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Binance lays off over 1k Employees

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Re: Binance lays off over 1k Employees

#181

Post by 1-more »

RyanAdamas wrote: post #109
1-more wrote: post #80

Earlier quoted context omitted.

how would you get the money back? Wouldn't that tank the price of everything? Not saying I'm categorically opposed to that but you'd essentially be confiscating the crypto since it'd be impossible to sell it for anything close to what you paid, right?

It would be a US law so they can get their money back in foreign currencies since its cryptographic and can be transferred to other exchanges internationally, and if they want dollars they can exchange it on the open market. Thankfully, that would increase the demand for dollars and continue to strengthen a currency weakened by a massive speculative market primed through international drug trafficking.

I see I read exchanges not as "marketplaces" but as "transfers of crypto in exchange for money" like you were going to have the government forcibly compel everyone in the US holding crypto to sell it for a flat USD value and thusly divest themselves. So your idea would be that they can keep holding crypto or they can sell it for otherd-than-USD-fiat in non-US exchanges. Makes sense.

Re: Binance lays off over 1k Employees

#182

Post by sonicshadow »

rognjen wrote: post #36
sonicshadow wrote: post #31

Earlier quoted context omitted.

True sign of the arrogant software engineer, believing they can single-handedly recreate an entire company just because they went to school in one subject for 4 years.

Such vitriol! It's safer to assume they're inexperienced than arrogant.

Pretty much the definition of arrogance, being inexperienced and still thinking they can do the work of a hundred people

Re: Binance lays off over 1k Employees

#183

Post by 1-more »

Zpalmtree wrote: post #99
RyanAdamas wrote: post #63

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.

stop running code I don't like :(((

This isn't outlandish. Many things are illegal to run on your computer.

Re: Binance lays off over 1k Employees

#184

Post by natpalmer1776 »

MrYellowP wrote: post #174
justapassenger wrote: post #70

Earlier quoted context omitted.

High salaries are part of the grift. Makes you look really successful (they pay a lot, so they must be super profitable!) and helps, at least partially, select employees who won’t be asking questions, just do their job and collect paychecks.

[flagged]

I’m sure there are other ways you could have phrased this to not come off as a personal attack on someone’s character.

Re: Binance lays off over 1k Employees

#185

Post by manuelabeledo »

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…

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

Isn't it a bit disingenuous to think that common people have moved $50bn in Bitcoin out of China? Or have moved ~$2.4bn worth of Bitcoin in Nigeria in a single month?

> A lot of people do actually have to face shitty systems where Bitcoin is a godsend.

I would say that a handful of examples, of which some are highly questionable, constitute anecdotal evidence, at best. Some of these scenarios are indistinguishable from using any other stable foreign currency, or even commodities, with the added difficulty of requiring certain technology literacy most people don't have.

> May I ask you where you were born and raised?

I could ask the same, because I haven't found many ardent defenders of cryptocurrency outside the tech circles of the so called developed world.

Re: Binance lays off over 1k Employees

#186

Post by nkuttler »

acaloiar wrote: post #170
RestlessMind wrote: post #163

Earlier quoted context omitted.

> 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.

Bitcoin has absolutely nothing to do with web3, so you provided an empty list.

Re: Binance lays off over 1k Employees

#187

Post by justapassenger »

MrYellowP wrote: post #174
justapassenger wrote: post #70

Earlier quoted context omitted.

High salaries are part of the grift. Makes you look really successful (they pay a lot, so they must be super profitable!) and helps, at least partially, select employees who won’t be asking questions, just do their job and collect paychecks.

[flagged]

"It is difficult to get a man to understand something, when his salary depends on his not understanding it." is not a quote I've invented. Now apply that to getting way above the market salary.

Yes, most of the people don't question how ethical their jobs are. But you make them even less likely to do that if you throw money at them.

Re: Binance lays off over 1k Employees

#188

Post by plopilop »

RestlessMind wrote: post #162
plopilop wrote: post #156

Earlier quoted context omitted.

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.

The convertibility between money and gold has stopped in the 70s.

Bitcoin allows for instant money transfer, and so does Visa.

The fact that bitcoin has no collateral is a whole other topic.

Re: Binance lays off over 1k Employees

#189

Post by crtified »

ChainOfFools wrote: post #157
ardme wrote: post #122

Earlier quoted context omitted.

Yet obviously, some people find it useful. Who are you to tell people how to live their lives? Maybe you should stop flying on airplanes for the rest of your life?

When how people live their lives depends on them shoveling millions of joules s of externalities onto my environment and that of my kids, in addition to propping up a rube goldberg Ponzi scheme that has a non-zero chance of ensnaring people I care about either directly or indirectly through financial mismanagement, you better believe I'm going to tell you how to live your life. I'll tell lots of other people how you…

"When how people live their lives depends on them shoveling millions of joules s of externalities onto my environment and that of my kids, in addition to propping up a rube goldberg Ponzi scheme that has a non-zero chance of ensnaring people I care about either directly or indirectly through financial mismanagement, you better believe I'm going to tell you how to live your life."

This is no defense of Bitcoin/crypto, but the above paragraph relatively concisely describes how I feel as part of the underclasses in the traditional world. Except that all the fears it encapsulates have already occurred for my family, generations back.

There are people in this thread who get a yearly payrise (which translates to increased selfish expenditure on plastic toys and air flights and fancy petrol burning machines) that's greater than my entire household's income, and I'm just an ordinary person in a western country. How many household bitcoin miners does that equal, environmentally speaking? For that one person?

The hypocrisy embedded in fervent hatred of crypto, as though extravagant & hugely unbalanced wastage of resources wasn't practiced by us all daily, implies a moral distance that, imo, barely exists. Bitcoin and crypto are mere reflections of the wastage that we as a species have normalised, and still do, via our lifestyles.

It's "industry" and "business" that have fucked this world.

Re: Binance lays off over 1k Employees

#190

Post by rurp »

pfisch wrote: post #57
ceejayoz wrote: post #50

Earlier quoted context omitted.

Precisely this. It's like being pleased about the value of your Madoff holdings. Looks great, on paper, until too many people try to cash out at once.

I mean you could say that about any stock or bank. If everyone tries to cash out it goes to 0.

That's not really true, assuming it's a real company/bank with assets and revenue. If the stock is based on something with actual value there will many parties willing to buy the stock even if all of the current shareholders want to sell.
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