381–390 of 506 posts
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> because rent and salaries are paid in something that actually has value: the dollar. In 2018, 90% of employees received their salaries in BNB https://www.ccn.com/90-of-employees-at-major-crypto-exchange...
Wow company scrip is back
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> ... with Coinbase it is the investors funds at risk, not the customers funds Oh boy are you in for a surprise: "In its quarterly report, Coinbase added a risk disclosure: if the company were to file for bankruptcy, the court might treat customer assets that the exchange is custodian for -- their Bitcoin, Dogecoin or whatever -- as Coinbase’s assets. And they’d be at the back of the line for repayment, forcing norma…
Here's the un-editorialized full text from their SEC filing: > Moreover, because custodially held crypto assets may be considered to be the property of a bankruptcy estate, in the event of a bankruptcy, the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings and such customers could be treated as our general unsecured creditors. This may result in customers finding o…
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If it sounded reassuring to you then I should work on my writing skills, it certainly wasn't meant that way. > sounds like a reason to leave the mine. Absolutely, if you have funds in this - and any other unaudited - exchange GTFO or you may lose everything. Either their claim that they have the funds is real and you get your money and later you can re-deposit it or you'll be at least not one of the ones left holding…
I read it as a mid-tier accounting firm selling their seal of approval to raise income on sketchy accounts. That's not really news (or effective) unless the accounting firm has some respectability (like Aurthur Anderson ;^).
The big differentiators are the price point and their ability to create an army of consultants on a moments notice where required. The big four clearly have an edge in those cases - at a price.
If Mazars is heading out the door you should try to beat them to the curb.
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Mazars is not lower tier. They're not in the big four but they are quite large and well respected, at least they were until they - and BDO, another large accounting firm - were flagged as insufficient in terms of oversight by the UK regulators. See: https://www.bloomberg.com/news/articles/2022-07-20/mazars-bd... So they're on thin ice and they will not risk going down with this particular ship.
Mazars and BDO are large yes, but they're not well respected. Over the past decade, both have had the ignominious distinction of having the worst PCAOB review scores of the top 100 accounting firms. It appears that their auditing practices in the U.K. aren't any better. (And both Mazars and BDO provided tax and auditing services to the Zuma and Ramaphosa administrations in South Africa, though this is because BDO's f…
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Whataboutists have arrived to protect China-owned Binance
Even though I'm crypto agnostic, I'm diversified. I have some funds in Coinbase, but I don't really want to go to the trouble of maintaining a hardware wallet. I'm way more likely to lose a wallet or mismanage it than not. As an anecdote, I had several million dogecoin from 2014 or so as a joke, which I think amounted to several hundred thousand dollars just a few years back. I couldn't find, figure out, or be bother…
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Money in general has transaction costs - even cash decays every time it changes hands. Is it all a negative sum game? It seems that in order to make that claim, you need to make some comparison between the value produced and the costs incurred. IMO, crypto is pretty scammy but there is some value (note that crypto is most popular in countries with unstable economies and corrupt governments). A crypto that’s optimized…
Money in general are traded for productive goods and services , not other kinds of money. That's why it's not negative sum. If you had a bunch of people trading between USD and GBP amd EUR and doing nothing else, that would be negative sum and look an awful like what people do with cryptocurrency.
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Money in general has transaction costs - even cash decays every time it changes hands. Is it all a negative sum game? It seems that in order to make that claim, you need to make some comparison between the value produced and the costs incurred. IMO, crypto is pretty scammy but there is some value (note that crypto is most popular in countries with unstable economies and corrupt governments). A crypto that’s optimized…
> note that crypto is most popular in countries with unstable economies and corrupt governments "Possibly marginally less bad than an unstable fiat currency propped up by a corrupt regime" is not high praise.
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BTC won’t vanish but most all other ones will revert to their natural state outside of the last few years bubble (zero-ish). I’m sure BTC will still be worth some thousands. And I’m a BTC long term skeptic
At least Tulip bulbs can be planted. Crypto just burns electricity. The value of crypto is actually negative at this point.