Coin exchange markets create the coin "out of thin air " - page 2.

temelispanyolca

newbie

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https://mobile.twitter.com/VeriDelisi/status/1355109043342372865/photo/1
Binance will be suspending withdrawals temporarily in order to address a large increase in requests from new unique users.

Rest assured funds are #SAFU and we apologize for any inconvenience caused.

Updates to follow.

Quote from: joniboini on January 29, 2021, 06:40:05 AM

If they want to cheat then it is definitely possible, hence why you need to trust them. But at some point, it won't be sustainable and if there's a huge withdrawal request they'll get a huge problem. It is possible that they do something and get away with it though, so it is safe to say that you if you don't want to get into trouble, might as well use a DEX or withdraw asap.

joniboini

legendary

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If they want to cheat then it is definitely possible, hence why you need to trust them. But at some point, it won't be sustainable and if there's a huge withdrawal request they'll get a huge problem. It is possible that they do something and get away with it though, so it is safe to say that you if you don't want to get into trouble, might as well use a DEX or withdraw asap.

jrrsparkles

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Merit: 280

Hire Bitcointalk Camp. Manager @ r7promotions.com

Quote from: temelispanyolca on January 28, 2021, 04:58:19 PM

Coin exchange markets create the coin "out of thin air "

You first buy the 0.0001 BTC from Binance or any local coin exchange markets.
You give 3.5 dolar to Binance and Binance add 0.0001 btc to your account.
In this transaction, really, Binance gives you BTC ?
Huh

Binance isn't buying or selling anything they just act as medium of exchange where buyer and seller can meet.

Seller list their trade order and buyer also will create a trade order when both price meet the same then it will execute the trade(s).

Binance make money from the commissions and withdrawal fees.

temelispanyolca

newbie

Activity: 16

Merit: 3

https://mobile.twitter.com/VeriDelisi/status/1355109043342372865/photo/1
Binance will be suspending withdrawals temporarily in order to address a large increase in requests from new unique users.

Rest assured funds are #SAFU and we apologize for any inconvenience caused.

Updates to follow.

disconnectme

hero member

Activity: 1876

Merit: 512

To be sincere your question is not that clear to me, if you are buying BTC on exchange that means there is another person on the exchange selling his/her own BTC at the price you are bidding, and again remember that exchange will take their own trading fees for using their own platform for the transaction. It was rumoured sometimes that some of these exchanges do not have the Bitcoin they claim they have and some people are calling for Proof of Reserve but this voices seem to have gone down for now.

Ucy

sr. member

Activity: 2674

Merit: 403

Compare rates on different exchanges & swap.

The $3.5 is close to what 0.0001btc is actually worth.
If a legitimate exchange gives you that amount of bitcoin, it's probably because you paid for it, unless maybe the exchange is giving people some sort of bitcoin bonus, or it's sent by mistake? If that's what they do, then the bitcoin is most likely coming from their Bitcoin reserve.
Make sure you are dealing with actual exchange rather than scams. And also make sure what you are talking about is true and you understand it.

Lorence.xD

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Leading Crypto Sports Betting & Casino Platform

Quote from: adaseb on January 29, 2021, 01:28:06 AM

Well when you buy a stock on the stock market, all they do is put a "1" in your portfolio for whatever stock you bought, they can also easily create it out of thin air.

Stocks on the basic level can't create a stock out of thin air, they have some sort of valuation or something that puts the amount of stock that they are valued.

Quote from: adaseb on January 29, 2021, 01:28:06 AM

Same with going to a bank, getting a mortgage for $500,000. All they do is put a few numbers on a few pieces of paper for you to sign, you never actually see this money. This is because everything is done digitally these days. Just because you can't psychically feel it, doesn't mean it doesn't exist.

Digitalization made people think that we are creating money out of thin air, in fact, it has been a thing since the inception of humanity and trade, who says what that gold is worth, we see it as shiny so we value it as precious. Banks don't have a lot of money in their buildings, most of it are circulated so that it could grow and get the economy pumping. I do agree, physical feeling about the worth of a paper is all about trust.

adaseb

legendary

Activity: 3808

Merit: 1723

Well when you buy a stock on the stock market, all they do is put a "1" in your portfolio for whatever stock you bought, they can also easily create it out of thin air. Same with going to a bank, getting a mortgage for $500,000. All they do is put a few numbers on a few pieces of paper for you to sign, you never actually see this money. This is because everything is done digitally these days. Just because you can't psychically feel it, doesn't mean it doesn't exist.

So when Binance gives you the 0.0001BTC, its because someone else sold it to you for your $3.50. That person send his BTC to binance, and you sent your fiat to binance and now you did a trade with the other counterparty. Both people get what they want and Binance just gets some commission. There is nothing created out of thin air.

odolvlobo

legendary

Activity: 4466

Merit: 3391

Quote from: temelispanyolca on January 28, 2021, 05:26:11 PM

Quote from: odolvlobo on January 28, 2021, 05:19:11 PM

Binance (and other exchanges) have buyers and sellers. If you buy 0.0001 BTC, you are buying from a seller. If you are buying from the exchange, then the exchange is acting as the middle man.

When you first time bought the Btc from Binance, Binance took commision from transaction.
or How do you know the seller is Binance robot or real seller ?

Oh, I see. You believe that Binance is selling coins that it does not own or that do not exist. Well, that is possible -- it happened at Mt. Gox.

However, if you doubt them, then simply withdraw the coins to your wallet, and you are safe.

Darker45

legendary

Activity: 2576

Merit: 1860

Quote from: temelispanyolca on January 28, 2021, 04:58:19 PM

In this transaction, really, Binance gives you BTC ?
Huh

You are provided with a BTC address to your wallet. Go to blockchain.com or blockchair.com and check your balance.

Quote from: temelispanyolca on January 28, 2021, 05:26:11 PM

Quote from: odolvlobo on January 28, 2021, 05:19:11 PM

Binance (and other exchanges) have buyers and sellers. If you buy 0.0001 BTC, you are buying from a seller. If you are buying from the exchange, then the exchange is acting as the middle man.

When you first time bought the Btc from Binance, Binance took commision from transaction.
or How do you know the seller is Binance robot or real seller ?

If you buy from Binance, then it is Binance that is selling. How do you know? Because you bought from Binance.

If you are buying BTC through a classic or spot trade on their platform, then you do not know who is selling. What you have is a buy/bid order and if it happens that there is a sell/ask order which has the same price as yours, then the trade is filled. But you do not know the seller.

If you are buying through P2P, you will deal with a username only so you won't still know the real individual behind your transaction.

kiki8899

newbie

Activity: 49

Merit: 0

No, if you really use Bianace, you will know that other people who want to sell bitcoin give you the bitcoin, Bianace is just a plate for people trading like supermarket

Dutchyyy

legendary

Activity: 1197

Merit: 1001

Exchanges are not creating those tokens |out of thin air". They are integrating the tokens in the whole eco-systems, giving discounts, dividends, etc.

In most cases, like Binance, it's much better than 99% of the ICOs.

temelispanyolca

newbie

Activity: 16

Merit: 3

Quote from: odolvlobo on January 28, 2021, 05:19:11 PM

Binance (and other exchanges) have buyers and sellers. If you buy 0.0001 BTC, you are buying from a seller. If you are buying from the exchange, then the exchange is acting as the middle man.

When you first time bought the Btc from Binance, Binance took commision from transaction.
or How do you know the seller is Binance robot or real seller ?

questions?

odolvlobo

legendary

Activity: 4466

Merit: 3391

Binance (and other exchanges) have buyers and sellers. If you buy 0.0001 BTC, you are buying from a seller. If you are buying from the exchange, then the exchange is acting as the middle man.

20kevin20

legendary

Activity: 1134

Merit: 1598

If they wouldn't and the BTC they gave you were false, then at some point they would not have enough liquidity to fulfill the withdrawal requests. It'd probably also be illegal. what I'd doubt more than that is the "Bitcoin" they have on the Binance blockchain instead. Never looked into it, so I have no idea whether it's backed by real BTC for sure or not.

What you should be worried about is how PayPal does it tho. Since they never let you withdraw to personal BTC wallet, their "BTC" might actually be non-existent coins created to inflate the market artificially. Especially since their terms and conditions clearly mention that, as a customer, you are not holding any specific recognizable cryptocurrency on their platform.. so what are you holding exactly? Just a number Cheesy

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

Are you doing a trade or are you just looking at the value binance lists as the total of all your wallet funds?

If you're trading then they match you with someone else. Who wants to trade. If not then they just work out what a good assumption for the price is and go with that...

temelispanyolca

newbie

Activity: 16

Merit: 3

Coin exchange markets create the coin "out of thin air "

You first buy the 0.0001 BTC from Binance or any local coin exchange markets.
You give 3.5 dolar to Binance and Binance add 0.0001 btc to your account.
In this transaction, really, Binance gives you BTC ?
Huh

Topic: Coin exchange markets create the coin "out of thin air " - page 2. (Read 326 times)