5 ms·

Pretty standard, happens frequently.

seibelj 5y ago
Anti-crypto people grasping for FUD straws anywhere they can as we hit all time highs. Exchange wallets, even at US exchanges like Coinbase and Gemini, regularly have periods of downtime.
kabdib 5y ago
If this happens all the time, I'm genuinely curious: What distinguishes this from fraud?
- cblconfederate 5y ago
  When paypal/banks put a temporary hold on transactions is that fraud? Binance is reputable among those who use it.
  - JumpCrisscross 5y ago
    > When paypal/banks put a temporary hold on transactions is that fraud? A bank halting withdrawals would be shut down. Massive difference between putting a hold on an account and freezing across the board. And for good reason. From the outside, it’s impossible to determine if they’re having liquidity or operational issues. Let that question fester and you get a run.
    - cblconfederate 5y ago
      temporarily. Paypal sometimes withholds funds to check some transactions. They are legally a bank in europe.
      - JumpCrisscross 5y ago
        > temporarily A bank temporarily halting withdrawals may not be shut down, but it would be massively fined.
        cblconfederate 5y ago
        https://www.reuters.com/article/us-eu-banks-deposits-idUSKBN1AD1RS https://www.reuters.com/article/us-eu-banks-deposits-idUSKBN... https://www.investopedia.com/articles/markets-economy/082316/3-reasons-banks-can-freeze-your-account.asp https://www.investopedia.com/articles/markets-economy/082316... https://www.irishtimes.com/life-and-style/homes-and-property/spanish-banks-freezing-foreign-accounts-1.940940 https://www.irishtimes.com/life-and-style/homes-and-property... Anyway , i ve been burnt by banks enough in the past to know that binance is better than banks. I can't be preached about it.
        JumpCrisscross 5y ago
        Right, public consultations by governments to consider it. Versus the banks just doing it.
        marcofatica 5y ago
        Banks halt funds every day, when they close for business at end of day. ATMs are available but can be out of order or out of cash. Binance is open 24/7 and maintenance that requires downtime has to happen at some point
      - jtbayly 5y ago
        For all its users At once?
        cblconfederate 5y ago
        no, except catastrophic situations like bank collapses or when the EU decided to close the banks. It also can happen in various countries around the world. Then again, binance is an exchange, not a bank, and exchanges do halt transactions. Some companies even freeze people's buy buttons, and go unpunished.
  - kabdib 5y ago
    An across-the-board stoppage seems far, far different than a small set of account holds on an individual basis.
- vmception 5y ago
  Nothing. Its up to the user to keep their funds offchain so they never have to guess. Funds on exchange (by quantity of assets) are at or near an all time low, so users are learning. No sympathy to other users, unless their funds were in transit.
- GoblinSlayer 5y ago
  Happens to fiat all the time too.
  - bruce343434 5y ago
    Could you provide sources? I have never run into this, yet I hear about crypto exchanges freezing/pausing all the time.
    - cblconfederate 5y ago
      https://markets.businessinsider.com/news/stocks/nasdaq-monitors-social-media-halts-unusual-trading-friedman-market-manipulation-2021-1 https://markets.businessinsider.com/news/stocks/nasdaq-monit... https://www.cnbc.com/2020/03/09/the-stock-market-halted-trading-younger-investors-shouldnt-panic.html https://www.cnbc.com/2020/03/09/the-stock-market-halted-trad... https://www.bloomberg.com/news/articles/2020-11-04/u-s-stock-limit-rules-halted-nasdaq-trading-as-futures-soared https://www.bloomberg.com/news/articles/2020-11-04/u-s-stock...
      - bruce343434 5y ago
        That's just the stock market, not actual banking being halted.
        cblconfederate 5y ago
        binance is an exchange, not a bank
        bruce343434 5y ago
        Ah I see now. I thought the grand commenter was implying fiat [banking] was being paused all the time.
- TacticalCoder 5y ago
  > If this happens all the time, I'm genuinely curious: What distinguishes this from fraud? Fraud is when an exchange runs away with the customers' funds. If you had a legal money printing machine like Coinbase or Binance, would you keep your money press printing cash or would you steal your customers funds and risk prison?

Anti-crypto people grasping for FUD straws anywhere they can as we hit all time highs. Exchange wallets, even at US exchanges like Coinbase and Gemini, regularly have periods of downtime.

kabdib 5y ago

If this happens all the time, I'm genuinely curious: What distinguishes this from fraud?

cblconfederate 5y ago
When paypal/banks put a temporary hold on transactions is that fraud? Binance is reputable among those who use it.
- JumpCrisscross 5y ago
  > When paypal/banks put a temporary hold on transactions is that fraud? A bank halting withdrawals would be shut down. Massive difference between putting a hold on an account and freezing across the board. And for good reason. From the outside, it’s impossible to determine if they’re having liquidity or operational issues. Let that question fester and you get a run.
  - cblconfederate 5y ago
    temporarily. Paypal sometimes withholds funds to check some transactions. They are legally a bank in europe.
    - JumpCrisscross 5y ago
      > temporarily A bank temporarily halting withdrawals may not be shut down, but it would be massively fined.
      - cblconfederate 5y ago
        https://www.reuters.com/article/us-eu-banks-deposits-idUSKBN1AD1RS https://www.reuters.com/article/us-eu-banks-deposits-idUSKBN... https://www.investopedia.com/articles/markets-economy/082316/3-reasons-banks-can-freeze-your-account.asp https://www.investopedia.com/articles/markets-economy/082316... https://www.irishtimes.com/life-and-style/homes-and-property/spanish-banks-freezing-foreign-accounts-1.940940 https://www.irishtimes.com/life-and-style/homes-and-property... Anyway , i ve been burnt by banks enough in the past to know that binance is better than banks. I can't be preached about it.
        JumpCrisscross 5y ago
        Right, public consultations by governments to consider it. Versus the banks just doing it.
      - marcofatica 5y ago
        Banks halt funds every day, when they close for business at end of day. ATMs are available but can be out of order or out of cash. Binance is open 24/7 and maintenance that requires downtime has to happen at some point
    - jtbayly 5y ago
      For all its users At once?
      - cblconfederate 5y ago
        no, except catastrophic situations like bank collapses or when the EU decided to close the banks. It also can happen in various countries around the world. Then again, binance is an exchange, not a bank, and exchanges do halt transactions. Some companies even freeze people's buy buttons, and go unpunished.
- kabdib 5y ago
  An across-the-board stoppage seems far, far different than a small set of account holds on an individual basis.
vmception 5y ago
Nothing. Its up to the user to keep their funds offchain so they never have to guess. Funds on exchange (by quantity of assets) are at or near an all time low, so users are learning. No sympathy to other users, unless their funds were in transit.
GoblinSlayer 5y ago
Happens to fiat all the time too.
- bruce343434 5y ago
  Could you provide sources? I have never run into this, yet I hear about crypto exchanges freezing/pausing all the time.
  - cblconfederate 5y ago
    https://markets.businessinsider.com/news/stocks/nasdaq-monitors-social-media-halts-unusual-trading-friedman-market-manipulation-2021-1 https://markets.businessinsider.com/news/stocks/nasdaq-monit... https://www.cnbc.com/2020/03/09/the-stock-market-halted-trading-younger-investors-shouldnt-panic.html https://www.cnbc.com/2020/03/09/the-stock-market-halted-trad... https://www.bloomberg.com/news/articles/2020-11-04/u-s-stock-limit-rules-halted-nasdaq-trading-as-futures-soared https://www.bloomberg.com/news/articles/2020-11-04/u-s-stock...
    - bruce343434 5y ago
      That's just the stock market, not actual banking being halted.
      - cblconfederate 5y ago
        binance is an exchange, not a bank
        bruce343434 5y ago
        Ah I see now. I thought the grand commenter was implying fiat [banking] was being paused all the time.
TacticalCoder 5y ago
> If this happens all the time, I'm genuinely curious: What distinguishes this from fraud? Fraud is when an exchange runs away with the customers' funds. If you had a legal money printing machine like Coinbase or Binance, would you keep your money press printing cash or would you steal your customers funds and risk prison?