141–150 of 280 posts
Binance is a scam. They make it extremely hard to withdraw money, with errors, fake limits, unresponsive customer support.
What is the reason you say so? Meaning, is that your personal experience? What amount of money are we talking about, and why was the limit "fake"?
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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…
4. Years of living as a criminal, constantly afraid of getting caught, has taken a tole on his psyche. He's now starting to act in a self-destructive manner, not rationally in his best interest.
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I'd bet on Binance just delaying the inevitable collapse, rather than trying to fix the underlying issues. Judging from the FTX balance sheet, they gambled all of their money on shitcoins and random projects without any sense of logic. No amount of fixing would have helped, other than an magical perpetual bull market. Odds are Binance is also fundamentally screwed.
IF they never gambled their depositors money, then they are/will be fine. Running an exchange, taking a cut of all transactions on your platform is effectively impossible to collapse (excluding your actual costs of doing business).
You’re ignoring liability. Even if they never levered, they’re vulnerable to a regulatory crackdown. Tether and Binance are predictable numpties-will-lose-money cases.
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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.
I don't endorse depositing at any particular centralized crypto exchange. They might steal your money. The London Mercantile Exchange might also do that[0].
[0]: https://finance.yahoo.com/news/analysis-turbulence-still-hau...
Earlier quoted context omitted.
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.
Edit: typo.
Earlier 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
It amazes me how confident the comments against and in favor of crypto/Binance are. It is very likely that you don't have appropriate knowledge or don't have access to critical information as to why something is the way it is. The youtube link posted below is supposedly revealing irregularities with the audit, but the basic knowledge of how the blockchains work invalidates the irregularities. The claim is that the au…
Wouldn't be better to ask for a proper audit from one of the big 4 (EY, PWC, KPMG, Deloitte), instead of something that looks fishy? Edit: typo.