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I'm not defending Binance in any way, but this is FUD that is getting blown out of the water (arguably, people are on edge these days). It was pre-announced dow

I'm not defending Binance in any way, but this is FUD that is getting blown out of the water (arguably, people are on edge these days). It was pre-announced downtime for a hardfork on their BSC chain. https://twitter.com/cz_binance/status/1602510004795367424 https://twitter.com/cz_binance/status/1602510004795367424 It has caused a bit of a bank run and cz says things are processing just fine (along with tons of 3rd party confirmations). https://twitter.com/cz_binance/status/1602676998094069760 https://twitter.com/cz_binance/status/1602676998094069760 I know HN wants to see crypto die in a giant ball of flaming fire, but let's not lower ourselves to the point of just passing on FUD. Edit: -4 incoming. I'm going to leave this here because it is worth it. I'm not a fan of FUD and neither should you be.

Sebguer 4y ago
"A bit of a bank run" is like saying "a small nuclear bomb".
- salawat 4y ago
  Interesting that a bank run, (non-banks restoring theor fiscal custody of their own money, leaving the banking empty) is considered analogous to a weapon of mass destruction. What's so taboo about everyone having their own money in hand?
- eschulz 4y ago
  You can't get a little bit pregnant
  - latchkey 4y ago
    Last time I checked, I can't get pregnant, at all.
- treis 4y ago
  This is a terrible low effort post. Anyone holding a large amount of crypto should have the majority of it in a cold wallet. It should take a significant amount of time to make that transfer because it should involve significant controls like multiple people travelling to a secure site. An honest crypto exchange might see a "bit of a bank run" without raising any significant alarm.
jqpabc123 4y ago
I know HN wants to see crypto die in a giant ball of flaming fire, Or maybe crypto has always been a "giant ball of flaming fire" and HN is just trying to discourage people from throwing real money into it.
- latchkey 4y ago
  - jqpabc123 4y ago
    That's right, HN has authority ... and you are a real psychologist.
    - latchkey 4y ago
      ad hominem.
      - deleted 4y ago
        [deleted]
      - 9935c101ab17a66 4y ago
        It’s not an ad hominem because you present an explanation of complicated user behaviour as fact. Not only is it a completely ridiculous explanation offered with no evidence, but it is also directly contradicted by, you know, reality?
  - bdcravens 4y ago
    The SEC's job has never been to encourage nor discourage any particular investment, but rather, to enforce safety. That's why there an entire industry of securities analysts.
jjulius 4y ago
>I'm not defending Binance in any way, but this is FUD that is getting blown out of the water (arguably, people are on edge these days). It was pre-announced downtime for a hardfork on their BSC chain. >https://twitter.com/cz_binance/status/1602510004795367424 https://twitter.com/cz_binance/status/1602510004795367424 >It has caused a bit of a bank run and cz says things are processing just fine (along with tons of 3rd party confirmations). >https://twitter.com/cz_binance/status/1602676998094069760 https://twitter.com/cz_binance/status/1602676998094069760 >I know HN wants to see crypto die in a giant ball of flaming fire, but let's not lower ourselves to the point of just passing on FUD. >Edit: -4 incoming. I'm going to leave this here because it is worth it. I'm not a fan of FUD and neither should you be. I'm going to quote this full comment for posterity's sake, but I also think that you're a bit confused. You say that "it was pre-announced downtime" and cite a tweet from yesterday that says "Also done now. All resumed". In point of fact, withdrawals are not resumed, and a tweet from CZ today confirms that withdrawals are down and they're waiting for a US bank to open[1]. Edit: Shit, Binance themselves even admit this is because of a token swap, not planned downtime[2]. How is this FUD? Edit 2: Withdrawals back online as of ~5 minutes prior to my comment[3]. [1]https://twitter.com/cz_binance/status/1602579499903852544 https://twitter.com/cz_binance/status/1602579499903852544 [2]https://twitter.com/binance/status/1602579775721283584 https://twitter.com/binance/status/1602579775721283584 [3]https://twitter.com/binance/status/1602708590271385600 https://twitter.com/binance/status/1602708590271385600
- adrr 4y ago
  Do we know what token they swapped USDC for? Why would you swap a stable coin for another token? Didn't FTX swap coins for their native currency and use the proceeds for Alameda?
  - flamemyst 4y ago
    All deposit of USDC automatically converted to BUSD. Actually it makes thing easier for user because now USDC and BUSD always calculated as 1:1 with no swap fee. Crypto pair are more lean since they only need to pair with BUSD. Options to withdraw USDC still available and will use BUSD balance.
freejazz 4y ago
I will never trust anyone that uses the word "FUD"
- latchkey 4y ago
  - freejazz 4y ago
    Because it's a nonsensical word that was only used by people to wave away obvious and legitimate criticisms. You don't see analysts reports in finance being called FUD, even when they are critical. That's because in the real world, people deal with and/or respond to criticism. In the crypto fantasy world, all of that is resolved just by calling it "fud".
    - toomim 4y ago
      In finance, they call it "irrational exuberance" or "irrational pessimism". In politics, they call it "misinformation" or "fake news". In slashdotting neckbeard techery, we say "fud". The term exists in all fields, but signals your tribal affiliation in your choice of symbol.
      - freejazz 4y ago
        I disagree with your characterization and I point to my own.
    - latchkey 4y ago
      Thanks for the deeper explanation and higher quality comment. What other term would you use then?
      - freejazz 4y ago
        Criticism.... calling it whatever it is. A "report", "analysis", an "accounting of finances"
jankyxenon 4y ago
The opposite of fear, uncertainty and doubt would be something like optimism, certitude and faith. I'd rather apply a lens of FUD to hard problems than the latter.
dogman144 4y ago
I am… fairly well versed in this area. This is a nonsense take because: - USDC is on eth, BSC chain halts impact USDC is like saying apple halted because android updated. Did not see anything to indicate it was USDC on BSC, but if so that changes things. If they did USDC -> BUSD, still should have 0 impact on w/ds off-platform. - managing liquidity reqs via silvergate or w/e the USDC w/d bank is called is managed just fine without USDC down time by plenty of other parties conducting USDC treasury operations. At best, this indicates binance has really bad treasury management and is cause for concern. At worse, smoke -> fire. Anything to do with internal treasury ops (fair enough, do a pause) does not have cascading effects on user w/ds

Sebguer 4y ago

"A bit of a bank run" is like saying "a small nuclear bomb".

salawat 4y ago
Interesting that a bank run, (non-banks restoring theor fiscal custody of their own money, leaving the banking empty) is considered analogous to a weapon of mass destruction. What's so taboo about everyone having their own money in hand?
eschulz 4y ago
You can't get a little bit pregnant
- latchkey 4y ago
  Last time I checked, I can't get pregnant, at all.
treis 4y ago
This is a terrible low effort post. Anyone holding a large amount of crypto should have the majority of it in a cold wallet. It should take a significant amount of time to make that transfer because it should involve significant controls like multiple people travelling to a secure site. An honest crypto exchange might see a "bit of a bank run" without raising any significant alarm.

jqpabc123 4y ago

I know HN wants to see crypto die in a giant ball of flaming fire, Or maybe crypto has always been a "giant ball of flaming fire" and HN is just trying to discourage people from throwing real money into it.

latchkey 4y ago
- jqpabc123 4y ago
  That's right, HN has authority ... and you are a real psychologist.
  - latchkey 4y ago
    ad hominem.
    - deleted 4y ago
      [deleted]
    - 9935c101ab17a66 4y ago
      It’s not an ad hominem because you present an explanation of complicated user behaviour as fact. Not only is it a completely ridiculous explanation offered with no evidence, but it is also directly contradicted by, you know, reality?
- bdcravens 4y ago
  The SEC's job has never been to encourage nor discourage any particular investment, but rather, to enforce safety. That's why there an entire industry of securities analysts.

jjulius 4y ago

>I'm not defending Binance in any way, but this is FUD that is getting blown out of the water (arguably, people are on edge these days). It was pre-announced downtime for a hardfork on their BSC chain. >https://twitter.com/cz_binance/status/1602510004795367424 https://twitter.com/cz_binance/status/1602510004795367424 >It has caused a bit of a bank run and cz says things are processing just fine (along with tons of 3rd party confirmations). >https://twitter.com/cz_binance/status/1602676998094069760 https://twitter.com/cz_binance/status/1602676998094069760 >I know HN wants to see crypto die in a giant ball of flaming fire, but let's not lower ourselves to the point of just passing on FUD. >Edit: -4 incoming. I'm going to leave this here because it is worth it. I'm not a fan of FUD and neither should you be. I'm going to quote this full comment for posterity's sake, but I also think that you're a bit confused. You say that "it was pre-announced downtime" and cite a tweet from yesterday that says "Also done now. All resumed". In point of fact, withdrawals are not resumed, and a tweet from CZ today confirms that withdrawals are down and they're waiting for a US bank to open[1]. Edit: Shit, Binance themselves even admit this is because of a token swap, not planned downtime[2]. How is this FUD? Edit 2: Withdrawals back online as of ~5 minutes prior to my comment[3]. [1]https://twitter.com/cz_binance/status/1602579499903852544 https://twitter.com/cz_binance/status/1602579499903852544 [2]https://twitter.com/binance/status/1602579775721283584 https://twitter.com/binance/status/1602579775721283584 [3]https://twitter.com/binance/status/1602708590271385600 https://twitter.com/binance/status/1602708590271385600

adrr 4y ago
Do we know what token they swapped USDC for? Why would you swap a stable coin for another token? Didn't FTX swap coins for their native currency and use the proceeds for Alameda?
- flamemyst 4y ago
  All deposit of USDC automatically converted to BUSD. Actually it makes thing easier for user because now USDC and BUSD always calculated as 1:1 with no swap fee. Crypto pair are more lean since they only need to pair with BUSD. Options to withdraw USDC still available and will use BUSD balance.

freejazz 4y ago

I will never trust anyone that uses the word "FUD"

latchkey 4y ago
- freejazz 4y ago
  Because it's a nonsensical word that was only used by people to wave away obvious and legitimate criticisms. You don't see analysts reports in finance being called FUD, even when they are critical. That's because in the real world, people deal with and/or respond to criticism. In the crypto fantasy world, all of that is resolved just by calling it "fud".
  - toomim 4y ago
    In finance, they call it "irrational exuberance" or "irrational pessimism". In politics, they call it "misinformation" or "fake news". In slashdotting neckbeard techery, we say "fud". The term exists in all fields, but signals your tribal affiliation in your choice of symbol.
    - freejazz 4y ago
      I disagree with your characterization and I point to my own.
  - latchkey 4y ago
    Thanks for the deeper explanation and higher quality comment. What other term would you use then?
    - freejazz 4y ago
      Criticism.... calling it whatever it is. A "report", "analysis", an "accounting of finances"

jankyxenon 4y ago

The opposite of fear, uncertainty and doubt would be something like optimism, certitude and faith. I'd rather apply a lens of FUD to hard problems than the latter.

dogman144 4y ago

I am… fairly well versed in this area. This is a nonsense take because: - USDC is on eth, BSC chain halts impact USDC is like saying apple halted because android updated. Did not see anything to indicate it was USDC on BSC, but if so that changes things. If they did USDC -> BUSD, still should have 0 impact on w/ds off-platform. - managing liquidity reqs via silvergate or w/e the USDC w/d bank is called is managed just fine without USDC down time by plenty of other parties conducting USDC treasury operations. At best, this indicates binance has really bad treasury management and is cause for concern. At worse, smoke -> fire. Anything to do with internal treasury ops (fair enough, do a pause) does not have cascading effects on user w/ds