Binance hasn’t REcovered $6B+, it’s COVERING it (reimbursing customers from company funds).
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@fuzzyfuzzyfungus @molly0xfff @ssiekmann Agree. I'd like journalists to get into more detail. Does Binance possess investor's private keys?
@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.
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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 Well those are very different things! Sounds like “spin” as you say that will at best be contributed to “nuance”.
But to use the “you wouldn’t steal a car” analogy from piracy, that’s the difference between getting the same car back (complete with your half finished bottle of water in the cup holder) and getting a 1:1 replacement without the car owner paying for it…presumably because the car maker thinks it’s more valuable to keep you driving than for you to decide to take mass transit.
Thank you for the clarification.
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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 Repeating company spin is policy for most media enterprises. Everything else is too expensive. Thank you for your reporting.
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@ssiekmann In my experience, a lot of journalists are still pretty unwilling to believe that companies will just lie. And that’s a particularly bad perspective to hold when you’re covering the crypto sector.
@molly0xfff @ssiekmann Or tech in general imo. So many lies from this sector...
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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 those people are called stenographers who should be getting stenography machines for xmas
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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 it's just simple money laundering. They self-regulate so they win either way
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@ssiekmann In my experience, a lot of journalists are still pretty unwilling to believe that companies will just lie. And that’s a particularly bad perspective to hold when you’re covering the crypto sector.
@molly0xfff @ssiekmann companies lie all the time about everything that's why journalism is work but most so called journalists are just PR repeater 🤬
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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.
