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Binance is trying to calm investors, but its finances remain a mystery

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Re: Binance is trying to calm investors, but its finances remain a mystery

#41

Post by vgatherps »

ramraj07 wrote: post #39
bushbaba wrote: post #3

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.

Just makes one wonder why the binance guy even stirred the pot initially with FTX, like 3 possibilities exist: 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 ano…

I mean fourth possibility is that binance is solvent right? I’m not assigning probabilities to any of them but taking their insolvency as a foregone conclusion seems pretty incorrect?

Re: Binance is trying to calm investors, but its finances remain a mystery

#42

Post by sneak »

bushbaba wrote: post #3

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.

For the time being? Keeping your funds on an exchange (or in a bank) means they are, quite literally, not your funds.

If you don't want the risk of loss, don't give your money to second parties.

Re: Binance is trying to calm investors, but its finances remain a mystery

#43

Post by iudqnolq »

vgatherps wrote: post #41
ramraj07 wrote: post #39

Earlier quoted context omitted.

Just makes one wonder why the binance guy even stirred the pot initially with FTX, like 3 possibilities exist: 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 ano…

I mean fourth possibility is that binance is solvent right? I’m not assigning probabilities to any of them but taking their insolvency as a foregone conclusion seems pretty incorrect?

Assuming rational actors I can't see any reason to evade audits for years, even after litigation, unless the result of the audit would be bad.

Re: Binance is trying to calm investors, but its finances remain a mystery

#44

Post by anigbrowl »

anonymoushn wrote: post #6
bushbaba wrote: post #3

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.

It's difficult for anyone to be more shady than the people who stole ten billion dollars from their customers.

Hold my Cristal

Re: Binance is trying to calm investors, but its finances remain a mystery

#46

Post by whatshisface »

xwdv wrote: post #19

I’m waiting for Binance and Tether to collapse, and then we will know with certainty crypto’s best days are behind it, down to zero it goes. If you have assets on Binance I would not be complacent. Get them out.

All of these scams are bad for cryptocurrency, its best days will be some time after they all collapse (if that ever happens, maybe they'll just make new scams forever.)

Re: Binance is trying to calm investors, but its finances remain a mystery

#47

Post by fisherjeff »

I feel like if I were a Binance investor and they came to me and said “Hey so everything is fine, just look at these three numbers I asked Mazars to write down. Also there are a ton of caveats but you get the idea,” I would immediately 100% panic. How does this reassure anyone?

Re: Binance is trying to calm investors, but its finances remain a mystery

#48

Post by Mengkudulangsat »

rippercushions wrote: post #23
drexlspivey wrote: post #17

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.

It's unlikely even Coinbase will survive: they lost $1.1 billion with a B in Q2 and $545M in Q3. Their trading fees are well known to be far higher than the competition (because they can't juice their numbers by gambling), so they rely on unsophisticated mass investors who don't know any better, but those investors are wisely staying the hell away from crypto right now.

How in the world is Coinbase losing THAT much money? Isn't the product mature and fully-featured already?

Re: Binance is trying to calm investors, but its finances remain a mystery

#49

Post by Gigachad »

roland35 wrote: post #31
drexlspivey wrote: post #17

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.

Coinbase is losing money the old fashioned way, just spending hundreds of millions more than they're taking in.

The tide is going out on the crypto space and few will be left standing. Sure, it's theoretically possible to create a sustainable exchange, but since the entire space is built on greed, no one can resist the too good to be true gambling.

The value of all cryptos crashing for a long time could actually be good (tm). Shake the scammers and idiots and leave whats left for technology people to play with and develop without the rubbish that currently surrounds the space. The absolute best thing for bitcoin would be if no one ever expected it to be a good investment and saw it just as a way to transact money.

Re: Binance is trying to calm investors, but its finances remain a mystery

#50

Post by Gigachad »

xwdv wrote: post #19

I’m waiting for Binance and Tether to collapse, and then we will know with certainty crypto’s best days are behind it, down to zero it goes. If you have assets on Binance I would not be complacent. Get them out.

I just can't see how crypto can recover tbh. What other technology spent ten years, produced basically nothing of value, is almost universally hated by the whole population and then came back to be something useful?

It's not like quantum computing where we just don't know how to make it work. There are close to no technical problems, the core idea just doesn't work.

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