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Binance US No Longer Allows USD Withdrawal for Users

thenewscrypto.com

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Re: Binance US No Longer Allows USD Withdrawal for Users

#391

Post by hnfong »

mightybyte wrote: post #249
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.

Cash, diamonds, etc are actually better for crime than cryptocurrency because they're less traceable.

It depends on use case. Physical valuables are less traceable because there's no global ledger for transactions, but they're more "traceable" if your threat model includes law enforcement raiding your house and office, while crypto is basically a bunch of numbers in your head.

Re: Binance US No Longer Allows USD Withdrawal for Users

#392

Post by klodolph »

Pet_Ant wrote: post #201
klodolph wrote: post #127

Earlier quoted context omitted.

> If property deeds were on the block chain then it'd be trivial. True, but then a ton of other things would be much, much more difficult. Like, what happens if Joe has the deed to a home, but then Joe dies, and nobody has the key to his wallet? If you have some kind of way, on the blockchain, to solve this problem, and reassign the property without Joe’s private key, then what you have is a situation where human dec…

> If you have some kind of way, on the blockchain, to solve this problem, and reassign the property without Joe’s private key, then what you have is a situation where human decisions take priority over cryptographic guarantees. I have thought about this and it's solveable. Physical goods have to have some sort of "sanctioned violence" to enforce, so there is always a government. They have a public key that is known a…

I still don’t see how blockchain is a part of this. You can have an API and a log anyway, if you want one.

Re: Binance US No Longer Allows USD Withdrawal for Users

#393

Post by charcircuit »

mrguyorama wrote: post #372
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.

It does not. Whoever implements the NFT integration into whatever game you want to play is in COMPLETE control over your item. If they want to not let you use it, they can do that. If they want to turn it into a floppy penis because they think it's funny, there is zero cryptographic assurance the object wont be modified in any way between the blockchain and the GPU APIs that actually put it on screen. NFTs "in games"…

It's also possible to make a browser game that uses the open protocols of the web, but target a certain user and instead of the game send them the floppy penis version of the game. In practice this doesn't happen. Game creators simply make games on top of these open platforms without the need to bully people.

>NFTs "in games" is just laughable

Microtransactions and in game economies already exist. Moving that economy to a blockchain is not laughable. If a developer doesn't want to spend development time working on features for the in game economy they can use the cryptocurrency ecosystem to accelerate their project.

>because no game studio will ever care to build anything like that for any reason other than just to sell crypto coins on a marketplace for quick cash.

If you think microtransactions are not a way for game studios to get quick cash you are misleading yourself.

Re: Binance US No Longer Allows USD Withdrawal for Users

#394

Post by hnfong »

Arainach wrote: post #332
lesuorac wrote: post #276

Earlier quoted context omitted.

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.

Are you paying your 5% dues? And why aren't you?

Talk is dirt cheap.

Re: Binance US No Longer Allows USD Withdrawal for Users

#395

Post by anonym29 »

amanaplanacanal wrote: post #361
anonym29 wrote: post #190

Earlier quoted context omitted.

Taxation is not a victimless crime.

Taxation is the price you pay to live in civilization. You can always give that up. Most people prefer the benefits they get from it though.

I literally cannot give that up. The US government demands taxes on all of my global income, will not allow me to renounce my citizenship without another citizenship, and the state department refuses to grant me a passport or disclose the reason why they won't grant me one, even with FOIA requests.

I'd gladly pay $100k for the privilege of renouncing my citizenship and legally becoming stateless. I'd actually have more rights as a noncitizen than I do as a citizen these days inside the US, especially when it comes to KYC and AML rules.

Re: Binance US No Longer Allows USD Withdrawal for Users

#396

Post by Ferret7446 »

jonathankoren wrote: post #168
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…

I don’t know why it’s surprising. Cryptocurrency’s killer app was always crime, and crime is big business.

Keep in mind that some things you do regularly may be considered crimes by other governments, and perhaps your own government at some point in time.

Re: Binance US No Longer Allows USD Withdrawal for Users

#397

Post by EVa5I7bHFq9mnYK »

tim333 wrote: post #316
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.

Don't forget speculation/gambling which is probably a larger business than even crime.

you mean, stock market?

Re: Binance US No Longer Allows USD Withdrawal for Users

#398

Post by EVa5I7bHFq9mnYK »

Night_Thastus wrote: post #278
vdqtp3 wrote: post #262

Earlier quoted context omitted.

[US specific] Without evasion of laws, women wouldn't be allowed to vote, black folks would be slaves, interracial marriage would be a crime...I can go on and on. The ability to disobey unjust laws is absolutely essential to the health of a society.

And what unjust laws in the US is crypto letting people circumvent?

paying for marijuana?

Re: Binance US No Longer Allows USD Withdrawal for Users

#399

Post by gloosx »

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…

The utility is distributing the money – if you don't see it, then you are alright with the bank system, having a credit card and a bank account. You are probably lucky enough to be born in a country which is not hated by the whole world, so it is integrated in the global economics. So as national of such well-regulated and established country, for you letting money to flow free always sounds like fraud and grift, but to some it is a matter of buying food and clothes, and it is an only mean of international money transfer left because well they are in a different situation and the current world can not provide you with even basic economic rights without discriminating

Re: Binance US No Longer Allows USD Withdrawal for Users

#400

Post by gloosx »

UncleMeat wrote: post #61
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,…

This really is the key thing. Crypto allows for the evasion of laws. That's its key contribution. In authoritarian states this is probably a net good. In the rest of the world this is a harm. "The killer app for this technology is crime."

Crypto allows evasion of banks for a direct money transfer, this is key thing. The laws are funny in that area.
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