You "need" a stable coin because you're trying to have your cake and eat it too: US dollar-like liquidity and value preservation without US dollar financial regulation. You can buy almost anything there is to buy with US dollars. It's traded the world over by almost every country whether they want to or not. It moves around the world using a digital network.
The only possible reason you want a stable coin, rather than dollars, in the first place is because you're doing something that requires you to route around US financial regulation.
Conceptually, they are no different than banks or pyramid schemes. Underneath all of the slick marketing and nerd posturing is a simple truth: these are all fractional reserve systems. I'm frankly amazed that people with the ability to understand this alphabet soup mumbo jumbo keep falling for the same scam over and over again. Only clearly they're not because they can't produce it on demand. Why? The article says something about a key bank being closed. So effectively, Binance is refusing to honor its commitment to depositors to give them their money on demand. It's worth noting that USDC is not even a token controlled by Binance. > The world's biggest crypto exchange will freeze all withdrawals of USD Coin while it conducts a "token swap" to boost its holdings of the dollar-pegged cryptocurrency, the crypto group's CEO Changpeng Zhao said Tuesday They only started processing as normal at ~11:54AM Eastern, just now. >Hours after that tweet you quoted (which was at 12am), things are processing as normal. These were two separate freezes that you are conflating into one. The withdrawal freeze that this HN thread is about only happened ~3:30AM Eastern today because " have seen an increase of withdrawals" and they needed to perform a swap through a US bank, and deposits remained available (a key difference between the two freezes).
#Binance usd withdrawal upgrade
Taking a look at Binance's announcement about the downtime, it mentions withdrawals and deposits both being frozen yesterday morning for a "network upgrade and hard fork", and that ended at about 11PM Eastern yesterday. With all due respect, the FUD in this thread is coming from you.
#Binance usd withdrawal full
>The point being that this is FUD, and HN is pushing something full of it. How is this FUD?Įdit 2: Withdrawals back online as of ~5 minutes prior to my comment. In point of fact, withdrawals are not resumed, and a tweet from CZ today confirms that withdrawals are down and they're waiting for a US bank to open.Įdit: Shit, Binance themselves even admit this is because of a token swap, not planned downtime. You say that "it was pre-announced downtime" and cite a tweet from yesterday that says "Also done now. I'm going to quote this full comment for posterity's sake, but I also think that you're a bit confused. I'm not a fan of FUD and neither should you be.
I'm going to leave this here because it is worth it. >I know HN wants to see crypto die in a giant ball of flaming fire, but let's not lower ourselves to the point of just passing on FUD. >It has caused a bit of a bank run and cz says things are processing just fine (along with tons of 3rd party confirmations). It was pre-announced downtime for a hardfork on their BSC chain. >I'm not defending Binance in any way, but this is FUD that is getting blown out of the water (arguably, people are on edge these days).
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