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Binance to acquire CoinMarketCap for $400M

decrypt.co

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Re: Binance to acquire CoinMarketCap for $400M

#21

Post by Melting_Harps »

Nursie wrote: post #17
cryptica wrote: post #14

Earlier quoted context omitted.

Agreed. The bailout money will go straight into crypto. I predict that people are going to start taking out bank loans at 0% interest to buy crypto. Crypto assets have a very unusual attribute that they cannot always be recovered in case of bankrupcy because only the owner knows the private key to their wallet and they can claim to have 'lost their keys'. Cryptocurrencies therefore offer a decentralized mechanism to…

I also predict some utter idiots will indeed take out low interest loans and stake them in the heavily manipulated, volatile casino that is the cryptocurrency market. Then they will find themselves with a pile of debt and no way to pay it off, just as many have before when 'investing' in hokey schemes and outright scams.

> Then they will find themselves with a pile of debt and no way to pay it off, just as many have before when 'investing' in hokey schemes and outright scams.

Oh, you mean like the rest of the entire banking and financial markets that led to all of the bailouts in the first place? And enriched and further consolidated the power of the 'too big to fail' institutions that continue to be rewarded for their corruption.

I'm not going to engage with the same tired arguments we had last time, and I don't doubt the scenario above happening either now that the Federal Reserve essentially got Carte Blanche to buy up so many loans should they go bad from the Banks, but given the current situation you have to at least see the BLATANT irony in your statement.

The SEC shuts down the mainly algo-trained, bot-trading driven stock market because they're taking on too many loses and you're decrying Crypto as the hotbed of malfeasance and manipulation?

If you can't see regulatory capture when it stares at you in the face this way, maybe you should really be looking at another more pertinent axe to grind.

Re: Binance to acquire CoinMarketCap for $400M

#22

Post by Melting_Harps »

maxencecornet wrote: post #19
csomar wrote: post #11

To the suspicious, CMC is more than a crypto prices list: https://coinmarketcap.com/api/pricing/ They also have several openings: https://jobs.coinmarketcap.com/employers/293118-coinmarketca...

I'm one of the paying client for the API, people in the comments fail to understand that CMC API has many paying customers

> I'm one of the paying client for the API, people in the comments fail to understand that CMC API has many paying customers

Ok, I'll bite as I think I have somewhat of an idea what their underlying value is from this service, even though I admit I don't trade; do you honestly believe that without that rating system offered to the Institutional Investment crowd I mentioned earlier they'd be at even a fraction of their valuation/purchase price?

I ask because gaining a paying client list, which is probably a rounding error in comparison to Binance's current accrued trading fees, cannot really be the main selling point for this deal. Especially when investing in various cryptocurrencies itself is likely to have a higher risk-reward ratio than this API being the best thing since Bitcoin's Layer 2.

It's at best a (minor) value added service, in comparison to the potential of targeting and capturing the (predicted?) incoming waves capital flight risk, now that all this hot money is entering the Economy from China, US, EU, Australia, UK etc...

Re: Binance to acquire CoinMarketCap for $400M

#24

Post by cesarb »

cryptica wrote: post #18
Nursie wrote: post #17

Earlier quoted context omitted.

I also predict some utter idiots will indeed take out low interest loans and stake them in the heavily manipulated, volatile casino that is the cryptocurrency market. Then they will find themselves with a pile of debt and no way to pay it off, just as many have before when 'investing' in hokey schemes and outright scams.

But think about it. What does bankrupcy actually mean if all of the bankrupt person's assets are in crypto and only they know the private key? The bank/creditors cannot recover these assets. So by that definition, is the person actually bankrupt if they still control all of these crypto assets? One could argue that crypto makes reckless individuals bankruptcy-proof.

> What does bankrupcy actually mean if all of the bankrupt person's assets are in crypto and only they know the private key? The bank cannot recover these assets.

There are two cases: either the person declares these assets, or the person tries to hide these assets. If these assets are declared, they must be sold to pay as much as possible of the debts, or the debts won't be forgiven. If the person tries to hide these assets, the consequences are much worse; a quick web search tells me the debts won't be forgiven (or the forgiveness will be revoked after the fact), these debts cannot be forgiven later on another bankruptcy, and the person can even be arrested and/or pay a heavy fine (source: https://www.nolo.com/legal-encyclopedia/bankruptcy/hiding-as...).

Re: Binance to acquire CoinMarketCap for $400M

#25

Post by Melting_Harps »

gentaro wrote: post #12
Avalaxy wrote: post #2

400 Million?! Maybe I'm missing something, but last time I checked, CoinMarketCap was just a stock ticker website for cryptocurrencies. Where is the value...?

You're underestimating the influence CMC has over the space. They determine what exchange volume is legit and what isn't, also what coins are worthy of being listed. At the least, this gives Binance additional stability, at the most, they can really consolidate trading volume at their exchange and for Binance approved coins.

>They determine what exchange volume is legit and what isn't, also what coins are worthy of being listed.

Heh, well this aged well:

https://bitcoinist.com/coinmarketcap-new-listing-vote/

https://bitcoinist.com/binance-listing-2-6-million-fee/

Re: Binance to acquire CoinMarketCap for $400M

#27

Post by cryptica »

cesarb wrote: post #24
cryptica wrote: post #18

Earlier quoted context omitted.

But think about it. What does bankrupcy actually mean if all of the bankrupt person's assets are in crypto and only they know the private key? The bank/creditors cannot recover these assets. So by that definition, is the person actually bankrupt if they still control all of these crypto assets? One could argue that crypto makes reckless individuals bankruptcy-proof.

> What does bankrupcy actually mean if all of the bankrupt person's assets are in crypto and only they know the private key? The bank cannot recover these assets. There are two cases: either the person declares these assets, or the person tries to hide these assets. If these assets are declared, they must be sold to pay as much as possible of the debts, or the debts won't be forgiven. If the person tries to hide thes…

They can probably leave their home country and go to some country like Russia or China (or they could probably do the reverse and come to the US if their creditors are in China) and take their crypto with them. Even in the absolute worst case, some countries won't extradite to others.

Even the UK willingly accepts money from rich Russians. A lot of properties in London were bought with dirty Russian money; Russia can't get it back.

Re: Binance to acquire CoinMarketCap for $400M

#28

Post by gridlockd »

Melting_Harps wrote: post #21
Nursie wrote: post #17

Earlier quoted context omitted.

I also predict some utter idiots will indeed take out low interest loans and stake them in the heavily manipulated, volatile casino that is the cryptocurrency market. Then they will find themselves with a pile of debt and no way to pay it off, just as many have before when 'investing' in hokey schemes and outright scams.

> Then they will find themselves with a pile of debt and no way to pay it off, just as many have before when 'investing' in hokey schemes and outright scams. Oh, you mean like the rest of the entire banking and financial markets that led to all of the bailouts in the first place? And enriched and further consolidated the power of the 'too big to fail' institutions that continue to be rewarded for their corruption. I'…

Whataboutism does not strengthen your own position.

Cryptocurrencies still suck as currencies and they are always just one regulatory action away from becoming practically useless for non-criminals.

Re: Binance to acquire CoinMarketCap for $400M

#29

Post by NhanH »

gridlockd wrote: post #28
Melting_Harps wrote: post #21

Earlier quoted context omitted.

> Then they will find themselves with a pile of debt and no way to pay it off, just as many have before when 'investing' in hokey schemes and outright scams. Oh, you mean like the rest of the entire banking and financial markets that led to all of the bailouts in the first place? And enriched and further consolidated the power of the 'too big to fail' institutions that continue to be rewarded for their corruption. I'…

Whataboutism does not strengthen your own position. Cryptocurrencies still suck as currencies and they are always just one regulatory action away from becoming practically useless for non-criminals.

I don't care much about cryptocurrencies, but everything is always just one regulatory action away from becoming practically useless for non-criminals.

Re: Binance to acquire CoinMarketCap for $400M

#30

Post by JoeAltmaier »

NhanH wrote: post #29
gridlockd wrote: post #28

Earlier quoted context omitted.

Whataboutism does not strengthen your own position. Cryptocurrencies still suck as currencies and they are always just one regulatory action away from becoming practically useless for non-criminals.

I don't care much about cryptocurrencies, but everything is always just one regulatory action away from becoming practically useless for non-criminals.

Isn't that backward? Regulation doesn't affect criminals. Look at 'gun control' attempts.
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