Binance founder Changpeng Zhao agrees to step down, plead guilty

Post by TedDoesntTalk » Tue, Nov 21, 2023, 7:38 PM UTC

olalonde wrote: post #128

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.

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.

Post by jihadjihad » Tue, Nov 21, 2023, 7:42 PM UTC

Post by wonderwonder » Tue, Nov 21, 2023, 7:44 PM UTC

methodical wrote: post #124

jgilias wrote: post #99

Earlier quoted context omitted.

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…

Post by AniseAbyss » Tue, Nov 21, 2023, 7:44 PM UTC

aswanson wrote: post #131

jgilias wrote: post #78

Earlier quoted context omitted.

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.

Not your keys, not your crypto. Never use exchanges.

Post by pwb25 » Tue, Nov 21, 2023, 7:44 PM UTC

mcpackieh wrote: post #112

pwb25 wrote: post #92

Earlier quoted context omitted.

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

So what?