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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

#481

Post by KRAKRISMOTT »

refurb wrote: post #449
KRAKRISMOTT wrote: post #433

Earlier quoted context omitted.

He upset the democratic establishment when he chose to stalk Clinton’s daughter on YouTube

This is why Ross Ulbricht was doomed from the second he did that Forbes interview as “Dread Pirate Roberts” and dared the US government to come get him. You can do a lot of illegal things and get away with it, but questioning the US government’s ability is just asking to be made an example of. There are limited law enforcement resources and no doubt Silk Road would have gotten a bit longer reprieve, but once he poked…

So much for freedom and rule of law

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

#482

Post by Enogoloyo »

0xdeee wrote: post #427
Enogoloyo wrote: post #423

Earlier quoted context omitted.

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 l…

BTC has no finite supply.

Its domination will just change / already has.

I bought weed with BTC for years, I never cared how much it's worth I just used the current dominator value for 10g weed.

Not sure what advantage fungible should be? Even bills are fungible.

And there is no reason to assume BTC is less prone to inflation. BTC right now is not even stable enough to be deflationary or inflationary.

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

#483

Post by knorker »

cdchn wrote: post #478
knorker wrote: post #341

Earlier quoted context omitted.

I've seen analyses showing even without CZ it was just a matter of time before the house of cards collapsed. "It's only when the tide goes out that you see who's swimming naked". The tide was going out even without CZ's actions. And FTX was swimming naked to the bone.

Oh FTX was definitely a house of cards, but maybe they could have played funny money games, got more investement, and otherwise stayed solvent until their Antropic bets paid off mayyyybe. But CZ definitely swept their legs out, purely out of spite.

Agreed, it's maybe-maybe not. This is like playing what-if. There's no A/B testing with history.

What is not the case is that it would have clearly gone one way or the other.

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

#484

Post by colesantiago »

everfree wrote: post #479
colesantiago wrote: post #473

Earlier quoted context omitted.

No, since there are clearly cited sources on the centrality of Ethereum on AWS and everyone from Vitalik and others knows it. https://cointelegraph.com/news/3-cloud-providers-accounting-... https://www.coindesk.com/business/2022/10/12/morgan-stanley-...

Both your sources show that only 30-35% of nodes run on AWS. They seem to support my point that Ethereum would continue running during an AWS outage, not your point that Ethereum runs "solely" on AWS. Furthermore, the cointelegraph article misquotes a Messari report as if it's discussing the current state of Ethereum as having central points of failure, when it's really discussing a hypothetical upgrade to Ethereum t…

And?

This doesn't change the fact that centralisation is still a massive problem with Ethereum and it is still a big enough problem that everyone knows that the crypto infra of choice is to coalesce on AWS.

Infura deploys Ethereum nodes solely on AWS further centralising Ethereum on there thanks to a Consensys and AWS partnership.

The entire opposite of decentralisation in crypto.

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

#485

Post by everfree »

colesantiago wrote: post #484
everfree wrote: post #479

Earlier quoted context omitted.

Both your sources show that only 30-35% of nodes run on AWS. They seem to support my point that Ethereum would continue running during an AWS outage, not your point that Ethereum runs "solely" on AWS. Furthermore, the cointelegraph article misquotes a Messari report as if it's discussing the current state of Ethereum as having central points of failure, when it's really discussing a hypothetical upgrade to Ethereum t…

And? This doesn't change the fact that centralisation is still a massive problem with Ethereum and it is still a big enough problem that everyone knows that the crypto infra of choice is to coalesce on AWS. Infura deploys Ethereum nodes solely on AWS further centralising Ethereum on there thanks to a Consensys and AWS partnership. The entire opposite of decentralisation in crypto.

Again, you're free to hold whatever additional opinions you want. I'll respectfully pass on discussing those, as my original intent was to correct a particular piece of misinformation.

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

#486

Post by acdha »

psychlops wrote: post #462
acdha wrote: post #370

Earlier quoted context omitted.

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.

You have an interesting worldview. Corporations take profits to pay their employees. They do this with or without inflation and always have. How would a crypto "help" with inflation? In the same way the Dollar "helps" with the inflation of the Euro? Cryptos don't add to personal risk, people do that. If you think cryptos are making an impact, you should understand that the entire crypto economy is a rounding error in…

I think you misunderstood the point: when a large portion of the cost increases are due to companies raising their profit margins, changing how you pay for it won’t affect that.

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

#487

Post by klooney »

vkou wrote: post #300
klooney wrote: post #225

Earlier quoted context omitted.

Saying that the Mensheviks predate the Bolsheviks is kind of odd- there was one political party, then they had a big fight and split in two. Menshevik literally means "minority" and Bolshevik "majority", that's how intertwined the two are.

By the time of the October Revolution, the Mensheviks were actually a majority, and were a significant faction in the Russian Provisional government. The Bolsheviks were not. The Bolsheviks were a minority, but controlled key elements of the army. After months of civil unrest and violence, they staged an armed coup.

My understanding is that the Mensheviks were technically a majority on the first day of the split, because Lenin had pushed so many people out before the climax of the conference. The point still stands though, that's what the words mean.

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

#489

Post by tw1984 »

noch wrote: post #432
tw1984 wrote: post #414

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.

> most of his assets gathered by his con job. How did he con you? Did someone force you to use Binance? Do you have evidence that he conned someone?

He didn't con me as I knew from the beginning that crypto currency itself is a con. CZ profited from his con job when he sell people stuff at stupidly high price knowing it actual worth nothing.

In case this is too hard for you to understand, try this - if I walk alone the street selling people paper with your name signed on it promising that such "magic sheet" is going to bring them unconditional happiness and I manage to sell millions of such sheets with a profit of billions, is that a con job?

This is exact what CZ did. He was/is/will always be remembered as a con man.

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

#490

Post by kylebenzle »

halfcat wrote: post #149
kylebenzle wrote: post #90

Earlier quoted context omitted.

The ETF will have to be approved BEFORE Tether is brought down. The powers that be need a way to control the price, an ETF is the easiest but until then they have Tether. Why else would the US allow the largest counterfeit money printer to continue for long?

> Why else would the US allow the largest counterfeit money printer to continue for long? Are you taking about tether or the fed?

Tether, sorry and thank you, I'll edit that.
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