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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

#411

Post by 0xdeee »

Enogoloyo wrote: post #292
0xdeee wrote: post #89

Earlier quoted context omitted.

Well, BTC isn't some asset that doesn't have a track record of growth. Take a look at the rate of growth in last decade. Yes if you look in specific timeframes it will look like a wreck. but looking at a bigger picture it makes sense. And it is given that it will keep growing similarly in the long term (Why?, thats a separate lengthy conversation the answer to which also answers why some of largest finance players ar…

If BTC would always increase in value than it's doomed from the start as it means people starting late have to pay much more than an early person. This means rich late people will never migrate or buy BTC ETF ever. It's like always buying at the increase

That’s the definition of asset appreciation. This is comparable to buying gold 100 years back vs now, no one is complaining Gold is doomed because it was dirt cheap a century ago, not did gold lose its ability to retain value because it was getting expensive. Although the rate of growth won’t be this explosive for BTC in the future as it is now.

Late adopting rich people might still get into BTC ETF for its ability to maintain its value in the long term, as simple as that and doesn’t matter at what price they buy.

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

#412

Post by peanuty1 »

rchaud wrote: post #284
Nevermark wrote: post #278

Earlier quoted context omitted.

Every move SBF made after his fall seemed extremely poorly thought out. Not a hater, just processing the dichotomy of his genius image with his ingeniously ungenius self-immolation. Lesson: Looking like you make lots of money makes you look very smart.

PR rules the day, especially when you're VC-funded and have to maintain the charade of subject matter expertise. Although you'd think his Stanford Law professor father would have at least attempted to duct tape his son's mouth shut when it became clear he planned to testify.

Both his parents are Stanford law professors and according to Kevin O'Leary, they teach compliance law.

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

#413

Post by Hamuko »

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."

I don't think doing less crime was ever on the table for these guys.

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

#414

Post by tw1984 »

After all these recent shit regarding crypto currencies in the US, you don't need a full brain to figure out that there is a huge hole in the system.

It is also amazing to see that CZ managed to walk away free of any jail time, kept most of his assets gathered by his con job.

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

#415

Post by throw03172019 »

zztop44 wrote: post #254
underseacables wrote: post #232

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?

He does face 18 months in prison with the sentencing in Feb.

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

#416

Post by zshrdlu »

lawn wrote: post #138
colesantiago wrote: post #116

Earlier quoted context omitted.

Crypto is pretty centralised thanks to these exchanges and many blockchains running solely on AWS such as Ethereum. Crypto being ‘decentralised’ is a well known myth.

You don't need exchanges for cryptocurrencies to work, they just make onboarding easier.

Do you mean that, once on-boarded, crypto holders would only need to trade with fellow crypto holders?

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

#417

Post by tarsinge »

DANmode wrote: post #407
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."

Considering an idea without agreeing with it might be one of the better modern definitions of curiosity.

Considering an idea is about taking everything into account. The part where it’s illegal or morally reprehensible is essential to the discussion. Also if not communicated like here it can be understood as an opinion.

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

#418

Post by broken-kebab »

lowkeyoptimist wrote: post #410
reactordev wrote: post #386

Earlier quoted context omitted.

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 cou…

What system, in your world, is not malleable and ripe for corruption? In your world democracy would be the most malleable and corrupt while autocracy would be the least given the boundaries you laid out.

In autocratic regimes justice is usually perverted from the top (comrade district secretary calls district judge to affect proceedings - in USSR it was informally known as "phone law"), in democracies you usually need to involve wider public pressure to achieve similar results. It's definitely makes democracy better, because to sway public opinion is costlier, more visible and at least partially deliberative endeavor. But legal justice is not moral justice in any political system, and there are always ways to at least nudge legal system in a way that is more convenient for some forces.

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

#419

Post by DANmode »

tarsinge wrote: post #417
DANmode wrote: post #407

Earlier quoted context omitted.

Considering an idea without agreeing with it might be one of the better modern definitions of curiosity.

Considering an idea is about taking everything into account. The part where it’s illegal or morally reprehensible is essential to the discussion. Also if not communicated like here it can be understood as an opinion.

I do not assume ill-intent of the other curious people here, and I think if you do, you're not following the guidelines (take the most charitable interpretation of what someone writes).

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

#420

Post by [deleted] »

colesantiago wrote: post #405
glerk wrote: post #368

Earlier quoted context omitted.

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.

Hmmm. Interesting. I can only name 1 person who is in this position you describe yet they are not fleeing Russia any time soon. So according to your logic the North Korean hackers who borrowed $2BN in crypto are not criminals in North Korea's eyes despite the US government calling them criminals? You might want to come with real world examples with a larger impact instead of tiny selective scenarios where almost nobo…

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