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Binance founder Changpeng Zhao agrees to step down, plead guilty

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

#121
post #75

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.

Its cloudflare dns

As in 1.1.1.1? I don't use 1.1.1.1 for my DNS provider and yet I still get the never ending validation loop.

I am on Google Fiber though, so I probably use 8.8.8.8 without explicitly meaning to. Perhaps this is a problem shared by both Cloudflare and Google's DNS proxies?

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

#122
post #12

Earlier quoted context omitted.

Not before Tether has been taken down

The ETF will have to be approved BEFORE Tether is brought down. The powers that be need a way to control the price, an ETF is the easiest but until then they have Tether. Why else would the US allow the largest counterfeit money printer to continue for long?

> Why else would the US allow the largest counterfeit money printer to continue for long?

Incompetence.

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

#123
post #99

Earlier quoted context omitted.

The accepted wisdom is still that it's a bubble and you should not buy it, the price going up does not necessarily mean that the price isn't higher than it should be. Projecting everybody who disagrees with your viewpoint as somebody who is angry they missed out is simply a quick way to hand-wave away people who disagree with your crypto-is-the-future dogma. I wasn't in the early adopters per-say but I did do some cr…

I find it really hard to reconcile this viewpoint with reality. I personally know businesses who use stablecoins for international money transfers because it’s just faster and cheaper. Also, every month or so an article pops up here where either some business is rekt because their payment processor’s automated process kicked them off, or someone’s bank account got closed in a similar way screwing them. Yet the only w…

What kind of businesses?

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

#124
post #99

Earlier quoted context omitted.

The accepted wisdom is still that it's a bubble and you should not buy it, the price going up does not necessarily mean that the price isn't higher than it should be. Projecting everybody who disagrees with your viewpoint as somebody who is angry they missed out is simply a quick way to hand-wave away people who disagree with your crypto-is-the-future dogma. I wasn't in the early adopters per-say but I did do some cr…

I find it really hard to reconcile this viewpoint with reality. I personally know businesses who use stablecoins for international money transfers because it’s just faster and cheaper. Also, every month or so an article pops up here where either some business is rekt because their payment processor’s automated process kicked them off, or someone’s bank account got closed in a similar way screwing them. Yet the only w…

The key differentiating factor in your hypothetical reasons why traditional finance is inferior to defi is that there are systems to remediate the exact issues you mentioned, whereas if you send your crypto to the wrong address- it's gone. If you lose your seed words to your wallet and can't access it, or someone else gets access to them- it's gone. If you get scammed- it's gone. Literally all of these things (which are a /feature/ of the tech!) make it essentially unusable for any business that isn't looking for an adrenaline rush. What I love most about all of these shortcomings of the technology is how much people who push it minimize all of these issues by saying that it's user error, and people who utilize good practices won't have these issues. It's almost as if all of these people have literally never talked to a real person. No regular person cares or would ever want to care about hard wallets versus alternatives, seed words, verifying addresses, and avoiding phishing scams. All of these issues which can be mitigated by being technically inclined fall flat on their face with any person who just wants to send money to their grandson or pay a friend for dinner.

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

#125

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.

I think it’s more general than this, but I have a hunch that iCloud private relay sets off the security gremlins.

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

#126

Earlier quoted context omitted.

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.

Uncensorable money across borders

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

#127
post #20

Happy 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!

The current crypto market activity has nothing to do with crypto news. The macro-economic state of the world is one where everything is going up.

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

#128

Earlier quoted context omitted.

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.

You can laser engrave a Bitcoin wallet seed (24 words) on titanium, store it in multiple locations and never enter your seed on a networked computer to prevent remote theft. You can also use a passphrase on top of your seed, and store it separately, so that even if the seed is physically stolen, the wallet won't be recoverable without the passphrase.

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

#129

Earlier quoted context omitted.

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."

I understand your point but I feel like even a 10 year old could come up with 100 plausible excuses.

Many of them end with "Consultant", "Collector", or "Trader".

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

#130
post #67
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…

Your question is absolutely appropriate, as the original vision was not to have care about dollar values and instead use BTC as money.

But now the speculators have taken over, and all that really matters is what BTC is worth in dollars.

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