How does BTC/ETH/Crypto work? Is it a scam/doomed to fail? - Page 12

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How does BTC/ETH/Crypto work? Is it a scam/doomed to fail?

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11-15-2023 , 10:30 PM

#276

pocket_zeros

Pooh-Bah

Join Date: Jun 2008 Posts: 5,029

Quote:

Originally Posted by jbouton

That site seems shady as ****, show me someone reputable talking about it.

So you chose to evaluate the website's design as your measure of whether their claims are valid rather than reading their paper, which included actual code samples from the affected open-source libraries containing the key generation flaws?

Quote

11-15-2023 , 10:38 PM

#277

jbouton

banned

Join Date: Jul 2019 Posts: 3,906

Quote:

Originally Posted by pocket_zeros

You damn well know if you can't come up with a reputable source you aren't allowed in this thread. I would love to read about this from someone reputable, there are good handful of well respected experts, choose one.

Quote

11-15-2023 , 10:42 PM

#278

pocket_zeros

Pooh-Bah

Join Date: Jun 2008 Posts: 5,029

Quote:

Originally Posted by jbouton

Their work is right there and open for reading, including citations of the affected source code. Have you considered trying to read and understand it yourself rather than relying on others?

Quote

11-16-2023 , 05:24 AM

#279

agamblerthen

grinder

Join Date: May 2011 Posts: 562

Quote:

Originally Posted by rafiki

He knows way way too much and seems like the last guy you want working on getting a sentence reduced in this spot.

I didn't follow SBF's trial closely—did he rat anyone out? Did any new or noteworthy information come out that subsequently caused crypto markets to crash?

Quote

11-21-2023 , 04:04 PM

#280

GTO2.0

Pooh-Bah

Join Date: May 2012 Posts: 4,072

Dunno if this the right thread, but looks like CZ gonna cop a plea and pay like 4 Billy to stay out of jail for violating anti-money laundering rules.

Quote

11-21-2023 , 06:47 PM

#281

rafiki

Carpal \'Tunnel

Join Date: Jan 2006 Posts: 41,077

Quote:

Originally Posted by GTO2.0

Dunno if this the right thread, but looks like CZ gonna cop a plea and pay like 4 Billy to stay out of jail for violating anti-money laundering rules.

It doesn't look like he's staying out of jail at all. Just not gonna do 10 years. People figure 2 years.

Quote

11-22-2023 , 07:10 AM

#282

ProffesionalMalaka

adept

Join Date: Aug 2015 Posts: 794

Ignore FUD fellow kids!

Quote

11-22-2023 , 12:46 PM

#283

tarheels2222

Carpal \'Tunnel

Join Date: May 2011 Posts: 13,553

That’s not the got you that you think it is.

All customer funds are safe at Binance, and the overall market has doubled since CZ made that post.

Binance’s US an operation is still peanuts compared to ROW.

Quote

11-22-2023 , 02:23 PM

#284

pocket_zeros

Pooh-Bah

Join Date: Jun 2008 Posts: 5,029

Quote:

Originally Posted by tarheels2222

All customer funds are safe at Binance, and the overall market has doubled since CZ made that post.

We'll soon find out whether that's true soon enough - $1B in withdrawals in the last 24 hours.

Quote

11-22-2023 , 02:26 PM

#285

pocket_zeros

Pooh-Bah

Join Date: Jun 2008 Posts: 5,029

Quote:

Originally Posted by rafiki

It doesn't look like he's staying out of jail at all. Just not gonna do 10 years. People figure 2 years.

WSJ says guidelines are maximum of 18 months.

"Zhao faces a maximum prison sentence of 18 months under federal sentencing guidelines. He will be sentenced at a later date."

Source: https://www.wsj.com/finance/currenci...uilty-01f72a40

Quote

11-22-2023 , 02:30 PM

#286

tarheels2222

Carpal \'Tunnel

Join Date: May 2011 Posts: 13,553

Quote:

Originally Posted by pocket_zeros

We'll soon find out whether that's true soon enough - $1B in withdrawals in the last 24 hours.

Peanuts. Even FTX did like $3-$4 bil before **** finally hit the fan.

Quote

11-22-2023 , 02:36 PM

#287

ProffesionalMalaka

adept

Join Date: Aug 2015 Posts: 794

Quote:

Originally Posted by tarheels2222

All customer funds are safe at Binance

Hahahahhaha so were the customer funds of every other exchange ran by a scumbag just before it collapsed. SFYL

Quote

11-22-2023 , 02:37 PM

#288

tarheels2222

Carpal \'Tunnel

Join Date: May 2011 Posts: 13,553

Quote:

Originally Posted by ProffesionalMalaka

Hahahahhaha so were the customer funds of every other exchange ran by a scumbag just before it collapsed. SFYL

How many of the exchanges went through a full fledged DOJ investigation and settlement before they collapsed?

I know you bears are desperate now, but other than CZ stepping down as CEO, it’s basically business as usual.

Quote

11-22-2023 , 02:50 PM

#289

Maximus122

banned

Join Date: Jul 2013 Posts: 1,103

I wouldn't keep any of my money on there.

Personally, I don't support sites that support kiddy fiddlers.

Quote

11-22-2023 , 03:06 PM

#290

tarheels2222

Carpal \'Tunnel

Join Date: May 2011 Posts: 13,553

I have always preferred Coinbase. Even then, 90%+ of what I hold is in cold storage.

I’m not saying Binance hasn’t done shady **** with regard to AML, bad actors, etc. CZ deserves the jail time he is going to get since he was in charge.

But that doesn’t mean customer funds aren’t safe.

Quote

11-22-2023 , 03:16 PM

#291

Maximus122

banned

Join Date: Jul 2013 Posts: 1,103

Kraken would be my favorite, Binance second favorite, coinbase third favorite.

It makes the most sense now to move to coinbase just in case.

I used to own a cryptocurrency called Raiblocks it's now called Nano, you could only buy it on one exchange that wasn't Binance, then Binance put the coin on their exchange and I started to worry about the liquidity on the exchange that no longer had a monopoly on Nano, so I took my money off there and a day later the owner of the exchange ran away with all the funds.

Quote

11-22-2023 , 03:21 PM

#292

rafiki

Carpal \'Tunnel

Join Date: Jan 2006 Posts: 41,077

4B in fines, 1B in capital flight in the first 24h.

I think keep an eye on the crypto news cycle. If a bunch of articles start coming out about Binance capital flight and solvency, it's going to get interesting. Also means someone is gunning for them.

Quote

11-22-2023 , 03:53 PM

#293

tarheels2222

Carpal \'Tunnel

Join Date: May 2011 Posts: 13,553

Based on what I have read, they have 15 months to pay $1.81 billion of the $4 billion. I'm not sure exactly how quickly they have to pay the other $2.51 billion.

The fine is basically just an initiation into traditional finance, anyways.

Assuming PoR are legit, they are more than fine.

Quote

11-22-2023 , 03:55 PM

#294

pocket_zeros

Pooh-Bah

Join Date: Jun 2008 Posts: 5,029

Quote:

Originally Posted by tarheels2222

Peanuts. Even FTX did like $3-$4 bil before **** finally hit the fan.

I see, so $1B in 24 hours is peanuts. I guess unless a company spontaneously combusts it's all good. It's not like there's ever been a slow train wreck to failure in other crypto exchanges or even financial institutions, like Silicon Bank for instance. $220B in assets there.

Quote

11-22-2023 , 09:08 PM

#295

GTO2.0

Pooh-Bah

Join Date: May 2012 Posts: 4,072

Quote:

Originally Posted by tarheels2222

Eh, I agree with you that’s it’s not necessarily a guaranteed kiss of death but I dunno if its a GOOD thing that business as usual is being run by folks who send internal emails talking about how they’re going to get around laws so they can make more money.

Quote

11-22-2023 , 09:30 PM

#296

tarheels2222

Carpal \'Tunnel

Join Date: May 2011 Posts: 13,553

Quote:

Originally Posted by pocket_zeros

I was responding to you specifically implying Binance was in trouble now due to a potential run, based on $1 bil in 24 hours. Maybe we have different definitions of “soon.” Either way, I don’t think they are in trouble now or in the future.

The last run on Binance saw $2 bil in 24 hours and the market was way weaker then.

Thankfully Binance hasn’t been buying a bunch of trash long-term US government debt.

Last edited by tarheels2222; 11-22-2023 at 09:41 PM.

Quote

11-22-2023 , 09:31 PM

#297

tarheels2222

Carpal \'Tunnel

Join Date: May 2011 Posts: 13,553

Quote:

Originally Posted by GTO2.0

I’d like to think everything will be on the up and up moving forward considering the situation. I guess we’ll never know for sure, but they made it through DOJ and SEC scrutiny, are paying a fine, made a leadership change, and are moving on.

Last edited by tarheels2222; 11-22-2023 at 09:40 PM.