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Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work
181–190 of 506 posts
Re: Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work
#182Even an audited exchange like Coinbase that is trying to do everything right is still self reporting loses like $430M in quarter 1 of 2022 just by operating their business correctly. Not your keys, not your crypto. Anyone storing their crypto on any exchange has this risk.
How do you lose so much money when your business it to charge fees? You'd have to do something really stupid to not make money.
It's easy. If you give me custody of a billion dollars, I will immediately fly to Vegas and put it all on red.
If I win, I keep the money. If I lose... You'll have a problem a few years down the road, when you try to withdraw.
Every one of the allergic-to-sunlight exchanges has a huge incentive to do what I described.
Re: Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work
#183Quoted post unavailable.
It is more accurate to separate software from the people operating businesses that use the software. There are MANY (so, so many) scams in crypto, but the underlying protocols are just protocols. Just like there are MANY (so, so many) scams that operate with dollars and in the traditional banking system. Humans are gonna be humans.
True but is there a positive ROI in sight for the amount invested in these solutions searching for a problem?
Re: Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work
#184Binance has seen much worse.
Binance is shady, but a lot of people in this thread are falling for bear market panic seekers.
Re: Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work
#185Even an audited exchange like Coinbase that is trying to do everything right is still self reporting loses like $430M in quarter 1 of 2022 just by operating their business correctly. Not your keys, not your crypto. Anyone storing their crypto on any exchange has this risk.
reporting loses like $430M in quarter 1 of 2022 just by operating their business correctly
Coinbase stock is going to zero.
Re: Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work
#186Earlier quoted context omitted.
I suppose that makes the case that Bitcoin is a fiat currency. I have yet to see strong indicators of that.
Can you point to any indicator that it's anything else? EDIT: https://en.wikipedia.org/wiki/Fiat_money
Yes, I totally can.
Bitcoin and other crypto is definitely not fiat currency, because virtually nobody will sell me a pack of cigarettes or a croissant for crypto currency.
Re: Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work
#187Earlier quoted context omitted.
Mazars isn't either so that feels a bit irrelevant.
Mazars is in the top 10 though, depending on which country you look at.
In comparison to the Big 4, this organization is clearly insignificant.
That's why I should have gone with "one of the top 25" firms. Nonetheless, "a top firm" is still applicable here, not "the top firm".
Their own website touts their spot in the top 25, and Accounting Today's 2021 revenue ranking further confirms this by placing them at number 21. While Mazars are 26th on the same list. (https://www.accountingtoday.com/the-2021-top-100-firms-data)
Evidently, this firm have audited billions and supposedly assured investors! But also I am more concerned about the lost savings of innocent people! Like Ontario Teachers', Canadian pension funds!
Re: Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work
#188Even an audited exchange like Coinbase that is trying to do everything right is still self reporting loses like $430M in quarter 1 of 2022 just by operating their business correctly. Not your keys, not your crypto. Anyone storing their crypto on any exchange has this risk.
How do you lose so much money when your business it to charge fees? You'd have to do something really stupid to not make money.
They’re spending a lot on R&D and staff
They were making money with the current amount of spending but then crypto flipped
They probably will have to lay off more people and give up on their current pace of development. Tickets will take 5 months to complete instead of 2
Re: Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work
#189"To prepare a proof of reserves report, an auditor uses procedures agreed with the company but does not vouch for whether those procedures are appropriate. The auditor also does not give any assurance or opinion over the numbers in the report, as it would in a full financial audit." What does it say that a lower-tier accounting firm wouldn't even complete this garbage process?
What does it even mean to audit a company that doesn’t follow or reconcile to GAAP (or equivalent)? Are there examples in any other industries?
It means you told the auditor how you want to be audited, and they did it.
Generally speaking, if you look hard enough, you could find an auditor that will happily audit your number of nosehairs, or talking parrots, or not ask too many questions about whether or not your shitcoins reserves are actually worth XY billion.
You may need to scrape the bottom of the barrel for that, though.
Re: Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work
#190Earlier quoted context omitted.
> when they 'pause their activity' that means that they are not going to tie their name to yours A parallel that might help people understand this is a "no recommendation" for an employee. When someone is enjoined from saying anything actually negative, silence can speak volumes.
Are any of the auditing companies willing to audit any of the crypto exchanges?
> any of the auditing companies willing to audit any of the crypto exchanges?
Deloitte audits Coinbase.