BTC on other chains is not BTC - page 2.

Hispo

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Quote from: mk4 on June 13, 2022, 09:36:44 AM

While I wouldn't hold wrapped BTC (wBTC) though, they can be pretty handy if you're a trader. For moving funds from exchange to exchange, and for doing DEX swaps.

I have never hold any satoshi of WBTC so I would like to ask: Are the withdrawal fees for WBTC more competitive than BTC in general?

On the second point, I agree WBTC has its utility but it is not made for hodling, the essence of DEFI is to be trustless and decentralized, so I find it quite ironic to use a centralized token of Bitcoin in order to interact with the Ethereum network.

One's supposed to trust to go trustless ? Not for me, personally.

If I ever get paid with some WBTC for any reason, I'd swap it whenever I have the chance, to hold the real thing. Just my opinion.

franky1

legendary

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1 "stuck" transaction..

well if thats their only problem they can open up another colnwallet address(they have many) and fulfil current demands from their other cold wallet while resolving the first..

i see this as a lame excuse to pretend they cant do withdrawals.
seems more like they dont want people doing a "bank run"

Oshosondy

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Binance has resumed bitcoin withdrawal. I checked this on binance exchange immediately I saw it on news

https://cointelegraph.com/news/binance-resumes-withdrawals-as-many-retail-crypto-investors-monitor-exchanges

saxydev

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Quote from: OgNasty on June 13, 2022, 12:46:13 PM

Quote from: saxydev on June 13, 2022, 07:58:50 AM

To open the discussion, my opinion is that bitcoin on any other chains is not bitcoin. Do not encourage binance or assist binance in their attempt to take control with their shit useless alt network. BTC is BTC, not BSC.

My question to you is this... Do you consider the Lightning Network to be a different chain than BTC, or do you consider LBTC to be BTC? I'd be curious to know your position and if you believe that WBTC is not BTC but LBTC is, please explain. I know even mentioning LBTC is controversial here because people pretend to love it so much, but I want to kick the hornets nest and see what falls out. Disclaimer: I do not own any LBTC or WBTC, just good old fashioned BTC.

Funny tho, I was paid to teach a couple of americans students not a long ago about lightning protocol,. Obviously it's not btc. As much as wrapped bitcoin is not bitcoin.

But these are only my thougts.

OgNasty

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Quote from: saxydev on June 13, 2022, 07:58:50 AM

To open the discussion, my opinion is that bitcoin on any other chains is not bitcoin. Do not encourage binance or assist binance in their attempt to take control with their shit useless alt network. BTC is BTC, not BSC.

My question to you is this... Do you consider the Lightning Network to be a different chain than BTC, or do you consider LBTC to be BTC? I'd be curious to know your position and if you believe that WBTC is not BTC but LBTC is, please explain. I know even mentioning LBTC is controversial here because people pretend to love it so much, but I want to kick the hornets nest and see what falls out. Disclaimer: I do not own any LBTC or WBTC, just good old fashioned BTC.

RimmusD

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Something strange happens

saxydev

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Quote from: coolcoinz on June 13, 2022, 11:20:14 AM

According to various tweets the withdrawals have resumed, but if I had money on binance that would be mu wake up call.

I always tell people that if they hold coins on centralized exchanges they should consider them lost. There's some fun in trading, but the risk is very high. You can get hacked or the exchange will block you and demand kyc all of a sudden. I had money stolen by bittrex when they suddenly told me that they won't allow me to withdraw unless I send them scans of my ID, but the coins were deposited at the time when they allowed to trade anonymously.
Anyway people, not your keys means not your coins.

It doesn't work like this. Not your keys, still your assets.

btc is down, dev do smth.

coolcoinz

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According to various tweets the withdrawals have resumed, but if I had money on binance that would be mu wake up call.

I always tell people that if they hold coins on centralized exchanges they should consider them lost. There's some fun in trading, but the risk is very high. You can get hacked or the exchange will block you and demand kyc all of a sudden. I had money stolen by bittrex when they suddenly told me that they won't allow me to withdraw unless I send them scans of my ID, but the coins were deposited at the time when they allowed to trade anonymously.
Anyway people, not your keys means not your coins.

Asiska02

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This again to bitcoin in this crisis time. What type of stuck on-chain transaction could this be that will affect the BTC network only. I just hope the exchange are not up to something this time around. I don’t know why I’d get excuses like this when I want to remove my money from this exchanges. Decentralized exchanges can’t be trusted anymore, one just need to be careful and only send money from centralized exchange to decentralized exchanges when you only need to withdraw the money at that moment.

Ojengonggu

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Trphy.io

Quote from: noorman0 on June 13, 2022, 09:15:51 AM

Quote from: saxydev on June 13, 2022, 07:58:50 AM

Quote

This is due to a stuck on-chain transaction. Our team is currently working on a solution and will provide further updates soon.

And they think they can set up the bitcoin network alone, I wonder what kind of hash power they have. It's really misleading how they manipulate people that their company is very influential on the network.

Looks like they have a plan by hoarding those real bitcoins.

They pretend to be great at hoarding bitcoins so they forget bitcoin and turn to using their network.
But it's just useless because for those who already know bitcoin more they are not that easy to turn to other networks besides bitcoin and it's not that easy to get rid of the original.

saxydev

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He's very much right.

https://twitter.com/joel_theman/status/1535174297320411137

I am not a fan of binance, I hate it because of what they are doing with the crypto since their 1st day

mk4

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That ain't even that much of a controversial opinion; I'm pretty sure almost everyone here will agree.

While I wouldn't hold wrapped BTC (wBTC) though, they can be pretty handy if you're a trader. For moving funds from exchange to exchange, and for doing DEX swaps.

Lucius

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Blackjack.fun-Free Raffle-Join&Win $50🎲

CZ really have weird business decisions and even weirder explanations - because about a month ago they were doing some kind of consolidation and flood memepool with their transactions and it didn’t occur to them to suspend withdraws.

In moments like this, those who have not yet wondered should ask themselves "is my Bitcoin really where I thought it was?"

https://twitter.com/softsimon_/status/1524443439231864834

noorman0

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[Nope]No hype delivers more than hope

Quote from: saxydev on June 13, 2022, 07:58:50 AM

Quote

This is due to a stuck on-chain transaction. Our team is currently working on a solution and will provide further updates soon.

And they think they can set up the bitcoin network alone, I wonder what kind of hash power they have. It's really misleading how they manipulate people that their company is very influential on the network.

Looks like they have a plan by hoarding those real bitcoins.

dkbit98

legendary

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I wonder what would happen in their stupid BSC centralized blockchain get stuck again like it happened before...they would probably stop all withdrawals from their exchange.
It's crazy they are allowing people to withdraw Bitcoin on ethereum network and pay multiple times higher fees, but I guess everyone is just looking to extra during this bear market.
Bitcoin on other chains is not really Bitcoin, and CZ or someone else can freeze or block that coins whenever they want, or it can go to zero if their chain collapses like in other shitcoins revently.

bitmover

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bitcoindata.science

Quote from: seoincorporation on June 13, 2022, 08:19:45 AM

This is a terrible move from Binance, and already the bitcoin price drops to 23k. Undecided

As you mention, withdrawing in their tokenized bitcoin is not withdrawing bitcoins. There are only 30k unconfirmed transactions, that should confirm in less than 2 hours, so, for me this is not a reason to suspend bitcoin withdrawals.

This will be one of those crazy weeks for BTC.

The fees are not so high. In mempool.space we can get a confirmation with 27 sat/byte, which is about $ 1.50 or even $0.9 (if you use segwit)

Binance probably just want to save on fees and they are repassing that cost to its customers, who doesn't understand that a token from other chains is not really BTC.

My suggestion is that everyone should wait until BTC withdrawals come back and cash out to BTC chain any remaining btc.

saxydev

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Quote from: seoincorporation on June 13, 2022, 08:19:45 AM

This is a terrible move from Binance, and already the bitcoin price drops to 23k. Undecided

As you mention, withdrawing in their tokenized bitcoin is not withdrawing bitcoins. There are only 30k unconfirmed transactions, that should confirm in less than 2 hours, so, for me this is not a reason to suspend bitcoin withdrawals.

This will be one of those crazy weeks for BTC.

It is their move to not let people move their assets from their platform in a moment of crysis. I do not see any logic behind it and as you said, the number of unconfirmed transactions is very decent for the chain to confirm them over night.

The move from Binance show how scam their service may be.

Quote from: Oshosondy on June 13, 2022, 08:25:59 AM

Quote from: seoincorporation on June 13, 2022, 08:19:45 AM

This will be one of those crazy weeks for BTC.

If transactions are confirmed now at 25 sat/vbyte, which is less than $1 for 1 input and 2 output, binance withdrawal fee is $7, this should not be a problem, but binance is most after to maximize the fee they profit from. This is just one of the reasons for not to use an exchange because they are centralized, you can withdraw at anytime from noncustododial wallet that you have control over.

https://ycharts.com/indicators/bitcoin_average_transaction_fee#:~:text=Bitcoin%20Average%20Transaction%20Fee%20is,78.09%25%20from%20one%20year%20ago.

As a matter of fact, the fee is lower as average on txid than it was the past 2 days.

Oshosondy

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Quote from: seoincorporation on June 13, 2022, 08:19:45 AM

This will be one of those crazy weeks for BTC.

If transactions are confirmed now at 25 sat/vbyte, which is less than $1 for 1 input and 2 output, binance withdrawal fee is $7, this should not be a problem, but binance is most after to maximize the fee they profit from. This is just one of the reasons for not to use an exchange because they are centralized, you can withdraw at anytime from noncustododial wallet that you have control over.

seoincorporation

legendary

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This is a terrible move from Binance, and already the bitcoin price drops to 23k. Undecided

As you mention, withdrawing in their tokenized bitcoin is not withdrawing bitcoins. There are only 30k unconfirmed transactions, that should confirm in less than 2 hours, so, for me this is not a reason to suspend bitcoin withdrawals.

This will be one of those crazy weeks for BTC.

Oshosondy

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That is true, I just checked that now, bitcoin withdrawal is suspended on binance

ETH, BEP2, BEP20 and others are altcoins. See Binance misleading people. I hope people will not follow what binance team are saying and it may be a way they may lose their bitcoin if they send BEP20 to an exchange that do not support BEP20, using ERC20.

Topic: BTC on other chains is not BTC - page 2. (Read 561 times)