Whoa, I didn't even know CZ was under investigation
Binance founder Changpeng Zhao agrees to step down, plead guilty
381–390 of 498 posts
Re: Binance founder Changpeng Zhao agrees to step down, plead guilty
#382Earlier quoted context omitted.
And when everyone becomes super paranoid and keeps their money from participating in the economy then we will transcend.
That's for the holding account, that is, the long term savings. For the everyday purchases, a Lightning wallet on a smartphone is enough.
I know how people claim it works yes.
Re: Binance founder Changpeng Zhao agrees to step down, plead guilty
#383SBF 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.
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Re: Binance founder Changpeng Zhao agrees to step down, plead guilty
#384Earlier 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.
I believe Martin Shkrelli would disagree
I think that (sadly) the key distinction in the American justice system has to do with how easily it is to justify your prosecution to the public. If you're wildly popular, you're probably able to get away with quite a lot. If you're wildly unpopular, it's probably pretty easy to get a conviction on any number of things.
Re: Binance founder Changpeng Zhao agrees to step down, plead guilty
#385Incoming: 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
Yeah. China is weirdly regulated with no standard.
One misstep and you wish you could be prosecuted in US instead.
Re: Binance founder Changpeng Zhao agrees to step down, plead guilty
#386Earlier 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.
I believe Martin Shkrelli would disagree I think that (sadly) the key distinction in the American justice system has to do with how easily it is to justify your prosecution to the public. If you're wildly popular, you're probably able to get away with quite a lot. If you're wildly unpopular, it's probably pretty easy to get a conviction on any number of things.
define justice...
Justice, in its broadest sense, is the concept that individuals are to be treated in a manner that is equitable and fair. A society in which justice has been achieved would be one in which individuals receive what they "deserve"
So, what do they deserve? It's up to a panel of peers to determine. Peers, mind you, that are representative of the society you live in.
So in a sense, public outcry and court of public opinion can sway personal opinions on what is just and fair and determine what people deserve. I find the entire system malleable and ripe for corruption.
Re: Binance founder Changpeng Zhao agrees to step down, plead guilty
#387Perhaps this was the final takedown necessary to pave the way for BTC ETF approval.
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…
>Total US retirement assets were $36.7 trillion as of June 30, 2023, up 3.1 percent from March 31, 2023. Retirement assets accounted for 31 percent of all household financial assets in the United States at the end of June 2023.
Re: Binance founder Changpeng Zhao agrees to step down, plead guilty
#388CZ saw the immolation of SBF and probably decided it'd be a bad move to do anything other than whatever his lawyers told him to.
CZ is much smarter, he didn't have any number 2s that could testify against him, and had already moved to a non-extradition country years ago. SBF thought he was cleverer than everybody and testified himself straight into a 8x10 cell for the foreseeable future.
Non-extradition doesn't mean the US can't request an extradition. It means each request is a one-off and there's not a process agreed on in a treaty.
Re: Binance founder Changpeng Zhao agrees to step down, plead guilty
#389good for bitcoin
Re: Binance founder Changpeng Zhao agrees to step down, plead guilty
#390Earlier quoted context omitted.
Even Vitalik knows that Ethereum is centralised. > If AWS were shut down, the chain would continue as usual. Continue laundering money for foreign state actors and narcotics businesses, sounds about right as this is is what crypto is good for. https://www.justice.gov/usao-nj/pr/united-states-seized-and-...
Do you think it would continue or not? Your comments seem to hold conflicting points.
We both know that crypto is only used for and that the main use case is criminal activities, so it's only right that the whole thing should be shut down by law.
It's already impossible for crypto to become part of the current financial system so the only way to stop this scourge is to make crypto illegal starting with the exchanges down to the blockchains.
Blockchains have absolutely no use case at all.