91–100 of 145 posts
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LoL - profits are because they're geniuses - losses are because other people are dumb. That's speculation 101.
This isn't even speculation, it's hope-driven gambling.
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Sure, but then don't call it "crypto" industry if it is not about cryptocurrencies. I don't care what you call it, calling the centralized Binance exchange "crypto" is just not accurate. They don't deserve to co-opt the word.
Just because it is centralized, and thus does not follow one of the purported principles of some cryptocurrency enthusiasts, does not mean that it is not both correct and useful to call it part of that industry.
Looking for hard drives in the trash does not scale.
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It seems more like a case of someone inventing tomatoes and getting mad that industrial farms starts planting them. That’s not tomatoes! It’s supposed to be decentralized! Often the thing that’s envisioned by the creators is not the final say on market fit
I don't care that the industry uses someone's tomatoes :) I merely care about the fact that the tomatoes are being called non-industrial even though they are 100% factory grown. I.e. Binance is not "crypto".
Crypto: Going from banking the unbanked to unbanking the banked!
To be more accurate...
Crypto: Going from banking the unbanked to centralized entities attempting to unbank the newly unbankable!
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Principles are irrelevant in this space. The only thing that matters is actual laws enforced by people with guns.
BTC and Monero were built to resist laws made by people with guns. There were other attempts at digital currency before BTC, but they were all taken down by people with guns. That's kinda the whole point. That's why BTC uses energy. It's a means of resistance to people with guns.
That logic makes about as much sense as using crypto currencies in general.
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It is literally the first result in google. The wallet addresses are linked on this page: https://academy.binance.com/en/glossary/secure-asset-fund-fo...
How can we be sure that what's in those wallets is 10% of what it should be rather than 1%? AFAIK, none of the documents from Binance are public, especially regarding their finances.
I think you're referring to the rest of Binance proof-of-reserves, which are here. Note, I fully realize this isn't perfect.
https://www.binance.com/en/proof-of-reserves
There is also some interesting compliance stuff going on in Ceffu.
https://www.binance.com/en/blog/ecosystem/ceffu-formerly-bin...
https://www.ceffu.com/blog/ceffus-core-solution-achieves-soc...
https://www.ceffu.com/blog/ceffu-obtains-cold-storage-insura...
Cryptocurrency is just an attempt by fraudsters to repeat all of the previous scams on a brand new banking system. It turns out there’s actually a reason we have so many laws.
Unsurprisingly these regulations exist for a reason.
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This isn't even speculation, it's hope-driven gambling.
These lessons will be quickly forgotten at the next bull run, whenever that will be.
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Principles are irrelevant in this space. The only thing that matters is actual laws enforced by people with guns.
BTC and Monero were built to resist laws made by people with guns. There were other attempts at digital currency before BTC, but they were all taken down by people with guns. That's kinda the whole point. That's why BTC uses energy. It's a means of resistance to people with guns.
Good thing they weren't built to resist laws made by people with 5$ wrenches /s
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Isn't it obvious? If the fire was responsible for burning down the house, then the fire must have also built it. Feels close to the theory behind homeopathy. If something can trigger some symptom in a healthy person, then the same something can revert it in a sick person. They just remove any trace of it from the medicine to increase the effect.
English isn't my first language either, and I know how confusing it can be, so let me help here. Here is the quote from the post: "If crypto people feel that the losses are because of Fed's actions, then they should also agree that the profits are because of Fed's actions". As we know, Fed's actions have changed: from providing "cheap" or almost free money (rate was something like 0.08%) to much more expensive ~4.5%…
But that's not all, otherwise they'd perfectly align with interest rates, and stagflation would've been impossible, just as whatever it is that we have now.
If you look closely, it's the idea that "if X caused Y, it must have also caused !Y" that I compared to homeopathy, not the idea that monetary policy exists.