261–270 of 498 posts
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I too enjoy the no true Scotsman fallacy
I dunno, people always invoke it in situations that are similar, but not quite applicable.
They poured scorn then, but I'm up to my eyeballs in bagpipes now
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Right but gold isn't easy to steal. Bitcoin can disappear from a cosmic ray, hardware failure, remote theft, software glitch, etc.
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…
https://www.businessinsider.com/jpmorgans-nickel-bags-turned...
I'm absolutely astonished by this. He lives in the Middle East, which does not have any extradition treaties with America. Granted, he might transit a country that has a treaty, but I'm really shocked that he would give him. What did they have over him? Maybe it was China…
Binance is also paying many billions in fines to the US and exiting the US completely. I also don't understand why - if they're presumably headquartered outside of US jurisdiction, what are they gaining by paying exorbitant fines? They're also further inviting every country they've ever had a customer in to levy huge fines against Binance.
I'm absolutely astonished by this. He lives in the Middle East, which does not have any extradition treaties with America. Granted, he might transit a country that has a treaty, but I'm really shocked that he would give him. What did they have over him? Maybe it was China…
Imagine you’re a guy with many billions of dollars. Would you pay a few of them in order to not be an international fugitive for the rest of your life?
SBF decided to testify against CZ to try to save his own ass, giving justice dept and sec something to fine CZ with. Govt collects a big crypto fine, fine makes the big losers in FTX whole, problem solved. CZ should have just bought FTX and closed the deal and made people whole, woulda saved himself some drama.
I'm absolutely astonished by this. He lives in the Middle East, which does not have any extradition treaties with America. Granted, he might transit a country that has a treaty, but I'm really shocked that he would give him. What did they have over him? Maybe it was China…
If you were him, why would you lose ~20% of your customers when you could just pay a fine and keep going? Sure he steps down, but he still owns the company.
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.
You can pretty trivially check Binance's declared funds here: https://www.binance.com/en/proof-of-reserves
By my calculations they have >$6 billion in excess of customer deposits. Since he owns Binance, he principally owns those profits.
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“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.
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Like gold ETFs, they can do BTC synthetically via futures or have a custodian take custody. The interesting ETF will be for Ethereum because a custodian can possibly stake it and earn yield. ETH can earn within the basic protocol.
Right but gold isn't easy to steal. Bitcoin can disappear from a cosmic ray, hardware failure, remote theft, software glitch, etc.
Gold is hard to transport, easy to confiscate and hard to divide, thus difficult to use as a currency. None of those apply to Bitcoin. Well, unless someone is dumb enough to leave his money on an exchange.