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Binance See Withdrawals Of $1.9 Billion In Last 24 Hours, Data Firm Nansen Says

Binance has seen withdrawals of $1.9 billion in the last 24 hours, blockchain data firm Nansen said on Tuesday, as the world's biggest crypto exchange said it had "temporarily paused" withdrawals of the USDC stablecoin.

Scrutiny of how crypto exchanges such as Binance and its now-bankrupt former rival FTX handle customer deposits is under close scrutiny from users and regulators. FTX's founder Sam Bankman-Fried was charged by the U.S. Securities and Exchange Commission on Tuesday with defrauding investors.

https://www.ibtimes.com/binance-see-withdrawals-19-billion-last-24-hours-data-firm-nansen-says-3646717

Nobody uses it for cash, this is just stupid. It's true fees can be that high (or lower or higher depending on the network state) though. Layers like the lightning network bundle multiple transactions which spreads out the fees so they are basically nada though (and complete much more quickly as well vs. every 10 mins).

This is pretty funny:

In The Murder Capital Of Argentina Selling Bitcoin…

https://www.youtube.com/watch?v=X2JO5Ok9Mo4

(but also stupid)

just_passing_through says

Nobody uses it for cash, this is just stupid. It's true fees can be that high (or lower or higher depending on the network state) though. Layers like the lightning network bundle multiple transactions which spreads out the fees so they are basically nada though (and complete much more quickly as well vs. every 10 mins).

Really? But the Bitcoin fluffers told us this shit is going to replace fiat currencies!

Currency, fiat or otherwise, need to have transaction utility in order to be...em, currency.

UkraineIsTotallyFucked says

Really? But the Bitcoin fluffers told us this shit is going to replace fiat currencies!

Currency, fiat or otherwise, need to have transaction utility in order to be...em, currency.

Which fluffer told you that? It certainly wasn't me and I haven't heard of people discussing that use case for a decade - since John Stossel spent something like 20 coins to buy food at a taco truck in Austin.

It's a commodity, a financial instrument, a savings vehicle, an electrical grid stabilizer (helping a lot here in Texas) among other things.

Tell me who told you it's a currency? At least in a 1st world country. Sure there are some small timers in Turkey, Africa and Nicaragua with their Chivo wallets but that's about it. Places with shit or no banks.

Understand How Bitcoin Mining helps the Texas Power Grid:

https://www.youtube.com/watch?v=AITyabbqyeo

just_passing_through says

Understand How Bitcoin Mining helps the Texas Power Grid:

https://www.youtube.com/watch?v=AITyabbqyeo

Bullshit bitcoin fluffing infomercial.

We will need to generate twice the power we do to handle the rapid re-industrialization going on in the US. That means bullshit power consumption like bitcoin and EV charging is going to be taking a back seat, one way or another.

UkraineIsTotallyFucked says

Bullshit bitcoin fluffing infomercial.

We will need to generate twice the power we do to handle the rapid re-industrialization going on in the US. That means bullshit power consumption like bitcoin and EV charging is going to be taking a back seat, one way or another.

You weren't stuck in a snowstorm for 4 days with no power, cell, internet or water here in Texas a few years ago (I still lived in CA at the time) like I was. It has absolutely helped stabilize our janky electrical grid that was damaged by reducing fossil fuels and going 'green'.

True, it'll take much more than that to make Texas energy great again but it helps.

just_passing_through says

You weren't stuck in a snowstorm for 4 days with no power, cell, internet or water here in Texas a few years ago (I still lived in CA at the time) like I was. It has absolutely helped stabilize our janky electrical grid that was damaged by reducing fossil fuels and going 'green'.

non-sequitor

UkraineIsTotallyFucked says

non-sequitor

Sure.