Earlier quoted context omitted.
What billions will he wind up with? Binance did a lot of fraud and money laundering. Clawbacks are coming. There will be no fortune when the legal system is done with him.
It's obviously just speculation but someone in his position could very easily siphon off a few million in BTC/crypto at the very least, and almost impossible to detect/trace if done well
Binance founder Changpeng Zhao agrees to step down, plead guilty
41–50 of 498 posts
Re: Binance founder Changpeng Zhao agrees to step down, plead guilty
#42Good. May the entire of crypto be brought down with it.
How does this in any way deter crypto, if anything it strengthened it. Binance continues to operate, Zhao won't face any actual penalty and continues to be a billionaire. Seems to me like Binance and crypto is the winner here.
"This is good for Bitcoin"
Re: Binance founder Changpeng Zhao agrees to step down, plead guilty
#43Good. May the entire of crypto be brought down with it.
And why would that be?
Re: Binance founder Changpeng Zhao agrees to step down, plead guilty
#44Perhaps this was the final takedown necessary to pave the way for BTC ETF approval.
How will the BTC ETF even work? I'm not super savvy with money but why would anybody buy an ETF and pay their fees when the assets in the ETF don't grow or give dividends? How will they secure those assets? Cold wallet in a vault? What happens if they do their audit and the backing coins aren't there (stolen) or there's a hardware failure on the cold wallet?
Like gold ETFs, they can do BTC synthetically via futures or have a custodian take custody.
The interesting ETF will be for Ethereum because a custodian can possibly stake it and earn yield. ETH can earn within the basic protocol.
Re: Binance founder Changpeng Zhao agrees to step down, plead guilty
#45https://archive.is/G8utD
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Re: Binance founder Changpeng Zhao agrees to step down, plead guilty
#46Perhaps this was the final takedown necessary to pave the way for BTC ETF approval.
How will the BTC ETF even work? I'm not super savvy with money but why would anybody buy an ETF and pay their fees when the assets in the ETF don't grow or give dividends? How will they secure those assets? Cold wallet in a vault? What happens if they do their audit and the backing coins aren't there (stolen) or there's a hardware failure on the cold wallet?
Coinbase would be the custodian
Re: Binance founder Changpeng Zhao agrees to step down, plead guilty
#47Good. May the entire of crypto be brought down with it.
Reflecting on how crypto once fit with the HN ethos. Hard to say where the community is now, partly because I don't spend as much time here. But it definitely seems to not be the darling it once was. Don't know if this is because it's mainstreamed in a way that makes it less "hacker"-appealing (quotes intentional), the HN community has changed, or because crypto went full crypto-bro so hard. May be some combination.
Probably because the brave new world of cryptopunk anonymity and liberation has turned into this mess of fraud and in-your-face centralisation and crime.
Re: Binance founder Changpeng Zhao agrees to step down, plead guilty
#48Perhaps this was the final takedown necessary to pave the way for BTC ETF approval.
How will the BTC ETF even work? I'm not super savvy with money but why would anybody buy an ETF and pay their fees when the assets in the ETF don't grow or give dividends? How will they secure those assets? Cold wallet in a vault? What happens if they do their audit and the backing coins aren't there (stolen) or there's a hardware failure on the cold wallet?
I believe the fee = the ETF holds bitcoin securely for you instead of you having to deal with wallets.
Re: Binance founder Changpeng Zhao agrees to step down, plead guilty
#49Earlier quoted context omitted.
How will the BTC ETF even work? I'm not super savvy with money but why would anybody buy an ETF and pay their fees when the assets in the ETF don't grow or give dividends? How will they secure those assets? Cold wallet in a vault? What happens if they do their audit and the backing coins aren't there (stolen) or there's a hardware failure on the cold wallet?
I believe the fee = the ETF holds bitcoin securely for you instead of you having to deal with wallets.
Yes, how does the ETF hold and secure the coins is what I'm asking.