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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.
by bushbaba 4y ago
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.
- anonymoushn 4y agoIt's difficult for anyone to be more shady than the people who stole ten billion dollars from their customers.
- JumpCrisscross 4y ago> difficult for anyone to be more shady than the people who stole ten billion dollars from their customers We literally don’t know where Binance is. It’s absolutely shadier than FTX, if a better-run scam.
- joosters 4y agoAnd we don't know who really owns it: "...Mr. Hillmann said he couldn’t provide the name of Binance’s ultimate parent company because Binance over the past year and a half has been in the process of a broad corporate reorganization." Even if Changpeng Zhao owns the majority of binance.com, the coins might be held by some other legally-distinct entity.
- jacquesm 4y agoGive it a few weeks to play out, at least before making that call.
- cstejerean 4y agoGiving it a few weeks to play out is how people end up without money once withdrawals are frozen. I'm not saying it would happen here, but in general I don't see any incentive to wait to find out and risk losing everything. Why not withdraw early and wait to see how it plays out while your money is safe?
- deleted 4y ago[deleted]
- elefanten 4y agoGp said give it a few weeks before declaring there’s no one shadier than FTX/Alameda
- vlovich123 4y agoI think that comment is in reference to “Binance is even more shady than FTX” rather than advice on how to manage your funds.
- anigbrowl 4y agoHold my Cristal
- hobofan 4y agoWhat about the exchange that potentially steals 70 billion (though I guess their own holdings of Binance token of 17 billion is possibly a more accurate estimate)?
- Panzer04 4y agoI guess we'll see if Binance manages to have an 11B balance sheet hole? ;P
- deleted 4y ago[deleted]
- ramraj07 4y agoJust 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 another idiot who made money lucky. Curious which it is.
- vgatherps 4y agoI 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?
- iudqnolq 4y agoAssuming 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.
- xvector 4y agoSee Tether. Crypto is just a massive house of cards that will collapse and drag the economy with it.
- WalterSear 4y agoIt's too small. It's entire, and arguably entirely fantastical market cap is still smaller than Apple.
- birracerveza 4y agoYeah, but it makes for a fantastic scapegoat.
- 4y ago
- sneak 4y agoFor the time being? Keeping your funds on an exchange (or in a bank) means they are, quite literally, not your funds. If you don't want the risk of loss, don't give your money to second parties.
- simiones 4y agoThat's true for an exchange, but is absolutely not true for a bank (in a well-run modern state). At least if you don't have millions+ of dollars in the bank, the state ensures that even if the bank were fraudulent, your money is still your money.
- novok 4y agoThey don't really for brokerage accounts, which is what most people's retirement savings actually are in.
- simiones 4y agoThe post I was replying to was saying "Keeping your funds on an exchange (or in a bank) means they are, quite literally, not your funds.". I was pointing out that it's absurd to compare unregulated crypto exchanges to proper banks (in a working state - I am sure banks in failed states can well be just as bad).
- sneak 4y agoYour statement is commonly believed, but is completely false. Money held in banks, at least in the USA, can be frozen or taken indefinitely by the state with no evidence of wrongdoing or even probable cause. There is a blog post on my website called "Your Money Isn't Yours" about the time Chase and the state of Indiana conspired to steal all of the money I had in the world without any basis or reason. Many people misunderstand this about property in the USA. Civil asset forfeiture among several other mechanisms means that property is guilty until proven innocent and can be stripped from you at any time without any evidence whatsoever. Money held in the bank in your account is literally not your money. It's the bank's money with a corresponding liability to you. They prove this quite plainly by loaning it out to other parties.
- bartvk 4y ago> They are most likely not solvent On what basis do you make this statement?