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> most of his assets gathered by his con job. How did he con you? Did someone force you to use Binance? Do you have evidence that he conned someone?

by noch 3y ago

kamray23 3y ago
That's obviously not what is meant by 'con', though. It's just composed of first gaining the trust of someone and then defrauding them. Forcing has nothing to do with it and would likely rule out the application of the term, since trust is an integral part of all cons. There has been no fraud yet proven, so it can't conclusively be called a con. On the other hand FTX can be called a con, as there was fraud. This is just running an overly unregulated exchange, which is still a crime but isn't fraud. This doesn't end the investigations though, there is an SEC probe into fraud by Binance still going on so while it currently can't be called a con, really, it's also the case that it could be in the future. Also, it can technically be said that Binance has taken commission and largely made its money from cons of other people that they simply enabled and took fees on, which wouldn't necessarily be incorrect. Whether that's illegal depends on whether there was conspiracy – you wouldn't indict BoA for wire fraud just because someone else used them to do wire fraud.
mihaic 3y ago
I saw a friend being added to a Binance WhatsApp group with tens of actual Binance users, clearly violating GDPR, where bots (you could tell by the phrasing and the account name) and Binance moderators were chatting about how to invest and much money they made. This was ~2 months ago.
Cheezewheel 3y ago
I am not aware of evidence that he conned someone, but as a side quibble: >Did someone force you to use Binance? Do you understand what a con is? People are usually 'conned' because they are tricked into trusting someone that they shouldn't, when people are forced we typically refer to it as robbery or similar.
tw1984 3y ago
He didn't con me as I knew from the beginning that crypto currency itself is a con. CZ profited from his con job when he sell people stuff at stupidly high price knowing it actual worth nothing. In case this is too hard for you to understand, try this - if I walk alone the street selling people paper with your name signed on it promising that such "magic sheet" is going to bring them unconditional happiness and I manage to sell millions of such sheets with a profit of billions, is that a con job? This is exact what CZ did. He was/is/will always be remembered as a con man.

> most of his assets gathered by his con job. How did he con you? Did someone force you to use Binance? Do you have evidence that he conned someone?

by noch 3y ago

> most of his assets gathered by his con job. How did he con you? Did someone force you to use Binance? Do you have evidence that he conned someone?

kamray23 3y ago

That's obviously not what is meant by 'con', though. It's just composed of first gaining the trust of someone and then defrauding them. Forcing has nothing to do with it and would likely rule out the application of the term, since trust is an integral part of all cons. There has been no fraud yet proven, so it can't conclusively be called a con. On the other hand FTX can be called a con, as there was fraud. This is just running an overly unregulated exchange, which is still a crime but isn't fraud. This doesn't end the investigations though, there is an SEC probe into fraud by Binance still going on so while it currently can't be called a con, really, it's also the case that it could be in the future. Also, it can technically be said that Binance has taken commission and largely made its money from cons of other people that they simply enabled and took fees on, which wouldn't necessarily be incorrect. Whether that's illegal depends on whether there was conspiracy – you wouldn't indict BoA for wire fraud just because someone else used them to do wire fraud.

mihaic 3y ago

I saw a friend being added to a Binance WhatsApp group with tens of actual Binance users, clearly violating GDPR, where bots (you could tell by the phrasing and the account name) and Binance moderators were chatting about how to invest and much money they made. This was ~2 months ago.

Cheezewheel 3y ago

I am not aware of evidence that he conned someone, but as a side quibble: >Did someone force you to use Binance? Do you understand what a con is? People are usually 'conned' because they are tricked into trusting someone that they shouldn't, when people are forced we typically refer to it as robbery or similar.

tw1984 3y ago

He didn't con me as I knew from the beginning that crypto currency itself is a con. CZ profited from his con job when he sell people stuff at stupidly high price knowing it actual worth nothing. In case this is too hard for you to understand, try this - if I walk alone the street selling people paper with your name signed on it promising that such "magic sheet" is going to bring them unconditional happiness and I manage to sell millions of such sheets with a profit of billions, is that a con job? This is exact what CZ did. He was/is/will always be remembered as a con man.