Live data from Hacker News

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

wsj.com

111–120 of 280 posts

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

#111
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.

Tether falling is going to make FTX look like a hiccup.

Hopefully everyone who is serious has moved everything that the have away from that hole.

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

#112

Earlier 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.

almost universally hated by the whole population Can you source that? It feels to me like a gross exaggeration. Anecdotally I know more people that are passionate about it or just don't care than anyone who really hates it.

8% of (American) people have a positive view, 43% have a negative view. The rest don't care or are neutral. So although not a majority, it's pretty close.

https://www.cnbc.com/2022/12/07/just-8percent-of-americans-h...

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

#113

Earlier 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.

almost universally hated by the whole population Can you source that? It feels to me like a gross exaggeration. Anecdotally I know more people that are passionate about it or just don't care than anyone who really hates it.

Certainly not the whole population, but when SNL makes a joke about sitting at Holiday dinner and having to listen to so-and-so’s boyfriend talk on and on about Crypto, that’s got to be a sentiment that resonates with a lot of people

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

#116

Earlier quoted context omitted.

It's too small. It's entire, and arguably entirely fantastical market cap is still smaller than Apple.

Yeah, but it makes for a fantastic scapegoat.

Scapegoat for what excatly?

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

#118
post #71

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. https://www.youtube.com/watch?v=42VnEndJ9mo

This is worth the watch. TL;DR: the non-audit a) doesn't cover Binance's notional holdings of $40B+ in stablecoins at all, b) doesn't match the list of wallets they've previously published, and c) there are shenanigans like billions in BTC teleporting into wallets right before the attestation date and teleporting right out afterwards.

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

#119
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.

Note that even if you get them out, don't count on keeping any profits you may have made

> Investors who profited from Bernard Madoff’s massive Ponzi scheme even though they knew nothing of it must still pay back their profits, an appeals court decided Thursday.

https://www.nbcnews.com/news/us-news/innocent-madoff-investo...

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

#120
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.

> is almost universally hated by the whole population

Haters do not move the market at all, unless they are willing to short the coins. Only the participants, whatever their intentions are, move the market.

Post reply on HN