only usage of the Internet was fraud and crime?

Re: Binance US No Longer Allows USD Withdrawal for Users

#34

Post by toomuchtodo »

anon1199022 wrote: post #31
toomuchtodo wrote: post #18

Earlier quoted context omitted.

It is perfect for laundering large amounts of value, transacting in business that might not be legal but is between consenting adults (sex work and all the shades of that, pharma/recreational drugs), or for storing your value somewhere that can't be confiscated or inflated away by your local government. You might be willing to tolerate some loss if these are your threat models or use cases (versus being wholly unable…

You have no idea what you're talking about, right? https://www.axios.com/2023/05/11/stripes-crypto-strategy "Accepting money is one thing, but paying out money to the rest of the world — especially long-tail countries with poor banking rails is another thing," he said. "It works better than fiat payments in a lot of cases," he added."

Okay ¯\_(ツ)_/¯ If you want to bet $10k on the success of this, outline the success criteria and deadline for evaluation of the bet and we'll spin up a Long Bet [1].

Stripe talks a lot, while TranferWise (among others) gets shit done wrt cross border payments on real rails. Crypto is slowly dying while central banks raise rates globally, making the casino attempt at yield unpalatable (most crypto trading was gambling). Africa, for example, is going digital payments faster than some developed countries [2] [3].

Stripe's problem (along with Visa and Mastercard for that matter) is that developing countries are leapfrogging developed world financial infra, and owning it themselves to prevent "light colonization" of this critical financial infra. This compresses the global TAM for the for profit folks who are skimming off rails volume.

[1] https://longbets.org/

[2] https://www.mckinsey.com/industries/financial-services/our-i...

[3] https://papss.com/

Re: Binance US No Longer Allows USD Withdrawal for Users

#35

Post by charcircuit »

smoldesu wrote: post #28
charcircuit wrote: post #17

Earlier quoted context omitted.

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.

The network does the payment processing. The rest can be implemented at a higher level. It is like offering customer support for open source software. Technically anyone can build a company on top of the software and start providing support.

Re: Binance US No Longer Allows USD Withdrawal for Users

#36

Post by baz00 »

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.

Unlikely on both counts. Realistically speaking, the problem with crypto is that you will always have to go against a nation state level entity's tax office. And that's not someone you can win a fight with unless you deal in real money.

Re: Binance US No Longer Allows USD Withdrawal for Users

#37

Post by ElectricalUnion »

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…

This logic sounds strange to me.

When I hear about a government being "protective", I associate that with "The Brussels Effect" and EU, not with Washington.

Let's take a bad analogy in food additives; Brussels will often ban things they science points but don't have confirmation yet if they're really dangerous. Washington will often only ban things once they unequivocally confirm that is a very serious short-term poison.

On a side note, you can't use Binance from (most?) of the EU either.

Re: Binance US No Longer Allows USD Withdrawal for Users

#38

Post by bko »

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…

Sending money to other countries? You don't need to hold the coins long. Just buy some stable coins, send it, and other person sells them through a broker.

From what I understand sending money across counties is very expensive. Not to mention "bad countries"

Do people use it for this in real life?

Re: Binance US No Longer Allows USD Withdrawal for Users

#40

Post by alasdair_ »

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.

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.

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