581–590 of 790 posts
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So few people understand this. But, don't worry. Great inventions need some time to be realized.
Can you name off the top of your head 5 great inventions that weren't immediately realized?
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Binance has serious legal issues (governmental investigations) and isn't based out of any jurisdiction. A Binance failure would have consequences that are very hard to predict
I'm not sure that binance has a reason to exist in the current world where defi is a thing. Things like Coinbase etc are your place to go if you want a fiat to crypto on-ramp or off-ramp or if you want a reasonably safe place to park crypto if you don't want to own it yourself. There are innumerable decentralized exchanges where a person can be absolutely (for some definition of the word) sure that the exchange won't…
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For those not up to date on crypto people, SBF is Sam Bankman-Fried [1] and CZ is Changpeng Zhao [2]. I don't know why they insist on being called by their initials like they're some sort of ticker symbol. [1] https://en.wikipedia.org/wiki/Sam_Bankman-Fried [2] https://en.wikipedia.org/wiki/Changpeng_Zhao
Because they think the people they're most similar to are respected old-school hackers (rms, jwz, etc.) instead of carnival hucksters like P. T. Barnum.
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So few people understand this. But, don't worry. Great inventions need some time to be realized.
Can you name off the top of your head 5 great inventions that weren't immediately realized?
Alternating current… Computers… Smartphones… The internet…
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You may as well say "if everybody jumped off a bridge at the same time...." How many bank runs have there been in 2022 in the developed world? The reason people don't try to pull their money out all at once is because their deposits are insured, because their bank pays into an insurance pool.
The reason people don't try to pull their money out all at once is because their deposits are insured, because their bank pays into an insurance pool. Only up to $250k.
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He mentions that they have everyone’s money, and then the very next tweet says “we’ll clear out liquidity crunches”. Literally a contradiction.
It’s not a contradiction. It’s easy to have illiquid funds. For example cold storage or locked funds.
https://twitter.com/cz_binance/status/1590055819416330240?t=...
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This is a terrifying definition of democracy, "you don't get a vote but there is an informal and non-binding channel to lodge complaints." That's not democratic at all!
Democracy can be defined as a popularity contest; democracy does not = good. When I and others say "democratized money", it's not to say it is identical to the definition of democracy as it pertains to a populous voting 1 person 1 vote. More like "money that is not controlled by a single source but rather as large a group as cares to participate who also have access to and knowledge of the tech".
It's basically trying to claim some good, without having to quantify or justify that in any way.
The US dollar is ultimately controlled by democratic institutions even if you don't count individuals using it as having any control. Therefore it is democratized money by the same vague handwaving.