What about cofounder Yi He? If she's still in place then CZ stepping down doesn't mean much. I mean they have two kids together, don't tell me he won't be involved from the sidelines.
Binance founder Changpeng Zhao agrees to step down, plead guilty
51–60 of 498 posts
Re: Binance founder Changpeng Zhao agrees to step down, plead guilty
#52Happy to see this whole thing finally coming to an end, its a nice wrap to the dead market we've had for the past 2 years. I'm excited for 2024 in crypto!
I'm curious to see how BTC will fare. We've only seen the 4 year halving cycle play out during a secular bull market so far.
Re: Binance founder Changpeng Zhao agrees to step down, plead guilty
#53[deleted]
Re: Binance founder Changpeng Zhao agrees to step down, plead guilty
#54Good. 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.
I imagine HN in particular is also quite dominated by traditional US finance.
Re: Binance founder Changpeng Zhao agrees to step down, plead guilty
#55Earlier 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?
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.
Right but gold isn't easy to steal. Bitcoin can disappear from a cosmic ray, hardware failure, remote theft, software glitch, etc.
Re: Binance founder Changpeng Zhao agrees to step down, plead guilty
#56What about cofounder Yi He? If she's still in place then CZ stepping down doesn't mean much. I mean they have two kids together, don't tell me he won't be involved from the sidelines.
Exactly -- and CZ was always the fall guy. Yi is the mastermind.
Re: Binance founder Changpeng Zhao agrees to step down, plead guilty
#57Earlier quoted context omitted.
For a purposeful human being, that is also a miserable life. Pretty much like you cannot eat your favorite food anymore and have to settle with "the next best" (philanthropy, maybe?)
Haha, I was actually referring to being a US fugitive as the miserable life, which Zhao obviously wants to avoid.
Zhao can do new things with his billions. He can start new companies, work in new markets if he wants. If he can escape China's clutches with his money, I assume he can travel the world.
Re: Binance founder Changpeng Zhao agrees to step down, plead guilty
#58Earlier quoted context omitted.
They would've also been worlds better if they had parked their money in Gamestop, or honestly even in a casino, but that doesn't make it a sound investment
why does orange reddit always have comments like this whenever coins get mentioned
“Orange reddit” was one of the first places that Bitcoin was discussed. Consequently there’s an awful lot of people here who know exactly how much they missed out, and express this by being saltier than dead sea whenever the topic comes up. The accepted wisdom on HN, when the bitcoin price was in the single digits, was that it was a “tulip bubble” and you should absolutely not buy it under any circumstances.
Re: Binance founder Changpeng Zhao agrees to step down, plead guilty
#59Earlier quoted context omitted.
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.
I have no idea, but I assume that if they get hacked they are liable for that. If the ETF is run by Bob's Bitcoin ETF incorporated in the Virgin Islands then that's not worth anything because there are no other assets to cover losses. But if it's BlackRock (or some other large US money manager) then they have plenty of other assets to pay out.
Re: Binance founder Changpeng Zhao agrees to step down, plead guilty
#60[flagged]
The SEC and DOJ don't exist to stop crimes in real-time - that would be basically impossible. They exist to uncover and punish crimes that have already occurred in order to dissuade others from doing the same. They appear to be doing a fine job of both. Or were you looking to prosecute thought crime?
My point is they go after the most regulated and serious ones, and let the others run