Binance #safu fund

[rdbase]

-snip-

Looks Mathematics is not for everyone  
You made a very good explanation and i am not sure why @Broly46 was having a very hard time to understand the basics.
The prank or whatever it is, was a complete fail.

Of course I would love to know the maths behind the making of $40m within 45 days, because it is certainly jaw dropping money making velocity, I think Satoshi wealth could be second to Binance anytime.

Pretty close. $1,100 billion according to this list of crypto billionaires if BTC goes subatomic.
https://bitcointalk.org/index.php?topic=5141611

[Broly46]

-snip-

Looks Mathematics is not for everyone  
You made a very good explanation and i am not sure why @Broly46 was having a very hard time to understand the basics.
The prank or whatever it is, was a complete fail.

Of course I would love to know the maths behind the making of $40m within 45 days, because it is certainly jaw dropping money making velocity, I think Satoshi wealth could be second to Binance anytime.

Pretty close. $1,100 billion according to this list of crypto billionaires if BTC goes subatomic.
https://bitcointalk.org/index.php?topic=5141611

That will make all of us millionaires too, I couldn't be more happier than that, and it will fix all the world's problem too. And OMG, $250,000 sound like a long way to go, that's 41x from the price $6000. I don't know how to do a maths anymore.

[BitHodler]

SAFU can easily take care of this problem and if ever there is still some gap then I think Binance can also take a dip at their own funds.

SAFU fits in the category of Binance's own funds. They are not obligated to actually allocate them to hacks and whatnot, it's just what they promised, but we have seen many exchanges break their promises before.

I wonder how much Binance has sitting in its SAFU fund, and whether or not a part of it is sitting in altcoins that need to be converted to Bitcoin. Maybe they have already been selling alts to Bitcoin in the last few days.

If they want to recoup their $40 million loss they are better off launching a few more IEOs because these are the real money makers for them, or list some random shitcoins and tokens for an exorbitant fee.

[incomefromcoins]

it's a very unfortunate exchange like Binance to faced major security branch i hope next time binance won't happen these kinds of hack

[ttcsalam]

  If you are not so much, then there is a very nice thing. What SAFU means Secure Asset Fund for Users is this. This is a security issue for every company and Big Excenger Through this, investors will get the security of their capital.

[TravelMug]

SAFU can easily take care of this problem and if ever there is still some gap then I think Binance can also take a dip at their own funds.

SAFU fits in the category of Binance's own funds. They are not obligated to actually allocate them to hacks and whatnot, it's just what they promised, but we have seen many exchanges break their promises before.

I wonder how much Binance has sitting in its SAFU fund, and whether or not a part of it is sitting in altcoins that need to be converted to Bitcoin. Maybe they have already been selling alts to Bitcoin in the last few days.

If they want to recoup their $40 million loss they are better off launching a few more IEOs because these are the real money makers for them, or list some random shitcoins and tokens for an exorbitant fee.

As far as I know there's no document whatsoever about this so called SAFU funds from Binance, so we don't know how much funds they have sit in there.

I'm assuming that it will come to the trading fees so it will be huge and enough to cover that $40 millions they have lost from the hacked.

[rdbase]

If you are not so much, then there is a very nice thing. What SAFU means Secure Asset Fund for Users is this. This is a security issue for every company and Big Excenger Through this, investors will get the security of their capital.

If there is such a secure asset fund then why was there something put out with binance looking to cashout a large amount of tether in exchange for bitcoin?
Looks like they are trying to recoup as much as the BTC7000 with offsetting other assets on their own exchange.

[MostafaGamal]

In fact, it was finally confirmed that using the SAFU
This is definitely a good thing, and it increases the trust in the platform, even if you are exposed to the hackers (as they said), but the situation was controlled and nobody lost

[Spider A4]

Does anyone know if Binance can take care  of the 7,000 + lost btc by themselves, or are they going to need help from Justin Son. Also I heard somewhere that there #safu fund is in bnb. Can anyone confirm this?

Binance got hacked over 7000BTC+ (40 million USD) and they confirmed about SAFU Fund check out here https://www.binance.vision/glossary/secure-asset-fund-for-users this binance and i trust for their such intention.
But any user fund didn't affected in this hacked.

[MonsterV]

Does anyone know if Binance can take care  of the 7,000 + lost btc by themselves, or are they going to need help from Justin Son. Also I heard somewhere that there #safu fund is in bnb. Can anyone confirm this?

It was already confirmed by CZ himself in this tweet that everything will be covered under SAFU.

https://twitter.com/cz_binance/status/1125956811574484993

I don't know about Justin Sun trying to bail them out though. Binance has tons of reserved money to reimburse those who have lost their money in the hacked. They will just have to wait for the official announcement.

really, I think binance has prepared a solution for the possibilities that will occur, the statement can be seen in the tweet.
https://twitter.com/cz_binance/status/1126469393204924416

Binance is so calm about dealing with this hacking problem, in my opinion they have been prepared in advance to deal with this problem. salute them, hopefully no user is harmed there.

[Dreamchaser21]

In fact, it was finally confirmed that using the SAFU
This is definitely a good thing, and it increases the trust in the platform, even if you are exposed to the hackers (as they said), but the situation was controlled and nobody lost

That’s true, so Binance is still a good exchange to work for because they carry all the mistakes and they are making their system more secured. Sometimes bad things will happen to you, and how you handle that can make you a better one, and binance is doing it right.