This YouTuber (Sasha Yanshin) did a scrutiny of the errors or omissions made with the different wallet checks in the report. This is the most detailed tear down I've been able to find so far on the Internet.
Binance is trying to calm investors, but its finances remain a mystery
71–80 of 280 posts
Re: Binance is trying to calm investors, but its finances remain a mystery
#72Only 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 will not survive, they already lost credibility due to their insider trading issue [1,2] Coinbase also originates from wallstreet, hence why Binance is way more popular (Binance has 10x more daily volume!!! [3]), despite Coinbase having more PR presence This FUD is another evidence that someone wants to take down Binance, they dodged the poison/trap with FTX, looks like they'll have to dodge another one real…
Binance owns CoinMarketCap since Apr 2020. I wonder how reliable the numbers are.
Re: Binance is trying to calm investors, but its finances remain a mystery
#73Earlier quoted context omitted.
Ooh boy... > Binance is the closest thing to a global, borderless bank that exists today. There are several very large international banks you're ignoring. > They exist everywhere and nowhere. I read this as "we can do business with you everywhere, except if you need to sue us, at which point you can't sue us anywhere." Which is a massive red flag. > Their legal entities shift based on what is needed at the moment. M…
It sounds like you should know that Binance has a fully regulated and approved United States entity at https://Binance.us
So did FTX.
Re: Binance is trying to calm investors, but its finances remain a mystery
#74Earlier quoted context omitted.
The core idea does not work for many, if not most, of the things people have promised it can work for -- but that's very different from "doesn't work." I'd say it's still a pretty strong contender not for "cash in hand" but for a better "money in your mattress."
So the only use cases so far are pleasing paranoid schizos, ransomware, and scams? Cash in your mattress is likely much safer than in your bitcoin wallet.
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Re: Binance is trying to calm investors, but its finances remain a mystery
#75Binance 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…
People really falling for a machine-generated comment here. Don't feed the troll
Re: Binance is trying to calm investors, but its finances remain a mystery
#76Binance 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…
As for 3), we really need to avoid the narrative that these people are idiots or stupid. They are sharks - intentionally malevolent people who have defrauded millions of people. SBF's current defense is that he was too naive and unaware of what was happening at FTX. Obviously its a lie - but we shouldn't help these people spread it.
Re: Binance is trying to calm investors, but its finances remain a mystery
#77Earlier quoted context omitted.
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?
I think it was Matt Levine (Bloomberg) who wrote recently that, if crypto is so amazing and efficient, why are the trading fees 100x higher than on regulated exchanges in the boring old world of traditional finance?
Turns out, there are enormous costs in managing the risks inherent in moving value in and out of various cryptocurrencies.
Re: Binance is trying to calm investors, but its finances remain a mystery
#78Earlier quoted context omitted.
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.
Imagine thinking an industry worth $800B, with 200M users, transferring billions of dollars a day, is "hated by the whole population". You really live in a bubble
> worth $800B, with 200M users, transferring billions of dollars a day
None of these statements are true. All of them (especially when it comes to monetary values) are wishful thinking.
Re: Binance is trying to calm investors, but its finances remain a mystery
#79Earlier quoted context omitted.
How in the world is Coinbase losing THAT much money? Isn't the product mature and fully-featured already?
I was wondering this myself and it looks like they were +$3B profitable in 2021? A wild ride but it doesn't necessarily sound fatal.
Those times will never come again.
Re: Binance is trying to calm investors, but its finances remain a mystery
#80Earlier quoted context omitted.
I was wondering this myself and it looks like they were +$3B profitable in 2021? A wild ride but it doesn't necessarily sound fatal.
Those times will never come again.
I said the same thing after the wild times in 2017.
Frankly I don't think anyone actually knows.