31–40 of 280 posts
Only Coinbase will survive at the end. It's the only one of the big exchanges that doesn't do any form of debt/lending/margin etc just straight up offering trading for a fee.
Binance is the closest thing to a global, borderless bank that exists today. They exist everywhere and nowhere. Their legal entities shift based on what is needed at the moment. They have the ability to easily create tens of millions of dollars as needed based on their BNB reserves, tight relationship with Tether, their ability to launch new token projects (i.e. unregulated securities offerings), and their stablecoin…
I hope you realize that while you're trying to argue that all of this is a good thing, it's actually making them sound worse-than-FTX levels of sketchy.
Binance is the closest thing to a global, borderless bank that exists today. They exist everywhere and nowhere. Their legal entities shift based on what is needed at the moment. They have the ability to easily create tens of millions of dollars as needed based on their BNB reserves, tight relationship with Tether, their ability to launch new token projects (i.e. unregulated securities offerings), and their stablecoin…
Binance is the closest thing to a global, borderless bank that exists today. They exist everywhere and nowhere. Their legal entities shift based on what is needed at the moment. They have the ability to easily create tens of millions of dollars as needed based on their BNB reserves, tight relationship with Tether, their ability to launch new token projects (i.e. unregulated securities offerings), and their stablecoin…
> They have the ability to easily create tens of millions of dollars as needed based on their BNB reserves Sounds like a huge red flag.
Binance is the closest thing to a global, borderless bank that exists today. They exist everywhere and nowhere. Their legal entities shift based on what is needed at the moment. They have the ability to easily create tens of millions of dollars as needed based on their BNB reserves, tight relationship with Tether, their ability to launch new token projects (i.e. unregulated securities offerings), and their stablecoin…
Earlier quoted context omitted.
Give it a few weeks to play out, at least before making that call.
Giving it a few weeks to play out is how people end up without money once withdrawals are frozen. I'm not saying it would happen here, but in general I don't see any incentive to wait to find out and risk losing everything. Why not withdraw early and wait to see how it plays out while your money is safe?
Earlier quoted context omitted.
Give it a few weeks to play out, at least before making that call.
Giving it a few weeks to play out is how people end up without money once withdrawals are frozen. I'm not saying it would happen here, but in general I don't see any incentive to wait to find out and risk losing everything. Why not withdraw early and wait to see how it plays out while your money is safe?
Binance is even more shady than FTX. They are most likely not solvent. Personally, I'd move all my funds off binance to off-exchange wallets for the time being.
1. He assumed the blowout would be minimal outside of FTX and/or assumed FTX was shady but not as bad as it turned out
2. He acknowledged the possibility that binance will also get scrutiny but realized FTX was just so bad that letting it fester further will only get him arrested faster too.
3. He’s just another idiot who made money lucky.
Curious which it is.
Even if Binance is 100% solvent, big crypto money needs to be stored with multisig between multiple companies. I advise everyone to use casa hodl for storing btc and eth if they are afraid of doing it themselves.