Bitcoin decline is not related ONLY to Elon Musk! Binance is also related to it!

[Get-Paid.com]

It's unbelieveable how many threads get started here about Elon Musk this and Elon Musk that....

Have you actually read the news recently?! Just a few hours ago it was reported that Binance is being investigated by the IRS and the Department of Justice (aka DOJ) in the US.

2 days ago Yahoo/Coindesk published an article about many Binance users who have their accounts locked and waiting weeks/months to unlock it without any success, despite sending all the proper KYC verification documents etc.

If European governments will join the party then it would be a much bigger disaster for Binance!

We already posted this thread that exemplifies one problem that Binance has - you gain interest, report and pay 0 tax on it (we don't mind but the governments do).

If you think this is just a "DIP", just a market correction, you're in it for a surprise.

It's not for nothing that the Bank of England's governor warned investors and told them to stay away from Crypto in the near future.

How all this will roll out? no one knows. Yes, Crypto is a game changer, but the governments around the world seem to step up against it, we're in it for a rollercoaster ride now.

[1715700093]

1715700093

[Poker Player]

It is clear that correlation does not imply causation. It had some influence, but it need not have been the only influence. I also believe that the threat of hyperinflation that brought down the stock market also had some influence on the price of Bitcoin. In the medium and long term, inflation should drive the price up, but in the short term there are people who invest in Bitcoin as just another financial asset and when faced with news like this, they sell. Simply because they believe the price is going to go down.

[Kakmakr]

We have been under attack from governments for years, so this is nothing new. A few years back ..the government of Japan, closed several exchanges for investigation..because they manipulated trading volumes to pull more customers. (The exchange with the highest trading volume, was supposed to attract more customers.. creating the perception that it was more popular and that orders will be filled quicker)

The attacks/sabotage from Banks is also not something new, just look at the actions from Banks in Australia a few years ago and how they were forced by their own "competition" watch dog to allow for people to make choices and to allow competition. (The public stood up against them and declared a group dispute)

We will never be free from government interference, but fortunately for us ...most government are elected with votes and we can use those votes against them.  

[DigitalFox]

It's unbelieveable how many threads get started here about Elon Musk this and Elon Musk that....

Have you actually read the news recently?! Just a few hours ago it was reported that Binance is being investigated by the IRS and the Department of Justice (aka DOJ) in the US.

2 days ago Yahoo/Coindesk published an article about many Binance users who have their accounts locked and waiting weeks/months to unlock it without any success, despite sending all the proper KYC verification documents etc.

If European governments will join the party then it would be a much bigger disaster for Binance!

We already posted this thread that exemplifies one problem that Binance has - you gain interest, report and pay 0 tax on it (we don't mind but the governments do).

If you think this is just a "DIP", just a market correction, you're in it for a surprise.

It's not for nothing that the Bank of England's governor warned investors and told them to stay away from Crypto in the near future.

How all this will roll out? no one knows. Yes, Crypto is a game changer, but the governments around the world seem to step up against it, we're in it for a rollercoaster ride now.

Except for binance.us the rest is not in US jurisdiction and doesn't serve US citizens, so DOJ/IRS can shove it. Once again the "land of opportunity" tries to stick its greasy fingers where they don't belong.

[Get-Paid.com]

Except for binance.us the rest is not in US jurisdiction and doesn't serve US citizens, so DOJ/IRS can shove it. Once again the "land of opportunity" tries to stick its greasy fingers where they don't belong.

Agreed, but, what if the US govt would prove Binance.com mixed US citizens etc.?
They have more money and power than Binance itself, what would happen then?

Remember e-gold.com?

[cryptomaniac_xxx]

This news could have drastic effect on the market, and so is the Elon Musk announcement. Nevertheless we have seen this kind of attacks or FUD before. So it won't be that long that the price can recover again and we can forget about this news. So the best advise is not to panic, doesn't make sense to sell right now to make profit. You can make huge money in the next couple of months or at least at the end of the year. And yes, this only affects Binance.US afaik.

[DigitalFox]

Except for binance.us the rest is not in US jurisdiction and doesn't serve US citizens, so DOJ/IRS can shove it. Once again the "land of opportunity" tries to stick its greasy fingers where they don't belong.

Agreed, but, what if the US govt would prove Binance.com mixed US citizens etc.?
They have more money and power than Binance itself, what would happen then?

Remember e-gold.com?

Yes I remember E-gold and there was lot's of dodgy activities by its founder - laundering money from carding etc. It was a looong time ago so I don't remember details now. Anyway, this is different. And for mixing citizens that would be solely individual's fault - at registration there's clear warning regarding who can and who can't use it.
We can speculate on the subject as long as we want but my opinion is just that, US is trying to act as a world cop thinking they can do whatever they please. 

[ILuckyGuyI]

As far as I know, Bitmex and Binance both are under investigation right now. So, this decline is not only related to Elon Musk, yeah. All of these news combined affected the market generally really badly.

[dkbit98]

Binance and other centralized exchanges should never be fully trusted but CZ did post that they are working with law enforcement agencies to fight bad players, and they would not risk some global ban now but we can expect to see more strict kyc rules soon.
Solution is to use more decentralized exchanges like Bisq with other similar forks and P2P trading websites, and we can see that trading volume for them is growing in all parts of the world where they banned centralized exchanges.

With current worldwide inflation, money printing, food and other prices going up, we should not really worry so much about Bitcoin price swings or what Elon or CZ are doing, because looking long term we are still going up, just don't keep your coins on exchanges.

[larus]

Elon was the main reason for this. He is a traitor of crypto industry

[stompix]

We have been under attack from governments for years, so this is nothing new. A few years back ..the government of Japan, closed several exchanges for investigation..because they manipulated trading volumes to pull more customers. (The exchange with the highest trading volume, was supposed to attract more customers.. creating the perception that it was more popular and that orders will be filled quicker)

So the government attack was to kick out exchanges that were faking numbers and manipulating the market?
Wow the horror! Please no, no more such attacks, we need those fake numbers!

Except for binance.us the rest is not in US jurisdiction and doesn't serve US citizens, so DOJ/IRS can shove it.

Hahaha, and you really think so?
Remember what happened to Mega? The admin of Alphabay was arrested in Thailand, Bitmex was headquartered in Seychelles, BTC-e in Russia, did that stop the DOJ?
The US jurisdiction ends where the US wants.

As for Binance, let's see, fleeing HK, fleeing Japan while lying to its users it does everything to comply with regulations, staying in Malta but only on Twitter as in reality they've never got a trading license to operate there and now....why would anyone be surprised of what's happening? CZ got too cocky, it's about time he pays the prices for all the bullshit he has done.

[Lorence.xD]

As far as I know, Bitmex and Binance both are under investigation right now. So, this decline is not only related to Elon Musk, yeah. All of these news combined affected the market generally really badly.

If this is a bad news then I know that it will subside as time goes by, I am pretty sure that the investigation isn't going to be resolved easily. I don't see these as a bad thing for the market because if you have the money, you can probably wait for the news to cause a dip in the market and buy some coins at a lower price and just hodl and wait for the profit.

[DigitalFox]

Except for binance.us the rest is not in US jurisdiction and doesn't serve US citizens, so DOJ/IRS can shove it.

Hahaha, and you really think so?
Remember what happened to Mega? The admin of Alphabay was arrested in Thailand, Bitmex was headquartered in Seychelles, BTC-e in Russia, did that stop the DOJ?
The US jurisdiction ends where the US wants.

They were serving US citizen. Binance.com doesn't.

As for Binance, let's see, fleeing HK, fleeing Japan while lying to its users it does everything to comply with regulations, staying in Malta but only on Twitter as in reality they've never got a trading license to operate there and now....why would anyone be surprised of what's happening? CZ got too cocky, it's about time he pays the prices for all the bullshit he has done.

Did CZ abuse you sexually so you are so upset and angry on him? If not, then what?

[stompix]

They were serving US citizen. Binance.com doesn't.

On paper!

You are not allowed to access or use the Services or the Trading Platform if you are located, incorporated or otherwise established in, or a citizen or resident of: (i) the United States of America, the province of Ontario in Canada, the province of Québec in Canada, the Hong Kong Special Administrative Region of the People’s Republic of China, the Republic of Seychelles, Bermuda, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea or Sudan; (ii)

Bitmex just like Binance never enforced this rule.

Did CZ abuse you sexually so you are so upset and angry on him? If not, then what?

Got triggered? Go play outside, probably there are some kids waiting for you!

[Opulous-bct]

Well, if the industry is truly decentralized, which I believe it is, then everything has to be inter-related. Nothing should be so strong as to be able to manipulate (at least, not beyond the short term) but every single piece of the ecosystem has to be inter-related.

Nothing wrong with Binance and Elon both having a say, either side of the market.

[DigitalFox]

They were serving US citizen. Binance.com doesn't.

On paper!

You are not allowed to access or use the Services or the Trading Platform if you are located, incorporated or otherwise established in, or a citizen or resident of: (i) the United States of America, the province of Ontario in Canada, the province of Québec in Canada, the Hong Kong Special Administrative Region of the People’s Republic of China, the Republic of Seychelles, Bermuda, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea or Sudan; (ii)

Bitmex just like Binance never enforced this rule.

Not really. Even US IP adresses are blocked. There was a hiccup with my DNS provider one day and I couldn't log on from my PC all day, had to use cell instead. And good luck passing KYC with US passport.

Did CZ abuse you sexually so you are so upset and angry on him? If not, then what?

Got triggered? Go play outside, probably there are some kids waiting for you!

Not triggered, just curious why are so pissed off at him.

[verita1]

I am not worried about this news, because Bitcoin has been attacked in all trenches and has remained undefeated. Since its birth we have seen it and it will not make us recline a single step now.

The Binance case should be solved in the best way and the truth should come out. Fortunately I did my KYC on Binance last month and I didn't have any problems. I would like to apply for the advanced KYC to check for such issues that are mentioned by affected users. I often see user complaints about any problem on Binance and wonder why it happens? As I said luckily Binance works 100% for me.

Elon Musk speechless.

On the other hand, there is a special power of conviction that Michael Saylor has that makes me stay calm. Let's continue victorious on our crypto journey.

MicroStrategy has purchased an additional 271 bitcoins for $ 15.0 million in cash at an average price of ~ $ 55,387 per #bitcoin. As of 5/13/2021, we #hodl ~ 91,850 bitcoins acquired for ~ $ 2,241 billion at an average price of ~ 24,403 per bitcoin. $ MSTR

https://twitter.com/michael_saylor/status/1392814015181635584?s=19

[stompix]

Not really. Even US IP adresses are blocked. There was a hiccup with my DNS provider one day and I couldn't log on from my PC all day, had to use cell instead. And good luck passing KYC with US passport.

The DOJ isn't acting on things that happen now, it has started investigating well before but CZ has always denied it until now when he can't do it anymore.
And in the past all you had to do as a US citizen was to use a VPN and stay under the 2 BTC limit, tens of people on this forum alone have done it and everyone knows it.

Not triggered, just curious why are so pissed off at him.

Let's see
- he's the one that started the fake volume manipulation at OKCoin
- he continuously lied to his users about where the exchange is and how it is licensed
- he has continuously lied about the securing and insurance of the funds on Binance
- he is promoting a centralized cryptocurrency instead of BTC
- his exchange intentionally charges a huge fee for BTC withdrawal compared to other coins that is well above any fees ever paid on the network
- while everyone is waiting for Taproot activation Binance pool is still not signaling

Should be enough?

[Get-Paid.com]

Let's see
- he's the one that started the fake volume manipulation at OKCoin
- he continuously lied to his users about where the exchange is and how it is licensed
- he has continuously lied about the securing and insurance of the funds on Binance
- he is promoting a centralized cryptocurrency instead of BTC
- his exchange intentionally charges a huge fee for BTC withdrawal compared to other coins that is well above any fees ever paid on the network
- while everyone is waiting for Taproot activation Binance pool is still not signaling

Should be enough?

Very interesting points.
We were not even aware of these points.

Would you save some funds with Binance or would you stay away from it like fire right now?

[DigitalFox]

Not really. Even US IP adresses are blocked. There was a hiccup with my DNS provider one day and I couldn't log on from my PC all day, had to use cell instead. And good luck passing KYC with US passport.

The DOJ isn't acting on things that happen now, it has started investigating well before but CZ has always denied it until now when he can't do it anymore.
And in the past all you had to do as a US citizen was to use a VPN and stay under the 2 BTC limit, tens of people on this forum alone have done it and everyone knows it.

Well before hardly any exchange required KYC. As far as I remember it all started changing in 2018.

Not triggered, just curious why are you so pissed off at him.

Let's see

- he is promoting a centralized cryptocurrency instead of BTC

So what? He has full right to do so and BNB is a very promising platform. Others have similar tokens, too.

- his exchange intentionally charges a huge fee for BTC withdrawal compared to other coins that is well above any fees ever paid on the network

Not true. I withdrawn BTC few days ago and it cost me around $2.