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Binance is under threat

wsj.com

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Re: Binance is under threat

#11

Post by rglullis »

kang wrote: post #10

> Crypto firm Binance or exchanges are 'anti' crypto. Buying/Selling crypto defeats the purpose of crypto entirely, rather supports fiat(do the math please). Exchanges must die before crypto even starts working.

Agree with the sentiment, but not the magnitude.

We are still going to need on-ramps/off-ramps and it would be better if they were legal and regulated to be small. Exchanges are still going to be needed. "Retail banking" with managed wallets are still going to be needed. Only allow them to operate in one country, put a cap on the the maximum amount of funds/accounts they can have and get rid of any "investment" scheme.

Essentially, something like the crypto version of credit co-ops.

Re: Binance is under threat

#12

Post by patrickk »

skywhopper wrote: post #7
JonathanBeuys wrote: post #5

The market does not agree: https://www.google.com/finance/quote/BNB-USD?window=MAX

What does that chart have to do with the article?

BNB is a token issued by Binance to faciliate trading on their platform. If it dropped in value, it could indicate a lack of confidence in the platform itself (it's price could also be manipulated of course).

"BNB can be used to pay for fees when trading on Binance, and usually at a discounted rate. Due to the primary utility, BNB has seen massive growth in interest throughout the years . Several rounds of token burn events have appreciated BNB price and pushed it up as one of the top-10 cryptocurrencies by market capitalization."

https://www.coingecko.com/en/coins/bnb

Re: Binance is under threat

#13

Post by kang »

rglullis wrote: post #11
kang wrote: post #10

> Crypto firm Binance or exchanges are 'anti' crypto. Buying/Selling crypto defeats the purpose of crypto entirely, rather supports fiat(do the math please). Exchanges must die before crypto even starts working.

Agree with the sentiment, but not the magnitude. We are still going to need on-ramps/off-ramps and it would be better if they were legal and regulated to be small. Exchanges are still going to be needed. "Retail banking" with managed wallets are still going to be needed. Only allow them to operate in one country, put a cap on the the maximum amount of funds/accounts they can have and get rid of any "investment" schem…

Why are exchanges/onoff-ramps needed??

Mining, swaping, burning, spending is enough. And where it's not, the use-case is not decentralized (has centralized governance or has known membership) & can be achieved more efficiently via fiat.

Re: Binance is under threat

#14

Post by earnesti »

drug-freedom wrote: post #9

I'm still waiting for the "obvious scam that Tether is which is printing fake dollars as everybody knows" to implode. Any moment now. BTW, wasn't the narrative that crypto goes up because it's bought with printed Tethers? Why aren't they printing some now to start another bull market?

How many years have you been waiting? Tether was launched in 2014...

Re: Binance is under threat

#15

Post by theGnuMe »

drug-freedom wrote: post #9

I'm still waiting for the "obvious scam that Tether is which is printing fake dollars as everybody knows" to implode. Any moment now. BTW, wasn't the narrative that crypto goes up because it's bought with printed Tethers? Why aren't they printing some now to start another bull market?

Matt Levine has an article on Tether and how tether is the perfect business except for them loaning crypto to customers.

https://www.bloomberg.com/opinion/articles/2023-09-21/tether...

Re: Binance is under threat

#17

Post by misja111 »

drug-freedom wrote: post #9

I'm still waiting for the "obvious scam that Tether is which is printing fake dollars as everybody knows" to implode. Any moment now. BTW, wasn't the narrative that crypto goes up because it's bought with printed Tethers? Why aren't they printing some now to start another bull market?

You might just as well wait for the 'obvious scam of the FED printing fake money' to implode. The thing with fiat money is, fake or not, as long as enough people believe in it, it functions well.

Re: Binance is under threat

#18

Post by bruce511 »

kang wrote: post #13
rglullis wrote: post #11

Earlier quoted context omitted.

Agree with the sentiment, but not the magnitude. We are still going to need on-ramps/off-ramps and it would be better if they were legal and regulated to be small. Exchanges are still going to be needed. "Retail banking" with managed wallets are still going to be needed. Only allow them to operate in one country, put a cap on the the maximum amount of funds/accounts they can have and get rid of any "investment" schem…

Why are exchanges/onoff-ramps needed?? Mining, swaping, burning, spending is enough. And where it's not, the use-case is not decentralized (has centralized governance or has known membership) & can be achieved more efficiently via fiat.

How can I buy bitcoin, to pay the ransomware if there's no on-ramp?

Re: Binance is under threat

#19

Post by suckitsam »

drug-freedom wrote: post #9

I'm still waiting for the "obvious scam that Tether is which is printing fake dollars as everybody knows" to implode. Any moment now. BTW, wasn't the narrative that crypto goes up because it's bought with printed Tethers? Why aren't they printing some now to start another bull market?

IIRC, the NYAG/JPM report from a few years back almost explicitly said "this is totally criminal and entirely fraudulent, but it's too late to stop, because if we do, the entire global financial system will explode"

Re: Binance is under threat

#20

Post by LiquidSky »

drug-freedom wrote: post #9

I'm still waiting for the "obvious scam that Tether is which is printing fake dollars as everybody knows" to implode. Any moment now. BTW, wasn't the narrative that crypto goes up because it's bought with printed Tethers? Why aren't they printing some now to start another bull market?

"LOL, FTX fail? Sam Bankman-Fried is a genius, you think you know better than him?"
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