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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

#351

Post by mrguyorama »

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…

Okay, but why is it valueable or useful for us to boost up a financial system whose entire purpose is to bypass any form of non-violent geopolitics. Do you know what happens when you make things like sanctions less effective? You remove one of the only tools for countries to work through the serious disputes that doesn't involve literally shooting each other.

Re: Binance US No Longer Allows USD Withdrawal for Users

#352

Post by AlexandrB »

RestlessMind wrote: post #343
dragontamer wrote: post #174

Earlier quoted context omitted.

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.

> USDT / Tether came out recently with the proof of reserves.

Do you have a link for this? All I could find is an "attestation" of reserves from a few months ago but could not find any evidence of an audit by a third party that might constitute "proof".

Re: Binance US No Longer Allows USD Withdrawal for Users

#353

Post by gosub100 »

rco8786 wrote: post #334
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…

> 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?

so the goalposts just moved from "having utility" to "myself-or-someone-I-personally-know got utility from it"?

> travelled abroad and used BTC to buy something

not the scenario I described. Forex is short for foreign exchange. as in, exchanging to local fiat.

Re: Binance US No Longer Allows USD Withdrawal for Users

#354

Post by mrguyorama »

gosub100 wrote: post #286
oh_sigh wrote: post #204

Earlier quoted context omitted.

It can't be debased by a crackpot dictator but it can be debased by the crackpot market. If you "stored value" from 2021 in BTC, you'd only have about half of that value right now. Granted, if you "stored value" from 10 months ago, you'd have 50% more than you put in. But, I think those big swings make it a poor instrument for most people to view it as a real way to store value.

It sucks because in theory all the "smart contacts" exist to create an instrument that holds its value. But that whole space has been saturated by wannabes, grifters and imitators. With all the day traders out there, I'm sure you could find a counterparty for a 5% X-year CD (dollar pegged, let's say). And I'm sure somewhere on the cryptosphere this exists, but good luck distinguishing it from a rugpull.

>But that whole space has been saturated by wannabes, grifters and imitators.

You are missing the extremely important point that crypto is saturated by these types exactly and explicitly because of design decisions that are inherent in crypto!

The lack of transaction reversal is an explicit choice and explicitly empowers fraudulent activity over legitimate. What business or individual wants to lock up any value/cash/work they have in a system with zero recourse for fucking up?

Re: Binance US No Longer Allows USD Withdrawal for Users

#355

Post by vaxintar »

Arainach wrote: post #346
vaxintar wrote: post #339

Earlier quoted context omitted.

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.

I disagree, it is if you need the goods to buy supplies for you to work.

If I need syringes to work, national syringes costs 3 usd a pack (and they are out of stock) and I can get the same pack for 85 cents in Chile, I'll exchange pesos crocante for dolar blue, cross the border to Chile and get them there.

I wouldn't call it human right, but the idea of amass currency to buy goods seems pretty essential for our modern life.

Although it's sad that tariffs make selling cheap liquor unprofitable in your country, I think we're thinking about different scales of income.

Re: Binance US No Longer Allows USD Withdrawal for Users

#356

Post by golergka »

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…

Most of HN users live in US, where they have legalised weed, are banked and don't have to transfer large sums of money from one country to another — therefore, don't have any real reasons to use crypto and only see it as a sham.

Many other people around the world have no other choice but to use crypto when their local currency is spiralling down with inflation, when banks refuse to work with them, when they immigrate and have to transfer their life savings, or work for remotely with people from other countries, or simply when they want to buy a few grams of marijuana.

The fact that you don't see any personally don't have any legitimate uses for a product doesn't mean that there are none.

Re: Binance US No Longer Allows USD Withdrawal for Users

#357

Post by amanaplanacanal »

D-Coder wrote: post #257
ivanmontillam wrote: post #193

Earlier quoted context omitted.

To starve the government financially, through mechanisms of tax evasion. As a very last resource, because again, I do not condone crimes, but : When tyrants rule, it's our human right to disobey. Would you accept to be subservient to a power structure that doesn't work for you? For the "We The People"? Vote them away yes, given voting is not a deceptive theatrical show like it is in Venezuela. So, what are the other…

> To starve the government financially, through mechanisms of tax evasion. I'm curious if this has ever worked before. I accept that next time might be different, but previous examples would add to your argument.

Some folks in the US have been attempting to starve the beast for approaching half a century now. The only thing they have succeeded in doing is passing on trillions of dollars of debt to their children and grandchildren. They keep trying though.

Re: Binance US No Longer Allows USD Withdrawal for Users

#358

Post by Xelynega »

Aurornis wrote: post #160
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,…

> I can distribute revenue from my business between different types of collaborators, without incurring in paying 120% in taxes for having "employees". I'm always fascinated when people come right out and say that the primary use case of crypto is evading laws and taxes. The strangest part is that using crypto doesn't actually exempt them from the law any more than using a bank account to wire money around. There's j…

There's just something about the "techiness" of cryptocurrencies that makes people think current financial laws don't apply to them.

Re: Binance US No Longer Allows USD Withdrawal for Users

#359

Post by coding123 »

kouru225 wrote: post #219
coding123 wrote: post #136

Earlier quoted context omitted.

Try posting as a conservative.

I mean considering the modern conservative agenda is to literally commit crimes, I don’t really have much sympathy.

That's as disingenuous as me saying the modern liberal agenda is to literally allow (and encourage) people to commit crimes.

Re: Binance US No Longer Allows USD Withdrawal for Users

#360

Post by JohnFen »

latchkey wrote: post #302
JohnFen wrote: post #288

Earlier quoted context omitted.

Uber was absolutely about the evasion of laws. They went out of their way to break the law and to avoid detection of their lawbreaking. It's the main reason why I will never use Uber.

By extension of the argument, does this mean you also won't use USD? Plenty of people and even governments use it to break laws too.

That's not a parallel argument. It would be a better one if I avoided using Uber because other people used Uber for criminal activity. That's not my stance. My stance is that I avoid Uber because of Uber's criminal activity.
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