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I mean you could say that about any stock or bank. If everyone tries to cash out it goes to 0.
There's substantial difference between a bank run and a Ponzi collapsing.
We just need a law that bans cryptographic exchanges and transfers in the USA. They are not assets, they provide no real utility, they are just speculative devices that no longer function as originally intended; as a replacement for fiat currency. So, it simply needs to be outlawed and all the money repatriated into whatever currency it came from; most of it dollars.
This seems pretty out of touch. They're the first challenger to fiat currencies ever. Outlawing them will stifle any innovation that arises from their development.
This seems pretty out of touch.
I own some crypto. Mostly BTC, some ETH and even a bit of XRP I've held onto. I can see the utility, maybe. But, what innovation is happening in this space? It's mostly scam after scam.
There are literally thousands of coins on CoinMarketCap. What are they all doing?
I haven’t paid any serious attention to crypto-type markets in a while but historically BTC/USDT was a pretty good number to look at if you could only look at one and it’s (glances)…whoa back above 30k? That’s not like peak tulip or even close but historically like, high-ish I think. I don’t particularly feel like reading the entrails of the crypto chicken at the moment so I’m going to assume that the crypto market (…
The SEC just lost its case against Ripple, so I don’t know what’s happening on the regulatory front.
I haven’t paid any serious attention to crypto-type markets in a while but historically BTC/USDT was a pretty good number to look at if you could only look at one and it’s (glances)…whoa back above 30k? That’s not like peak tulip or even close but historically like, high-ish I think. I don’t particularly feel like reading the entrails of the crypto chicken at the moment so I’m going to assume that the crypto market (…
bitcoin and crypto have long since parted ways, they are different things now. even from a regulatory perspective bitcoin is the only one that has clarity being defined as a commodity and not a security, everything else is in a grey area
BTC has the best legal argument for being treated as a commodity, but there has been no legislative decision on this.
The CTFC sees BTC and ETH as commodities. Gensler pre-SEC said BTC, ETC, and LTC are commodities. The SEC and Gensler post-SEC says they are all securities, except maybe BTC.
The Ripple decision (Yesterday) says that unless a crypto is contractually sold to an investor (e.g. not directly listed via an exchange) then its doesn't fall under the Howey test.
https://www.reuters.com/legal/us-judge-says-sec-lawsuit-vs-r...
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Probably mitigates the risk of whistleblowers, if you can keep it up.
I guess that's a possibility, ut my bet is they just had more money flowing around than sense.
Growth without proper management papers over a lot of stupid hiring decisions, 'because we need more people ASAP'.
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There's substantial difference between a bank run and a Ponzi collapsing.
In both cases current assets < current liabilities. Both require getting a loan to pay out the depositors. Both make no sense to loan money to as they will have no way to afford the payments to be worth loaning to over someone else.
In a Ponzi collapse, all assets are typically temporary liquidity issues, a Ponzi is never going to be able to pay everyone out.
> Before the layoffs, Binance had a global staff of 8,000.
The whole thing is self-evidently a massive scam! There are still 7,000 people working there!
We just need a law that bans cryptographic exchanges and transfers in the USA. They are not assets, they provide no real utility, they are just speculative devices that no longer function as originally intended; as a replacement for fiat currency. So, it simply needs to be outlawed and all the money repatriated into whatever currency it came from; most of it dollars.
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It sounds like he didn't make that much money for long. Better to have a real career where you're making good money every year, year after year.
I don’t think those exist. It is much, much better to continually hop when the raises are 20% or more for doing so.
But the main issue here is that someone without any special skills ended up making a shitload of money as a fluke by working at Binance for a short period of time. It's very unlikely they're going to be able to get another job even nearly that good, let alone more jobs 20% better, because they don't actually have real marketable skills and it was just a fluke.