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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

#221

Post by crypt1d »

yscal wrote: post #181
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.

do the recent Kraken charges change this sentiment at all?

Not really. SEC investigations are civil, not criminal. They might end up paying a fine, but there is no risk of jail time or anything similar. Also, while I like Kraken as an exchange, its market share is not significant enough for it to matter in the big picture.

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

#222

Post by vkou »

ipaddr wrote: post #213
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?

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.

Ah, the classic 'do your own research.'

If I dig deeper, and determine that is a scam, well, I am just looking at the wrong one.

If I dig deeper, and decide that it's not, and then get burned later, I should have done more due diligence.

'Digging deeper' in a minefield is, generally speaking, not great advice.

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

#224

Post by colesantiago »

glerk wrote: post #203
colesantiago wrote: post #143

Earlier quoted context omitted.

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...

Cool, but that’s not what you asked, and you’re moving the goalposts. I suggest you slow down and think about the pros/cons/tradeoffs instead of automatically going down the decision tree of this argument.

What you've suggested is not a positive use case at all but sure it's perfect for criminals.

Great job.

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

#225

Post by klooney »

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.

Saying that the Mensheviks predate the Bolsheviks is kind of odd- there was one political party, then they had a big fight and split in two. Menshevik literally means "minority" and Bolshevik "majority", that's how intertwined the two are.

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

#226

Post by pants2 »

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.

That's why the ETFs are coming from non-crypto orgs - Blackrock, Fidelity, etc.

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

#227

Post by colesantiago »

afroboy wrote: post #176
colesantiago wrote: post #143

Earlier quoted context omitted.

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...

You so realise that cash and gold are used by those groups as first choice?

Except crypto is way easier for criminals to move funds around better than what you've suggested.

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

#228

Post by shawn-butler »

wnc3141 wrote: post #223

would crypto investors or optimists consider the recent legal woes in the space to be a much needed clearing out of bad actors or a sign of falling confidence in crypto?

Most crypto companies and investors are now AI investors / pivots. Don't think many are left to answer your question.

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

#230

Post by tim333 »

wnc3141 wrote: post #223

would crypto investors or optimists consider the recent legal woes in the space to be a much needed clearing out of bad actors or a sign of falling confidence in crypto?

I'd say mostly a needed clearing. Confidence is probably recovering a little from the FTX collapse low.
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