Temporary pause of Bitcoin withdrawals on Binance

Re:Temporary pause of Bitcoin withdrawals on Binance by caslon on Monday June 13, 2022 @09:00AM (#31724918)

I dislike cryptocurrency, generally, but plenty of people hold their own keys. It's rarer, now, but that's because mass consumers are generally stupid, not because the technology is flawed. If you can do the correct thing, and you choose not to (or just are ignorant enough to not do the correct thing), it's kind of your fault.

I still think we should legislate it, but let's be honest: Most people who lose, here, kind of deserve it, for not doing the bare minimum of research.

[ Parent | on HN ]

Re:Temporary pause of Bitcoin withdrawals on Binance by viraptor on Monday June 13, 2022 @09:06AM (#31724990)

This doesn't have much to do with people being stupid. If you want to trade more than once a month, you pretty much have to keep the funds on an exchange. Otherwise transfer fees would kill any profit you made. If you're not trading often, you may still want to take the risk due to free in-exchange transfers.

[ Parent | on HN ]

Re:Temporary pause of Bitcoin withdrawals on Binance by caslon on Monday June 13, 2022 @09:42AM (#31725429)

Sounds like the problem's with trading, rather than using it like currency. I've used it for legal, in-person transactions just fine. There are also decentralized exchanges, but the peanut gallery and the incompetent masses would hardly know about them.

Shockingly, "get rich quick" schemes are a bad idea. Who would have thought? Oh, wait. Everyone.

I still think most cryptocurrencies should be highly legislated, because most adults in society are more or less children who can't be trusted around shiny objects, but we should really stop pretending the problem is with the technology. It's with the users, trying to shoehorn it into a use-case it's unsuited for (get rich quick schemes).

[ Parent | on HN ]

Re:Temporary pause of Bitcoin withdrawals on Binance by viraptor on Monday June 13, 2022 @09:49AM (#31725529)

> Sounds like the problem's with trading, rather than using it like currency.

The context here is an exchange limiting withdrawals, so... Yes, exactly?

Decentralised exchanges have massive fees in practice. If you want to buy in and cash out after a year, sure. But show me one that takes <0.1% for the whole transaction including transfer/signing fees and supports BTC.

[ Parent | on HN ]

Re:Temporary pause of Bitcoin withdrawals on Binance by caslon on Monday June 13, 2022 @10:46AM (#31726328)

That doesn't mean people aren't stupid, in contrast to what you implied in another comment. Unwittingly day-trading cryptocurrency is stupid, and the people who desire to do it are not very smart.

That said, I do know a decentralized exchange that fits your criteria. I'm not going to mention it, because I refuse to enable such incredibly harmful behavior.

[ Parent | on HN ]

Re:Temporary pause of Bitcoin withdrawals on Binance by viraptor on Tuesday June 14, 2022 @05:08AM (#31736419)

I don't believe anyone is "unwittingly" day trading anything. You're quite aware of doing it - it takes time.

[ Parent | on HN ]

Re:Temporary pause of Bitcoin withdrawals on Binance by koonsolo on Monday June 13, 2022 @09:47AM (#31725492)

Once Ethereum goes to PoS, let's hope those transfers become cheap enough to compete with centralised exchanges.

[ Parent | on HN ]

Re:Temporary pause of Bitcoin withdrawals on Binance by naraga on Monday June 13, 2022 @10:15AM (#31725895)

PoS has nothing to do with fees being high or low.

[ Parent | on HN ]

Re:Temporary pause of Bitcoin withdrawals on Binance by viraptor on Monday June 13, 2022 @10:34AM (#31726192)

For competeness, there's also another change planned after pos - sharing. And that one is expected to lower the fees.

[ Parent | on HN ]

Re:Temporary pause of Bitcoin withdrawals on Binance by naraga on Monday June 13, 2022 @10:46AM (#31726332)

i believe eth (just like bitcoin before) has chosen 2nd layers as a primary scaling solution. which obviously affects compatibility of code across different 2nd layers. basically we are talking about futures years ahead.

[ Parent | on HN ]

Re:Temporary pause of Bitcoin withdrawals on Binance by naraga on Monday June 13, 2022 @09:15AM (#31725091)

so, either trade on exchanges with Lighntning or pick the one at least in jurisdiction that gives you some kind of protection like if you held money for any other service / broker.

[ Parent | on HN ]