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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

#111

Post by tock »

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.

Most likely some sort of cold wallet. With some in hot wallets for liquidity. There are many crypto custodians who do this.

Now they do have to design redundancies for the keys. eg. they should not lose access to the assets because say they made it too safe and cant find the keys anymore :p

It's funny because it happened with Prime Trust a crypto custodian. But I'm sure a company like BlackRock can and will do better.

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

#112

Post by mcpackieh »

pwb25 wrote: post #92
mcpackieh wrote: post #15

Earlier quoted context omitted.

Binance may be a "working exchange" but that doesn't mean it was operating within the law.

they asked several times what the law was and SEC failed to answer

So what?

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

#113

Post by morelisp »

fredgrott wrote: post #91

I have a question why is what CZ did different from what SBF did? I mean other than SBF getting caught over-extended in downgrading market they both did the same type of fraud.

It's the same violation of law but it doesn't quite look like the same kind of fraud. What's illegal is co-mingling funds; but you can co-mingle funds and do at least baseline proper accounting to make sure you're not too in the hole, vs. co-mingle funds and just straight up lie about how you're doing. Y'know, you're just a regular libertarian guy looking to get rich by breaking the law and not some coked-up wunderkind thinking he gets to save or destroy the world.

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

#114

Post by [deleted] »

kylebenzle wrote: post #81
npalli wrote: post #62

Earlier quoted context omitted.

"True crypto has never been tried"

XMR and BCH have been working great for a decade and in my mind are the ONLY Cryptocurrency projects that are not outright scams or digital ponzi schemes. It's odd how clear the picture is but how many people have been fooled by fakes. What other industry is 99% scams and only 1% legitimate?

[deleted]

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

#115

Post by 2OEH8eoCRo0 »

meowkit wrote: post #70
2OEH8eoCRo0 wrote: post #55

Earlier quoted context omitted.

Right but gold isn't easy to steal. Bitcoin can disappear from a cosmic ray, hardware failure, remote theft, software glitch, etc.

Gold isn’t easy to steal because there are centuries worth of physical security demands that have evolved to protect it. Its relatively easy to take a chunk of metal from someone otherwise. Nothing you listed applies to bitcoin besides remote theft. The whole point of a blockchain is be fault tolerant in the face of those real failures. Remote theft occurs from a failure to secure your private keys. That’s human erro…

You can get your coins back if your cold wallet is destroyed?

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

#116

Post by colesantiago »

almost_usual wrote: post #16
colesantiago wrote: post #2

Good. May the entire of crypto be brought down with it.

> May the entire of crypto be brought down with it Pretty hard to get rid of decentralized systems.

Crypto is pretty centralised thanks to these exchanges and many blockchains running solely on AWS such as Ethereum.

Crypto being ‘decentralised’ is a well known myth.

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

#117

Post by jpmattia »

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…

> 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…

Many financial institutions do not care about decentralization, but they do care about investing in an asset where they do not have to worry about managing the asset (in that regard, similar to REITs). Having the asset insured against various types of malfeasance is also a requirement for investments by many institutional funds.

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

#118

Post by noloblo »

lazyeye wrote: post #93
carimura wrote: post #73

Earlier quoted context omitted.

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.

Just put the fixed IP addresses for the various archive.?? domains in your hosts file. This completely resolved the problem for me.

can you paste the relevant /etc/hosts lines

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

#120

Post by colesantiago »

pawelduda wrote: post #50
tnel77 wrote: post #43

Earlier quoted context omitted.

And why would that be?

Because he's salty about it, the comment doesn't point at anything else

Name any positive valid use case that crypto does better than the current financial system.
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