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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

#341

Post by RestlessMind »

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.

> Crypto only has "Bitcoin has above market returns" in terms of success.

Ethereum is equally successful.

Re: Binance US No Longer Allows USD Withdrawal for Users

#342

Post by parineum »

codedokode wrote: post #225
jonathankoren wrote: post #168

Earlier quoted context omitted.

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.

> 3) nobody will require to provide documentation and proof for every transaction that happened in last 6 months in your account. reply

Except for the government when they, very easily, match your public blockchain activity to your personal identity.

Re: Binance US No Longer Allows USD Withdrawal for Users

#343

Post by RestlessMind »

dragontamer wrote: post #174
tromp wrote: post #169

Earlier quoted context omitted.

> that alone will drive it's price up Wrong; you need people buying the roughly $25M worth of daily new bitcoins just to maintain the current price.

What's the $ in your remark? Hint: Its not USD. For an exchange like Binance, its USDT, or Tethers. Its not so hard for them to print USDT and pretend that they're dollars.

USDT / Tether came out recently with the proof of reserves. Even US regulators looked into that and found nothing - https://www.cnbc.com/2021/02/23/tether-bitfinex-reach-settle...

Rising interest rates certainly helped them and USDC/USDT are a money making machine now for their owners.

Re: Binance US No Longer Allows USD Withdrawal for Users

#344

Post by thedrbrian »

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…

>421 EH/s

Still 4 transactions per second?

Re: Binance US No Longer Allows USD Withdrawal for Users

#345

Post by ReflectedImage »

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…

VC is the search for unicorns. Fund 50 companies and 1 will make back the costs of the other 49 and then some.

By design the average VC tech company (the 49) is a flaming failure. That doesn't mean they can't be packaged up and sold.

Re: Binance US No Longer Allows USD Withdrawal for Users

#346

Post by Arainach »

vaxintar wrote: post #339
Arainach wrote: post #326

Earlier quoted context omitted.

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 an…

"amassing currency to purchase imported goods without a line of credit" is not a human right.

I'm sad that tariffs mean I can't bring in dirt cheap liquor from the Caribbean to sell for massive profits but that's not an excuse to not pay my taxes.

Re: Binance US No Longer Allows USD Withdrawal for Users

#347

Post by mrguyorama »

garba_dlm wrote: post #104
burnte wrote: post #21

Earlier quoted context omitted.

Blockchain tech isn't 14 years old, it's 30 years old, or even 40 if you want to go back to the '82 paper. Still no world-changing tech has come from it, aside from monopoly money.

> Blockchain tech isn't 14 years old, it's 30 years old, or even 40 if you want to go back to the '82 paper. Still no world-changing tech has come from it, aside from monopoly money. that's like saying that submarines were invented when Jules Verne wrote about them (i.e. you're wrong) blockchain technology requires the internet, hence it cannot be older than the internet

The internet existed in the 80s. How old are you?

Re: Binance US No Longer Allows USD Withdrawal for Users

#348

Post by mrguyorama »

vitehozonage wrote: post #107
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…

How else can you do private digital transactions other than with something like monero? Given that cash is dying, and mass surveillance on all transactions is incredibly dystopian for reasons I hope are obvious, it fascinates me that HN doesn't see the importance and utility there. What is one meant to do in a few decades if they want to pay for an abortion, buy a copy of 1984, or some weed, receive onlyfans money, o…

>Given that cash is dying

And famously, humans did ZERO transacting before the US invented paper currency, right? Or maybe a market exists externally to the financial instruments that can operate in it? Crypto isn't needed for barter. Crypto isn't needed for secret barter. Hell, swap buy sell guides were a thing in my childhood, before anyone paid for anything on the internet.

Re: Binance US No Longer Allows USD Withdrawal for Users

#349

Post by snapcaster »

rchaud wrote: post #165
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…

What's the mystery? Bitcoin doesn't need actual dollars to prop up the price. Unaudited virtual dollar IOUs like USDT that can be issued out of thin air will be sufficient.

It does until mining rewards go to zero right? unless there is a closed ecosystem whereby miners can pay their electricity bills and other expenses with crypto. Eventually actual money has to enter? Just sort of thinking out loud maybe missing something

Re: Binance US No Longer Allows USD Withdrawal for Users

#350

Post by tim333 »

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…

Cryptocurrencies have a sort of value as a kind of collectable like art. Similarly to how people may like to buy paintings, have them appreciate in value and maybe trade them to other art collectors, other people may like to collect bitcoins or similar to likewise have them appreciate and maybe trade to other bitcoiners. You could say it's illusory but if it makes people happy does it matter? There's a lot of theoretical value there. I mean we'll all be gone in the end so if it helps you enjoy the journey.
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