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Temporary pause of Bitcoin withdrawals on Binance

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Re: Temporary pause of Bitcoin withdrawals on Binance

#351

Post by colesantiago »

dgfitz wrote: post #168
colesantiago wrote: post #122

Earlier quoted context omitted.

We both know that Stripe are actually fully involved in the crypto scam. They have a crypto division that will be used for crypto payments and NFTs. They also invested into a crypto token called 'Stellar' back in 2014 and said nothing since on the matter. Plus the CEO of Stripe advises Stellar. [0] Moneygram is also working on the scam as well with this Stellar token. I don't know about you but it seems that both Str…

You have me thoroughly confused. Are you now agreeing that crypto is a scam or no?

> Stripe and Moneygram have a business model that can exist outside of crypto...I won't go so far as to call them a scam company themselves.

Contradicts:

> All crypto is a scam.

As you are trying to legitimise both of them of having a 'use-case' for their crypto offerings, holdings, etc which regardless of their business models and what they do as companies, it is still all a scam.

If we agree that both Stripe and Moneygram are fully involved in the scam by having heavy involvement in crypto offerings, holdings, etc, Then yes. They are a scam as well as everything they are offering is as well. No exceptions.

Re: Temporary pause of Bitcoin withdrawals on Binance

#352

Post by woah »

SilverBirch wrote: post #92
mattbrewsbytes wrote: post #19

Earlier quoted context omitted.

Holding crypto on an exchange is like giving money to a guy on the corner who knows a broker to put in the stock market and telling them you don't need the account numbers, you trust them. If you're going to do crypto, get a wallet setup where you have the keys to it.

There's two counter points to this. The first is that in terms of day to day likelihood of losing the bitcoin, you're probably generally safer with an exchange than holding the crypto yourself. Secondly, if the exchanges actually do collapse, then whilst you won't lose your BTC if you're not on the exchange, your BTC are probably going to be worth a lot less anyway, so you're still exposed to the risk of exchanges co…

> Secondly, if the exchanges actually do collapse, then whilst you won't lose your BTC if you're not on the exchange, your BTC are probably going to be worth a lot less anyway

This is nonsense. Hundreds of Bitcoin exchanges have collapsed over the last 10 years.

Re: Temporary pause of Bitcoin withdrawals on Binance

#353

Post by benjaminwootton »

dhsysusbsjsi wrote: post #21
rvz wrote: post #9

Earlier quoted context omitted.

Nope. The point is you store your crypto on a non-custodial software wallet (Metamask) or a hardware wallet (Ledger Nano) and not on an exchange, so it cannot be 'held hostage' . It is not your keys, not your coins if it is on an exchange which uses custodial wallets, but doesn't apply if it is on a non-custodial wallet.

This statement bugs me because it is a large source of confusion for new people. Your funds are spendable by your private key. Your private key is stored on Metamask, Ledger or a piece of paper. It’s an important distinction to make. Your hardware wallet is just a custodian of your private key.

That bugs me too.

Almost every document out there talks about storing coins in your wallet. It’s actually a private key in there.

Maybe with the right language, more people might be tempted to hold their own keys and eschew centralised exchanges.

Re: Temporary pause of Bitcoin withdrawals on Binance

#354

Post by achenet »

The-Bus wrote: post #179
l33t2328 wrote: post #105

Earlier quoted context omitted.

I’ve only heard of this mythical “risk free 20%” after the crash. I never heard anyone advertising that rate before.

I saw a finance TikTok of someone advertising how they were able to afford a $1M+ home by essentially having crypto interest cover payments. This video was taken down a few weeks ago (lol).

Were they also offering a simple 3 day training course to teach you how to do it, for only $999?

Re: Temporary pause of Bitcoin withdrawals on Binance

#355

Post by rocqua »

lxgr wrote: post #85
rocqua wrote: post #58

Earlier quoted context omitted.

Two guesses: Guess one, they made a big transaction with most of their hot wallet, partially paying out to someone who withdrew, with the rest going back to the hot wallet. This transaction is in the queue but not finalized yet. The network won't accept any other spends of that money. Because that would be a double spend. So until that transaction is finalized (or it gets to old) that bitcoin is 'stuck'. Or alternati…

> there are now mechanisms for one transaction to 'override' another non-confirmed transaction. There's at least two, "child pays for parent" and replace-by-fee. It's pretty hard to get regular transactions really "stuck", these days.

Ah ofcourse child pays for parent essentially always works. If I recall correctly replace-by-fee requires wallet support perhaps even at the time of creating the original transaction. But child pays for parent is just universal because it doesn't need to replace the transaction in the mempool, it just pays the miners to move it out of the mempool.

Re: Temporary pause of Bitcoin withdrawals on Binance

#357

Post by rocqua »

throwaway4good wrote: post #151
rocqua wrote: post #58

Earlier quoted context omitted.

Two guesses: Guess one, they made a big transaction with most of their hot wallet, partially paying out to someone who withdrew, with the rest going back to the hot wallet. This transaction is in the queue but not finalized yet. The network won't accept any other spends of that money. Because that would be a double spend. So until that transaction is finalized (or it gets to old) that bitcoin is 'stuck'. Or alternati…

What queue? Is there a queue in the bitcoin network? I thought it was a question of paying a high enough transaction fee and you would get your transaction done faster / within 10 minutes.

It's a queue, but not a first-come first serve one. The problem I imagine is that, once you set your transaction fee, and it turns out to be too low, it is hard to retroactively pay more fee. Just because the system doesn't allow two spends of the same output in the mempool at the same time, and canceling a transaction is hard.

Re: Temporary pause of Bitcoin withdrawals on Binance

#358

Post by achenet »

nradov wrote: post #340
0daystock wrote: post #180

Earlier quoted context omitted.

All monetary systems are built on trust. You can say the same thing about a run on traditional banks, which only have a fraction of reserves to cover deposits and would result in similar price depression.

False. Fiat monetary systems are built on a state monopoly on violence. Trust is merely a byproduct. You are required to pay taxes in the local fiat currency, and if you fail to pay then the government will eventually seize your assets by force, or perhaps put you in jail. This is a feature, not a bug, and it generally works fairly well in practice as long as the government is at least minimally competent.

This. The original purpose of money is to enable to government to quantify precisely how much of your stuff it will take each tax season.

Re: Temporary pause of Bitcoin withdrawals on Binance

#359

Post by brewmarche »

jmoak3 wrote: post #20

You really cannot make this up. As usual crypto in practice is the opposite of decentralized because people. Will. Not. Run. Their. Servers. Moxie nailed it

> Moxie nailed it

His talk[0]/article[1] typically gets a lot of flack on HN whenever it is posted but it was really eye-opening to me.

[0] https://www.youtube.com/watch?v=Nj3YFprqAr8 [1] https://signal.org/blog/the-ecosystem-is-moving/

Re: Temporary pause of Bitcoin withdrawals on Binance

#360

Post by SantalBlush »

danuker wrote: post #291
twawaaay wrote: post #266

I am so happy about this. I hope this is going to sour crypto for "investors". I use quotes, because they really are not -- investing should be reserved for fronting cash to create some value (like buying stock to infuse capital into a corporation). As it is all crypto trading is purely speculation. The world would be so much better if money tended to be exchanged in good faith, to improve something rather than just…

> As it is all crypto trading is purely speculation. The reason I stay invested is the supply-side economics. The supply is well-known in advance, and is advantageous to Bitcoin. US M2 money supply grew 8.04% in the past year [0], while Bitcoin's grew ~1.75% [1]. Yes, demand has its 80% ups and downs, but each crash was to a level higher than the previous. [0] - https://ycharts.com/indicators/us_m2_money_supply_yoy […

The supply of my toenail clippings has grown by less than either of these over the past year. If you'd like to apply your supply-side economics and invest, send me a DM.
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