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

381–390 of 424 posts

Re: Binance US No Longer Allows USD Withdrawal for Users

#381

Post by thomasahle »

rprospero wrote: post #145
thomasahle wrote: post #70

Earlier quoted context omitted.

It was pretty useful for sending money to people. If you regularly need to send money to friends in other countries, the current apps and bank account transfers are a pain.

As someone who has been regularly transferring money between the US and UK for nearly a decade, using standard banking means has always been faster and cheaper for me than any of the crypto solutions that I've been presented.

It still requires getting people's IBAN numbers, which they usually don't remember. Inside each country you can usually send money with just an email account, like Venmo or Zelle, but internationally it's just cumbersome.

Re: Binance US No Longer Allows USD Withdrawal for Users

#382

Post by philwelch »

mrguyorama wrote: post #351
philwelch wrote: post #183

Earlier quoted context omitted.

> 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.

The sanctions were already ineffective, but that’s neither here nor there because none of my examples involve actual, official sanctions. Most of my examples involved people working around their own domestic governments. Even when it comes to Visa and MasterCard locking out Russians, that was, officially at least, purely on the initiative of those two companies rather than any formal economic sanction.

Re: Binance US No Longer Allows USD Withdrawal for Users

#383

Post by philwelch »

rco8786 wrote: post #336
philwelch wrote: post #183

Earlier quoted context omitted.

> 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.

Really? I know lots of people who have used crypto to buy things the government didn’t want them to buy.

Re: Binance US No Longer Allows USD Withdrawal for Users

#384

Post by eaurouge »

llm_nerd wrote: post #285
jrm4 wrote: post #241

Earlier quoted context omitted.

Wait, WHAT? Your argument is: because a ton of people have put a ton of money into it, that proves that it's a scam? So the stock market, which has a much bigger market cap is therefore MORE of a scam? What are you trying to do here?

What a bizarre bit of strawmanning. The crypto brigade has arrived so this has all gone very desperately defensive. No, that isn't what I said. I said that clearly crypto in any rational sense has failed . Not just failed, overwhelmingly, catastrophically failed. It has zero relevance to the broader market. It has retreated from even where it was five years ago, that being a massively failed experiment. BTC has held…

Here's effectively what you said, edited for information:

> Every bit of evidence is that the crypto boom has crashed to Earth ...

> Yet somehow BTC is still trading at close to historic highs.

> ... if it were remotely a functioning market or were at all "real", it would be trading at a tiny fraction of that amount. The fact that it still holds is the best demonstration of how illusory the whole sham is.

Which, as others have interpreted, is to say that the valuation (second sentence) is at odds with your perceived reality (first sentence). Therefore (third sentence) it's a "demonstration of how illusory the whole sham is".

Those are your words. You can't just alter reality to make them out to mean something else.

Re: Binance US No Longer Allows USD Withdrawal for Users

#385

Post by mptest »

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.

>Even US regulators looked into that and found nothing - https://www.cnbc.com/2021/02/23/tether-bitfinex-reach-settle... This feels extremely dishonest. They paid a fine/settlement, and are literally no longer allowed to do business in NY lol. Same as trump's businesses. I wouldn't call that finding nothing. You don't pay a 20m fine to regulators and get banned from doing business in the state, if they found nothing lol.

Re: Binance US No Longer Allows USD Withdrawal for Users

#386

Post by charcircuit »

alasdair_ wrote: post #40
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.

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.

I level mentioned anything about images. If you have a LoL skin and the game shuts down it similarly becomes useless. Digital items becoming useless is nothing new. At least with NFTs they can at least be collectors items that you can keep if you want.

Re: Binance US No Longer Allows USD Withdrawal for Users

#387

Post by charcircuit »

coffeebeqn wrote: post #195
charcircuit wrote: post #85

Earlier quoted context omitted.

It destroys the monopoly Valve has over item ownership and gives power to the people. Valve hasn't switched because having a monopoly is good financially.

But why would any company want this? You’re giving away control of your projects for… what exactly?

Why would any company make a website instead of requiring people to install a native app where they have more control?

Re: Binance US No Longer Allows USD Withdrawal for Users

#388

Post by hnfong »

quickthrowman wrote: post #376
tim333 wrote: post #311

Earlier quoted context omitted.

Daily spot liquidity is ~usd 3 bn. Not sure that's negligible?

~$800M of SPY traded in the closing 1 minute candle today, ~$40B in total. That’s a single ETF. $3B is peanuts compared to real equity and bond markets.

That's a straw-man (or True Scotsman?) argument. You're putting up BTC against the most traded ETF in the world, and claiming that BTC has no liquidity because the volume is just 7% of that?

There's nowhere in the world where $3B daily volume can be called "negligible".

Re: Binance US No Longer Allows USD Withdrawal for Users

#389

Post by aidenn0 »

dale_glass wrote: post #368
aidenn0 wrote: post #335

Earlier quoted context omitted.

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

It's not about the volume, but about the economy though. If somebody keeps sending coins back and forth between their own wallets, that's not economical activity.

Assuming there is a charge for transfers, that sets a minimum bound on the expected global utility of a given transfer, the sum of which, would intuitively be correlated with the size of the economy.

Re: Binance US No Longer Allows USD Withdrawal for Users

#390

Post by charcircuit »

uxp8u61q wrote: post #211
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.

Can you explain in a few words how an NFT is different from a certificate stating you own a piece of land of the Moon?

An NFT could be a bond that provides 1 USDC to owner every day for the next year.

A certificate saying that you own the moon can not be a bond. NFTs are much more versatile.

Post reply on HN