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Re:Binance says banking partner will stop processing SWIFT t... by rippercushions on Saturday January 21, 2023 @09:01PM (#34473344)
Let me get this straight: the world's largest Bitcoin exchange just announced that they will no longer allow retail customers to withdraw cash, and you're telling us, with a straight face, that this is good for Bitcoin?
Re:Binance says banking partner will stop processing SWIFT t... by Gigachad on Saturday January 21, 2023 @09:13PM (#34473429)
These comments make more sense when you realise that bitcoin is more of a religion and way of life than a technology. Nothing can ever be bad for bitcoin because it’s an accepted fact of life that bitcoin _is_ the future.
Re:Binance says banking partner will stop processing SWIFT t... by WFHRenaissance on Saturday January 21, 2023 @09:35PM (#34473597)
You can say the same about fiat too.
Re:Binance says banking partner will stop processing SWIFT t... by xwolfi on Saturday January 21, 2023 @09:49PM (#34473695)
Just calling money fiat is like calling people "infidel" :D
Re:Binance says banking partner will stop processing SWIFT t... by dgellow on Sunday January 22, 2023 @02:45AM (#34475285)
Re:Binance says banking partner will stop processing SWIFT t... by rchaud on Saturday January 21, 2023 @10:57PM (#34474089)
Bitcoin maximalism has immediate parallels to religious doctrine that regular currencies do not.

1) Divine creator whose existence is impossible to prove

2) A holy book: (whitepaper) that's taken as absolute truth and therefore doesn't require any revisions or updates. Proposed changes to core beliefs create split factions (BTC v BCH, Old v New Testament, or the Shia-Sunni split in Islam).

3) Monotheism: Belief in the primacy of Bitcoin blockchain over all other competing chains, and warning of divine punishment for apostates (NGMI).

Re:Binance says banking partner will stop processing SWIFT t... by datadata on Saturday January 21, 2023 @11:35PM (#34474333)
Well before bitcoin, I never felt comfortable with dollar bills stating "In God We Trust" on the back.
Re:Binance says banking partner will stop processing SWIFT t... by jakelazaroff on Saturday January 21, 2023 @11:53PM (#34474431)
They were actually introduced to dollar bills (and mandated on all money) relatively recently: in the 1950s, as a symbolic effort to oppose communism.
Re:Binance says banking partner will stop processing SWIFT t... by Gemoto on Sunday January 22, 2023 @02:00AM (#34475091)
Fiat is the best fine tuned PoS system we have.

Is it perfect? No.

Is it ages ahead of Bitcoin? Yes

Re:Binance says banking partner will stop processing SWIFT t... by notch656c on Saturday January 21, 2023 @10:42PM (#34474010)
Which is why even though I don't believe in the bible I would be happy to own a pallet of fancy ones to hawk.

I don't believe in crypto. But I know plenty of religious zealots to sell it to. So I'm happy to own it. My bet is it isn't a dying religion.

Re:Binance says banking partner will stop processing SWIFT t... by toomuchtodo on Saturday January 21, 2023 @11:13PM (#34474192)
I admire the honesty around investing in the unsophisticated.
Re:Binance says banking partner will stop processing SWIFT t... by jacquesm on Sunday January 22, 2023 @05:26AM (#34476013)
Think about whole institutions created to indoctrinate people roughly from birth to remain unsophisticated.
Re:Binance says banking partner will stop processing SWIFT t... by unityByFreedom on Sunday January 22, 2023 @08:10AM (#34477011)
The other institution may prevent your birth. Which is worse?
Re:Binance says banking partner will stop processing SWIFT t... by jacquesm on Sunday January 22, 2023 @08:51AM (#34477366)
Sorry?
Re:Binance says banking partner will stop processing SWIFT t... by unityByFreedom on Sunday January 22, 2023 @09:52AM (#34477895)
I assumed you were talking about religion, so I named atheism.
Re:Binance says banking partner will stop processing SWIFT t... by jacquesm on Sunday January 22, 2023 @10:02AM (#34477990)
You did not name atheism you made some weird statement about 'the other institution' and how they would prevent births, which makes zero sense at all. Women should have the right to choose what they do with their own bodies, atheists and religious folks alike and those that have no horse in the race should stfu because all they are doing is telling other people how they should live, something that unfortunately is very common.
Re:Binance says banking partner will stop processing SWIFT t... by unityByFreedom on Sunday January 22, 2023 @08:06PM (#34484185)
That's one way of looking at it. But pro-lifers don't see it that way, so I was just presenting another point of view. I don't think telling them to stfu is productive.
Re:Binance says banking partner will stop processing SWIFT t... by jacquesm on Monday January 23, 2023 @05:29AM (#34487257)
The term 'pro-life' is about as flamebait as it gets so you'll be doing your arguing with yourself on this subject from here forward.
Re:Binance says banking partner will stop processing SWIFT t... by unityByFreedom on Monday January 23, 2023 @07:45AM (#34488140)
Many people self-describe as pro-life. It is not 'flamebait' for most people and neither is pro-choice.
Re:Binance says banking partner will stop processing SWIFT t... by Terretta on Sunday January 22, 2023 @10:04AM (#34478005)
> The other institution may prevent your birth. Which is worse?

You're mixing worldviews in your rejoinder.

For an atheist, Atheism not preventing "your" birth as there is no soul ("you") waiting in the wings to prevent. No you to prevent until personhood after birth.

Rather, to an atheist, it's enabling the filtering out of unfortunate humanist futures. No child need be brought into unwantedness, disease, insufficient support, or other misfortunes. As there is no supernatural providence (no God to provide), logically, one should not bring forth future humans into a lack of providing.

The atheist assumes the mother is best qualified to evaluate this choice, and thus to make it. The atheist further presumes the mother is the person most affected by this choice (there is no other "you" yet), and thus has greatest right to make it.

To be clear, many Christians hold the same view as this example atheist, particularly those who think living is defined by knowing, and being dead by not knowing:

"For the living know that they shall die: but the dead know not any thing, neither have they any more a reward; for the memory of them is forgotten." – Ecc. 9:5

Roughly, those who believe there is no separate soul hanging around before or after an independent body by-and-large have no problem with holding a woman has a right to choose.

Re:Binance says banking partner will stop processing SWIFT t... by unityByFreedom on Sunday January 22, 2023 @08:03PM (#34484174)
> To be clear, many Christians hold the same view as this example atheist, particularly those who think living is defined by knowing, and being dead by not knowing

And there are many Christians who regard support for abortion within the faith to have been influenced by atheism.

I just think it's an interesting question that has no easy answer. When does life begin? Clearly, the fetus is alive. Saying they "don't know" doesn't make sense to me because it's not like I remember my first year outside the womb either.

Re:Binance says banking partner will stop processing SWIFT t... by vgt on Sunday January 22, 2023 @02:26PM (#34481321)
Are you aware that a secular scientific approach to sexual health results in far fewer abortions? Chiefly proper sex education and freely available contraceptives to minors.
Re:Binance says banking partner will stop processing SWIFT t... by unityByFreedom on Sunday January 22, 2023 @08:08PM (#34484202)
Okay. The topic was birth, not sex ed / contraceptives.
Re:Binance says banking partner will stop processing SWIFT t... by vgt on Sunday January 22, 2023 @11:28PM (#34485473)
You must have missed the point.

If the goal is to reduce abortions, then the pro-life strategy is less effective than pro-choice.

Re:Binance says banking partner will stop processing SWIFT t... by unityByFreedom on Monday January 23, 2023 @12:09AM (#34485729)
Pro-lifers can be pro-sex ed and pro-contraceptive. It would be your misunderstanding if you assume those must all go together.
Re:Binance says banking partner will stop processing SWIFT t... by dang on Monday January 23, 2023 @12:08PM (#34491679)
Please don't take HN threads further into flamewar hell, let alone generic religious flamewar hell, Satoshi help us.

https://news.ycombinator.com/newsguidelines.html

Re:Binance says banking partner will stop processing SWIFT t... by jcpham2 on Sunday January 22, 2023 @05:45AM (#34476089)
On the one hand in a cynical and sarcastic way, I wholeheartedly agree with you.

OTOH sha256 proof of work mining is a billion dollar industry and the Bitcoin mining hashrate just hit an all time high after a long protracted bear market.

Miners are in the black, price will follow

Edit: a word

Re:Binance says banking partner will stop processing SWIFT t... by olalonde on Sunday January 22, 2023 @12:16PM (#34479625)
I wonder if people made similar observations when commodity money or paper money were invented...
Re:Binance says banking partner will stop processing SWIFT t... by pid-1 on Saturday January 21, 2023 @09:30PM (#34473551)
Few understand.
Re:Binance says banking partner will stop processing SWIFT t... by m3kw9 on Saturday January 21, 2023 @09:35PM (#34473596)
That’s not a good thing actually
Re:Binance says banking partner will stop processing SWIFT t... by xwolfi on Saturday January 21, 2023 @09:50PM (#34473697)
Have fun staying poor
Re:Binance says banking partner will stop processing SWIFT t... by danrocks on Saturday January 21, 2023 @10:27PM (#34473935)
I hope you are being sarcastic. There are very few things in the history of the world that made more people poor than crypto.
Re:Binance says banking partner will stop processing SWIFT t... by longitudinal93 on Sunday January 22, 2023 @05:05AM (#34475929)
The most ridiculous utterance here yet. Congratulations!
Re:Binance says banking partner will stop processing SWIFT t... by trompetenaccoun on Saturday January 21, 2023 @10:37PM (#34473983)
The reason Argentinians want to get paid in this and not their local currency is economic instability and high inflation in Argentina. You don't want to be holding Pesos, it's madness. The situation is similarly dire in quite a few other countries. Turkey, Venezuela, Iran, Lebanon,...

I'm not sure about Argentina specifically but from most of these cases I know personally they don't even use Binance for conversion, there are local money changers that trade hard currency for depreciating (t)rash, this was true even before Bitcoin & co when people still kept paper dollars under their mattress or in the bank. Those who think this will go away with regulation and bans are even more delusional than the folks who thought that alcohol or drugs can simply be banned and all will be fine. Financial security is a basic need, it's part of our drive for survival.

Binance is mostly used by speculators/retail traders, not people who actually use cryptocurrencies. I get the joke that Bitcoin people say everything's good for Bitcoin, but in this case it may actually be true. Binance isn't a good company and people have been concerned about their huge market share in exchanges for a long time. Binance isn't pro Bitcoin, Ethereum and other such networks. They heavily push their own coins and solutions which aren't decentralized. It's only slightly better for the ecosystem then FTX probably, in the sense that they're not outright stealing user funds - at least that we know of.

Re:Binance says banking partner will stop processing SWIFT t... by dogma1138 on Sunday January 22, 2023 @06:57AM (#34476514)
I’m sure tax avoidance if not full on evasion has nothing to do with it…
Re:Binance says banking partner will stop processing SWIFT t... by int_19h on Saturday January 21, 2023 @10:59PM (#34474107)
Anything that increases the probability of another crash large enough to significantly reduce the amount of speculation is good for the ecosystem long term. Not so good for the "store of value" believers, though.
Re:Binance says banking partner will stop processing SWIFT t... by 015a on Saturday January 21, 2023 @11:21PM (#34474240)
I don't hold a strong opinion one way or the other, but let me make an argument for why it isn't necessarily all bad (which: is different from it being a "good thing", to be clear).

Blur your eyes enough and any "thing" in an economic system is (at least) one of: Consumable, Utilitarian, Currency, or an Asset. The fun thing about economics is: which category some Thing lands in depends as much on its Design as its Perception; cars are generally Utilitarian, somewhat Consumable, but rare ones could be classified as Assets. Houses are, generally, Utilitarian Assets in the United States; but in many countries they're Utilitarian Consumables. Perception matters.

Critical characteristics of an asset: it has a dynamic market-priced value denominated in a currency; that market has a meaningful level of liquidity to support its actors; and its actors, to varying degrees, Perceive the value of this asset as priced to that currency to increase over time.

There are obviously a ton of different, diverse voices in every community, but a big problem the "crypto is money" crowd has had is that, traditionally, crypto has been perceived as an Asset, not a Currency; even though its functionally good at being one. The vast majority of actors in the crypto economic system perpetuate this; we talk about Ethereum as it is priced to USD, we talk about Bitcoin going down 20%, etc.

There's an argument to be made, though I don't totally believe it, that forcing crypto to become more divorced from traditional currencies could, especially outside of the developed US-led western world, force it into a place where it starts looking less like an asset and more like a currency. The recent scandals, schemes, and restrictions concerning traditional-to-crypto bridge systems are all doing a fairly good job of perpetuating this; but this ultimately comes down to what you mean by "good for Bitcoin". None of what has happened to crypto over the past two years will be good for its USD-denominated market price. But; its utility as a currency hasn't changed, and would actually become more stable as perception on its purpose changes and its exit liquidity reduces.

To spin a metaphor: Britain formed the US as a colony, and in the early years the US was tremendously reliant on trade and resources from Britain. With that reliance came a natural cap on the US's ability to grow; and the conditions of that reliance (e.g. taxes) eventually made the relationship unsustainable. Severing that relationship was bloody and ugly; but now, the US is far more powerful. In this metaphor, that relationship is the traditional-to-crypto bridge; and severing it is a reduction of traditional-to-crypto market liquidity.

To be clear, I'm not arguing this will be good for crypto no matter the camp you're in. Just that, this would be the argument if you are in the crypto-is-money camp. My opinion is: crypto-as-money is still far, far too nascent; the world's assetization of crypto over the past decade has mostly destroyed any hope of it becoming money without some kind of civilization-level shock to existing money systems (which would be just as likely to impact the vast network of computer systems necessary to keep crypto running). And even if it did happen, at any level of significance, there are no existing crypto systems I'm aware of which would actually make Healthy Money at a country/regional/global macroeconomic scale (not remotely high-scale enough & too much deflation).

Re:Binance says banking partner will stop processing SWIFT t... by powerapple on Sunday January 22, 2023 @02:47AM (#34475294)
I didn't read the article, only the title, it seems to suggest banks stops transfers. Are you sure this is initiated by Binance?

Stopped by bank: this could indicate there are more regulation to come in near future Stopped by Biance: is there a problem with the platform

Re:Binance says banking partner will stop processing SWIFT t... by koonsolo on Sunday January 22, 2023 @03:11AM (#34475401)
> no longer allow retail customers to withdraw cash

This statemenst just says plenty of how much you understand. First of all, you can never "withdraw cash" from a crypto exchange. Second of all, you can withdraw anything you want from binance. It just seems you cannot let fiat pass throuh some stupid bank when it's <100k.

Get your facts straight please.

Re:Binance says banking partner will stop processing SWIFT t... by dang on Monday January 23, 2023 @12:05PM (#34491623)
Please don't take HN threads into generic flamewar. We've been through this a zillion times. It never goes anywhere good and this time we got religious hell. The guidelines ask you not to do this for good reason!

https://news.ycombinator.com/newsguidelines.html

We detached this subthread from https://news.ycombinator.com/item?id=34472790.

It's true that the comment you were replying to was generic and therefore not good, but yours was repetitive generic flamebait and therefore much worse. Please don't post like that here. We want curious conversation.