Author

Topic: BTC on other chains is not BTC (Read 561 times)

legendary
Activity: 3542
Merit: 1965
Leading Crypto Sports Betting & Casino Platform
June 16, 2022, 02:08:46 AM
#41
I wonder if this has anything to do with their decision? ===> https://www.coindesk.com/markets/2022/06/12/binance-ceo-changpeng-zhao-questions-sec-investigation-into-bnb/ (They are investigating if the BNB token constitutes an unregistered security)  Roll Eyes

They are also under investigation by the U.S. Justice Department, the Commodity Futures Trading Commission (CFTC) and the Internal Revenue Service.

So I do not know if they are trying to pull an exit scam (pump) or if it was a legitimate problem. (I see that BTC withdrawals were enabled again, so it should not be a problem anymore)  Roll Eyes
legendary
Activity: 3472
Merit: 10611
June 15, 2022, 11:19:45 PM
#40
I do not think that it is an attempt by Binance to get people to use them BSC because they allowed the withdrawal to Ethereum network (ERC20, but rather a weakness in the programming code because of their focus on useless things such as DeFi and NFT
They are definitely pushing people into using their own shitcoin, that is how they pumped it in first place. When you look at the things they offer when you use their shitcoin (such as lower trading fees, referral rewards, lower withdrawal fee compared to other shitcoins like ethereum,...) you can see that even though they aren't forcing people into it but they have provided all reasons for users to have no interest in using anything else.
legendary
Activity: 1792
Merit: 1296
Crypto Casino and Sportsbook
June 15, 2022, 10:56:39 AM
#39
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.
Wait a minute. Do I understand correctly from this picture that the Binance doesn't allow its users to withdrawal bitcoin? I'm not talking about other chains. That is, in fact, Binance doesn't give people their property? Why hasn't a flurry of discontent risen on this occasion yet, or do people like this attitude towards themselves?

It looks like Binance is also not all right if their team takes such dubious steps. What other surprises will centralized services throw up?

I will not repeat that on bitcointalk has been repeated many times about the dangers of storing your funds in centralized exchanges.
legendary
Activity: 1596
Merit: 1288
June 15, 2022, 08:02:11 AM
#38
It is not Bitcoin, but not all off-chain Bitcoins are under the control of Binance.


  • When you leave your coins on the main chain, you enjoy the maximum security provided by the Proof of Work algorithm, so all you are afraid of losing are the seeds or that someone will be able to access them.
  • When you move to more rapid levels, such as side chians, layer2 networks, you sacrifice high security to relative security with high speed.
  • When you move to central networks, you will enjoy the speed and low fees, but you trust the other party.


I do not think that it is an attempt by Binance to get people to use them BSC because they allowed the withdrawal to Ethereum network (ERC20, but rather a weakness in the programming code because of their focus on useless things such as DeFi and NFT

you can always withdrawal your bitcoins from binance to any other exchange (use those central chains or altcoins) then withdrawal your bitcoins/BTC
legendary
Activity: 1624
Merit: 1200
Gamble responsibly
June 15, 2022, 02:58:41 AM
#37
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?
If we're talking about the Ethereum network, then no. On the other hand, with BNB/Solana and basically anything that's not Ethereum, then yes it's cheaper.
You are right, but it is even an understatement like maybe bitcoin fee can be more expensive but in a way it is just only slightly expensive than on ERC20 withdrawal on binance, but funny enough, bitcoin withdrawal fee is 0.0002 BTC but it is 0.00044 BTC on ethereum (ERC20) chain, only BEP2 and BEP20 are cheaper but not bitcoin, they are altcoins also just as on ERC20 network.
legendary
Activity: 3472
Merit: 10611
June 15, 2022, 12:02:00 AM
#36
Centralized shitcoins on other chains are only good if you want to transfer your funds between exchanges, like these days that Binance is performing in a very shady manner you could easily transfer your bitcoins from Binance to another exchange using those shitcoins if they support it so that you can continue trading elsewhere or make an actual bitcoin withdrawal on that other exchange.
Otherwise you should never store these shitcoins because they obviously serve no purpose other than what I mentioned and could disappear at any moment.
hero member
Activity: 2268
Merit: 588
You own the pen
June 14, 2022, 10:02:24 PM
#35
Wow! they went thru some other road here, I can't believe they fool people with this kind of logic. If it's not a bitcoin network, then all of this financial revolution will become nonsense since it will become transparent and it losses the idea of controlling your own money without the help of any 3rd parties, just you and your hard wallet. Now they making some trend which doesn't really make sense, if they wanted to promote their ideas, they cannot force their users to use that feature but what they are doing here is clearly manipulation and they are changing the traditional bitcoins transactions.
hero member
Activity: 1008
Merit: 960
June 14, 2022, 08:54:29 PM
#34
I don't know about others, but I don't think this Defi locking up actual Bitcoin to acquire Xbitcoin on another chain is a good idea. If the token of that chain is so valuable and has the tendency to become one of the most valuable coins like bitcoin, they wouldn't want to lock up people's bitcoin on any protocol merely to promote liquidity, that's what BSC, SOl, ETH, FTM, and other layer 1 and 2 projects are doing, and it's always likely that the real Bitcoin on-chain, which is locked up in the protocol, may be compromised, just the way we experienced Celcius halted withdrawals and asset swapping. If you treasure your bitcoin, always say no when offered an alternate chain, the Bitcoin chain has always been the safest and has never gone down for a second.

Absolutely.

There's no need to buy altcoins when the real thing is still available for purchase.

Just like gold lookalikes, altcoins pretend to be as good as Bitcoin, but they're not.

Don't buy fool's gold, get the real thing!

Fool's Gold can be one of three minerals. The most common mineral mistaken for gold is pyrite. Chalcopyrite may also appear gold-like, and weathered mica can mimic gold as well. Compared to actual gold, these minerals will flake, powder, or crumble when poked with a metal point, whereas gold will gouge or indent like soft lead. In addition, actual gold will leave a golden yellow streak when scraped on a piece of unglazed porcelain. Pyrite and chalcopyrite will leave a dark green to black streak and the common micas will leave a white streak
hero member
Activity: 1106
Merit: 912
Not Your Keys, Not Your Bitcoin
June 14, 2022, 07:59:43 PM
#33
I don't know about others, but I don't think this Defi locking up actual Bitcoin to acquire Xbitcoin on another chain is a good idea. If the token of that chain is so valuable and has the tendency to become one of the most valuable coins like bitcoin, they wouldn't want to lock up people's bitcoin on any protocol merely to promote liquidity, that's what BSC, SOl, ETH, FTM, and other layer 1 and 2 projects are doing, and it's always likely that the real Bitcoin on-chain, which is locked up in the protocol, may be compromised, just the way we experienced Celcius halted withdrawals and asset swapping. If you treasure your bitcoin, always say no when offered an alternate chain, the Bitcoin chain has always been the safest and has never gone down for a second.
sr. member
Activity: 854
Merit: 327
Hire Bitcointalk Camp. Manager @ r7promotions.com
June 14, 2022, 01:30:05 PM
#32
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
This is better, if they had persisted and not quickly resumed bitcoin withdrawals, such a move would have made them no longer be the number one option for newbies in crypto looking to find a wallet to use. Also being able to halt bitcoin withdrawals goes against the decentralised mindset many have about bitcoin, a move like that also have the potential of discouraging potential investors in bitcoin.
sr. member
Activity: 2296
Merit: 348
June 14, 2022, 01:19:41 PM
#31
Not sure if stuffs like this are also available on other exchanges? But, I find it cool because binance have different options when it comes to deposits and withdrawals however I did not attempt to try them because im afraid that what if my coins will be lost? LoL. I only use the chains that I am familiar with like trx, bsc/bnb, and eth.

OP, you are right that it wasn't really an original btc but it might be a wrapped btc? It's only funny that they include eth on the list because eth is also slow right? And transactions can also get stuck, most importantly is its fees are also high. Bnb chain can be the option for someone that wants to try this idea.
member
Activity: 429
Merit: 52
June 14, 2022, 02:26:15 AM
#30
It doesn't work like this. Not your keys, still your assets.

How are you going to claim them if you don't own the keys and the exchange disappears, like quadriga, btc-e and many others?
As long as you don't own the keys you are only a passenger in this car driven by someone else. You can tell them directions but they can always ignore it and run you into a wall. Wink

I couldn't care less about WBTC. Never used any of these coins in my life and that includes all stable coins. Bitcoin was doing well without ponzi schemes like Luna and is going to do well without them.

That's why you need to keep certain ammounts which are backed by the national banks and exchanges who are regulated to the best of the national laws of specific countries who learned how to work with crypto.

And here we have the courts and laws to protect you and your assets.
member
Activity: 280
Merit: 30
June 14, 2022, 01:44:50 AM
#29
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.

You do realize by that mindset, you are also saying the btc on LN or Liquid networks are not bitcoin.
I don't disagree with you,
but that is against the cult of BTC brainwashing, that btc on the offchain LN or Liquid networks are BTC.

 Smiley
mk4
legendary
Activity: 2870
Merit: 3873
Paldo.io 🤖
June 13, 2022, 10:29:25 PM
#28
Binance is about to pull a Gox imo. Suspending the withdrawals is not cool. If binance can’t fix this situation then it will be very bad for the crypto

Btc on other chains of course isn’t btc but do you think CZ gives a damn? This dude tried to rewind the blockchain before when binance got hacked. He has no respect for this thing.

Nah, they've already re-allowed Bitcoin (real BTC) network withdrawals like 10 hours ago.

https://twitter.com/binance/status/1536398699714199556
legendary
Activity: 3276
Merit: 2442
June 13, 2022, 10:19:45 PM
#27
Binance is about to pull a Gox imo. Suspending the withdrawals is not cool. If binance can’t fix this situation then it will be very bad for the crypto

Btc on other chains of course isn’t btc but do you think CZ gives a damn? This dude tried to rewind the blockchain before when binance got hacked. He has no respect for this thing.
mk4
legendary
Activity: 2870
Merit: 3873
Paldo.io 🤖
June 13, 2022, 09:57:22 PM
#26
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?
If we're talking about the Ethereum network, then no. On the other hand, with BNB/Solana and basically anything that's not Ethereum, then yes it's cheaper.

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.
You and literally everyone here.
hero member
Activity: 1008
Merit: 960
June 13, 2022, 08:35:00 PM
#25
BTC on other chains is at best an IOU from an altcoin.

There's only one real Bitcoin, anything else is just an altcoin, or an IOU of Bitcoin, which is basically worth nothing until you actually get control of the private keys.

There's so many people wanting to make a quick buck out of people not knowing what Bitcoin is. They're going to have a bad time when they realize they didn't buy real Bitcoin.
legendary
Activity: 2282
Merit: 3014
June 13, 2022, 07:05:44 PM
#24
Could not agree more, no matter what the “great” Dr Craig Wright says. This is a really ugly move by Binance, feels more like something Coinbase (Conbase) would do. Though I guess at least Binance is up front about it, Coinbase would just intentionally shut down their site and blame it on user traffic like they have countless other times before.
legendary
Activity: 3374
Merit: 3095
Playbet.io - Crypto Casino and Sportsbook
June 13, 2022, 06:59:43 PM
#23
It seems they repeat what they did before just to make a profit on withdrawal fees.

The fees right now are not so high and I think this is their way to help the network reduce congested transactions.

But forcing people to use other chains is not fair they give BTC as token, not the real BTC.
legendary
Activity: 2814
Merit: 1192
June 13, 2022, 05:03:31 PM
#22
It doesn't work like this. Not your keys, still your assets.

How are you going to claim them if you don't own the keys and the exchange disappears, like quadriga, btc-e and many others?
As long as you don't own the keys you are only a passenger in this car driven by someone else. You can tell them directions but they can always ignore it and run you into a wall. Wink

I couldn't care less about WBTC. Never used any of these coins in my life and that includes all stable coins. Bitcoin was doing well without ponzi schemes like Luna and is going to do well without them.
legendary
Activity: 1162
Merit: 2025
Leading Crypto Sports Betting & Casino Platform
June 13, 2022, 03:27:29 PM
#21
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.
legendary
Activity: 4410
Merit: 4766
June 13, 2022, 02:33:26 PM
#20
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"
legendary
Activity: 1624
Merit: 1200
Gamble responsibly
June 13, 2022, 02:07:54 PM
#19
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
member
Activity: 429
Merit: 52
June 13, 2022, 12:59:53 PM
#18
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.
donator
Activity: 4760
Merit: 4323
Leading Crypto Sports Betting & Casino Platform
June 13, 2022, 12:46:13 PM
#17
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. 
newbie
Activity: 6
Merit: 1
June 13, 2022, 11:49:43 AM
#16
Something strange happens
member
Activity: 429
Merit: 52
June 13, 2022, 11:35:12 AM
#15
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.
legendary
Activity: 2814
Merit: 1192
June 13, 2022, 11:20:14 AM
#14
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.
hero member
Activity: 1008
Merit: 702
June 13, 2022, 10:31:21 AM
#13
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.
full member
Activity: 756
Merit: 105
Trphy.io
June 13, 2022, 10:20:02 AM
#12
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.
member
Activity: 429
Merit: 52
June 13, 2022, 10:14:13 AM
#11
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
legendary
Activity: 2870
Merit: 3873
Paldo.io 🤖
June 13, 2022, 09:36:44 AM
#10
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.
legendary
Activity: 3234
Merit: 5637
Blackjack.fun-Free Raffle-Join&Win $50🎲
June 13, 2022, 09:18:20 AM
#9
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
hero member
Activity: 1778
Merit: 709
[Nope]No hype delivers more than hope
June 13, 2022, 09:15:51 AM
#8
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.
legendary
Activity: 2212
Merit: 7064
June 13, 2022, 08:54:58 AM
#7
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.
legendary
Activity: 2352
Merit: 6089
bitcoindata.science
June 13, 2022, 08:45:08 AM
#6
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.
member
Activity: 429
Merit: 52
June 13, 2022, 08:26:48 AM
#5
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.

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.
legendary
Activity: 1624
Merit: 1200
Gamble responsibly
June 13, 2022, 08:25:59 AM
#4
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.
legendary
Activity: 3346
Merit: 3125
June 13, 2022, 08:19:45 AM
#3
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.
legendary
Activity: 1624
Merit: 1200
Gamble responsibly
June 13, 2022, 08:11:44 AM
#2
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.
member
Activity: 429
Merit: 52
June 13, 2022, 07:58:50 AM
#1
Check out the last tweet of Binance: https://twitter.com/binance/status/1536330836630458368

Quote
Only a single network, the Bitcoin network, is impacted due to the stuck batch of transactions.

Users can withdraw $BTC on Ethereum or BNB Chain while our team works to resolve this temporary pause.

Quote
Binance has temporarily paused #Bitcoin withdrawals on the $BTC network. Meanwhile, you can still withdraw BTC on other networks.

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

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.
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