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Binance lays off over 1k Employees

wsj.com

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Re: Binance lays off over 1k Employees

#211

Post by rationalist »

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…

> none of us have really any proof just at what scale it's happening at

True, but there was an exchange a few months ago that turned off trading for customers for whatever reason, but the exchange forgot to turn of its bot and you could see a perfectly-formed, gradually-increasing, stair-stepping pattern in it's price chart.

Re: Binance lays off over 1k Employees

#212

Post by MicropenisMike »

pid-1 wrote: post #84
pfisch wrote: post #57

Earlier quoted context omitted.

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

Stocks have value because they are cash flow generating assets, so if you sell low enough it will make economic sense for someone to buy, except for some liquidity catastrophe.

What about commodities then, like oil?

It was not too long ago that the price for a barrel of oil was negative $40.

Re: Binance lays off over 1k Employees

#214

Post by stale2002 »

dragonwriter wrote: post #78
arbol wrote: post #67

Earlier quoted context omitted.

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.

> They're the first challenger to fiat currencies ever. Direct commodity and commodity-representational currencies were the first challengers to fiat currencies, and for about the first millenium after the first know fiat was introduced, generally won . Cryptocurrency is not the “first challenger to fiat currency ever”.

Hey, quick question dragonwriter.

Previously, you tried to say that FB was going to, I don't know, Sue startups who use LLAMA or something, due to them not yet releasing a commerical license, with a permissive license?

Do you still stand by this statement, now that FB has commercially released a large language model?

And then question 2 would be, what possible argument could someone say to you, to have convinced you that your previous argument was not justified, given that new evidence has proven that to be the case?

Re: Binance lays off over 1k Employees

#215

Post by pid-1 »

MicropenisMike wrote: post #212
pid-1 wrote: post #84

Earlier quoted context omitted.

Stocks have value because they are cash flow generating assets, so if you sell low enough it will make economic sense for someone to buy, except for some liquidity catastrophe.

What about commodities then, like oil? It was not too long ago that the price for a barrel of oil was negative $40.

Oil is a regular good that is priced according to supply and demand expectations.

Goods can have negative prices due sharp drops in demand (a lot of X was produced, but no one wants to buy x and you are paying to store it).

Re: Binance lays off over 1k Employees

#216

Post by charcircuit »

ceejayoz wrote: post #167
charcircuit wrote: post #141

Earlier quoted context omitted.

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.

>we just had a great example of this with SVB.

They were acquired by another bank. Someone could similarly acquire a Ponzi scheme and pay out the people who wished to withdraw.

Re: Binance lays off over 1k Employees

#217

Post by RestlessMind »

patmcc wrote: post #169
RestlessMind wrote: post #164

Earlier quoted context omitted.

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).

So basically, 92% of gold is purely due to social conditioning and invented belief.

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

I am pretty sure collective security spent on gold worldwide exceeds terawatt hours once you account for all the physical security as well.

Re: Binance lays off over 1k Employees

#218

Post by RestlessMind »

manuelabeledo wrote: post #185
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…

> 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 qu…

> a handful of examples

Well, Bitcoin price is still 30K USD and the market cap is almost 600B USD. That is a very good macro proof that people value Bitcoin.

> I could ask the same

I was born in a third world country where the leader decided to demonetize 87% of currency in circulation on a whim. And the society doesn't trust government at all - people buy gold or land as soon as they can. Where are you from?

> I haven't found many ardent defenders of cryptocurrency outside the tech circles of the so called developed world.

Have you actually bothered to talk to anyone? I have had in-person conversations with people from multiple despotic or shitty regimes (Nigeria, Sri Lanka, Iran) to understand how and why they use Bitcoin. You talk to them, understand how it is used and you will also realize that Bitcoin is here to stay and grow.

Re: Binance lays off over 1k Employees

#219

Post by RestlessMind »

plopilop wrote: post #188
RestlessMind wrote: post #162

Earlier quoted context omitted.

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.

Bitcoin allows for instant Bitcoin transfer. The fact that it can be converted for money is a separate angle.

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

That's actually the main topic. Both Gold and Bitcoin are valuable because we as a society decided that they are valuable.

Re: Binance lays off over 1k Employees

#220

Post by martin8412 »

charcircuit wrote: post #216
ceejayoz wrote: post #167

Earlier quoted context omitted.

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.

>we just had a great example of this with SVB. They were acquired by another bank. Someone could similarly acquire a Ponzi scheme and pay out the people who wished to withdraw.

The FDIC made that happen. SVB became illiquid which triggered FDIC intervention. The bank was shut down by the FDIC and the assets were sold off to First Citizens bank. Executed without a hitch and no customer assets lost. The only ones who lost money were investors in the bank.

The FDIC would never make someone acquire a Ponzi scheme. Someone could in theory do it, but why would they? It's just throwing away money.

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