Binance worth more than sum of European banks?

[mindrust]

Is Binance worth more than the sum of all European banks now? Might be close

Is the numbers legit tho? I am not sure. Long ago I've read that tether's marketcap was bigger than every bank in Bahamas (where tether's bank Deltec resides) and their customers' account balance combined. There could be a huge fuckery going on in this space but we will never know until it goes full gox 

[LoyceV]

Long ago I've read that tether's marketcap was bigger than every bank in Bahamas (where tether's bank Deltec resides) and their customers' account balance combined.

IMF disagrees:

The Bahamas hosts a large offshore financial sector with very limited links to the
domestic financial system. Offshore assets total US$256 billion as of June 2018 (approximately
20 times GDP), a 40 percent drop since the 2013 FSAP. Banks dominate the sector with
US$168 billion in assets; they concentrate in private banking and treasury services with little credit
creation or maturity transformation. The investment fund space (US$86 billion in assets)

It's always nice to compare market caps in crypto to foreign exchange (forex) volume to crypto: it has a daily volume of $6.6 trillion. That's $310,000 dollar trade volume per person on the planet per year. In my humble opinion, this staggering amount only shows how crazy the world of big money is.

[bbc.reporter]

Is Binance worth more than the sum of all European banks now? Might be close

Is the numbers legit tho? I am not sure. Long ago I've read that tether's marketcap was bigger than every bank in Bahamas (where tether's bank Deltec resides) and their customers' account balance combined. There could be a huge fuckery going on in this space but we will never know until it goes full gox  

Su Zhu did not show any numbers, however, it has been speculated that the Asian crypto hedge fund founders and whales might be in secret private discord servers with Asian exchange owners and founders. Su Zhu might have an informed guess on how large Binance's real networth. It might not be as big as the combined networth of European banks, however, it might be underestimated.

[Lucius]

Su Zhu did not show any numbers, however, it has been speculated that the Asian crypto hedge fund founders and whales might be in secret private discord servers with Asian exchange owners and founders.

He didn't show anything because he has nothing to show - such statements without any cover only serve to attract some new investors and make free PR for the company.

Su Zhu might have an informed guess on how large Binance's real networth. It might not be as big as the combined networth of European banks, however, it might be underestimated.

Given their shady business throughout their existence, one might be very interested in how much money they really have, or in other words how much tax they have evaded so far. If this statement is even approximately true, then this company could find itself under investigation. Of course there is another option, and we all know that enough money in the right pockets provides a certain dose of immunity.

[bbc.reporter]

@Lucius. However, would I be correct in assuming that Binance's real networth might be very much underestimated? Last year I was speculating that FTX might kill Binance and become the largest exchange in the world. But I began to think that I might be wrong after I read this article. Su Zhu might be saying something that forum cave trolls like us do not know.



Binance CEO Changpeng “CZ” Zhao is worth an estimated $96 billion, a figure that rivals tech billionaires Mark Zuckerberg, Larry Page and Sergey Brin, according to Bloomberg.

Zhao’s net wealth has been estimated for the first time by the Bloomberg Billionaires Index, which concludes that it exceeds that of Asia’s richest person, Mukesh Ambani, the chairman of Indian conglomerate Reliance Industries.

The $96 billion figure does not take into account Zhao’s personal crypto holdings, meaning it could be a significant underestimate.

Source https://www.coindesk.com/business/2022/01/10/binance-ceo-zhao-is-worth-96b-excluding-crypto-holdings-report/

[Lucius]

@Lucius. However, would I be correct in assuming that Binance's real networth might be very much underestimated?

As I have already pointed out, this is just a word of one man whom I personally have no reason to trust - especially when he says that one crypto exchange is worth more than the total value of all European banks. It is true that the situation in the EU is not perfect, but all of them together have far more money than what this crypto exchange has - it is something that is incomparable to me. The only thing I can agree with is that this company has a lot more money than is publicly known.

Last year I was speculating that FTX might kill Binance and become the largest exchange in the world. But I began to think that I might be wrong after I read this article. Su Zhu might be saying something that forum cave trolls like us do not know.

There is something in money, but it is not the deciding factor that can keep someone competitive in today's world. They live off the old fame and the fact that they have long resisted KYC, but now that this is no longer the case and they can remain competitive only if they otherwise attract customers. Since they obviously have a lot of money, why not reduce the withdrawal fee by at least 30%?

[bbc.reporter]

@Lucius. Hehehe asking exchanges to reduce the withdrawal fee might be similar to asking the rich billionaires from Saudi Arabia to reduce oil prices by 30% also. Also, I was only arguing that Su Zhu might know more than us. I agree that he might be lying, however, I am certain that he has sources on private information.

In any case, did CZ also buy shares of Fortune magazine? This is the latest cover. It also appears that much of the bitcoin news media has overestimated his networth by $20 billion hehehe.

[Lucius]

@Lucius. Hehehe asking exchanges to reduce the withdrawal fee might be similar to asking the rich billionaires from Saudi Arabia to reduce oil prices by 30% also.

If you want to stay competitive and attract new customers, then you should be different from the competition (in a positive sense). It doesn't have to be 30%, but why not be more favorable than most others since you lost your main advantage which was that you didn't have KYC while most other CEX had it. I read somewhere that they have lost about 3% of customers, whether it is true or not - the question is what do they have better to offer than others?

In any case, did CZ also buy shares of Fortune magazine? This is the latest cover. It also appears that much of the bitcoin news media has overestimated his networth by $20 billion hehehe.

It is true that they have invested $200 million in Forbes, so it is not a problem for one such investor to appear on the cover, with so much money you can buy a lot of covers. As for his fortune, he could have $50 or $500 billion, I personally am not fascinated by it - people who need to talk about such things in public are not exactly the characters I appreciate.

[bbc.reporter]

@Lucius. Agreed! However, is Binance not staying competitive enough to begin offering lesser fees for withdrawals or lower their fees for trading? I reckon losing 3% was not because of their fees. It was caused by regulators being more strict to enforce regulations against them which -3% is not very bad I think.

Also, I am fascinated by it and I am cheering for them to be more rich than Bill Gates or Mark Zuckerburg hehehe. I am not taking this serious, however. I am more serious in cheering for sports stars in NFL or the beautiful women of MMA hehehehehee.