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Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work

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Re: Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work

#471

Post by tsimionescu »

oh_my_goodness wrote: post #176
tsimionescu wrote: post #162

Earlier quoted context omitted.

Is there a central bank that can print or sell Bitcoin to stabilize its price? Is there a central bank that can set rates for BTC credits and deposits? If not, in what way is BTC a fiat currency?

"Fiat" means it didn't exist until somebody said "this is money". https://en.wikipedia.org/wiki/Fiat_money

That's not exactly true, since representative money work in a similar way.

Also, coins eith a fixed possible supply, such as Bitcoin, act more like commodities than fiat money.

Re: Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work

#472

Post by tsimionescu »

blueprint wrote: post #369
femto113 wrote: post #304

Earlier quoted context omitted.

> If you have assets in an un-audited exchange, get them out now. This is Mexican standoff. The only "value" crypto assets have comes from exchanges that will trade them for fiat. If crypto holders stop trusting exchanges and pull all their assets that will cause the exchanges to fail and those assets will then be worth nothing. On the other side if exchanges try to earn the trust of holders by becoming "fully transp…

> If crypto holders stop trusting exchanges and pull all their assets that will cause the exchanges to fail and those assets will then be worth nothing. maybe you havent heard but it's possible to send "crypto" (lol) directly from person to person

Sure, and it's also possible to live off the land and grow all of your own food: it's obviously possible, and people actually do it, but it doesn't scale to any reasonable degree.

Re: Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work

#473

Post by dmitriid »

tiarafawn wrote: post #298
dmitriid wrote: post #207

Earlier quoted context omitted.

> Binance did $40 billion in volume in the last 24 hours. It didn't > Even if their effective fee is only 1/100 of a percent that's $4 million. It's not. The reason? They "traded" fictitious currencies whose "value" is pure speculation and nonsense. Their fees are also denominated in these fictitious currencies. However, neither the offices they rent nor the people they employ have any interest in these, because rent…

> 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...

Those employees have to eat and pay rent. None of that is in BNB.

Given their "grossly inaccurate filings" I wouldn't trust random tweets https://www.ft.com/content/3fb2f6cf-e132-43f4-9d6a-34fd13eb8...

Re: Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work

#474

Post by RC_ITR »

fabian2k wrote: post #264
jefftk wrote: post #250

Earlier quoted context omitted.

> Full GAAP audit or we all assume you're broke. FTX passed a GAAP audit and was still broke. Safer just to take custody of your coins while your still can. 2021-08-27: " Both FTX and FTX.US have completed requirements to pass the US Generally Accepted Accounting Principles (GAAP) audit " https://blockworks.co/news/ftx-joins-coinbase-kraken-with-us...

FTX had many parts, did that audit actually cover all of them or was that just for a subset of companies?

People seem to forget that the entire point of shell structures is accounting tricks.

Sure FTX (the audited entity) really did have a piece of paper saying “magic beans company owes FTX $1bn in bitcoin” and all a GAAP audit would do is look at that paper and say “yep, this paper is worth $1bn (with maybe some repayment risk discount).” Maybe a good audit team tries to understand who really owns magic beans corp, but it’s easy to hide things like that.

FTX the audited entity could be totally fine, but then the shells are where the problem lies.

Re: Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work

#475

Post by phist_mcgee »

taejavu wrote: post #358
dicomdan wrote: post #303

Earlier quoted context omitted.

Binance is China-owned so there's no problems, all criminal allegations are false, company is in great shape, and customer's assets are safe. What about Coinbase?

Is this sarcasm?

Sarcasm doesn't exist on the internet until you add a slash s.

Slash s.

Re: Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work

#476

Post by guipsp »

jacquesm wrote: post #456
guipsp wrote: post #382

Earlier quoted context omitted.

You call it uneditorialized, but it is simply editorialized in a different direction.

I fail to see what this contributes.

I'll expand: it is in the interest of the writer of this "uneditorialized" document to downplay the risk.

Re: Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work

#477

Post by oblio »

nwienert wrote: post #447
oblio wrote: post #366

Earlier quoted context omitted.

ML is backed by solid science from the 80's and we've always known it would have uses, we just didn't have the computing power for it.

AI hasn’t threatened anything yet (in a not good way), so it hasn’t met regulation. Crypto threatened monetary systems, finance, VC, banks… and because of that attracted both all the money and all the ammunition from this recent QE hyper bubble. Now as it pops it’s very easy to say “look see it sucks,” but this shallow analysis, will it hold outside of the current recession? AI makes lots of splashy headlines but whe…

> but it also has good fundamentals in that it stands to distribute power towards the masses

I have a bridge in Brooklyn to sell you. Heck, I'll throw in some Brooklyn Bridge NFTs in, for good measure. 2,533 NFTs in total at $99 each.

Re: Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work

#479

Post by littlestymaar »

femto113 wrote: post #415
bragr wrote: post #400

Earlier quoted context omitted.

Send me 10,000 bitcoins and I'll send you a pizza.

Sure, but only if you'll send me the pizza without waiting for the transaction to be confirmed, I'm too hungry to wait.

”But bitcoin solves the double spending problem”

Re: Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work

#480

Post by baobabKoodaa »

jacquesm wrote: post #457
baobabKoodaa wrote: post #453

Earlier quoted context omitted.

Adding a /s to a post is the internet equivalent of saying "just joking haha" after saying a joke. It ruins half of the fun.

https://en.wikipedia.org/wiki/Poe%27s_law

I understand why you might want to add a sarcasm indicator to texts including sarcasm. I'm not arguing against that point. I'm trying to show the other side of the coin: why some other people would not want to add those sarcasm indicators.
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