Binance #safu fund

[Broly46]

I don't believe anyone who suggest Binance can help themselve with the amount as huge as 40m, they have no idea what will come next. Do you think 40m is very small for Bitmain too? I think they're going to fire a lot of staffs, starving for a long time, or even need to torture themselve for some petty stuff. Downsizing their operation, and even cutting down on security expense, I personally don't want to see it coming, Binance has a lot to do but a financial set back going to hurt them badly. I believe Binance are not as huge as bitmain and they certainly can't afford the 40m loss. Btw most hackers would have preferred Binance to just take the loss and move on, and I vowed to make the life harder for them. The entire crypto sphere are coming to a complete halt because of some naughty hackers decide to flip it upside down. It's not even funny to begin with. And I believe this hackers are hired by some notorious pundits, just like some bad guy in the movie the big short.

[omone1]

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?

Justin Son only said he is going to support binance by depositing 7,000BtC and buying some BNB and some other coins, it's just a solidarity move borne out of his love for the exchange and the community in general. This on the part of Son is commendable looking at the contribution of Binance to Cryptocurrency.

[limuskex]

CZ said it will be refunded by SAFU and Justin doesn't need to do it

[okala]

I don't believe anyone who suggest Binance can help themselve with the amount as huge as 40m, they have no idea what will come next. Do you think 40m is very small for Bitmain too? I think they're going to fire a lot of staffs, starving for a long time, or even need to torture themselve for some petty stuff. Downsizing their operation, and even cutting down on security expense, I personally don't want to see it coming, Binance has a lot to do but a financial set back going to hurt them badly. I believe Binance are not as huge as bitmain and they certainly can't afford the 40m loss. Btw most hackers would have preferred Binance to just take the loss and move on, and I vowed to make the life harder for them. The entire crypto sphere are coming to a complete halt because of some naughty hackers decide to flip it upside down. It's not even funny to begin with. And I believe this hackers are hired by some notorious pundits, just like some bad guy in the movie the big short.

I don't think so, if the binance staffs come out clean there will be no need firing them as I have been following up from CZ twitter handle all those who pledge support, donations have been asked by CZ to donate such found to charity and that the is a mechanism being design to take care of this loses. 7,000 bitcoins is really a huge amount but I believe binance will come out strong.

[Broly46]

I don't believe anyone who suggest Binance can help themselve with the amount as huge as 40m, they have no idea what will come next. Do you think 40m is very small for Bitmain too? I think they're going to fire a lot of staffs, starving for a long time, or even need to torture themselve for some petty stuff. Downsizing their operation, and even cutting down on security expense, I personally don't want to see it coming, Binance has a lot to do but a financial set back going to hurt them badly. I believe Binance are not as huge as bitmain and they certainly can't afford the 40m loss. Btw most hackers would have preferred Binance to just take the loss and move on, and I vowed to make the life harder for them. The entire crypto sphere are coming to a complete halt because of some naughty hackers decide to flip it upside down. It's not even funny to begin with. And I believe this hackers are hired by some notorious pundits, just like some bad guy in the movie the big short.

I don't think so, if the binance staffs come out clean there will be no need firing them as I have been following up from CZ twitter handle all those who pledge support, donations have been asked by CZ to donate such found to charity and that the is a mechanism being design to take care of this loses. 7,000 bitcoins is really a huge amount but I believe binance will come out strong.

I would love to think positively, of course everyone would love to be free of troubles, but what do we have in the past? Did bitfinex and Mt Gox taught us something that we don't know? I think Mark Kerpeles are a spoilt brat, that's he deserve what he have today, but CZ are now in the deep shit as close as Mark Kerpeles, I'm not going to wish him the worse, and well when its about money, we don't really want to forgive anyone, we can go as far as putting the innocent to the jail, this is the risk CZ may be facing, unless he could come out with the money to shut everyone up. And for Binance which is a very big exchange by volume and money traded, I think they're dealing in millions to billions trades everyday, and it is almost certain these are some of the elite in the crypto who trade in the exchange, and these elite aren't so forgiveful when it come to money, they are most likely calling their lawyers right now preparing to bring the exchange down at the right time.

[mu_enrico]

I found this "hacking" case suspicious. Does this really happen? I mean who knows? Binance could use 7,000 BTC from SAFU for a pump and dump scheme similar to BTT case.

What we know is that they need a lot of BTC and one way to get it is from their own stash.

[traderethereum]

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?

7000 BTC is big amount of us. But Binance earn this amount of BTC sometimes daily. I don't know what will happen next time but I am sure that Binance will recover all this damage for this time.

I am sure Binance can handle that because 7000 is not too big for them. And if Justin Son wants to help them, then I think that will be great for Binance because that will makes traders not to worry because of the hacking news.
Let's wait for the next news from them, and we could hope that it will be good news for us because I think they are now still trying to fix the problem to make sure that it is not happening again in the future.

[||bit]

Actually it is good that they have a safu and paying back to people but on the other hand i would prefer safu fund would be there but never needed to use. Because that fund has a limit and if a bigger hack like instead %2 of the btc, %100 of the btc hacked, that fund would only cover some part of the hack.

And just read an analyze that binance would recover 40m $ in around 45 days. So it is not a huge blow for them financially but a huge blow for them in trust. We still don't know the details of the hack and i believe we need to know. Regardless i will withdraw my btc after withdrawal is open and i will only use binance for trade, not holding anything just because it is convenient.

[stompix]

Yeah, your funds are SAFU!!!
Sleep easy, CZ says all the money are SAFU!

You realize this comes from a guy that was denying the FSA has ordered them to cease operation in Japan and at the same time, he was packing his stuff to Malta while claiming on twitter everything was SAFU?

Yeah, keep believing an exchange that runs from a country in which it can't obey the rules to protect is customers funds to an offshore paradise is the safest place to keep your money and is exempt from going bankrupt by a theft 

[Broly46]

Actually it is good that they have a safu and paying back to people but on the other hand i would prefer safu fund would be there but never needed to use. Because that fund has a limit and if a bigger hack like instead %2 of the btc, %100 of the btc hacked, that fund would only cover some part of the hack.

And just read an analyze that binance would recover 40m $ in around 45 days. So it is not a huge blow for them financially but a huge blow for them in trust. We still don't know the details of the hack and i believe we need to know. Regardless i will withdraw my btc after withdrawal is open and i will only use binance for trade, not holding anything just because it is convenient.

I hate to fix your maths, but please be realistic, Binance are losing $40m to the hackers alone, and they are going to fork out the loss to compensate the users, another $40m gone from the SAFU, add it up and it's a whopping $80m of loss they're facing!! Compare to the bitmain quarterly loss of $500m which is one off event, Binance are having a two off capital loss!! And tell me Binance could afford the loss again? I think bitmain need to go full retard and undergo a large scale firing squad, I don't think Binance could be so lucky. Feel free to fix my maths.

[stompix]

I hate to fix your maths, but please be realistic, Binance are losing $40m to the hackers alone, and they are going to fork out the loss to compensate the users, another $40m gone from the SAFU, add it up and it's a whopping $80m of loss they're facing!!

Don't try to fix something that is not broken.
A guy steals from the cashier 20$, he goes to another one, buys beers for 15$, gets 5$ back. How much did the store lose, 20, 35, or 40?

If the 40 million were stolen from user's funds Binance didn't lose a single penny till they said they will compensate the users.
If the 40 million were stolen from Binance funds it makes no sense for Binance to compensate themselves, right?  

[pixie85]

Yeah, your funds are SAFU!!!
Sleep easy, CZ says all the money are SAFU!

You realize this comes from a guy that was denying the FSA has ordered them to cease operation in Japan and at the same time, he was packing his stuff to Malta while claiming on twitter everything was SAFU?

Yeah, keep believing an exchange that runs from a country in which it can't obey the rules to protect is customers funds to an offshore paradise is the safest place to keep your money and is exempt from going bankrupt by a theft 

More importantly it comes from a guy that was telling people that they have unscheduled maintenance going on and funds are safu while his staff was running around in panic looking for missing millions of dollars in BTC. I wouldn't trust anything he says!

They should hire someone to run PR because the CEO has no idea how to do it but he's too proud to admit it.

[kickdapa]

Justin sun wanted to deposit 40 Million USDT in Binance, I don't think that was a donation. Because he wanted to buy BTT, TRX, BNB coin through that big amount of money. Then Binance CEO CZ confirmed about the safu and thanked Justin sun and QKC coin! Binance is the number one exchange according to real volume and they have own coin which is very big already and their community is the best among all of the exchanges! So, Binance has tons of money in the safu I think. And those safu fund stored in BTC, not in BNB as far as I know

[Kwansimaa]

Well from the news i read about a day or two ago, i learnt CZ would refund all the stolen bitcoins from the SAFU fund. This generosity from CZ has to be applauded as many exchanges have been hacked but have never refunded users before. Good job CZ

[dr.cheema]

Nothing is ever 100% safe , people need to realize this.  I still trust Binance compared to smaller exchanges since they are covering this loss.  Of course they really had no choice or they would lose all credibility.   Remember, not your keys not your coins!!

Agree with you, No keys not your coins. 7000 bitcoins is not a big loss for binance but there is a big challenge for binance team.
Now they should be more alert and more secure their exchange and make it better than before.
Anyway users are safu, their funds are in safu platform. 

[Broly46]

I hate to fix your maths, but please be realistic, Binance are losing $40m to the hackers alone, and they are going to fork out the loss to compensate the users, another $40m gone from the SAFU, add it up and it's a whopping $80m of loss they're facing!!

Don't try to fix something that is not broken.
A guy steals from the cashier 20$, he goes to another one, buys beers for 15$, gets 5$ back. How much did the store lose, 20, 35, or 40?

If the 40 million were stolen from user's funds Binance didn't lose a single penny till they said they will compensate the users.
If the 40 million were stolen from Binance funds it makes no sense for Binance to compensate themselves, right?  

By the context you're correct, and I'm trying to be very picky here, and I choose the term "SAFU" fund, in accounting, money need to be credited from something, it can't be nothing like air, or like a Federal Reserve scam, I think it is wise to credit all the fund directly from the SAFU, crediting stolen fund and reimbursement directly from the SAFU, that's a whopping $80m! From the SAFU! I don't know they could have so much fund from the SAFU, they could be very wealthy?

[stompix]

By the context you're correct, and I'm trying to be very picky here, and I choose the term "SAFU" fund, in accounting, money need to be credited from something, it can't be nothing like air, or like a Federal Reserve scam, I think it is wise to credit all the fund directly from the SAFU, crediting stolen fund and reimbursement directly from the SAFU, that's a whopping $80m! From the SAFU! I don't know they could have so much fund from the SAFU, they could be very wealthy?

You don't understand, the lost money is not from Binance's own pocket.
Those where user funds, at the moment of the hack Binance as a company or a business didn't lose anything, their balance was still zero what went missing were the user funds.

So previously the balance was:
hackers 0  / customers 100 million/ binance 70 million (I put 100/70) as an example, randomly)
After the hack:
hackers 40 million / customers 60 million / binance 70 millions
After SAFU deployed:
hackers 40 million / customers 100 million / binance 30 million

In your example is like you lose 40$ from your wallet on a bus, then you go to an ATM, pull 40$ to replace the 40$ and you end up saying you lost 80$

[Broly46]

By the context you're correct, and I'm trying to be very picky here, and I choose the term "SAFU" fund, in accounting, money need to be credited from something, it can't be nothing like air, or like a Federal Reserve scam, I think it is wise to credit all the fund directly from the SAFU, crediting stolen fund and reimbursement directly from the SAFU, that's a whopping $80m! From the SAFU! I don't know they could have so much fund from the SAFU, they could be very wealthy?

You don't understand, the lost money is not from Binance's own pocket.
Those where user funds, at the moment of the hack Binance as a company or a business didn't lose anything, their balance was still zero what went missing were the user funds.

So previously the balance was:
hackers 0  / customers 100 million/ binance 70 million (I put 100/70) as an example, randomly)
After the hack:
hackers 40 million / customers 60 million / binance 70 millions
After SAFU deployed:
hackers 40 million / customers 100 million / binance 30 million

In your example is like you lose 40$ from your wallet on a bus, then you go to an ATM, pull 40$ to replace the 40$ and you end up saying you lost 80$

Look at this, everyone think $40m isn't sound like a big deal. And when I try to double it to, say $80m, suddenly, everything changed, it feel like a lot of money to them, because why? People have selective sensitivity toward the money. Of course, all thank to the Pavlov dog training we have all over the social network trying to make us feel $40m is just a small peanut, but a $80m will effectively pull them out from dream into the reality. And I'm using it purposely, to wake them up, to see clearly what are they looking at. Btw I'm truly appreciate you to took your time to point out the mistakes, I could have make a better prank next time. Also I'm very skeptical that how Binance could make $40m within 45 days alone from trading fee, I think it is a lot more exaggerating than doubling the $40m, and many will still fall for it.

[Bitcoin_Arena]

-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.

[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.