Binance lays off over 1k Employees • Hacker News Board

Re: Binance lays off over 1k Employees

#231

Post by RestlessMind » Sat, Jul 15, 2023, 6:57 PM UTC

acaloiar wrote: post #170

RestlessMind wrote: post #163

Earlier quoted context omitted.

> I would like to hear more about those use cases. Here you go, I have compiled some examples for you: https://news.ycombinator.com/item?id=32406095 > Because I cannot fathom a system where either currency or banking does not work, and the preferable alternative is to rely on a highly volatile asset that requires vast amounts of energy and time to work. May I ask you where you were born and raised? A lot of people do…

When that list reaches the length of https://web3isgoinggreat.com/web1 , a great point will have been made.

https://99bitcoins.com/bitcoin-obituaries/ is already a great counter-list to your list.

Btw, lumping Bitcoin with web3 is as pointless as lumping penny stocks with AAPL or BRK.A.

Re: Binance lays off over 1k Employees

#232

Post by syspec » Sat, Jul 15, 2023, 11:55 PM UTC

rationalist wrote: post #211

MuffinFlavored wrote: post #58

Earlier quoted context omitted.

> All exchanges have a huge % of wash trading to hold up prices Even "knowing this" (I mean, none of us have really any proof just at what scale it's happening at and... the same things happens in the S&P500 with high frequency trading algorithms/bots trading back and forth, hedge funds, institutional investors, etc.) I don't feel like I can confidently explain who/how many people really dollar cost average into Bitc…

> none of us have really any proof just at what scale it's happening at True, but there was an exchange a few months ago that turned off trading for customers for whatever reason, but the exchange forgot to turn of its bot and you could see a perfectly-formed, gradually-increasing, stair-stepping pattern in it's price chart.

Interesting, do you have a link where I can read about this?

Re: Binance lays off over 1k Employees

#233

Post by Guvante » Sun, Jul 16, 2023, 4:38 AM UTC

Tao3300 wrote: post #77

Guvante wrote: post #37

Earlier quoted context omitted.

I mean feel free to make the next Twitter with a single Engineer if you think it is possible.

Twitter is a weird example. The next Twitter has to be at least as good as Twitter without the growing pains. The initial product didn't scale well and probably was written quickly by very few people.

The author didn't say "early Twitter" they said Twitter.

They claimed you don't need more than one Engineer to run a product like Twitter in their post so I said they should try.

Re: Binance lays off over 1k Employees

#234

Post by davidgerard » Sun, Jul 16, 2023, 1:08 PM UTC

MuffinFlavored wrote: post #55

davidgerard wrote: post #23

Earlier quoted context omitted.

number is one thing, but volume is through the floor

How much is it down % wise compared to what period previously?

solid numbers are sometimes not so easy to find - you should presume that any number in crypto that could be faked is being faked - but there's clearly been a serious decline.

Coinbase reveals in 10-K and 10-Q filings how it's lost over 75% of retail customers, i.e. the guys who supply the scarce actual dollars to crypto.

CoinDesk has been running regular articles on how it's down, e.g.

* https://www.coindesk.com/markets/2023/07/05/crypto-trading-v... - "Still, spot trading volumes remain at historically low levels. Spot trading volume in the second quarter was the lowest since Q4 2019, according to the report."

* https://www.coindesk.com/markets/2023/06/15/crypto-trading-v... - "Average daily volumes for the second quarter of 2023 were $10 billion for the top 10 tokens (excluding stablecoins), compared to $18 billion average daily volumes in the first quarter of the year."

this is important, because a thin market means the price is more easily fakeable. The TrueUSD stablecoin seems to have lost its backing recently, but simultaneously with that Binance somehow printed $2b worth of TrueUSD. What could you do to the bitcoin price if you had $2b of fake money to do it with?