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Binance lays off over 1k Employees

wsj.com

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Re: Binance lays off over 1k Employees

#161

Post by jasmer »

MuffinFlavored wrote: post #58
jasmer wrote: post #30

Earlier quoted context omitted.

The price of all crypto is managed. All exchanges have a huge % of wash trading to hold up prices, and insiders with giant ownership stakes manipulate markets. All exchanges are either a scam, or 'implicitly colluding' with shady things. BTC is ironically not a very free market in that sense, moreover, because nobody needs it for anything, it has a buy-hold characteristic. If people needed BTC for things (which would…

> All exchanges have a huge % of wash trading to hold up prices Even "knowing this" (I mean, none of us have really any proof just at what scale it's happening at and... the same things happens in the S&P500 with high frequency trading algorithms/bots trading back and forth, hedge funds, institutional investors, etc.) I don't feel like I can confidently explain who/how many people really dollar cost average into Bitc…

Finance is extremely regulated even if there are shenanigans, Crypto is just an excuse to do finance without oversight, which means it's mostly shady.

Every attempt to peel away the onion layer reveals mass problems.

It's like saying 'we have no hard proof that all this Mafia gangs revenue came from illegal activity!'.

What I'm saying is, the point of crypto is hustle, there is no real economy, and the players are all shady as can be.

Literally nobody knows where the Binance guy even is!

Why would the Binance guy want to hide from global authorities?

Regular bank CEO's don't.

It's mafia-adjacent the whole way down, with a lot of small dupes and kids playing with some amount of money.

There is no 'there there' in the value creating sense that we might want to see.

If you told me BTC was 95% regular people using it for business and 5% shady, I'd say we need to work on that problem. But it's only 5% 'useful' and the rest is just layers of scam and fraud.

We need to dump crypto, and if we want to try that experiment again - because I think there might be value there - we can give it a new name and keep it clean from the start.

Re: Binance lays off over 1k Employees

#162

Post by RestlessMind »

plopilop wrote: post #156
nkuttler wrote: post #106

Earlier quoted context omitted.

> the BTC network uses a staggering amount of power Actually, bitcoin uses a ridiculously small amount of power for what it provides. See for example here https://www.lynalden.com/bitcoin-energy/ for an introduction to clear up this misconception.

If you really believe that something that is 1 million times less efficient than Visa/MasterCard for a fraction of the service, and that miners really use residential energy when they are active 24/7 and thus by definition a continuous strain on the grid, I have so many scams^W interesting products to sell you https://digiconomist.net/bitcoin-energy-consumption

Comparing Bitcoin network to Visa/MasterCard is as pointless as comparing Gold mining to those cc networks. Fair comparison would be Bitcoin network vs Gold mining/storage/securing/transfer activities.

Re: Binance lays off over 1k Employees

#163

Post by RestlessMind »

manuelabeledo wrote: post #151
nkuttler wrote: post #137

Earlier quoted context omitted.

If your country's money and banking works for you I don't think I can explain to you why bitcoin is useful, you simply have no use for it. That your peers primarily use it for speculation says more about them than about bitcoin.

I would like to hear more about those use cases. Because I cannot fathom a system where either currency or banking does not work , and the preferable alternative is to rely on a highly volatile asset that requires vast amounts of energy and time to work. > That your peers primarily use it for speculation says more about them than about bitcoin. We are not in 2011 anymore. Bitcoin did not become a widespread vehicle f…

> I would like to hear more about those use cases.

Here you go, I have compiled some examples for you: https://news.ycombinator.com/item?id=32406095

> Because I cannot fathom a system where either currency or banking does not work, and the preferable alternative is to rely on a highly volatile asset that requires vast amounts of energy and time to work.

May I ask you where you were born and raised? A lot of people do actually have to face shitty systems where Bitcoin is a godsend.

Re: Binance lays off over 1k Employees

#164

Post by RestlessMind »

patmcc wrote: post #150
nkuttler wrote: post #137

Earlier quoted context omitted.

If your country's money and banking works for you I don't think I can explain to you why bitcoin is useful, you simply have no use for it. That your peers primarily use it for speculation says more about them than about bitcoin.

Give me a ballpark for the relative market share of "bitcoin as speculation" vs "bitcoin as currency". I'd estimate it as...oh...98% speculation, and I think I'm being generous.

What is your estimate about Gold? I say Bitcoin and Gold serve roughly the same purpose.

Re: Binance lays off over 1k Employees

#165

Post by RestlessMind »

bardak wrote: post #89
benreesman wrote: post #17

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 (…

From my view there is room for sustainable crypto businesses but they get crowed out by the big unsustainable crypto businesses that were entirely relying on huge gains in price. That being said whatever practical uses there are for crypto is entirely detached from the value of crypto.

The biggest practical use for crypto (specifically Bitcoin, as a store of value) is entirely dependent on the value of crypto.

Re: Binance lays off over 1k Employees

#166

Post by mythrwy »

robocat wrote: post #112

Off topic, but Binance UI and onboarding is a complete tipster fire. A binance user asked me to pay USD40 using binance: I went through the process of signing up - it was incredibly difficult with significant roadblocks at every step - horrific UI choices. A company that fails to onboard a paying user is not going to do well. The only reason I made it through the onboarding was that I was very stubborn and I have suf…

Their trading platform used to be awesome though although I haven't been on it since they banned US users 5 or 6 years ago. It was very well done in my opinion.

Re: Binance lays off over 1k Employees

#167

Post by ceejayoz »

charcircuit wrote: post #141
ceejayoz wrote: post #96

Earlier quoted context omitted.

> In both cases current assets That there are some things the same does not make them the same. You and I are both humans, but we are not the same person. In a Ponzi collapse, all assets are typically temporary liquidity issues, a Ponzi is never going to be able to pay everyone out.

To the customer it's the same. People don't want to be told that they will get their funds in a few years, they want it now. Liquidating all your assets is going to reduce the total value of all of your assets to potentially below your liabilities. If it doesn't good job, that means the bank is safe against bank runs, but if not they aren't.

That’s an absurd assertion. No, to a customer, a bank run is rapidly dealt with via the FDIC; we just had a great example of this with SVB. Madoff’s victims were not so lucky.

Re: Binance lays off over 1k Employees

#168

Post by SideburnsOfDoom »

1-more wrote: post #82
ecshafer wrote: post #43

Earlier quoted context omitted.

NYSE has around 2000 employees. So I think this is more than they need.

OTOH NYSE operates in NY and US jurisdictions right? Binance tries to operate everywhere.

> Binance tries to operate everywhere.

Under which legal jurisdiction does Binance operate? It's not "all of them". I'm not sure that it's "any of them".

Re: Binance lays off over 1k Employees

#169

Post by patmcc »

RestlessMind wrote: post #164
patmcc wrote: post #150

Earlier quoted context omitted.

Give me a ballpark for the relative market share of "bitcoin as speculation" vs "bitcoin as currency". I'd estimate it as...oh...98% speculation, and I think I'm being generous.

What is your estimate about Gold? I say Bitcoin and Gold serve roughly the same purpose.

Looks like gold mined gets diverted to:

47% investment and central1 banks

45% jewellery

7% tech/industrial applications

See https://www.statista.com/statistics/299609/gold-demand-by-in... and https://natural-resources.canada.ca/our-natural-resources/mi... - don't exactly agree, but close.

(and, importantly, it doesn't require terawatt-hours to maintain gold once you've mined it).

Re: Binance lays off over 1k Employees

#170

Post by acaloiar »

RestlessMind wrote: post #163
manuelabeledo wrote: post #151

Earlier quoted context omitted.

I would like to hear more about those use cases. Because I cannot fathom a system where either currency or banking does not work , and the preferable alternative is to rely on a highly volatile asset that requires vast amounts of energy and time to work. > That your peers primarily use it for speculation says more about them than about bitcoin. We are not in 2011 anymore. Bitcoin did not become a widespread vehicle f…

> I would like to hear more about those use cases. Here you go, I have compiled some examples for you: https://news.ycombinator.com/item?id=32406095 > Because I cannot fathom a system where either currency or banking does not work, and the preferable alternative is to rely on a highly volatile asset that requires vast amounts of energy and time to work. May I ask you where you were born and raised? A lot of people do…

When that list reaches the length of https://web3isgoinggreat.com/web1, a great point will have been made.
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