161–170 of 280 posts
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.
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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?
While we can’t be sure of the minutiae of their assets we can be sure due to the beauty of the blockchain that they own an incredible amount of Bitcoin. https://bitinfocharts.com/top-100-richest-bitcoin-addresses.... #1, 5, 10… Same thing for Ethereum. https://etherscan.io/accounts This is very far from FTX in my opinion. Billion and billions of dollars of crypto in wallets we can see. And these are just the ones we…
The attestations Tether and Binance like to call audits are like printing off your house's appraised value of $1M. Real audits are the sort of thing that reveal you're underwater on its mortgage and leveraged its value to borrow another $1M to buy a pile of Beanie Babies.
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> There is no nefariousness at play. By Mazars.
How can that claim be made?
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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...
Thanks for sharing that poll. 25% --> 45% since March. I'd be interested in seeing how those numbers fit into the context of longer term sentiment (eg. over the course of several years). I wonder how much it fluctuates year to year and what degree the emotion reflected in those surveys is influenced by prices at any given time (eg. inclination to be more upbeat when prices are going up).
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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.
Can we compare like with like? At gate.io you can have the same access to the matching engine and market data as anyone else for free. At NYSE this costs literally millions of dollars per year. At gate.io a retail trader can place a standing limit order and a other retail trader can interact with it, and this is structurally impossible in US equities because US equities has built up an extremely costly infrastructure…
It's not an apple-to-apple comparison because you can't trade the same products. It doesn't matter if a broker has the best features and the cheapest fees if it doesn't allow its users to trade what the majority of investors want to trade: regular stocks, ETFs, basically traditional financial instruments.
The same reasoning can be used for most blockchain products that seem to have an edge over the traditional solutions: they mostly exist in some virtual world, but once they try to connect with traditional finance and go through the corresponding legal hoops, they end up with a worse solution than what already exists.
Binance was partly responsible (rightly or not) for triggering FTXs collapse. Edit: Triggered, not caused. He controlled the timing. Doing so without having their own house in order would be suicidal. I'm not saying they are safe. Just that CZ is either much happier he can deal with a "bank run" or crazy. Does anyone know why it is so difficult for companies to provide audits? It seems like it SHOULD be very doable f…
Or just desperate. It happens.
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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.
Binance was partly responsible (rightly or not) for triggering FTXs collapse. Edit: Triggered, not caused. He controlled the timing. Doing so without having their own house in order would be suicidal. I'm not saying they are safe. Just that CZ is either much happier he can deal with a "bank run" or crazy. Does anyone know why it is so difficult for companies to provide audits? It seems like it SHOULD be very doable f…
> Doing so without having their own house in order would be suicidal. Or just desperate. It happens.
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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
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…
Partly because they “oppose-daisied” $400M of their holdings with a misclick. Not confidence inspiring. https://www.bloomberg.com/news/articles/2022-11-13/crypto-co...
Not collapsing could mean solvency, but it could also just mean the run wasn’t big enough.