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Binance lays off over 1k Employees

wsj.com

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Re: Binance lays off over 1k Employees

#101

Post by mehlmao »

arbol wrote: post #67
RyanAdamas wrote: post #63

We just need a law that bans cryptographic exchanges and transfers in the USA. They are not assets, they provide no real utility, they are just speculative devices that no longer function as originally intended; as a replacement for fiat currency. So, it simply needs to be outlawed and all the money repatriated into whatever currency it came from; most of it dollars.

This seems pretty out of touch. They're the first challenger to fiat currencies ever. Outlawing them will stifle any innovation that arises from their development.

The only notable innovation to come from cryptocurrencies is the rise of ransomware, a drain on the global economy that funds terrorists and dictatorships.

Re: Binance lays off over 1k Employees

#102

Post by RyanAdamas »

chrisco255 wrote: post #81
RyanAdamas wrote: post #63

We just need a law that bans cryptographic exchanges and transfers in the USA. They are not assets, they provide no real utility, they are just speculative devices that no longer function as originally intended; as a replacement for fiat currency. So, it simply needs to be outlawed and all the money repatriated into whatever currency it came from; most of it dollars.

First provide me with a universal, legal definition of asset, before we argue about whether or not something is an asset. Nevermind that I'm sure if I pried into the particulars of your life, I would find something cryptographic or digital that belongs to you, which you would be disappointed to live without, even if it's meaningless to most people. And as a lover of liberty, I would never wish to deprive you of the r…

First, provide me with a universal definition of liberty. I would hate for you to infringe on other peoples and so would need you to clarify a valid and sound method for determining in all cases where yours begins and others ends. Then, apply it to the functions and limitations of a democratic system for determining those boundaries and from there we can begin to unravel the complexity of bad faith arguments and red herrings.

You can have my cryptokitties.

Re: Binance lays off over 1k Employees

#103

Post by hiq »

pfisch wrote: post #57
ceejayoz wrote: post #50

Earlier quoted context omitted.

Precisely this. It's like being pleased about the value of your Madoff holdings. Looks great, on paper, until too many people try to cash out at once.

I mean you could say that about any stock or bank. If everyone tries to cash out it goes to 0.

One thing though is that is unlikely that everyone would cash out below a certain price for a stock can be sold for parts. There would be at least some people realizing that they might as well hold, liquidate the company and make a profit out of it. So in practice there's a floor for the stock price (as long as assets > liabilities or similar).

That's not the case of BTC. Its value is completely depends on confidence. At no price can you be sure that you'll make a profit, you can only guess that it'll go back up, so there's no such floor.

Re: Binance lays off over 1k Employees

#104

Post by RyanAdamas »

vegasbrianc wrote: post #71
RyanAdamas wrote: post #63

We just need a law that bans cryptographic exchanges and transfers in the USA. They are not assets, they provide no real utility, they are just speculative devices that no longer function as originally intended; as a replacement for fiat currency. So, it simply needs to be outlawed and all the money repatriated into whatever currency it came from; most of it dollars.

The federal courts disagree with your opinion today https://www.bloomberg.com/news/newsletters/2023-07-13/what-d...

No, they didn't. They disagreed with a federal agency's attempt to regulate. They didn't overturn a law banning cryptocurrencies.

Re: Binance lays off over 1k Employees

#105

Post by RyanAdamas »

arbol wrote: post #67
RyanAdamas wrote: post #63

We just need a law that bans cryptographic exchanges and transfers in the USA. They are not assets, they provide no real utility, they are just speculative devices that no longer function as originally intended; as a replacement for fiat currency. So, it simply needs to be outlawed and all the money repatriated into whatever currency it came from; most of it dollars.

This seems pretty out of touch. They're the first challenger to fiat currencies ever. Outlawing them will stifle any innovation that arises from their development.

Outlawing Cryptographic exchanges and transfers are not outlawing distributed ledger technology nor networks with tokens not denominated or traded in US dollars.

Re: Binance lays off over 1k Employees

#106

Post by nkuttler »

vorticalbox wrote: post #79
acaloiar wrote: post #60

Earlier quoted context omitted.

Everything you need to know about crypto today can be found at https://web3isgoinggreat.com/

> and is definitely not an enormous grift that's pouring lighter fluid on our already smoldering planet. This is actually a worry i have about in regards to crypto, the BTC network uses a staggering amount of power. Ai is next of my power hungry worry list.

> the BTC network uses a staggering amount of power

Actually, bitcoin uses a ridiculously small amount of power for what it provides. See for example here https://www.lynalden.com/bitcoin-energy/ for an introduction to clear up this misconception.

Re: Binance lays off over 1k Employees

#107

Post by brycelarkin »

arp242 wrote: post #46
ot wrote: post #9

> It was not easy saying no to Super bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did. Today, we are hiring for 2000 open positions for #Binance. https://twitter.com/cz_binance/status/1537013824666095617 Jun 2022, didn't age well.

Knew someone who worked at Binance, as support. I'm sure he's competent enough at his job, but he has no special skills or anything. He made more money than I did as a senior software dev at the time. It seems not only did they hire a lot of people, they also paid them an ungodly amount of money.

Cash comp or was he also compensated in tokens?

Re: Binance lays off over 1k Employees

#108

Post by SamReidHughes »

ElevenLathe wrote: post #97

It's pretty insane that they have this many employees to start with. > Before the layoffs, Binance had a global staff of 8,000. The whole thing is self-evidently a massive scam! There are still 7,000 people working there!

Binance is a crypto exchange. Where's the scam?

Re: Binance lays off over 1k Employees

#109

Post by RyanAdamas »

1-more wrote: post #80
RyanAdamas wrote: post #63

We just need a law that bans cryptographic exchanges and transfers in the USA. They are not assets, they provide no real utility, they are just speculative devices that no longer function as originally intended; as a replacement for fiat currency. So, it simply needs to be outlawed and all the money repatriated into whatever currency it came from; most of it dollars.

how would you get the money back? Wouldn't that tank the price of everything? Not saying I'm categorically opposed to that but you'd essentially be confiscating the crypto since it'd be impossible to sell it for anything close to what you paid, right?

It would be a US law so they can get their money back in foreign currencies since its cryptographic and can be transferred to other exchanges internationally, and if they want dollars they can exchange it on the open market. Thankfully, that would increase the demand for dollars and continue to strengthen a currency weakened by a massive speculative market primed through international drug trafficking.

Re: Binance lays off over 1k Employees

#110

Post by RyanAdamas »

Zpalmtree wrote: post #99
RyanAdamas wrote: post #63

We just need a law that bans cryptographic exchanges and transfers in the USA. They are not assets, they provide no real utility, they are just speculative devices that no longer function as originally intended; as a replacement for fiat currency. So, it simply needs to be outlawed and all the money repatriated into whatever currency it came from; most of it dollars.

stop running code I don't like :(((

Stop exchanging code for dollars and pretending it provides any social or economic utility.
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