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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

#401

Earlier quoted context omitted.

You're literally suggesting turning hotel stays into speculative financial assets. This is, fundamentally, a really dumb idea. Whilst hotels do price sometimes unfairly, your suggestion where a selection of speculative traders engage in (at best) zero sum - and it doesn't even benefit the hotel providing the service. Just faceless traders.

> it doesn't even benefit the hotel providing the service. It does. Unused bookings are pure profit for them. It also means that they get the cash now. It means they don't have the uncertainties of unusually low or high demand so it smoothes out their finances. * To be clear, for this to make any sense, the booking has to be prepaid, or at least a significant portion of it. Maybe just minus a room cleaning fee etc th…

> Unused bookings are pure profit for them

They want to be fully booked, because not only does it avoid the appearance and vibe of being a "ghost town", they also make a lot of money on things like the hotel bar, minibars, laundry services, etc.

If a room stays un-used, the marginal cost to the hotel does not actually decrease much, especially not in the short term.

They still pay the same to their laundry contract, they still pay the same rent, they still pay for the front of house staff and the chefs to be there, and they still pay to heat / AC most of the hotel.

They might save very marginally on some room AC not being on as much, and eventually if the reduced bookings was noticeable might negotiate a smaller laundry contract, reduce head count, but at that point you just look like a failing hotel.

I'm confident if you looked at the accounts, it's more profitable for a guest to turn up than not, even if the guest still paid for the booking.

Re: Binance US No Longer Allows USD Withdrawal for Users

#402

Earlier quoted context omitted.

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.

China invented paper currency, in 7th century AD.

Re: Binance US No Longer Allows USD Withdrawal for Users

#403

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?

I did. Used to refill my eqyptian sim card at bitrefill.io. Much cheaper and easier than go search for refill card at merchants all looking to rob a touristo.

Re: Binance US No Longer Allows USD Withdrawal for Users

#404
post #114

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. 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

What? No it doesn't. I can download the text from each comment here to put it offline and in a blockchain. All blockchain is is a datastructure, nothing more.

No, blockchain is a protocol allowing to insert data into that data structure in a decentralized and secure way. Do you know what "block" in blockchain is for? It is there solely for more efficient application of proof of work algorithm. If you appended each transaction to the chain individually, there would be a lot of reorganizations, unneeded network traffic and wasted energy, hence the "block" that clamps thousands of transactions together.

Re: Binance US No Longer Allows USD Withdrawal for Users

#405

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.

Do you realize the OP's use case involves funds transfer FROM war criminals? An average European, however, filling her car by gas imported from Russia (by way of Indian refineries), is transferring funds TO war criminals.

Re: Binance US No Longer Allows USD Withdrawal for Users

#406

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…

And yet the longest and most passionate threads on HN are on crypto topics. Even Rust doesn't come close.

Re: Binance US No Longer Allows USD Withdrawal for Users

#407
As long as you can find a peer and cash out your hashes, we are good. Banks are scam, regulators are scammers. Someone who wants to truly own his money and move it around the world without barriers can only rely on crypto today. Same people who fear criminal use neglect those in real need of crypto to survive their day. Discrimination is everywhere, for as long as it is true – crypto stays as a firm monolyth.

Re: Binance US No Longer Allows USD Withdrawal for Users

#408
post #316

Earlier quoted context omitted.

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

you mean, stock market?

I guess the stock market is maybe 30% speculation, 70% actually investing in companies? Crypto is maybe 90% speculation, property 20% speculation? You can't really separate the two very cleanly but a lot of speculating goes on.

Re: Binance US No Longer Allows USD Withdrawal for Users

#409
post #6

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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…

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,…

Are you admitting a crime (tax evasion)?

Re: Binance US No Longer Allows USD Withdrawal for Users

#410

Earlier quoted context omitted.

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

paying for marijuana?

If that's the best it can do, meh. It's already legal in what, 40 of the 50 states? Sure, not at the federal level, but that'll happen sooner or later.

Plus, I think the vast majority of people pay for it without cypto as is, no issue.

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