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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

#361

Post by ipaddr »

vkou wrote: post #222
ipaddr wrote: post #213

Earlier quoted context omitted.

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.

Instead of holding forever you could sell earlier. Buying coins with the intent on it going up to make money can be done with 'good' or 'shit' coins. If you have ever purchased penny stocks it's similiar in terms of risk/reward. Buying coins with a larger capitalization reduces risk/rewards.

If you believe everything is a 'shitcoin' and you want to hold them forever then on your death bed you can look at the value and determine if it really was a shitcoin or if the media made me think everything was a shitcoin.

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

#362

Post by hanska »

ReptileMan wrote: post #275
mandevil wrote: post #259

Earlier quoted context omitted.

I suspect that the threat of something similar to Global Magnitsky Sanctions (cutting them off from all dollar-denominated accounts everywhere) is a pretty big stick to use in negotiations. For a financial firm like Binance, access to bank accounts that can send dollars to and from US firms is pretty important, even without any US customers at all (losing access to banking in France, Cyprus, etc. would be equally dif…

Btw - I never found a good explanation why all USD transfers need to be routed trough usd banks. Google is quite silent on the subject - is it common knowledge or too obvious?

not common knowledge I think.

all usd swift wires get routed through 2 of the major banks - think it was JP Morgan Chase & Wells Fargo. this allows them to check all of these transfers for aml/cft and other sanctions blacklists.

heard this from a guy who works closely with Tether so i'm sure he'd know well

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

#364

Post by [deleted] »

dragonwriter wrote: post #343
bumby wrote: post #331

Earlier quoted context omitted.

Tort/civil lawsuits are about being "made whole." Criminal lawsuits are not because they represent crimes against the state/society.

> Tort/civil lawsuits are about being "made whole." Only at the “modelling a cow as a perfectly thermoconducting sphere” level of analysis. Actual damages and preliminary injunctions to preserve a situation remediable by damages are about that, other parts of what happens in civil cases are often not. E.g., punitive damages are, as the name suggests, punitive , not compensatory.

[deleted]

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

#365

Post by matteoraso »

mschuster91 wrote: post #326
LandoCalrissian wrote: post #320

Earlier quoted context omitted.

Pretty great example of Hacker News when the top comment is "They should have done more crime but in a different way."

As long as those who are affected by some kind of loss are (reasonably) made whole, most legal systems won't give a flying f..k about anything.

Martin Shkreli did that, and the feds still arrested him.

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

#366

Post by csomar »

matteoraso wrote: post #365
mschuster91 wrote: post #326

Earlier quoted context omitted.

As long as those who are affected by some kind of loss are (reasonably) made whole, most legal systems won't give a flying f..k about anything.

Martin Shkreli did that, and the feds still arrested him.

He annoyed politicians. Free country, huh?

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

#367

Post by dev_0 »

LandoCalrissian wrote: post #320
blobbers wrote: post #237

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.

Pretty great example of Hacker News when the top comment is "They should have done more crime but in a different way."

[dead]

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

#368

Post by glerk »

colesantiago wrote: post #224
glerk wrote: post #203

Earlier quoted context omitted.

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.

Any authoritarian state will label dissidents as "criminals". If you want to flee Russia or Venezuela today without forfeiting all your property, crypto can come in handy.

This is very much a positive use case if you value individual freedom. Remember that any wall and border has 2 sides.

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

#369

Post by sneak »

colesantiago wrote: post #120
pawelduda wrote: post #50

Earlier quoted context omitted.

Because he's salty about it, the comment doesn't point at anything else

Name any positive valid use case that crypto does better than the current financial system.

Ethereum has negative inflation, unlike many fiat currencies.

I have used Bitcoin to donate money to organizations the state would prefer me not to, such as Ukrainian defense, or Wikileaks (famously blockaded by banks without/before criminal charges).

There are lots of truly amazing cross-border use cases; permissionless internet money has huge utility.

NFTs allow fans to financially support visual artists via collectibles (potentially with resale value) in exchange for donations. (I say donations because buying an NFT does not purchase the art the NFT represents.)

Usually when I offer these use cases, people move the goalposts, saying how these things are somehow already possible (they aren’t, at least in the same way, or same speed, or same cost, or same level of privacy-preservation).

It’s nice to be able to transact without identity attached to every transaction.

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

#370

Post by acdha »

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).

A lot of the inflation seen in the U.S. is corporate profit-taking such as when the automakers used the chip shortages to steer buyers towards the highest-end models they prioritized for production while less profitable models were back ordered.

That matters because cryptocurrencies don’t help at all with the inflation consumers are seeing, while adding more personal risk and an exchange rate to arbitrage.

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