Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

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

ft.com

Post reply on HN
Print view View original

501–506 of 506 posts

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

#501

Post by stev-0 »

noisenotsignal wrote: post #386
echelon wrote: post #336

Earlier quoted context omitted.

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…

Holy cow, you had hundreds of thousands of dollars of assets and couldn’t be bothered to figure out how to cash out before they lost value? You are on a different planet of financial management than most of us.

A friend of mine was in a similar position. I’m he knew he had a wallet holding about $300k of dodge coin. He just didn’t know if he had the key.

Long story short: he spend a big amount of time trying to recover the wallet key and failed. I’d understand someone not wanting to try something like that. It must be pretty demoralizing.

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

#502

Post by oblio »

nwienert wrote: post #496
oblio wrote: post #477

Earlier quoted context omitted.

> 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.

Without any argument, this is just cope

Decentralized anything only works if people put in the legwork.

Regular people won't ever manage their own keys and if they will, a huge percentage of them will lose them in some way, thereby losing lifelong savings and such.

Which is exactly what's happening with unregulated crypto right now, people are using centralized exchanges and getting scammed.

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

#503

Post by [deleted] »

acdha wrote: post #482
hyperdunc wrote: post #441

Earlier quoted context omitted.

What's this trend of telling others to please do something? I've seen it all over HN this year and it's so condescending.

It can be condescending but that’s not the only option. There’s been a lot of upset recently and older posters who remember 2000 and 2008 are trying to spare people the pain a lot of us either experienced personally or saw friends encounter. Based on his years of posting, I’m sure Jacques is in the latter category.

[deleted]

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

#504

Post by willmadden »

JumpCrisscross wrote: post #280
willmadden wrote: post #271

Earlier quoted context omitted.

Did the Reichsmark and Rentenmark fail when they were replaced 10:1 for Deutschmarks, losing 90% of their face value? Yes! You are cherry picking by choosing the Euro. The point is that valuation loss to currency printing is currency failure. The vast majority of currency “replacements” are just abrupt failures, and generally coincide with a country being overthrown by a new authority.

> Did the Reichsmark and Rentenmark fail when they were replaced 10:1 for Deutschmarks Straw man. Nobody argued fiat never fails. > vast majority of currency “replacements” are just abrupt failure What is your source? You posted a statistic. A comment found it was based on B.S. You disagreed. I clarified the debunking argument. Now you’re throwing out straw men and a new unsourced claim.

Not a "straw man". It's one step back in history from YOUR example of the Deutsche Mark!

Again, the broader point is that measuring a "failure" as a total collapse vs. a replacement with a possible devaluation is the strawman.

Abrupt "failures" (or "replacements"... choose your euphemism) are noticed, but modern fiat currencies are constantly failing. It is easy to measure. The metric is currency debasement, what you would call "inflation" and what I would call "state sanctioned counterfeiting".

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

#505

Post by ineedasername »

valzam wrote: post #361
chx wrote: post #284

Earlier quoted context omitted.

It's because you can transfer money without paying fees, those fees are for convenience. You can not transfer crypto without paying fees. Also, notably most banks will do SEPA transfers for free. There's nothing inherent in money which would make the action of moving it force giving a fraction of it to some other entity. Indeed, the only disagreement I am aware of is whether the scam being run by multiple entities ("…

Someone clearly has to pay to keep to SEPA infrastructure going, be it the banks crosssubsizing from profit on lending or taxes funding organisations in EU level. Crypto fees are just much more straightforward. You pay a small amount to use the network and there are no strings attached, no hidden subsidy. In theory at least that is because most networks are still funded by inflationary payouts. But no one is forcing…

>so I don't have to worry about migrating everything when I move to a new country.

Not sure what you mean. It's not significantly more difficult that it would be (and maybe easier) to be constantly transferring blockchain assets to local currencies/equities etc. ACATS makes the process pretty straightforward and handles most common financial instruments like stocks, cash, bonds, ETF's, and more. Then you're done, your entire portfolio transferred in a few days. Just choose a good brokerage firm in the first place: ACATS participation should be a prime criteria if you might move country at any point, ever.

Similarly, USDC/Ehtereum/Solana only seem superior to a wire transfer until you have to use them in a local economy. Then converting them to something compatible with the local economy isn't significantly better.

If you're imagining a future where local economies accept these things directly then I think that future is, at best, possible but mostly theoretical at this point. Crypto is not a major threat to sovereign-dictated monetary policy at the moment, and I suspect that the second it appears it might be then there will be rapid action to cut off that potential.

I don't see a way that crypto can bootstrap fast enough around such things when a government can, pretty much overnight, make every business own and retail cashier who accepts a crypto payment into a criminal if they so choose. Gray and black markets might still prosper, but it would make any vision of mainstream use, much less institutional use for things like inter-country investment portfolio transfers completely impossible.

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

#506

Post by taspeotis »

vineyardmike wrote: post #500
taspeotis wrote: post #320

Earlier quoted context omitted.

> They spend $550b a quarter on R/D. That’s likely mostly salary. What does b stand for again…

Billion?

And how many quarters in a year? 550 billion * 4 quarters = 2.2 trillion dollars in R&D each year...
Post reply on HN