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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

#181

Post by yscal »

crypt1d wrote: post #135
rideontime wrote: post #119

Earlier quoted context omitted.

What makes you think this is the end of anything?

The rumour about Binance indictment by DoJ has been going around for 1-2 years now. Its one of the last remaining pieces of major news that could have potentially negatively affected the industry. After two years of prosecutions, regulatory uncertainty and general poor market conditions, its only now starting to feel like there's light at the end of the tunnel.

do the recent Kraken charges change this sentiment at all?

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

#182

Post by rchaud »

grey-area wrote: post #168
lavezzi wrote: post #150

Earlier quoted context omitted.

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

Tether has been convicted of fraud.

If that meant anything the USDT to USD peg would collapse as it could no longer be redeemed for fiat.

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

#183

Post by Enogoloyo »

costco wrote: post #68

Incoming: third party compliance monitor (as always, run by ex DOJ people) and a more risk averse CEO. I hope this doesn't mean they eventually stop operating in the unregulated markets like China, Vietnam, Turkey, etc. Bet365 and DraftKings do it but for gambling so it's certainly possible to run a major respected company while ignoring the laws of countries that don't have the leverage America does.

China is not unregulated.

And all countries strong enough with their own fiat do care quite a lot to not having crypto in their country

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

#184

Post by Enogoloyo »

crypt1d wrote: post #135
rideontime wrote: post #119

Earlier quoted context omitted.

What makes you think this is the end of anything?

The rumour about Binance indictment by DoJ has been going around for 1-2 years now. Its one of the last remaining pieces of major news that could have potentially negatively affected the industry. After two years of prosecutions, regulatory uncertainty and general poor market conditions, its only now starting to feel like there's light at the end of the tunnel.

Light to final blow against crypto the horrible CO2 production and the annoying get rich apps.

Let's hope it dies sooner than later.

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

#185

Post by rchaud »

lavezzi wrote: post #122
kylebenzle wrote: post #90

Earlier quoted context omitted.

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.

The US' incompetency usually doesn't extend to protecting the primacy of the dollar.

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

#186

Post by EVa5I7bHFq9mnYK »

bnchrch wrote: post #129
saalweachter wrote: post #76

Earlier quoted context omitted.

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".

Husband :)

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

#187

Post by costco »

Enogoloyo wrote: post #183
costco wrote: post #68

Incoming: third party compliance monitor (as always, run by ex DOJ people) and a more risk averse CEO. I hope this doesn't mean they eventually stop operating in the unregulated markets like China, Vietnam, Turkey, etc. Bet365 and DraftKings do it but for gambling so it's certainly possible to run a major respected company while ignoring the laws of countries that don't have the leverage America does.

China is not unregulated. And all countries strong enough with their own fiat do care quite a lot to not having crypto in their country

Sorry, I meant places where Binance is not licensed. This is most of the countries they operate in.

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

#188

Post by Enogoloyo »

psychlops wrote: post #140
pavlov wrote: post #102

Earlier quoted context omitted.

It’s funny how true believers in communism and true believers in crypto talk exactly the same way nowadays. “FTX and Binance are not examples of true crypto!” “Soviet Union and Venezuela are not examples of true communism!”

FTX and Binance are exchanges, not cryptos. It's like confusing NYSE and NASDAQ with the stocks that they exchange.

The reason why people were investing in crypto was 'legimit' infrastructure providers like FTX and binance.

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

#189

Post by pavlov »

blululu wrote: post #180
spamizbad wrote: post #152

Earlier quoted context omitted.

I mean has Venezuela ever claimed it was communist? I always thought it was socialist. Also its oldest standing communist party technically sits in opposition to Maduro.

FWIW The Soviet Union never stated that it was communist. They were officially socialist with the constitutional goal of establishing communism. for that matter the Mensheviks predate the Bolshaviks and always opposed Lenin.

Khrushchev, enjoying a short-lived post-Stalin economic boom in the early 1960s, did proclaim that the Soviet Union would achieve communism by 1980:

https://en.wikipedia.org/wiki/Communism_in_20_years

So for a while there was an actual date attached to the constitutional goal.

I believe the deadline was quietly buried by his stagnation-oriented successors, but I’m not sure.

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

#190

Post by mst »

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?

zcash seems to be going in an interesting direction, though whether they'll actually get anywhere remains to be seen.
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