Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Binance US No Longer Allows USD Withdrawal for Users

thenewscrypto.com

Post reply on HN
Print view View original

331–340 of 424 posts

Re: Binance US No Longer Allows USD Withdrawal for Users

#331

Post by tim333 »

ivanmontillam wrote: post #137
UncleMeat wrote: post #92

Earlier quoted context omitted.

I think that allowing people to protect themselves from authoritarian governments is often a good thing. I also think it is important to understand that if this is the killer app then we need to be honest about what it is and how that affects people in states that are more just. The benefits to those suffering in Venezuela cannot be separated from the harms done to people in non-authoritarian states.

Tax evasion is not its killer app, but I reckon cryptocurrencies can be misused that way. Tax evasion is possible with or without mechanism. Real world example in Argentina: the way most landlords evade taxes is by charging tenants in cash. They expect you to go to their place with an envelope full of 1000's ARS banknotes. So far I've not seen rents paid in cryptocurrency, but by extension, would you say cash's kille…

I'd say crypto is not very good for tax evasion. The immutable record on a blockchain thing may be a pain compared to cash in hand.

Re: Binance US No Longer Allows USD Withdrawal for Users

#332

Post by Arainach »

lesuorac wrote: post #276
Arainach wrote: post #177

Earlier quoted context omitted.

So the big use case of crypto is evading and violating international sanctions?

Well they use it to avoid international sanctions but International Remittance is extremely common. The fees of which are estimated to be over 5% [1]; I mean imagine losing 5% of your paycheck just because of currency problems! The current Etherum TX fee is 0.0004 which at 1 ETH / 1,573.09 USD comes out to 62 cents. Would your rather pay 5% of your transfer to send money home to your family or 62 cents? [1]: https://…

I would gladly pay 5% to support enforcement denying funds transfer to war criminals.

Re: Binance US No Longer Allows USD Withdrawal for Users

#333

Post by mrguyorama »

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.

> "get rich quick" grifters and speculators took ahold of it

Every single "feature" touted as a good thing by crypto boosters is exactly WHY grifters and conmen got into it.

The system doesn't even have a concept of a "fraudulent transaction" FFS. For a system built by people who claim to know so much about cryptography and computer security, they sure seem stumped by the very simple concept of "someone tricked me and I clicked on a link" which is still the number one problem in computer security.

The lack of transaction reversal is a god-send for crooks. The lack of a justice system is a boon for them. There's a reason they don't even have to be creative with their scams, and are just dusting off old play books from the 1920s.

Crypto isn't shitty because of bad luck, crypto is shitty because the people who built it are completely ignorant of the value of regulation because they are caught in their ideology that all regulation is bad.

Re: Binance US No Longer Allows USD Withdrawal for Users

#334

Post by rco8786 »

gosub100 wrote: post #95
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…

> 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…

> Forex (for travelers) perhaps?

Again, we're talking real world. Have you ever travelled abroad and used BTC to buy something? Has anyone you know ever done that?

Re: Binance US No Longer Allows USD Withdrawal for Users

#335

Post by aidenn0 »

dale_glass wrote: post #325
tromp wrote: post #268

Earlier quoted context omitted.

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.

That doesn't help because inflation needs to be in tune with the economy, so somebody has to be able to adjust the amount. If the tail emission is too small then it's still deflationary. If it's too big, then there's too much inflation. To adjust properly there has to be somebody who decides what "in tune" is. We're either back to centralization, or it's some sort of popularity vote which is unlikely to produce the r…

It might be possible to have it self-tune to transaction volume, no?

Re: Binance US No Longer Allows USD Withdrawal for Users

#336

Post by rco8786 »

philwelch wrote: post #183
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…

> Really still unclear what utility it provides that fiat currencies do not. Not theoretical utility, like real world utility. Because it gets you away from the fiat aspect of it. I'm not talking about the arguments over monetary economics and whether we should just trust central banks not to print too much money; I'm talking about the other type of fiat. If you contribute money to the wrong protesters, "liberal" "de…

Right I am not trying to say that fiat doesn't have problems. I am trying to say that in the real world, crypto has solved none of those problems.

Re: Binance US No Longer Allows USD Withdrawal for Users

#337

Post by freeplay »

nwah1 wrote: post #330
freeplay wrote: post #319

Earlier quoted context omitted.

Couldn't agree more on the VC front. To take it even further, what provides more value ? Instagram or OpenSea (NFT marketplace)? When you stop and think about it, it's the Spiderman meme. They are both pretty useless and are most likely a net negative to society.

Both may be a net negative to society, but the major social media companies collect quite a lot in advertising revenue, and are thus profitable to the shareholders. OpenSea was only profitable while there were still suckers available. Not at all the same. Instagram is more like Exxon or something. A very profitable enterprise whose social harms may not be adequately internalized, and would require legislation to fix.

profitable != providing value

There's a ton of cool tech that provides a ton of value and makes little to no money.

Re: Binance US No Longer Allows USD Withdrawal for Users

#338

Post by tim333 »

doubleg72 wrote: post #284
jzig wrote: post #271

Earlier quoted context omitted.

Convert to a stablecoin and transfer out?

If only I had thought of that.. Unfortunately, you were only allowed to convert to the Binance coin. That option did not work for me, I can't recall what the specific issue was now but I am guessing had something to do with KYC.

Unless the exchange has collapsed you should be able to withdraw crypto and cash it in at Kraken or wherever.

Re: Binance US No Longer Allows USD Withdrawal for Users

#339

Post by vaxintar »

Arainach wrote: post #326
vaxintar wrote: post #322

Earlier quoted context omitted.

If I pay taxes I can't pay wages.

If you can't afford to: * pay a living wage * pay your taxes * comply with health, safety, and employment regulations * comply with all the other laws (this is a crypto thread, so that includes weapons laws, securities laws, international sanctions, and so many more) Then you don't have a valid business. You have no inherent right to run whatever business you think you want to. Also, to your immediate claim, I do not…

What I can't afford is to deal with a regressive tax legislation [], while trying to get US currency in the black market [2] to save and pay for imported goods and without a line of credit because the rate is ~190% and inflation ~130% [3].

I do pay my taxes, also think high worth individuals should be subject of taxation, but your rigid framework leaves out many people that use crypto as their only way to get paid and/or save money because traditional banking system is broken in their countries.

1.

2. https://brazilian.report/liveblog/latam/2023/10/10/dollar-10...

3. https://www.bloomberg.com/news/articles/2023-10-12/argentina...

Re: Binance US No Longer Allows USD Withdrawal for Users

#340

Post by RestlessMind »

georgespencer wrote: post #240
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.

I know you're exaggerating for effect but I'm having trouble threading the needle here. The "average VC tech company" gets nowhere near public market investors and, if indeed it is run "as a pump and dump scheme" would have a narrow impact on the LPs of the venture funds. Gotta imagine most LPs are sophisticated investors? Pension funds, that sort of thing. Crypto, on the other hand, seems to be predicated on retail…

In the principle of charity, I would assume that the GP meant average tech companies that reach public markets via IPOs or SPACs. Just look at the performance of those in the last few years. They have crashed much harder than S&P.
Post reply on HN