Binance hasn’t REcovered $6B+, it’s COVERING it (reimbursing customers from company funds).
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@molly0xfff@hachyderm.io yeah that Reuters falls for this is unforgivable. I mean it’s a technically challenging subject but to explain how a deficit is “recovered” is really much more an accounting 101 issue
@ssiekmann It is really a Tech 202 problem….
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hahahahahahaha!
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Binance hasn’t REcovered $6B+, it’s COVERING it (reimbursing customers from company funds). Some was frozen, but Binance is not likely to recover even half.
Bad headlines like this are a big part of why I started covering crypto. Generalist reporters on deadline far too often end up repeating company spin.
@molly0xfff Serious question (I really have no idea about how these companies are set up): where do they get that above of money from? ‘Assets’ of their non-victim customers?
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@molly0xfff
So, I was mistaken in thinking that bitcoin, blockchain based assets, intrinsically included something that would prove ownership.@guardeddon @molly0xfff you're not mistaken, if people keep crypto in their own wallets that's exactly the case. But most people here aren't using crypto as it was originally envisioned - the entire industry has become "financial markets without those pesky rules" so everyone is just yoloing their money to wallets where the company records the entries on a traditional database in order to get interest etc
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Binance hasn’t REcovered $6B+, it’s COVERING it (reimbursing customers from company funds). Some was frozen, but Binance is not likely to recover even half.
Bad headlines like this are a big part of why I started covering crypto. Generalist reporters on deadline far too often end up repeating company spin.
@molly0xfff If frozen has a meaning for cryptocurrency, then it really isn't "decentralised". Does each cryptocurrency come with a sanctions list these days to stop miners processing specific blocks?
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Binance hasn’t REcovered $6B+, it’s COVERING it (reimbursing customers from company funds). Some was frozen, but Binance is not likely to recover even half.
Bad headlines like this are a big part of why I started covering crypto. Generalist reporters on deadline far too often end up repeating company spin.
@molly0xfff That would have been clearer in most other languages.
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@molly0xfff If frozen has a meaning for cryptocurrency, then it really isn't "decentralised". Does each cryptocurrency come with a sanctions list these days to stop miners processing specific blocks?
@merospit I explained it a bit in a footnote to https://www.citationneeded.news/its-always-north-korea/
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@molly0xfff Serious question (I really have no idea about how these companies are set up): where do they get that above of money from? ‘Assets’ of their non-victim customers?
@anotherdaniel They say it’s coming from company funds
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Binance hasn’t REcovered $6B+, it’s COVERING it (reimbursing customers from company funds). Some was frozen, but Binance is not likely to recover even half.
Bad headlines like this are a big part of why I started covering crypto. Generalist reporters on deadline far too often end up repeating company spin.
@molly0xfff I'd like to know how they can just pull $6+ billion out of their hat like it was nothing. Their reserve was only $1 billion, and what's left is a goodly chunk of change for any company to come up with in cash on short notice.
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@anotherdaniel They say it’s coming from company funds
@molly0xfff So a company built on the scaling of other people’s pyramid schemes has a few billion on hand in “funds”? Again, I don’t know much about this space - but this sounds even more fishy than their regular business.
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Binance hasn’t REcovered $6B+, it’s COVERING it (reimbursing customers from company funds). Some was frozen, but Binance is not likely to recover even half.
Bad headlines like this are a big part of why I started covering crypto. Generalist reporters on deadline far too often end up repeating company spin.
@molly0xfff
The single largest theft in the history of the world.....Move along, nothing to see here.
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@molly0xfff I'd like to know how they can just pull $6+ billion out of their hat like it was nothing. Their reserve was only $1 billion, and what's left is a goodly chunk of change for any company to come up with in cash on short notice.
@tknarr Sure is! And they paid $4.3 billion just a few years ago as a criminal penalty.
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Binance hasn’t REcovered $6B+, it’s COVERING it (reimbursing customers from company funds). Some was frozen, but Binance is not likely to recover even half.
Bad headlines like this are a big part of why I started covering crypto. Generalist reporters on deadline far too often end up repeating company spin.
@molly0xfff are they gonna ponzi their way through the other half until they can pull in enough revenue to be sound again or
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Binance hasn’t REcovered $6B+, it’s COVERING it (reimbursing customers from company funds). Some was frozen, but Binance is not likely to recover even half.
Bad headlines like this are a big part of why I started covering crypto. Generalist reporters on deadline far too often end up repeating company spin.
@molly0xfff I'm having a hard time understanding how they are able to afford such huge loses with no FDIC insurance equivalent.
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@HenryT @fuzzyfuzzyfungus @molly0xfff @ssiekmann Most "investors" don't even understand how cryptocurrency works and don't have possession of their own coins. They just have a pinky-promise from whatever exchange they use that "X amount of coins in the exchange's possession belong to you and are available for you to withdraw" tracked in an ordinary database. It's utter clowncar shit.
@dalias
> and don't have possession of their own coinsThat's all there is to say.
And of course it's not the first time.
A never ending story... ohh wait, let me store my gold at fort nox, the donald will guard it well ..
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@guardeddon @molly0xfff you're not mistaken, if people keep crypto in their own wallets that's exactly the case. But most people here aren't using crypto as it was originally envisioned - the entire industry has become "financial markets without those pesky rules" so everyone is just yoloing their money to wallets where the company records the entries on a traditional database in order to get interest etc
As @m1ke stated.
To begin with, more than one blockchain is ridiculous, as it drives the idea of not being able to copyPaste and multiply with IT ad nauseum what ever "document" it is you duplicate.
A:
"Nobody can print more bitcoins than there are!"
B:
"Great let's print more blockchains!"A:
"You can hold your own assets on your own computer, and to skip the need for to hold the entire blockchain here you have an electrum wallet in a decentralized FOSS setup!"B: "Ohh great, lets create websites where others are in charge of your assets instead your own computer! And while we are at it, let's create shitload of different wallets because why not."
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As @m1ke stated.
To begin with, more than one blockchain is ridiculous, as it drives the idea of not being able to copyPaste and multiply with IT ad nauseum what ever "document" it is you duplicate.
A:
"Nobody can print more bitcoins than there are!"
B:
"Great let's print more blockchains!"A:
"You can hold your own assets on your own computer, and to skip the need for to hold the entire blockchain here you have an electrum wallet in a decentralized FOSS setup!"B: "Ohh great, lets create websites where others are in charge of your assets instead your own computer! And while we are at it, let's create shitload of different wallets because why not."
And actually you are right @guardeddon, everyone would assume that with such an idea and technology even on an exchange, the owner should always somehow have the ultimate key in his very own pocket, his very own "Endgerät".
Ultimately it's like most of the internet things.
Nearly the entire webpage traffic was http, until someday enough capable people said, thx to Ed Snowden, https is the only reasonable thing to do.
Why isn't all email encrypted end to end?
#deltaChat figured out nearly straight away how to do that in a user friendly manner. None of the big companies adapted that FOSS code. No journalist wrote about it.
Well, how to sell you ads if we can't read your emails?
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Binance hasn’t REcovered $6B+, it’s COVERING it (reimbursing customers from company funds). Some was frozen, but Binance is not likely to recover even half.
Bad headlines like this are a big part of why I started covering crypto. Generalist reporters on deadline far too often end up repeating company spin.
@molly0xfff Those who don't know history are destined to repeat it. Got Goxxed. Not your keys. Not your coins.
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Binance hasn’t REcovered $6B+, it’s COVERING it (reimbursing customers from company funds). Some was frozen, but Binance is not likely to recover even half.
Bad headlines like this are a big part of why I started covering crypto. Generalist reporters on deadline far too often end up repeating company spin.
@molly0xfff ...and seems resumption of redemptions is in full swing mode.....was it $3.5 billion-ish I just read has been redeemed today??
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@molly0xfff @ssiekmann companies lie all the time about everything that's why journalism is work but most so called journalists are just PR repeater 🤬
@TheOneDoc @molly0xfff @ssiekmann
Yeah that Orwell quote won't be getting dusty any time soon
"Journalism is printing what someone else does not want printed: everything else is public relations."
