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Binance founder Changpeng Zhao agrees to step down, plead guilty

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Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#461

Post by acdha »

umeshunni wrote: post #379
acdha wrote: post #370

Earlier quoted context omitted.

A lot of the inflation seen in the U.S. is corporate profit-taking such as when the automakers used the chip shortages to steer buyers towards the highest-end models they prioritized for production while less profitable models were back ordered. That matters because cryptocurrencies don’t help at all with the inflation consumers are seeing, while adding more personal risk and an exchange rate to arbitrage.

That's not how inflation works.

It is. If you’ve never learned economic except from cryptocurrency marketing material, inflation simply refers to the prices of goods and services increasing, not any one specific cause. That can happen due to real changes in demand or supply, government policy changes, or other factors like changes in the labor market. It’s key to understand why inflation is happening because that tells you both whether it’s a problem - almost all serious economists think modest inflation is good for keeping the economy moving – and what kinds of fixes might be needed. For example, a crop failure will cause a spike in prices but if you don’t have reason to expect a late frost to happen again you probably don’t need to make structural changes; if some industrial component costs more because mines are running out, you might need a larger intervention.

In this case, prices went all over the place during the pandemic and the question is how they recover – companies are a lot quicker to raise prices than lower them and if you look at the business press there were a lot of record profits reported - the most since the 1950s when American companies were reaping the profits of uninterrupted production capacity selling to post-WWII Europe:

https://www.bloomberg.com/news/articles/2022-08-25/us-corpor...

The St. Louis Fed estimated 60% of the inflation in 2021 was profit-taking:

https://www.npr.org/2023/05/19/1177180972/economists-are-rec...

The story in Europe is similar with roughly half:

https://www.imf.org/en/Blogs/Articles/2023/06/26/europes-inf...

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#462

Post by psychlops »

acdha wrote: post #370
psychlops wrote: post #197

Earlier quoted context omitted.

I suggest spending some time understanding why the cost of living went up. Clearly you live in a place with a relatively stable currency (for now).

A lot of the inflation seen in the U.S. is corporate profit-taking such as when the automakers used the chip shortages to steer buyers towards the highest-end models they prioritized for production while less profitable models were back ordered. That matters because cryptocurrencies don’t help at all with the inflation consumers are seeing, while adding more personal risk and an exchange rate to arbitrage.

You have an interesting worldview. Corporations take profits to pay their employees. They do this with or without inflation and always have.

How would a crypto "help" with inflation? In the same way the Dollar "helps" with the inflation of the Euro?

Cryptos don't add to personal risk, people do that. If you think cryptos are making an impact, you should understand that the entire crypto economy is a rounding error in inflationary impact.

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#463

Post by tnel77 »

EFreethought wrote: post #324
mcintyre1994 wrote: post #311

Earlier quoted context omitted.

Visa are using it for cross-border settlements between issuer and merchant banks: https://usa.visa.com/about-visa/newsroom/press-releases.rele...

This is surprising. But it might not be as pro-crypto as crypto-boosters think. Crypto was supposed to replace orgs like Visa. Now Visa is co-opting crypto.

This feels like moving the goal posts a bit.

>>Name one thing good about crypto

names it

“Welllll that doesn’t count.”

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#464

Post by tnel77 »

pawelduda wrote: post #50
tnel77 wrote: post #43

Earlier quoted context omitted.

And why would that be?

Because he's salty about it, the comment doesn't point at anything else

I don’t understand why they care so much. If crypto is so bad, just leave it alone and let it die.

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#465

Post by driverdan »

greyw wrote: post #75
carimura wrote: post #73

Earlier quoted context omitted.

anybody else have issues with archive.is lately? Tried two computers multiple browsers and all I get is a never-ending security check, sometimes with a captcha to really laugh at me.

Its cloudflare dns

It's not Cloudflare, it's the owner of archive.is intentionally messing with CF DNS so you can't access the site if you use it.

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#466

Post by naraga »

mrjin wrote: post #453
naraga wrote: post #442

Earlier quoted context omitted.

FWIW, CZ is (and was viewed as) a good actor in the industry. He did a lot of good not only for crypto adoption but for access to better fiat currencies for people in countries with hyper-inflating collapsing system. comparing him to SBF (like many do) is absolutely not fair. he fcked up on AML front for sure and he is going to be punished rightfully but he did just so much good for people that he will stay remembere…

So there is good con and bad con?

He is not a con. At least there is no indication yet.

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#467

Post by keep_reading »

EFreethought wrote: post #323
keep_reading wrote: post #207

Earlier quoted context omitted.

I think it's criminal to leave people in underdeveloped countries at the whims of unaccountable central-bank-style institutions like Federal Reserve.

It's criminal to leave people in underdeveloped countries at the whims of criminals.

central bankers are indeed criminals!

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#468

Post by keep_reading »

lottin wrote: post #97
zarzavat wrote: post #58

Earlier quoted context omitted.

“Orange reddit” was one of the first places that Bitcoin was discussed. Consequently there’s an awful lot of people here who know exactly how much they missed out, and express this by being saltier than dead sea whenever the topic comes up. The accepted wisdom on HN, when the bitcoin price was in the single digits, was that it was a “tulip bubble” and you should absolutely not buy it under any circumstances.

I first read about Bitcoin on Slashdot. I thought it was a stupid idea back then, and I think it's a stupid idea now. Buying bitcoin in 2008 would have been a terrible investment decision regardless of whatever result it might have produced. If you don't understand that an investment decision can't be evaluated after the fact on the basis of the outcome of single random event you know nothing about investing.

If you would have looked at the geopolitical landscape and what they've been doing to our money for 100 years it would have been an easy investment to make. Geopolitics and monetary policy is your due diligence.

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#469

Post by keep_reading »

colesantiago wrote: post #393
sneak wrote: post #369

Earlier quoted context omitted.

Ethereum has negative inflation, unlike many fiat currencies. I have used Bitcoin to donate money to organizations the state would prefer me not to, such as Ukrainian defense, or Wikileaks (famously blockaded by banks without/before criminal charges). There are lots of truly amazing cross-border use cases; permissionless internet money has huge utility. NFTs allow fans to financially support visual artists via collec…

> I have used Bitcoin to donate money to organizations the state would prefer me not to, such as Ukrainian defense, or Wikileaks (famously blockaded by banks without/before criminal charges). So? You can do all of this without crypto, there is nothing new or novel that crypto has done here. > There are lots of truly amazing cross-border use cases; permissionless internet money has huge utility. Same again, and in fac…

You can't send cash over the internet, but anyone who thinks you get privacy on blockchain transactions (other than Monero) has been mislead.

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#470

Post by amjnsx »

kylebenzle wrote: post #81
npalli wrote: post #62

Earlier quoted context omitted.

"True crypto has never been tried"

XMR and BCH have been working great for a decade and in my mind are the ONLY Cryptocurrency projects that are not outright scams or digital ponzi schemes. It's odd how clear the picture is but how many people have been fooled by fakes. What other industry is 99% scams and only 1% legitimate?

I'm curious as to why BCH is not a ponzi vs BTC given the former is a fork of the latter - so they pretty much work the same way apart from a larger block size.
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