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>I'm not defending Binance in any way, but this is FUD that is getting blown out of the water (arguably, people are on edge these days). It was pre-announced do

>I'm not defending Binance in any way, but this is FUD that is getting blown out of the water (arguably, people are on edge these days). It was pre-announced downtime for a hardfork on their BSC chain. >https://twitter.com/cz_binance/status/1602510004795367424 https://twitter.com/cz_binance/status/1602510004795367424 >It has caused a bit of a bank run and cz says things are processing just fine (along with tons of 3rd party confirmations). >https://twitter.com/cz_binance/status/1602676998094069760 https://twitter.com/cz_binance/status/1602676998094069760 >I know HN wants to see crypto die in a giant ball of flaming fire, but let's not lower ourselves to the point of just passing on FUD. >Edit: -4 incoming. I'm going to leave this here because it is worth it. I'm not a fan of FUD and neither should you be. I'm going to quote this full comment for posterity's sake, but I also think that you're a bit confused. You say that "it was pre-announced downtime" and cite a tweet from yesterday that says "Also done now. All resumed". In point of fact, withdrawals are not resumed, and a tweet from CZ today confirms that withdrawals are down and they're waiting for a US bank to open[1]. Edit: Shit, Binance themselves even admit this is because of a token swap, not planned downtime[2]. How is this FUD? Edit 2: Withdrawals back online as of ~5 minutes prior to my comment[3]. [1]https://twitter.com/cz_binance/status/1602579499903852544 https://twitter.com/cz_binance/status/1602579499903852544 [2]https://twitter.com/binance/status/1602579775721283584 https://twitter.com/binance/status/1602579775721283584 [3]https://twitter.com/binance/status/1602708590271385600 https://twitter.com/binance/status/1602708590271385600

adrr 4y ago
Do we know what token they swapped USDC for? Why would you swap a stable coin for another token? Didn't FTX swap coins for their native currency and use the proceeds for Alameda?
- flamemyst 4y ago
  All deposit of USDC automatically converted to BUSD. Actually it makes thing easier for user because now USDC and BUSD always calculated as 1:1 with no swap fee. Crypto pair are more lean since they only need to pair with BUSD. Options to withdraw USDC still available and will use BUSD balance.
  - latchkey 4y ago
    Don't forget that Binance has zero trading fees for BUSD pairs. They've been extending this promotion for a while now... https://www.binance.com/en/support/announcement/binance-extends-busd-zero-maker-fee-zero-trading-fee-promotion-for-seven-usd-stablecoin-pairs-9327c312af5e41048756693c46f732ed https://www.binance.com/en/support/announcement/binance-exte...
latchkey 4y ago
Weird flex, I'm fine with my comment and promise that I won't edit it any further. Yes, the downtime was yesterday, scroll up on the thread that I quoted. The FUD started with this tweet: https://twitter.com/Travis_Kling/status/1602400700192985100 https://twitter.com/Travis_Kling/status/1602400700192985100 The point being that this is FUD, and HN is pushing something full of it. Which is gross and low bar. If Binance does go belly up, it won't be because of USDC withdrawals being paused. It will be a lot deeper than that and will likely cover USDT, since the majority of their customers are outside of the US (or at least should be, legally) and because, well, USDT. Hours after that tweet you quoted (which was at 12am), things are processing as normal.
- jjulius 4y ago
  >The point being that this is FUD, and HN is pushing something full of it. Which is gross and low bar. With all due respect, the FUD in this thread is coming from you. Taking a look at Binance's announcement about the downtime[1], it mentions withdrawals and deposits both being frozen yesterday morning for a "network upgrade and hard fork", and that ended at about 11PM Eastern[4] yesterday. The withdrawal freeze that this HN thread is about only happened ~3:30AM Eastern today[2] because "[they] have seen an increase of withdrawals" and they needed to perform a swap through a US bank, and deposits remained available (a key difference between the two freezes). These were two separate freezes that you are conflating into one. >Hours after that tweet you quoted (which was at 12am), things are processing as normal. They only started processing as normal at ~11:54AM Eastern, just now[3]. [1]https://www.binance.com/en/support/announcement/binance-will-support-the-bnb-smart-chain-bep20-and-bnb-beacon-chain-bep2-network-upgrades-hard-forks-001faab308054a789b7f800a2c1ffcdf https://www.binance.com/en/support/announcement/binance-will... [2]https://twitter.com/binance/status/1602579775721283584 https://twitter.com/binance/status/1602579775721283584 [3]https://twitter.com/binance/status/1602708590271385600 https://twitter.com/binance/status/1602708590271385600 [4]https://twitter.com/cz_binance/status/1602510004795367424 https://twitter.com/cz_binance/status/1602510004795367424
  - latchkey 4y ago
ChainOfFools 4y ago
> In point of fact, withdrawals are not resumed, and a tweet from CZ today confirms that withdrawals are down and they're waiting for a US bank to open Thus the proper expansion of the initialism FUD is, (directed at grandparent,) "Facts U Dislike"

adrr 4y ago

Do we know what token they swapped USDC for? Why would you swap a stable coin for another token? Didn't FTX swap coins for their native currency and use the proceeds for Alameda?

flamemyst 4y ago
All deposit of USDC automatically converted to BUSD. Actually it makes thing easier for user because now USDC and BUSD always calculated as 1:1 with no swap fee. Crypto pair are more lean since they only need to pair with BUSD. Options to withdraw USDC still available and will use BUSD balance.
- latchkey 4y ago
  Don't forget that Binance has zero trading fees for BUSD pairs. They've been extending this promotion for a while now... https://www.binance.com/en/support/announcement/binance-extends-busd-zero-maker-fee-zero-trading-fee-promotion-for-seven-usd-stablecoin-pairs-9327c312af5e41048756693c46f732ed https://www.binance.com/en/support/announcement/binance-exte...

latchkey 4y ago

Weird flex, I'm fine with my comment and promise that I won't edit it any further. Yes, the downtime was yesterday, scroll up on the thread that I quoted. The FUD started with this tweet: https://twitter.com/Travis_Kling/status/1602400700192985100 https://twitter.com/Travis_Kling/status/1602400700192985100 The point being that this is FUD, and HN is pushing something full of it. Which is gross and low bar. If Binance does go belly up, it won't be because of USDC withdrawals being paused. It will be a lot deeper than that and will likely cover USDT, since the majority of their customers are outside of the US (or at least should be, legally) and because, well, USDT. Hours after that tweet you quoted (which was at 12am), things are processing as normal.

jjulius 4y ago
>The point being that this is FUD, and HN is pushing something full of it. Which is gross and low bar. With all due respect, the FUD in this thread is coming from you. Taking a look at Binance's announcement about the downtime[1], it mentions withdrawals and deposits both being frozen yesterday morning for a "network upgrade and hard fork", and that ended at about 11PM Eastern[4] yesterday. The withdrawal freeze that this HN thread is about only happened ~3:30AM Eastern today[2] because "[they] have seen an increase of withdrawals" and they needed to perform a swap through a US bank, and deposits remained available (a key difference between the two freezes). These were two separate freezes that you are conflating into one. >Hours after that tweet you quoted (which was at 12am), things are processing as normal. They only started processing as normal at ~11:54AM Eastern, just now[3]. [1]https://www.binance.com/en/support/announcement/binance-will-support-the-bnb-smart-chain-bep20-and-bnb-beacon-chain-bep2-network-upgrades-hard-forks-001faab308054a789b7f800a2c1ffcdf https://www.binance.com/en/support/announcement/binance-will... [2]https://twitter.com/binance/status/1602579775721283584 https://twitter.com/binance/status/1602579775721283584 [3]https://twitter.com/binance/status/1602708590271385600 https://twitter.com/binance/status/1602708590271385600 [4]https://twitter.com/cz_binance/status/1602510004795367424 https://twitter.com/cz_binance/status/1602510004795367424
- latchkey 4y ago

ChainOfFools 4y ago

> In point of fact, withdrawals are not resumed, and a tweet from CZ today confirms that withdrawals are down and they're waiting for a US bank to open Thus the proper expansion of the initialism FUD is, (directed at grandparent,) "Facts U Dislike"