4 ms·

Agreed. I'm getting tired of this kind of articles. I've seen nothing in this article to support that "Binance is fucked". Since there is nothing to support th

by gwn7 4y ago

Agreed. I'm getting tired of this kind of articles. I've seen nothing in this article to support that "Binance is fucked". Since there is nothing to support that, I can only assume that the raison d'etre of this article is that the author wants Binance to get fucked, so he's speculating. Because apparently that's how crypto works.

raesene9 4y ago
The thing is, with the lack of clarity/audits etc for a lot of organizations in this world, you'll never get clear proof before problems become all too apparent. Look at FTX, Celsius et al, lots of people called FUD when issues were raised there...
- gwn7 4y ago
  By that logic should we assume that every crypto company who don't do audits that meet your standards is "fucked"? For instance, do you think Tether is "fucked" too? I'm not saying that Binance is doing everything great. I have no idea. But isn't saying that Binance is "fucked" a bit much at this time, with the current evidence at hand? I'm just saying that this is bad journalism.
  - snowwrestler 4y ago
    > By that logic should we assume that every crypto company who don't do audits that meet your standards is "fucked"? Yes, this is in fact the rationale approach to financial institutions. It is why solidly-run companies invest in audits: to demonstrate, on a regular basis, that they are solvent and stable (not fucked).
    - gwn7 4y ago
      Look, I actually agree with the core of your argument. No / bad audits are a red flag to me too. I'm just saying that using the word "fucked" still is speculative and an overstatement. I would use "untrustworthy", "shady", "dangerous" etc, but not "fucked". That's all I'm saying.
      - snowwrestler 4y ago
        That's a fair response, makes sense. Thanks.
  - raesene9 4y ago
    I didn't mention the word "fucked" , that was the article, I was making a point about lack of clarity in Binance's financials :) But yes, if a major financial company can't complete an independent audit to IFRS or similar standards, that's a major red flag. We know major crpyto exchanges can do it as Coinbase is audited by Deloitte's, so it's not that it's not possible. and yes Tether falls into that category too.
    - gwn7 4y ago
      > I didn't mention the word "fucked" , that was the article Sorry about that. I totally agree with you. I just don't agree with the use of the word "fucked". My related comment: https://news.ycombinator.com/item?id=34014786 https://news.ycombinator.com/item?id=34014786
  - sshine 4y ago
    > For instance, do you think Tether is "fucked" too? Uh, yes!?! > isn't saying that Binance is "fucked" a bit much at this time Sort of. The claim is that all the signs are there. A “Binance is fucked” rhetoric may increase the bank run on them, which may fuck them. The fact that they’re dealing with a bank run, in part out of fear that the same will happen to them as FTX, will increase the probability, all depending on how sound their business is. If they start freezing accounts, we know we’re hitting bottom.
    - nieve 4y ago
      https://www.cnbc.com/2022/12/13/crypto-exchange-binance-temporarily-halts-usdc-stablecoin-withdrawals.html https://www.cnbc.com/2022/12/13/crypto-exchange-binance-temp... "Binance, the world's largest cryptocurrency exchange, paused withdrawals of the stablecoin USDC on Tuesday while it carried out a "token swap." USDC withdrawals were resumed about 8 hours after Binance first announced the pausing of withdrawals. Changpeng Zhao, CEO of Binance, tweeted on Tuesday that the exchange is seeing an increase in withdrawals of USDC." Strategically timed 8 hour stoppages are not a sign things are going well.

by gwn7 4y ago

raesene9 4y ago

The thing is, with the lack of clarity/audits etc for a lot of organizations in this world, you'll never get clear proof before problems become all too apparent. Look at FTX, Celsius et al, lots of people called FUD when issues were raised there...

gwn7 4y ago
By that logic should we assume that every crypto company who don't do audits that meet your standards is "fucked"? For instance, do you think Tether is "fucked" too? I'm not saying that Binance is doing everything great. I have no idea. But isn't saying that Binance is "fucked" a bit much at this time, with the current evidence at hand? I'm just saying that this is bad journalism.
- snowwrestler 4y ago
  > By that logic should we assume that every crypto company who don't do audits that meet your standards is "fucked"? Yes, this is in fact the rationale approach to financial institutions. It is why solidly-run companies invest in audits: to demonstrate, on a regular basis, that they are solvent and stable (not fucked).
  - gwn7 4y ago
    Look, I actually agree with the core of your argument. No / bad audits are a red flag to me too. I'm just saying that using the word "fucked" still is speculative and an overstatement. I would use "untrustworthy", "shady", "dangerous" etc, but not "fucked". That's all I'm saying.
    - snowwrestler 4y ago
      That's a fair response, makes sense. Thanks.
- raesene9 4y ago
  I didn't mention the word "fucked" , that was the article, I was making a point about lack of clarity in Binance's financials :) But yes, if a major financial company can't complete an independent audit to IFRS or similar standards, that's a major red flag. We know major crpyto exchanges can do it as Coinbase is audited by Deloitte's, so it's not that it's not possible. and yes Tether falls into that category too.
  - gwn7 4y ago
    > I didn't mention the word "fucked" , that was the article Sorry about that. I totally agree with you. I just don't agree with the use of the word "fucked". My related comment: https://news.ycombinator.com/item?id=34014786 https://news.ycombinator.com/item?id=34014786
- sshine 4y ago
  > For instance, do you think Tether is "fucked" too? Uh, yes!?! > isn't saying that Binance is "fucked" a bit much at this time Sort of. The claim is that all the signs are there. A “Binance is fucked” rhetoric may increase the bank run on them, which may fuck them. The fact that they’re dealing with a bank run, in part out of fear that the same will happen to them as FTX, will increase the probability, all depending on how sound their business is. If they start freezing accounts, we know we’re hitting bottom.
  - nieve 4y ago
    https://www.cnbc.com/2022/12/13/crypto-exchange-binance-temporarily-halts-usdc-stablecoin-withdrawals.html https://www.cnbc.com/2022/12/13/crypto-exchange-binance-temp... "Binance, the world's largest cryptocurrency exchange, paused withdrawals of the stablecoin USDC on Tuesday while it carried out a "token swap." USDC withdrawals were resumed about 8 hours after Binance first announced the pausing of withdrawals. Changpeng Zhao, CEO of Binance, tweeted on Tuesday that the exchange is seeing an increase in withdrawals of USDC." Strategically timed 8 hour stoppages are not a sign things are going well.