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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

#91

Post by sydbarrett74 »

giantrobot wrote: post #62
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.

No. NFTs let you trade some bullshit token. The token's provenance and ownership doesn't have to be respected by anyone. The state of any particular blockchain doesn't confer any copyrights, license, or real world ownership. It's about as valid as me writing "I own a pair of Air Jordans" on an index card. Unless a game developer decides to honor any particular blockchain and NFTs on it those NFTs mean nothing. There'…

Correct. NFT's are the adult equivalent of the gold stickers we got on assignments in grade school.

Re: Binance US No Longer Allows USD Withdrawal for Users

#92

Post by UncleMeat »

ivanmontillam wrote: post #72
UncleMeat wrote: post #61

Earlier quoted context omitted.

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."

I'm not condoning crime, but do you recognize that changing laws in an authoritarian state is next to impossible right? Lives lost in Venezuela doing a serious attempt at changing. Do you prefer blood shed on streets?

I think that allowing people to protect themselves from authoritarian governments is often a good thing. I also think it is important to understand that if this is the killer app then we need to be honest about what it is and how that affects people in states that are more just. The benefits to those suffering in Venezuela cannot be separated from the harms done to people in non-authoritarian states.

Re: Binance US No Longer Allows USD Withdrawal for Users

#94

Post by sam_goody »

thomasahle wrote: post #70
stouset wrote: post #6

Earlier quoted context omitted.

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…

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.

It may be useful for transferring money, but not because the technology is inherently better for that.

In technical terms, it costs more for a bank to send an email in between branches than to transfer money in between branches. If, using current tech, some U.S. bank would offer transfers anywhere in the world for $0.20 a transfer, they would still make money, and you would feel much more confident that the money will be available for withdrawal.

Now, I realize that due to various factors, it is not legal to transfer money to all nations, and there are some nations that dont have the infrastructure to reliably get you cash - but those are not advantages of the tech, they are advantages of the lack of laws.

You could build a equivalent, illegal, "bank" with headquarters in, I dunno, Russia? Transfer money worldwide for $5/transfer, and figure out how to avoid the feds. No blockchain, and you have acheived the same.

Re: Binance US No Longer Allows USD Withdrawal for Users

#95

Post by gosub100 »

rco8786 wrote: post #12
stouset wrote: post #6

Earlier quoted context omitted.

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…

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…

> 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 didn't. I think that's its greatest failure: the fact that 12 years later I can't buy a sandwich with it.

Re: Binance US No Longer Allows USD Withdrawal for Users

#96

Post by RandomLensman »

thomasahle wrote: post #70
stouset wrote: post #6

Earlier quoted context omitted.

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…

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.

Strongly depends on where you are and where your friends are.

Re: Binance US No Longer Allows USD Withdrawal for Users

#97

Post by ru552 »

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…

While it may be hard to see in first world countries, imagine being in a third world country and having a place you can store value that can't be debased by your crackpot dictator. That's huge.

Re: Binance US No Longer Allows USD Withdrawal for Users

#98

Post by sydbarrett74 »

pnpnp wrote: post #55
dale_glass wrote: post #23

Earlier quoted context omitted.

> 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. Cryptocurrency not only doesn't help much, but even goes backwards there. You think the government is bad? Imagine life in NFT land. Your gym ticket is a NFT. Your movie ticket is a NFT. Your house deed is a NFT. So everyone you…

> So everyone you interact with knows where you work, how much you earn, what you own, where's your house, what you buy, what groups you belong to... and they can keep tracking you forever if you tell them who you are just once. Granted public blockchain is a lot more discoverable, but a lot of this already is public. Property ownership is public (at least in the US), credit cards sell your data, facebook knows which…

Blockchain is a solution in search of a problem. Conventional technologies can do the same thing with far less overhead. The issue is that they're 'conventional' and not 'new/shiny/sexy'.

New doesn't always mean better, and it's often objectively and demonstrably worse than what preceded it.

Re: Binance US No Longer Allows USD Withdrawal for Users

#99

Post by AlchemistCamp »

toomuchtodo wrote: post #56
anon1199022 wrote: post #53

Earlier quoted context omitted.

[flagged]

So you don't want to take the bet? Signals not much faith in your ideology and thesis. Accountability is important if attempting to predict the future. I believe you believe, but not enough to put value at risk.

Or it signals that 10k is an insignificant amount of money to you, but not everyone else on the forum. Having a lot of money is likely a signal that you're good at your job, but it's not a signal that you're right about everything.

Re: Binance US No Longer Allows USD Withdrawal for Users

#100

Post by rvz »

toomuchtodo wrote: post #34
anon1199022 wrote: post #31

Earlier quoted context omitted.

You have no idea what you're talking about, right? https://www.axios.com/2023/05/11/stripes-crypto-strategy "Accepting money is one thing, but paying out money to the rest of the world — especially long-tail countries with poor banking rails is another thing," he said. "It works better than fiat payments in a lot of cases," he added."

Okay ¯\_(ツ)_/¯ If you want to bet $10k on the success of this, outline the success criteria and deadline for evaluation of the bet and we'll spin up a Long Bet [1]. Stripe talks a lot, while TranferWise (among others) gets shit done wrt cross border payments on real rails. Crypto is slowly dying while central banks raise rates globally, making the casino attempt at yield unpalatable (most crypto trading was gambling)…

Of course, moving the goal-posts are we?

> "Stripe talks a lot, while TranferWise (among others) gets shit done wrt cross border payments on real rails."

Stripe has also shipped theirs though and it is available and is in use. [0] So have Moneygram [1], Visa [2], Checkout.com [3], PayPal [4] and beyond payments, Walmart Canada is using one right now. [5]

The fact is, they are using blockchains and they are not going away (or dying) anytime soon, like it or not.

[0] https://stripe.com/gb/use-cases/crypto

[1] https://stellar.org/products-and-tools/moneygram

[2] https://usa.visa.com/about-visa/newsroom/press-releases.rele...

[3] https://www.checkout.com/solutions/crypto

[4] https://www.paypal.com/us/digital-wallet/manage-money/crypto...

[5] https://hbr.org/2022/01/how-walmart-canada-uses-blockchain-t...

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