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Binance founder Changpeng Zhao agrees to step down, plead guilty

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421–430 of 498 posts

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

#421

Earlier quoted context omitted.

Binance is also accused of commingling funds.

Commingling is not losing or spending. I don't know why you used a "also" with a word that wasn't in the comment you responded to.

If you commingle customer funds, by definition you’re spending some of them when you use that account to pay business expenses, it’s impossible to differentiate them and makes several other types of fraud more likely.

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

#422
post #182

Earlier quoted context omitted.

Tether has been convicted of fraud.

If that meant anything the USDT to USD peg would collapse as it could no longer be redeemed for fiat.

It means something, and tether will collapse.

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

#423
post #411

Earlier quoted context omitted.

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 t…

Gold is getting consumed and still mined.

BTC is made 1 per 10 minute.

BTC is not gold

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

#424
post #329

Earlier quoted context omitted.

Utility? It already works. I've gotten paid for services via monero. I'd be very happy if Monero somehow turned into the stable coin of crypto. It could just hover around $150-$200 forever.

You can feed your dog dinner off a golden plate, but that doesn't mean the price of gold is driven by its utility .

The purpose of a thing is not the driver of its price. It's unfortunate that crypto's turned into speculative stocks but to say it has no purpose or utility is just wrong. It actually works.

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

#425

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…

Just because a government doesn't have an extradition treaty doesn't mean they won't extradite. Most countries with non-extradition policies only apply them to native-born nationals and sometimes citizens in general. For some random foreigner, it depends entirely on the geopolitical situation.

Adolf Eichmann says hi.

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

#426
post #182

Earlier quoted context omitted.

Tether has been convicted of fraud.

If that meant anything the USDT to USD peg would collapse as it could no longer be redeemed for fiat.

Most people can't redeem USDT from Tether... Read their terms. You can only redeem USDT for USD if you bought directly from them, and even then it needs to be more than $100k. If you fulfill those two requirements, they'll let you redeem if they want to. They state in their terms that redemption is entirely at their discretion, and they can just say no if they gambled the reserves away.

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

#427
post #411

Earlier quoted context omitted.

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 t…

Gold is getting consumed and still mined. BTC is made 1 per 10 minute. BTC is not gold

Exactly they aren’t. But they have some parallels in properties (fungible, less prone to inflation etc)

But gold or any other precious metals for that matter still has a flaw of having unlimited supply. Yes the supply is limited on earth but we are only couple of decades far from mining asteroids like 16 Psyche.

Flood the market with gold, it will drastically lose its value and this will indeed help its consumption like manufacturing of electronics etc but gold as an asset would be pointless.

This cannot happen in BTC, which is programmed to have finite supply.

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

#428
post #409

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."

Free and unrestrained insight into the ruthless and the sociopath minds is half the reason I come here.

Ah, thank you for putting words to describe why my gut feeling of morbid curiousity applies to HN like it does for air crash investigations.

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

#429

Earlier quoted context omitted.

Just because a government doesn't have an extradition treaty doesn't mean they won't extradite. Most countries with non-extradition policies only apply them to native-born nationals and sometimes citizens in general. For some random foreigner, it depends entirely on the geopolitical situation.

Adolf Eichmann says hi.

Eichmann wasn't extradited (because Israel knew Argentina probably wouldn't agree based on previous history, they didn't even try not to tip him off), he was kidnapped by Mossad operatives and smuggled out of Argentina while drugged.
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