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Binance is under threat

wsj.com

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Re: Binance is under threat

#21

Post by saalweachter »

rsynnott wrote: post #3

Ever since MtGox, a familiar headline, reusable every year or so, with only the specific identity of the biggest crypto firm needing be changed. (Though, who's next? Not that many still standing, really.)

The thing to remember about Bitcoin, et al, is that it's decentralized.

Sure, the code base may be gate-kept by a small clique of developers, sure, the mining may be largely done by a handful of coordinating mining pools, sure, you may need specialized hardware only manufactured by a couple of shady foundries, sure, all of the money may enter and exit through one or two exchanges pretending to comply with various money-laundering laws.

But the scam, the scam is beautifully decentralized.

In a normal scam, there's one or two people at the top who will eventually cut and run or go to jail, and the entire pyramid collapses beneath them.

Bitcoin? There's no one at the top. Anyone can just jump in and start scamming, and they'll grow and grow until they maybe reach the top and implode, and then without missing a beat a new group of scammers will be ready to take over even as the last undergoes a very public trial or a very quiet disappearance.

Behold, the power of decentralization.

Re: Binance is under threat

#22

Post by weevil »

LiquidSky wrote: post #20
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?"

This is the most infuriating attitude, and the reason you can't reason cryptobros out of their delusion.

Re: Binance is under threat

#23

Post by lawn »

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?

Are you implying that Tether isn't shady? Because it's obviously a huge scam.

Now the question isn't if, it's when. And as Madoff showed us, it can take a very long time, decades even, before it fails.

And predicting the future is very hard, so nobody knows how much longer it'll take. But down it will go because it's inevitable.

And to your second paragraph, that's an oversimplification. Yes, printing Tether helped dampen the fall and prop up the price, but it did not do so alone and it's not as easy as just printing more to start the bull market.

Trying to do that would smore likely just hurry up their impending doom.

Re: Binance is under threat

#24

Post by foobarian »

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…

Honestly all I hope for is for people to stop thinking of crypto as stocks/investments but treat them as currency. Majority of the embarrassing press and downsides of crypto in the past decades have to do with the former.

Re: Binance is under threat

#25

Post by rglullis »

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.

Tell me with a straight face that you'd voluntarily buy something from China and send them crypto for payment.

Re: Binance is under threat

#26

Post by kang »

bruce511 wrote: post #18
kang wrote: post #13

Earlier quoted context omitted.

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?

Nice tongue-in-cheek joke. Don't. At a given time, you are to be crypto savvy & be protected in the first place or don't be crypto savvy & use the legal system with fiat for better efficiency & solution

Re: Binance is under threat

#27

Post by checkyoursudo »

suckitsam wrote: post #19
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"

Sorry to be a finance idiot, but why would the entire global financial system explode?

Re: Binance is under threat

#28

Post by vagab0nd »

misja111 wrote: post #17
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.

You are being downvoted but I think there's some truth. I'd like to see counter arguments. One that I can think of is the difference in intent. Tether is for profit and the FED is to stabilize the economy.

Re: Binance is under threat

#29

Post by prmoustache »

bruce511 wrote: post #18
kang wrote: post #13

Earlier quoted context omitted.

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?

By accepting bitcoins on your onlyfans page.

Re: Binance is under threat

#30

Post by sosuke »

Love that the charts and several data points are actually about Binance US which has been dying for a while. Binance global though seems to be doing okay.

Binance US is dead no doubts about it. Binance won't be available for US customers.

I'm not sure if the article has a point though. The TLDR seems to be Binance's overall size is reducing because Binance US is closing shop.

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