181–190 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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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
> an industry worth $800B According to https://coinmarketcap.com/charts/ the market cap you're referring to was $2.4T at some point in the last year, now down to the number you're quoting. With such variability, it's hard to trust this number as being anything intrinsic to the actual value of the industry. From this link, FTX alone seems to be correlated with a fall of almost $200B in market cap, down from $1T to a b…
If Binance is insolvent(which looks like the popular sentiment here), could it be possible that they're playing an angle to "fix" the solvency given enough time delay? Or does their insolvency practically guarantee that they will never be solvent again? Obviously the answer depends on the amount of financial trouble they're in, or whether they're in trouble at all. I'm not sure about anything else though.
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?
By only saying "Hey, so everything is fine, just look at this fancy report with a fancy name on it" and assuming that they don't actually read it.
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
Even though I would like to casually watch a video on Binance but I am going to pass on that channel. That channel is defined by red backgrounds, down arrows and fire. I firmly believe that one should be open to every opinion as long as they have a built a good framework aka BS detector. I feel like this video is not going to be a casual watch for me and I am definitely not invested in Binance that much to fact check…
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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.
Calling anything crypto "investing" is really funny.
From the global economic perspective, this is almost opposite.
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I think his defense is sort of: 1. We had a busted accounting system 2. Early on in FTX people had to route dollars via Alameda because banking is hard 3. We accidentally credited those dollars both to Ftx and Alameda 4. Each side thought they had billions to spend / lose (their VC and related spend was WILD), and suddenly, oops!!!!!! I suspect there's a grain of truth to this, in that steps 1-4 did actually happen t…
I don't believe that at all. I can believe an initial loss of some amount of money, but there's no way everyone completely ignored it for years . Like, how hard do you have to try to lose 8 Billion dollars and not know how? I'd bet on them hoping they could make the money back after losing it, and just digging successively deeper holes. They knew what they were doing, and excuses are all about avoiding decades of wel…
If you look at them buying out the binance share + their VC spend, I think that was over over 4bn? Buying out binance alone was 2.5bn iirc, and they had well over a billion in investments between FTX and Alameda. That doesn’t feel like the behavior of someone who knows they’re in a huge hole, but then who knows.
Not trying to apply moral judgment or make excuses, just speculating about what happened fwiw. At the end of the day they stole customer money (a few good friends got super wrecked, I have no loyalty to ftx or anything)
Binance is a scam. They make it extremely hard to withdraw money, with errors, fake limits, unresponsive customer support.
This might be true for Binance.us (seperate, smaller entity), I don't know but definitely isn't true for actual Binance. A few chains have occasional to frequent ~1 day deposit/withdrawal pauses but waiting a day isn't the same as it being extremely hard (and even in those cases you can convert to something else and withdraw that).
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2021 saw Hollywood A-listers pitching crypto in Super Bowl ads. It's going to take a long, long time for crypto mania to reach a similar peak again.
I was a bit surprised to see crypto.com ads in Qatar football world cup these weeks.