Re:Binance US No Longer Allows USD Withdrawal for Users
by gosub100 on Wednesday October 18, 2023 @01:37PM
(#37932008)
It sucks because in theory all the "smart contacts" exist to create an instrument that holds its value. But that whole space has been saturated by wannabes, grifters and imitators. With all the day traders out there, I'm sure you could find a counterparty for a 5% X-year CD (dollar pegged, let's say). And I'm sure somewhere on the cryptosphere this exists, but good luck distinguishing it from a rugpull.
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Re:Binance US No Longer Allows USD Withdrawal for Users
by mrguyorama on Wednesday October 18, 2023 @03:46PM
(#37933810)
>But that whole space has been saturated by wannabes, grifters and imitators.
You are missing the extremely important point that crypto is saturated by these types exactly and explicitly because of design decisions that are inherent in crypto!
The lack of transaction reversal is an explicit choice and explicitly empowers fraudulent activity over legitimate. What business or individual wants to lock up any value/cash/work they have in a system with zero recourse for fucking up?
Re:Binance US No Longer Allows USD Withdrawal for Users
by gosub100 on Wednesday October 18, 2023 @04:19PM
(#37934239)
I don't disagree with you. I think it's a strange case where the tech-smart "code is law" proponents really think, in their minds, that it's invincible "because encryption!", and every time a new heist/scam occurs they dig their heels in deeper and say "that's different, it wasn't the _crypto_ that failed..."
Even if it wasn't for elaborate rug-pulls, you could still lose everything to an evil-maid with a $5 key logger. That is just untenable.