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Binance founder Changpeng Zhao agrees to step down, plead guilty

wsj.com

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Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#71

Post by scrlk »

2OEH8eoCRo0 wrote: post #49
tock wrote: post #48

Earlier 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.

Blackrock will be using Coinbase as their custodian: https://www.coinbase.com/prime/custody

It's the institutional version of their Vault feature: https://www.coinbase.com/vault

> 98% of digital currency is stored totally offline, in geographically distributed safe deposit boxes and physical vaults.

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#72

Post by arcticbull »

npalli wrote: post #62
huitzitziltzin wrote: post #40

Earlier quoted context omitted.

Amazing that it’s impossible to tell whether you are a real crypto booster or joking at their expense.

"True crypto has never been tried"

I too enjoy the no true Scotsman fallacy

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#74

Post by FFP999 »

huitzitziltzin wrote: post #40
fhinson wrote: post #9

Perhaps this was the final takedown necessary to pave the way for BTC ETF approval.

Amazing that it’s impossible to tell whether you are a real crypto booster or joking at their expense.

Poe's Law and all.

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#75

Post by greyw »

carimura wrote: post #73
hardwarephreak wrote: post #32

https://archive.is/G8utD

anybody else have issues with archive.is lately? Tried two computers multiple browsers and all I get is a never-ending security check, sometimes with a captcha to really laugh at me.

Its cloudflare dns

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#76

Post by saalweachter »

shawabawa3 wrote: post #26
RationalDino wrote: post #21

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

The second half of money laundering is you need a way to pretend to have income from a plausible source.

People will ask questions like "How do you pay for your groceries?" and "Where did you find the money to buy a $37M penthouse?" and your paper trail needs to convince people the answer isn't "With the billions of dollars I embezzled."

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#77

Post by chollida1 »

bfung wrote: post #67
fhinson wrote: post #9

Perhaps this was the final takedown necessary to pave the way for BTC ETF approval.

Why does BTC need an ETF at all, doesn’t that defeat the purpose of owning one’s own wallets? Also… exchanges defeating the purpose of decentralization…

The simplest answer is that alot of people would like to hold BTC in a tax advantaged account and an ETF wrapper is the easiest way to do this.

Others would like to buy it via retirement plans and having an ETF makes this doable.

Those that want to hold BTC incase the US dollar collapses will hodl their own BTC.

Those that want to hold BTC incase it really appreciates will hold it via an ETF in a tax advantaged account so they don't have to pay taxes on their gains, depending on the account type.

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#78

Post by jgilias »

smt88 wrote: post #36
crypt1d wrote: post #24

Earlier quoted context omitted.

While I can see how it helps clear the bad image of the industry, the two are not directly related. The ETF was/is going to get approved regardless.

How does it help clear the bad image? There are seemingly no large crypto orgs left that are untouched by criminal convictions.

There are no criminal charges involving Coinbase or Kraken. Litigation by SEC yes, criminal charges no. There’s a very meaningful difference there. The first type can ruin your business, the second put you behind bars too.

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#79

Post by rsweeney21 »

carimura wrote: post #73
hardwarephreak wrote: post #32

https://archive.is/G8utD

anybody else have issues with archive.is lately? Tried two computers multiple browsers and all I get is a never-ending security check, sometimes with a captcha to really laugh at me.

Yes! Only happens on archive.is for me.

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#80

Post by chollida1 »

2OEH8eoCRo0 wrote: post #49
tock wrote: post #48

Earlier 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.

They use a custodian like Coinbase or Gemini.

The ETF then takes out an insurance policy incase the custodian loses they BTC they hold on the ETF's behalf.

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