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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

#211

Post by bfung »

chollida1 wrote: post #77
bfung wrote: post #67

Earlier quoted context omitted.

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…

The simplest answer is that alot of people would like to hold BTC in a tax advantaged account and an ETF wrapper is the easiest way to do this. Others would like to buy it via retirement plans and having an ETF makes this doable. Those that want to hold BTC incase the US dollar collapses will hodl their own BTC. Those that want to hold BTC incase it really appreciates will hold it via an ETF in a tax advantaged accou…

Ah, nice! Applies regardless of what the underlying asset is ~ some good ole’ tax engineering.

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

#212

Post by keep_reading »

boeingUH60 wrote: post #82
zarzavat wrote: post #58

Earlier quoted context omitted.

“Orange reddit” was one of the first places that Bitcoin was discussed. Consequently there’s an awful lot of people here who know exactly how much they missed out, and express this by being saltier than dead sea whenever the topic comes up. The accepted wisdom on HN, when the bitcoin price was in the single digits, was that it was a “tulip bubble” and you should absolutely not buy it under any circumstances.

And many people were scammed and lost their savings to BTC and other crypto schemes. It's funny how the Ponzi promoters always forget that part when touting whatever cooked-up reason they promote crypto for. But sure, in a sector where most of the biggest names are fraudsters, some people still manage to be adherents.

These people were scammed by humans, not by bitcoin.

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

#213

Post by ipaddr »

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?

There are hundreds of coins some copied from bitcoin and slightly changed like litecoin.

The press has tricked you into believing every coin aside from a few popular ones are scams. Dig deeper.

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

#215

Post by bfung »

rossdavidh wrote: post #98
bfung wrote: post #67

Earlier quoted context omitted.

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…

The purpose of decentralization was defeated a long time ago, I'm afraid.

I guess people trust Blackrock and CZ on setting BTC prices more than they trust the greenback

Also, CZ (pleads guilty to money laundering charges): https://news.ycombinator.com/item?id=38366729

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

#216

Post by jgilias »

toenail wrote: post #200
crypt1d wrote: post #135

Earlier quoted context omitted.

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.

> Its one of the last remaining pieces of major news that could have potentially negatively affected the industry Lol. Tether imploding anyone?

That’s pretty unlikely to happen at the moment though. I’m far from a Tether fanboy, but in this interest rate environment they are likely making boatloads of money just by sitting on a nice chunk of T-bills.

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

#217

Post by nprateem »

psychlops wrote: post #197
nprateem wrote: post #174

Earlier quoted context omitted.

More specifically now you can get actual real money by putting your savings in a bank account (and most people are struggling to pay the increased cost of living), there's less incentive to throw it away in a casino.

I suggest spending some time understanding why the cost of living went up. Clearly you live in a place with a relatively stable currency (for now).

What's that got to do with it driving people away from speculative assets?

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

#218

Post by kylebenzle »

rahen wrote: post #172
ZoomerCretin wrote: post #158

Earlier quoted context omitted.

It's nice to see level-headed crypto optimism here. It's disheartening seeing bulls who have long since stopped pretending their favorite coin has any utility beyond being a speculative asset and a get-rich-quick scheme given its poor transaction rate, or that the features they've bolted on will make it valuable, none of which make it viable as a currency. Why would anyone bother with Bitcoin? If you want to avoid fi…

Be mindful of potential biases. Monero is rightfully highly regarded for its privacy, but you may be overlooking certain aspects: - Unlike Bitcoin, Monero's monetary issuance is not auditable, which could prove a major problem in case of an attack, potentially leading to inflation. - Monero faces blockchain bloat issues due to its ring signatures. It cannot scale gracefully. - Privacy and transaction cost concerns wi…

Has there been any Bitcoin "L2" that is actually functional. Last I checked the inventor of the most popular L2 said it was a failure.

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

#219

Post by tomcar288 »

ZoomerCretin wrote: post #158
kylebenzle wrote: post #81

Earlier quoted context omitted.

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?

It's nice to see level-headed crypto optimism here. It's disheartening seeing bulls who have long since stopped pretending their favorite coin has any utility beyond being a speculative asset and a get-rich-quick scheme given its poor transaction rate, or that the features they've bolted on will make it valuable, none of which make it viable as a currency. Why would anyone bother with Bitcoin? If you want to avoid fi…

all i can say that, is you better have everything in stocks, housing and gold, otherwise you're going to have one sad retirement.

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

#220

Post by pants2 »

FormerBandmate wrote: post #177
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.

[flagged]

The involvement of crypto in financing Hamas was likely vastly overestimated[1].

1. https://www.chainalysis.com/blog/cryptocurrency-terrorism-fi...

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