Binance founder Changpeng Zhao agrees to step down, plead guilty • Hacker News Board

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

#141

Post by codetrotter » Tue, Nov 21, 2023, 7:23 PM UTC

netrus wrote: post #134

yieldcrv wrote: post #109

Earlier quoted context omitted.

huh. both of those quotes are true for easily quantifiable reasons? you don't have be a believer in either to understand that objectively

It's a tautology, as no implementation of a concept will ever be equivalent to the pure concept. The real existing examples of implementations of concepts will still tell you something about the viability of the concept.

> no implementation of a concept will ever be equivalent to the pure concept.

True crypto does exist.

Bitcoin is true crypto.

When I mine Bitcoin, and I use that Bitcoin to buy something from someone else, that is true crypto.

When I sell something for Bitcoin, that is true crypto.

When I exchange fiat for Bitcoin at a centralized exchange, and I successfully withdraw it to a self-custody wallet. That is acceptably close to true crypto.

Same goes for Monero.

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

#142

Post by [deleted] » Tue, Nov 21, 2023, 7:25 PM UTC

RationalDino wrote: post #21

boeingUH60 wrote: post #6

He'll pay $4.3bn in fines and likely be sentenced to probation or short home confinement instead of prison...in exchange for not being a US fugitive. He'll step down from Binance and live the rest of his life with billions. Sounds like a good deal :)

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.

[deleted]

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

#143

Post by colesantiago » Tue, Nov 21, 2023, 7:25 PM UTC

glerk wrote: post #126

colesantiago wrote: post #120

Earlier quoted context omitted.

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

Uncensorable money across borders

This is a perfect use case for criminals and ransomware gangs which is certainly why crypto is popular for these groups.

Especially for funding the North Korean regime.

https://www.abc.net.au/news/2023-11-18/how-north-korea-makes...

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

#144

Post by ct0 » Tue, Nov 21, 2023, 7:26 PM UTC

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.

no problem for me on nextdns

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

#145

Post by optimalsolver » Tue, Nov 21, 2023, 7:29 PM UTC

arcticbull wrote: post #72

npalli wrote: post #62

Earlier quoted context omitted.

"True crypto has never been tried"

I too enjoy the no true Scotsman fallacy

No true ScotsCoin.

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

#146

Post by olalonde » Tue, Nov 21, 2023, 7:30 PM UTC

gorbachev wrote: post #104

Takes a thief to know one? re: CZ's campaign to expose FTX and SBF.

CZ was not accused of theft, he was accused of violating U.S. anti-money-laundering requirements.

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

#147

Post by psychlops » Tue, Nov 21, 2023, 7:31 PM UTC

2OEH8eoCRo0 wrote: post #115

meowkit wrote: post #70

Earlier quoted context omitted.

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?

Yes, if only one of a 2 of 3 account was lost. A person having a single seed phrase on a single cold wallet would lose coins and would probably benefit from using a service to educate them.

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

#148

Post by viewtransform » Tue, Nov 21, 2023, 7:31 PM UTC

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.

To fix this in Firefox

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

#149

Post by halfcat » Tue, Nov 21, 2023, 7:31 PM UTC

kylebenzle wrote: post #90

janmo wrote: 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?

Are you taking about tether or the fed?

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

#150

Post by lavezzi » Tue, Nov 21, 2023, 7:32 PM UTC

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.

No large crypto orgs left? Tether has a market cap of $88bn alone.