Binance hasn’t REcovered $6B+, it’s COVERING it (reimbursing customers from company funds).
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@molly0xfff How the fuck do they have this much money to just throw away at a moment's notice? Apple's war chest is less than $150b and it's huge.
@molly0xfff Tether is really stupid if they freeze, burn, and reissue for free.
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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.
so just another ponzi scheme LOL
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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 #Knords fleeced #crypto wankers for billions.
️ #Binance -
so just another ponzi scheme LOL
crypto was the biggest ponzi scheme ever
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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."
