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> Binance did $40 billion in volume in the last 24 hours. It didn't > Even if their effective fee is only 1/100 of a percent that's $4 million. It's not. Th
by dmitriid 4y ago
> Binance did $40 billion in volume in the last 24 hours.
It didn't
> Even if their effective fee is only 1/100 of a percent that's $4 million.
It's not.
The reason? They "traded" fictitious currencies whose "value" is pure speculation and nonsense. Their fees are also denominated in these fictitious currencies.
However, neither the offices they rent nor the people they employ have any interest in these, because rent and salaries are paid in something that actually has value: the dollar.
Now, where does the actual money come from is a good question, but I'm too lazy to read their SEC filing.
- sudosysgen 4y agoIf there is enough volume in these trades to make appreciable fees then there is enough to continuously sell it.
- tiarafawn 4y ago> because rent and salaries are paid in something that actually has value: the dollar. In 2018, 90% of employees received their salaries in BNB https://www.ccn.com/90-of-employees-at-major-crypto-exchange-binance-receive-salary-in-bnb/ https://www.ccn.com/90-of-employees-at-major-crypto-exchange...
- coffeebeqn 4y agoWow company scrip is back
- aorloff 4y agoGonna be tough motivating the troops !
- dmitriid 4y agoThose employees have to eat and pay rent. None of that is in BNB. Given their "grossly inaccurate filings" I wouldn't trust random tweets https://www.ft.com/content/3fb2f6cf-e132-43f4-9d6a-34fd13eb8991 https://www.ft.com/content/3fb2f6cf-e132-43f4-9d6a-34fd13eb8...