Temporary pause of Bitcoin withdrawals on Binance

Re:Temporary pause of Bitcoin withdrawals on Binance by Night_Thastus on Monday June 13, 2022 @09:56AM (#31725636)

It's not a "lucrative investment". It's a bigger fool scam. The only way to make money in BTC is for someone else to buy in for more than you did originally. It makes it appear as if BTC's price is always going up, but in reality the number of fools is limited - especially with the buy-in getting higher and higher.

Sure, the price will always go up in the long run. But it will become less and less liquid, and at some point those who are left will have hundreds of thousands or millions of theoretical money that's completely unspendable, because no-one else will buy in for more than they did.

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Re:Temporary pause of Bitcoin withdrawals on Binance by jonathanstrange on Monday June 13, 2022 @11:14AM (#31726741)

> The only way to make money in BTC is for someone else to buy in for more than you did originally. It makes it appear as if BTC's price is always going up

I'm not a crypto expert but that statement seems incorrect to me, since as far as I know BTC has deflation built into it. The more is mined the harder it is to mine more. So as long as investors are keeping some trust in it and are not selling at large scale, the BTC value should continue to go up in the long run (ignoring smaller fluctuations). That's why people have been flocking to it in the first place.

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Re:Temporary pause of Bitcoin withdrawals on Binance by pram on Monday June 13, 2022 @12:06PM (#31727430)

Just because something has a limited amount doesn’t mean its value automatically goes up.

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Re:Temporary pause of Bitcoin withdrawals on Binance by tasuki on Monday June 13, 2022 @11:05AM (#31726614)

The person you're replying to was very careful to say "has historically been a lucrative investment". They have not claimed it to be a lucrative investment right now.

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