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

Binance is trying to calm investors, but its finances remain a mystery

wsj.com

Post reply on HN
Print view View original

91–100 of 280 posts

Re: Binance is trying to calm investors, but its finances remain a mystery

#91

Post by Zanfa »

TimJRobinson wrote: post #59
Gigachad wrote: post #50

Earlier quoted context omitted.

I just can't see how crypto can recover tbh. What other technology spent ten years, produced basically nothing of value, is almost universally hated by the whole population and then came back to be something useful? It's not like quantum computing where we just don't know how to make it work. There are close to no technical problems, the core idea just doesn't work.

Imagine thinking an industry worth $800B, with 200M users, transferring billions of dollars a day, is "hated by the whole population". You really live in a bubble

Made up numbers. You can't just sum up fictional "market caps", number of unique wallet addresses and wash trades to conclude it must be doing amazing.

Re: Binance is trying to calm investors, but its finances remain a mystery

#92

Post by hef19898 »

ramraj07 wrote: post #39
bushbaba wrote: post #3

Binance is even more shady than FTX. They are most likely not solvent. Personally, I'd move all my funds off binance to off-exchange wallets for the time being.

Just makes one wonder why the binance guy even stirred the pot initially with FTX, like 3 possibilities exist: 1. He assumed the blowout would be minimal outside of FTX and/or assumed FTX was shady but not as bad as it turned out 2. He acknowledged the possibility that binance will also get scrutiny but realized FTX was just so bad that letting it fester further will only get him arrested faster too. 3. He’s just ano…

All of the above?

Re: Binance is trying to calm investors, but its finances remain a mystery

#93

Post by WalterSear »

xvector wrote: post #55
iudqnolq wrote: post #43

Earlier quoted context omitted.

Assuming rational actors I can't see any reason to evade audits for years, even after litigation, unless the result of the audit would be bad.

See Tether. Crypto is just a massive house of cards that will collapse and drag the economy with it.

It's too small. It's entire, and arguably entirely fantastical market cap is still smaller than Apple.

Re: Binance is trying to calm investors, but its finances remain a mystery

#94

Post by deepsun »

xvector wrote: post #55
iudqnolq wrote: post #43

Earlier quoted context omitted.

Assuming rational actors I can't see any reason to evade audits for years, even after litigation, unless the result of the audit would be bad.

See Tether. Crypto is just a massive house of cards that will collapse and drag the economy with it.

Crypto (coins, not graphy), is a superteeeny amount of "economy". Most serious finance players avoided doing anything serious with crypto mostly because it's just a very small market for them. Typical investment bank moves more money per day, than the whole cryptocurrency market is worth.

Re: Binance is trying to calm investors, but its finances remain a mystery

#95

Post by birracerveza »

WalterSear wrote: post #93
xvector wrote: post #55

Earlier quoted context omitted.

See Tether. Crypto is just a massive house of cards that will collapse and drag the economy with it.

It's too small. It's entire, and arguably entirely fantastical market cap is still smaller than Apple.

Yeah, but it makes for a fantastic scapegoat.

Re: Binance is trying to calm investors, but its finances remain a mystery

#96

Post by Mistletoe »

vgatherps wrote: post #41
ramraj07 wrote: post #39

Earlier quoted context omitted.

Just makes one wonder why the binance guy even stirred the pot initially with FTX, like 3 possibilities exist: 1. He assumed the blowout would be minimal outside of FTX and/or assumed FTX was shady but not as bad as it turned out 2. He acknowledged the possibility that binance will also get scrutiny but realized FTX was just so bad that letting it fester further will only get him arrested faster too. 3. He’s just ano…

I mean fourth possibility is that binance is solvent right? I’m not assigning probabilities to any of them but taking their insolvency as a foregone conclusion seems pretty incorrect?

While we can’t be sure of the minutiae of their assets we can be sure due to the beauty of the blockchain that they own an incredible amount of Bitcoin.

https://bitinfocharts.com/top-100-richest-bitcoin-addresses....

#1, 5, 10…

Same thing for Ethereum.

https://etherscan.io/accounts

This is very far from FTX in my opinion. Billion and billions of dollars of crypto in wallets we can see. And these are just the ones we know of.

Re: Binance is trying to calm investors, but its finances remain a mystery

#97

Post by LarryMullins »

ramraj07 wrote: post #39
bushbaba wrote: post #3

Binance is even more shady than FTX. They are most likely not solvent. Personally, I'd move all my funds off binance to off-exchange wallets for the time being.

Just makes one wonder why the binance guy even stirred the pot initially with FTX, like 3 possibilities exist: 1. He assumed the blowout would be minimal outside of FTX and/or assumed FTX was shady but not as bad as it turned out 2. He acknowledged the possibility that binance will also get scrutiny but realized FTX was just so bad that letting it fester further will only get him arrested faster too. 3. He’s just ano…

4. Years of living as a criminal, constantly afraid of getting caught, has taken a tole on his psyche. He's now starting to act in a self-destructive manner, not rationally in his best interest.

Re: Binance is trying to calm investors, but its finances remain a mystery

#99

Post by LatteLazy »

Binance was partly responsible (rightly or not) for triggering FTXs collapse. Edit: Triggered, not caused. He controlled the timing.

Doing so without having their own house in order would be suicidal. I'm not saying they are safe. Just that CZ is either much happier he can deal with a "bank run" or crazy.

Does anyone know why it is so difficult for companies to provide audits? It seems like it SHOULD be very doable for them to get PWC or similar in, show them all the deposits and all the assets, do some spot checks on individual accounts, and get a meaningful bill of health?

Re: Binance is trying to calm investors, but its finances remain a mystery

#100

Post by isitmadeofglass »

LatteLazy wrote: post #99

Binance was partly responsible (rightly or not) for triggering FTXs collapse. Edit: Triggered, not caused. He controlled the timing. Doing so without having their own house in order would be suicidal. I'm not saying they are safe. Just that CZ is either much happier he can deal with a "bank run" or crazy. Does anyone know why it is so difficult for companies to provide audits? It seems like it SHOULD be very doable f…

The only way for them not to trigger the FTX crash’s at the point they did, would have been to absorb 8 billion $ worth of missing funds and handing over control of a much larger set of funds to the people responsible for those losses.

They weren’t partly responsible for FTXs crash for looking at that balance sheet and going wtf, we’re out. Even if they themselves are running the same scam. They might just be much less under water and trying to keep their head above it, until the goldfish forget about the FTX crash.

Post reply on HN