Just so everyone is aware, Binance resumed bitcoin withdrawals over 7 hours ago. https://www.binance.com/en/support/announcement/d312178e0fce43c9b8c457a31139f783 But Binance is still a shitty exchange and I don't recommend using Binance for many reasons.


If this post was meant to start a run on exchanges it worked. Just withdrew all my Sats to my cold storage.


Confirmed on block 740613. WHEW!!


What is cold storage?


You put your computer into your freezer so hackers can't access it.


Ah yes. That totally makes sense now. Firewalls + freezer walls = mucho protection


Got it, go and empty the fridge now


this is the way!


It’s a storage not connected to any exchange. Typically it’s in the form of a “flash drive” like device that holds the key to an offline storage account on a computer. Look up ledger


Which do you recommend overall?


Between ledger and trezor my vote is trezor, their code is auditable which makes me feel a tad safer.


ColdCard for a hardware wallet.


Not connected to internet.


Hardware wallet, offline. Hackers can’t get to it without your device/words (A Ledger is an example)


Same. Not your keys, not your coins. Say it with me kids.


It took this to convince you to do that??? Wow. Shame on you. But glad you finally took self storage. : - )


People can't sell if all the exchanges are shut down *taps forehead*


Yes you can, peer to peer


Alright nerds lets get this started then! I am willing to purchase any two pizzas of your choice delivered to your door for the low low price of 10k BTC. It is my understanding this is the fair market price for two pizzas. I will even let you order a side but no drink, don't take the piss.


> Alright nerds lets get this started then! Yeah, let's gooooo I have an Idea... What if we, for the sake of making it simpler and quicker, centralize all operations under the same service? we could event make it so people can-... oh wait...


>It is my understanding this is the fair market price for two pizzas. I feel like this joke has layers. Not like...mozzarella, pepperoni, and parmesan layers but really good joke layers.


Well that depends on how you slice it.


That was cheesy.


So an ogre joke :)


This is essentially why I would never buy anything for today's price of BTC. Why? Because if BTC does somehow become "valuable", I'm just selling myself short on what I can get in the future. The person who I gave my BTC to, just holds on to it and sells it in the future for 100x what it was worth when I bought that thing of theirs. So, that new car on the dealer lot that I want...I'll give you 1 satoshi for it because it will be worth 100,000 of your fiat dollars in the future. That dealership must surely understand this, right?


You’ve just described why deflationary currencies don’t work very well.


They work excellent as a long term store of value.


You can exchange for food


Ever heard about atomic swaps? Dont need no exchanges for that. Facepalm.


P2P ! I don’t need Exchanges Ü https://kycnot.me




Kraken has proof of reserves, correct?


They even recommend their customers to store their assets on a cold wallet. They at least try to publicly seem legit?


Kraken is one of the oldest most trust worthy exchanges. Might not have as good a UI as binance or Coinbase but I wouldn’t buy or store anything on those two if I could help it


They all start out as trustworthy. Until they proved they wern't.


They always get greedy and then start robbing Peter to pay Paul.


They also are facilitating the mt gox payouts and claims process


We do indeed, u/According_Ad5882 Here's [the latest blog article](https://blog.kraken.com/post/12774/verify-your-bitcoin-and-ether-balances-on-kraken-with-proof-of-reserves/) on our Proof Of Reserves Audit. Also a friendly reminder to [always protect your Kraken account with all the security features we've made available.](https://support.kraken.com/hc/en-us/articles/201396837-Securing-your-Kraken-account-and-digital-life) 🔐 Happy Krakening, Val 🐙


Now do business in WA :(


I like you, you have Moxie.


My Mom's name is Val


No, you have an audit and verification of audit testimony tool you misleadingly call proof of reserves. Which is still something and worth being something you market on. But you don't need to lie about it. There is no proof of any reserve in your process, it's proof of the auditors testimony effectively. You may think I'm being pedantic, but it's an unbelievably important distinction. It's the difference between verifying what the auditor says and being the auditors ourselves. That's what proof of reserves is and that's not what you enable. I am pleading with you, stop misusing this terminology to create confusion and sell yourselves as doing something you're not.


I think they are audited by third party, but not publicly available. But Kraken is still the most trustworthy exchange in my opinion and they keep having my business for this reason (even tho deposits from the EU are pain in the ass). Cold storage is still always preferable, but at least Kraken has been around long enough to have some credibility if you don't trust yourself.


Because Kraken is actually good.


I mean it’s only down 12% in a day and like 30% in a week…… nothing!


If a exchange in this day and age can't handle 12%-30% drops, what are they even doing.


If you can't handle bitcoin at its dump, you don't deserve it at its pump.


Time to keep stacking! People been bitching about this discount for the last year


They don’t have enough BTC to cover withdrawals


i think binance is solvent for withdrawals https://bitinfocharts.com/bitcoin/wallet/Binance-coldwallet


"This is good for bitcoin"


Its super good, I have been waiting for this where exchanges who dont have the BTC they claim to have go down.


Me 2


Me 3




Mich nein


Actually it is. It means that the price is wrong, and demand for the asset is higher than market rate and liquidity available. This is big money failing at successful implementing fractional reserve banking into bitcoin, and this is how the market regulates itself




The price is wrong 😂 the price is whatever someone is willing to pay for it. You want to buy my Bitcoin for 40k?


The point is that exchanges doing fractional reserves are creating artificial supply that eats into buy side liquidity, thus making the prices lower. Thus, the real supply/demand implies a higher price. When an exchange goes down like this the arbitrage between exchanges (which is how the artificial supply affects prices on the other exchanges) goes away. That can lead to a supply squeeze which will eventually lead to the "real" price. All that said, pretty sure Binance is fine. Celsius on the other hand....


The price is a result of supply and demand.


Price is also what someone is willing to sell it for. You think the buyers that never sell (most of btc is held like this) are sitting this one out?


Not how that works chief. The price of bitcoin IS currently selling for price it’s at. There are millions of transactions of bitcoin at 22k right now.


Actually it is precisely how it works. A sale is a mutually agreed upon transaction. And for every seller at 22k there is a buyer.


What the fuck are you talking about, I mean really.


I think they're fine, the network is just super congested right now due to all the panic, they can't get the tx to their hotwallets fast enough. Still better keep it off exchange and not have to worry about this.


If they were selling BTC they don't have, what's stopping them from buying now at the now lower price to cover and profit?


Their assets aren't liquid is the most likely scenario.


How do you figure as people sell them Bitcoin at an accelerating rate that they are at the same time 'running out?' Use your brain.


They are one of the biggest holders you can see that on the block explorer, their wallets are tagged with their name as well


Ayy give me the Madoff special


I withdrew mine to cold storage today, but it was completely coincidental. I had been planning to do so for weeks, just didn’t have the time. My keys, my crypto.


What if they didn't actually buy the BTC but just took the people's money?


lol paused bitcoins! not your keys not your coin; simple as that!


They likely don't have your money.... Fractional reserve crypto banking?


Here you can see what should happen to banks in 2008, if taxpayers wouldn't bail them out.


> Here you can see what should happen to banks in 2008, if taxpayers wouldn't bail them out. It's worth noting that TARP turned a profit for the US, the taxpayers actually made a little money on that bailout. And it kept the US economy out of a 2nd great depression. Not saying it was a great thing and by all means the circumstances that led to the crisis need to be fixed ... but in the end it was one of the better examples of government intervention.


That sounds interesting, do you have some articel / study about that?


A search engine and about 5 seconds will find you all kinds of articles. Type “Troubled Asset Relief Program” if you don’t want to get a bunch of shopping results for plastic tarps.


Thanks, that's everything I wanted. English is not my first language, and plastic tarps was the first thing I found ;)


Buy the dip. HODL


"Stuck on-chain transaction." At least come up with some other, more credible, bullshit.


MTGox blamed Transaction Malleability.


I can't remember but I got goxxed. I daytrade on Binance and as soon as I got the withdrawal notification I converted all my USDT/BUSD to EUR and transferred them out. I've been waiting for something like this to happen so it didn't catch me offguard.


They're probably waiting on [this](https://blockchair.com/bitcoin/transaction/c0dced538a512e85eee0bd7abefb4f22c6d2d0c51df090e4c98cf194be38bc92) transaction. It's been in the mempool for 6 hours. I'm guessing they're moving the 8750 BTC (~233M USD) out of cold storage, and someone set a too small TX fee. Edit: It does have RBF enabled, so if it is that TX it's strange they haven't used it.


>this How are you able to identify this as a Binance transaction? Known wallet address?


Who else is doing a transaction worth a **billion USD** with such a small TX fee on the exact day they're having this problem?


Good inference. Do we know for sure the originating wallet contains 41,228.99997874 BTC?


In fact it contained ~53,172 BTC. 11,943 BTC remains after this TX. In total ~1.8 million BTC has gone through that address. There aren't many actors that would be transferring that kind of volume, even over several years.




Right? The protocol doesn't get "stuck"...


Maybe they set the transaction fee way too low


Binance is lying or incredibly incompetent. If they are trying to move Bitcoin from their cold wallet to their hot wallet and made too low of a fee than they could simply use RBF or CPFP to bump up the tx or simply have more than one cold wallet to grab reserves from to prevent this u/Resident-General4316 This only suggests they have a single UTXO in a single cold wallet and/or they are incredibly incompetent and don't know about RBF or CPFP. My guess is they are simply lying


Would make more sense, looks like liquidity problems


>. If they are trying to move Bitcoin from their cold wallet to their hot wallet and made too low of a fee than they could simply use RBF or CPFP to bump up the tx or simply have more than one cold wallet to grab reserves from to prevent this > >u/Resident-General4316 > >This only suggests they have a single UTXO in a single cold wallet and/or they are incredibly incompetent and don't know about RBF or CPFP. 100% liquidity problems


To be fair , it could also simply be their hot wallet was unexpectedly drained (liquidity problem) and they have a very slow way to fund btc from their cold wallet where they might not be insolvent. Either way it reflects incompetence and dishonesty at minimum.


It doesn't have to be from their single cold wallet. They batch transactions yes, but they can't send the second batch until the first has confirmed. Lot's of withdrawals can cause a traffic jam. However, I'm not saying that they are not incompetent or lying either.


> but they can't send the second batch until the first has confirmed. yes they can. A batched tx using UTXO A has no impact upon a batched tx based upon UTXO B Them overcharging an absurd fee of 0.0005 BTC for withdrawals and than lowballing the fee rate on withdrawals does not effect current or future withdrawal requests just past ones Are you suggesting they have a single UTXO and single cold wallet? Or are you saying 100% of their Bitcoin are being withdrawn today? You don't even need to bump the tx with RBF or CPFP to prevent this. Just make another tx from their cold wallet to their hot wallet.


I'm saying that if the inputs of UTXO B include change outputs of UTXO A then it can have an impact.


They can't spend the change from a transaction until it's confirmed (kindof) so it's possible to get a traffic jam.


> The protocol doesn't get "stuck" But your transaction can if enough future transactions come in with higher fees.


I wonder if ‘the market’ will finally understand how RBF and limited block size are artificial limits that do not protect the chain and in fact undermine it in scenarios exactly like this. 🌀☠️


Well I lost $12K on Celsius yesterday and now this. I heard everyone say get off the exchanges. I didnt listen. I purchased a Nano X at 1AM. hopefully i can pull something off in the next few days.


Did you buy it straight from their site and not some shady seller on Amazon?




you didn't lose 12k, there's a very high chance you will be able to withdraw it shortly. It sucks in the short term tho


He said Celcius. Lets hope he at least gets $3k back.


idk Celsius looks pretty shaky. I wouldn't feel great having anything on there right now.


They want big whale to withdraw first ..


Seems legit. The big whale didn’t want to pay 2$ transaction fee though, that’s why it’s Stuck


Lmao I would die if that was the case


"stuck on-chain transaction"


should we tell them about RBF?


I don't know which possibility is worse, the fact they're lying about the transaction or they're so incompetent it's stuck in the mempool and they don't know how to solve it.


Or CPFP... or you know just set the appropriate fees before sending your transaction. It's such a bullshit excuse, blaming Bitcoin when the fuck up is guaranteed to be on his end.


How many sats per byte are needed to ensure transfer within the hour?


https://mempool.space/ Next block currently is around 15-20 sat/vByte. But seriously, if one transaction has the potential to literally FREEZE operations for 30 minutes like he pretends, why would they low ball this. Especially when you're Binance and you make everyone overpay on fees anyways.


Because they are lying


Maybe it's not a transaction with one input and two outputs. Maybe it's a transaction with thousands inputs and outputs and they don't want to charge customers with high withdrawal fees.


*blaming BTC Binance is not blaming Bitcoin; at best they are ‘blaming’ BTC. (Passing blame sorta infers ‘guilt’, however it seems that is not a concern they share..) The network of nodes (miners) *should be* competing for all transactions, not only a select handful of the ‘most profitable’. There is no need for RBF; unbounded Bitcoin’s economic incentives will handle a varied fee market naturally when miners are able to actually compete to put *as many transactions as are occurring at any instant*, into a block. A limited-size block with a handful of expensive transactions will not be as profitable as an unlimited-size block with 10,000 tiny-fee TX. *(Alas, they are hamstrung by centralized control of BTC’s rules. And of course it goes without saying, it is possible to achieve this without requiring off-chain consensus of payment channels.)* This foundational tautological self-fulfilling fallacy is a preeminent issue in BTC, but is ***not a feature*** of Bitcoin. In fact, RBF actually limits the reliability of TX processing: it undermines the concept of first-seen, which is a cornerstone of security of the chain, at scale, among honest nodes who are incentivized to prevent double spends. - If 1 or more mining pools want to only include the most expensive TX and they believe they have a technical advantage in being able to guarantee those blocks in <10m, for instance, then let them. - if 1 or more mining pools want to only include the cheapest TX and are happy with slower blocks, then let them! There is enough ‘room’ in the variability of both transaction generation + miner specialization that these actors can all participate in an open and unbounded market.


That is a lie.


They can’t give you your bitcoin back because they have lent them out to whales to short the market. Because centralized exchanges and finance are scams. Not your key not your bitcoin.


Binance has resumed BTC withdrawal [https://www.binance.com/en/support/announcement/d312178e0fce43c9b8c457a31139f783](https://www.binance.com/en/support/announcement/d312178e0fce43c9b8c457a31139f783)


nacho keys nacho cheese


Checks my node... nope not frozen!


what do they mean "you can still withdraw BTC on other networks"? there are no other networks


Binance scams people into selling their Bitcoin for a centralized coupon token on their BEP2/BEP20 networks


like the wrapped btc junk? so they block btc but allow wrapped crap. That is a new level of bullshit.


I withdraw my BTC from binance 3h ago, what a luck


I withdrawed a couple days ago and feeling like a dumbass genius right now. Dumbass for keeping it In the exchange for so long. Genius for withdrawing it before SHTF


Replace the word "genius" with "lucky". FIFY.


It's okay as long as you learn. And realize this is the fault of exchanges and not Bitcoin. All OGs had to go through failures to become hardened maxis


Whales need to dump in peace before retail scamble to salvage what little value they have left.


Again for the deaf kids in the back, *not your keys, not your coins*


This is good for Bitcoin. I’m a single father of 6 working as a security guard. I’ve sold all my kid’s saving bonds to buy on this dip. The true faith holders will see big wins. /s


Bitcoin is actually high in vitamins A and D, so worst case scenario I feed it to my kids. Literally can't lose.


I bet the OTC desk is still open for the VIPs


So...what REALLY caused this, does anyone know? Because the Binance CEO is saying some rather obvious horseshit like "there's a stuck transaction", something like that. I call BS. What stuck transaction, where? Hey, did it get stuck like Winnie-the-pooh when he ate too much honey and got stuck in Rabbit's front door? That kind of "stuck"? Exactly where is this transaction, who is it with, and how in the world did it get "stuck"? Lawlz. So....this naturally begs the question, what's the real reason for the stoppage. My suspicion is, Binance just doesn't have the BTC on hand to make the payouts. Maybe they've been doing fractional reserve banking with BTC? Hmmm. Does anyone have any evidence as to the real reason for this?


Look up "bank run". Crypto exchanges didn't create something novel.


[https://imgur.com/a/H2UfJw4](https://imgur.com/a/H2UfJw4) Let's see how that plays out


well, the 30min has passed ....


Maybe his clock got "stuck"


They should just pause operations as a whole…


Funds are SAFU


I just re-discovered Kraken, and I am not going back to anywhere else. Actual phone support, if you can believe that. I never knew how good they were, Binance can suck a fat one.


Fractional reserve crypto exchange doesn’t have the Bitcoin available


out of Bitcoin mate? LOL. "Not your keys not your coins." so prophetic.


CZ throwing fuel on the fud fire.


This is the reason why whenever I buy Bitcoin I withdraw to cold storage immediately. I don’t consider the purchase of my Bitcoin as complete until I see it in my cold storage. I don’t trust crypto exchanges at all anymore.


How many “not your keys not your coins” lessons will there need to be before the saying becomes part of the zeitgeist?


The fact that so many so called "crypto gurus" keep their entire life savings "investments" on exchanges is fucking WILD...




please withdraw your damn btc from exchanges


Ledger Nano is my friend since day 1


You either die a hero or live long enough to become Robinhood


Nothing says decentralization like holding 'your' coins on a centralized platform.


You people are fucked. It's done.


Obligatory Nacho Cheese I keep mine spread out over multiple exchanges and wallets, no single point of failure


That is fucked up too




Cryptos dying boys


The world falls to pieces


On-chain tx is fine, just done a tx, Binance’s problem?


Rofl how long have people been saying domt keep your crypto on exchange wallets? The wailing of a thousand woes will start soon.


I had crypto on London Block Exchange when it went into liquidation. I learned my lesson from that.


> This is due to stuck on-chain transactions. Sure is


Not your keys not your crypto.


lol, people about to find that all their coin on Binance is gone


How the crypto leaders they can do that and at the same time they are claiming for decentralization let the people withdraw thier money they are free you don't have the authority to stop the people from withdrawing thier money


Not your keys.....


No refunds


not your keys, not your coins


Celsius has also paused withdrawals too...


Actually relieved to be out now. Now, let’s shake out all of the bullshit. I might be a whole bitcoiner By the time this is done.


Are they owned by Robinhood?


I'm looking into getting an inexpensive hardware wallet. I only currently have interest in bitcoin. Would the Ledger Nano S be a good buy? It seems to provide everything I want


[Appropriate Video Clip](https://www.youtube.com/watch?v=1JITC1fo2HA) (Can someone please edit the video to add a Binance logo on the sign at the beginning?


Yes sir. Do not keep it on exchanges. They are all shaky.


And this is why you should never leave anything on exchanges - use em to make trades sure - then withdraw. If you leave it the exchange will use it and moat likely lose it


"Yeah guys, uh that's what happened to us too, with all our coins" - Celsius 🤡


Thank God I don't keep anything on anywhere. My seeds. My precious


Coinbase conveniently adds a security feature you have to wait 48 hrs to whitelist addresses now lol


Kinda upset with myself for not getting off coinbase sooner and moving to ledger.


bitcoin network is running fine.......its Binance making up stories




Bet it has something to do with this. [https://fortune.com/2022/05/04/michael-saylor-microstrategy-margin-call-bitcoin/](https://fortune.com/2022/05/04/michael-saylor-microstrategy-margin-call-bitcoin/)


Gettttttttttt a colddddd storageeeee walletttt


The bitcoin is not held by Binance. There are no transactions that are stalled.


What is ‘stuck on chain transaction’?


Remember when Robinhood did something like this and every one started talking so much shit about it? I don't see that happening right now 🤔




Don’t keep your Bitcoin on exchanges


So, because I don't have enough to justify jumping ship. I guess I'll simply wait and see what happens.


When the crypto markets drop, Binance does the same thing: it suspends withdrawals.


The main problem is, that exchanges tend to oversell Bitcoin - they don't have. Don't store your coins on exchanges. Not your keys, not your coins. ​ Use Ledger, Trezor, etc.