121–130 of 145 posts
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This is a really bad comparison: ransomeware restricts your data involuntarily. DRM restricts the creator’s data at their request with your voluntary agreement.
Well - that wasn't always the case: https://en.wikipedia.org/wiki/Sony_BMG_copy_protection_rootk...
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Not sure I understand. WalletA has $300m BUSD and WalletB has $420m BTC. Both wallets are 'owned' by Binance. This is lower than the $1b funding on Jan 29th, 2022, but it is still a significant amount of "real" (if you believe crypto has value) funds. This is just an insurance fund that we are talking about here. I think you're referring to the rest of Binance proof-of-reserves, which are here. Note, I fully realize…
I think what they mean is, how do we know that the money in these wallets correspond to 10% of all trading fees at Binance?
I believe that the OP was incorrect in their statement. It was originally allocated with 10%, not stated to be maintained at 10%.
https://cointelegraph.com/news/binance-tops-up-safu-fund-at-...
"Binance’s SAFU began in 2018 by allocating 10% of the trading fee into a fund that is solely dedicated to backing up user holdings in the case of an incident. In February of this year, the fund hit $1 billion for the first time."
Have Binance decided to let anyone know where their headquarters are yet? Or is it still top secret?
Have Binance decided to let anyone know where their headquarters are yet? Or is it still top secret?
It's always very surprising that people are willing to send large sums of money to a website without even having details of the company, address, etc. Crazy.
Storing your money with them on the other hand..
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Principles are irrelevant in this space. The only thing that matters is actual laws enforced by people with guns.
A Hobbesian theory that people in power are happy that you believe.
Have Binance decided to let anyone know where their headquarters are yet? Or is it still top secret?
What does it mean to "have a headquarter" in 2023?
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It's always very surprising that people are willing to send large sums of money to a website without even having details of the company, address, etc. Crazy.
It’s not surprising at all if you want to trade in-and-out it only takes a few minutes. If they were in the business of stealing the money you send them word would get out pretty fast, so the risk is almost zero. Storing your money with them on the other hand..
If I put up a stall in the street with a large "Bank" noticeboard no-one would give me wads of cash. Yet online that's exactly what people do.
>so the risk is almost zero
This article, and countless other crypto stories, demonstrate that the risk is not zero. It's just that it may takes some time to manifest itself.
Have Binance decided to let anyone know where their headquarters are yet? Or is it still top secret?
> headquarters What does it mean to "have a headquarter" in 2023?
At least in some jurisdictions it is actually mandatory to have this info on the company's website so that people can know who they are doing business with and also where to serve legal documents.
Any website that goes to some effort not to disclose anything has to raise a massive red flag.
Have Binance decided to let anyone know where their headquarters are yet? Or is it still top secret?
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This isn't an issue with crypto. This is a centralized exchange that has halted deposits and withdrawals through bank transfers.
When all the exchanges are gone, the only people using crypto will be those doing "pure" crypto. That'll be a market contraction of 1000x. The uses of crypto will then be extremely limited. I think it's safe to say that exchanges are crypto for most people.
Crypto exchanges seem likely to persist in some form for the foreseeable future. After all, it only takes 1, as "mtgox" was showing many years ago, and Binance shows today, in the sense that it dominates.
And if we look sideways to other 'nefarious online activities' - even after literally decades of concerted efforts, jailings, etc etc, thepir^tebay dotorg is still perfectly present, exactly as pir^tebay-ish as it ever was, along with it's endless host of similars. The only way commercial business ameliorated their effect was, ultimately, to adopt the tech and approach, and be better at it - in the process, displacing the nefarious.