I am concenred about Binance reliability

[charlieargentina]

I read about Changpeng Zhao in Wikipedia that has worked in Mcdonalds before.

It makes me doubt about all this platform if it's realiable or not? Why would I put my money on ex Mcdonalds worker. What If I lose all money?

[mk4]

Not that I'm defending Binance here(because you shouldn't store your funds unnecessarily on ANY exchange in the first place), but just because a person had a rough past it automatically means that he'll forever be unequipped to run an exchange or any huge business in general? I'm sorry, but that's just dumb. There's a crap ton of greatly successful people that were previously dirt poor.

[AB de Royse777]

What dump theory!

Disclaimer: I was not aware that CZ was an ex Mcdonalds worker.

Why would I put my money on ex Mcdonalds worker. What If I lose all money?

I am curious to know who actually will fit for your criteria to be an owner of an exchange link Binance? Guy like Kim Jong-un?

PS: If you are in crypto and if you have bitcoin which are in exchange and using it as wallet then I have nothing to add.

[SFR10]

What If I lose all money?

In addition to mk4's comment, you can literally lose everything ^{[I'm not just referring to the storage problems]} that you have in "any other" reliable platform out there ^{[depending on how you use those funds]}.

Why would I put my money on ex Mcdonalds worker.

Try to look at him as a half-full glass that keeps on receiving drops of water...
^{- You should see his past as a positive sign [he kept improving his life and this would not have happened if he had an unreliable platform].}

[TheUltraElite]

It makes me doubt about all this platform if it's realiable or not? Why would I put my money on ex Mcdonalds worker. What If I lose all money?

Yes you can lose all you money hence you should not invest anything at all. That brings me to another question - What are you doing here anyway?

You have to take some risks in order to reap rewards. If you are one of those people who thinks that people who come from a lower strata background are unable to run a business then you will suffer in this sector. Current valuation of Binance is very high and chances of it getting hacked are the biggest because hackers target biggest sources most of the time. But the company is not sitting on it, obviously they have a team keeping hackers at bay.

Your connection with an exchange is only for buying and selling your coins there. The exchange is reliable. Unless you are into buying BNB tokens and then the background research makes sense. In which case I will not comment because I am not a fan of exchange tokens but they seem to have performed well in terms of price.

[Potato Chips]

Are you perhaps under the idea that all CZ knows is how to flip burgers? cause the guy led a team and built an exchange from the scratch which is one of the big players now... I've read a bit too and the mcdo thing happened when he was a teenager, ofc a lot has changed since then, he studied, gained experience etc...

If there's anything to be worried, it's CZ playing 4D chess with his users.

[The Sceptical Chymist]

Why would I put my money on ex Mcdonalds worker.

Dude....you've got to be trolling.  Not every successful person is born with a silver spoon in their mouth, and McDonald's happens to be the first job a lot of people have, whether they go on to attend Harvard or go to prison.  Yours is a question that only a troll or an extremely judgemental person would ask, and in either case it shouldn't affect your or anybody else's trust in Binance.  The only thing that should affect that trust is your experience with Binance itself and their track record.

Binance survived a 700BTC hack that would probably have ruined a lot of other exchanges, and they've gone legitimate in the US, so those things should tell you you're probably in good hands with them.  Of course I still wouldn't trust them enough to leave any coins with them for extended periods of time (I don't trust any exchange that much), but if we're considering comparison with other exchanges, Binance is by far one of the best out there.

I've read a bit too and the mcdo thing happened when he was a teenager, ofc a lot has changed since then, he studied, gained experience etc...

And that's what most people do in their post-McDonald's days--or at least they move on to higher-paying jobs.  Very few people work for McDonald's for long periods of time, even if they're a manager.  Only franchise owners stick with it, because owning a McDonald's restaurant is pretty damn profitable.

[NeuroticFish]

While Binance does have certain problems - somehow they are to cheap to do all it takes to properly handle heavy load - the background of CZ matters the least. If he hires the right people he can get all the best advises and can work well and reliably. And the "SAFU" fund is quite a nice touch and a reassuring one.

However, one should never trust completely any centralized exchange. Shit can happen easily. And "not your key, not your coins". This is not about Binance and CZ, it's about all the exchanges.

[alevlaslo]

exchanges will soon disappear, everyone will switch to DEX, which are built into wallets

[mk4]

exchanges will soon disappear, everyone will switch to DEX, which are built into wallets

These DEXs not actually being "decentralized" aside, unless someone finds a way to on-board fiat money into cryptocurrencies in a decentralized manner, centralized exchanges won't  cease to exist.

[dkbit98]

I read about Changpeng Zhao in Wikipedia that has worked in Mcdonalds before.

It makes me doubt about all this platform if it's realiable or not? Why would I put my money on ex Mcdonalds worker. What If I lose all money?

Nobody is telling you invest or send CZ any money, exchanges like Binance are used for exchanging coins, fiat and trading, not for holding your coins on them long term.
There is always a risk of exchanges getting hacked and losing coins, but I don't understand what it has to do with CZ ex job at McDonald's that was back in 1980’s...
You are evaluating people by their ex jobs now?   You could be a car washer in 2011 that mines Bitcoin, and few years later a billionaire.

[o_e_l_e_o]

I've read a bit too and the mcdo thing happened when he was a teenager, ofc a lot has changed since then, he studied, gained experience etc...

And that's what most people do in their post-McDonald's days--or at least they move on to higher-paying jobs.  Very few people work for McDonald's for long periods of time, even if they're a manager.

But even if they do work in McDonald's for 30+ years, why should other people look down on them? Your job does not define your intelligence nor your worth as a person. I see someone working hard in an honest job to pay their bills and put food on the table for their kids, then they deserve respect, not denigration because I think I'm better than they are because of my job title. Maybe Satoshi worked in McDonald's for all we know.

If there's anything to be worried, it's CZ playing 4D chess with his users.

Pretty much this. CZ's previous jobs are irrelevant. Binance's tendency to be less than honest about hacks and the security of their users' data, to promote their centralized shitcoin by artificially inflating bitcoin transaction fees, their terrible customer support, frozen accounts and locked funds, and so on, are the reasons you should be concerned about Binance.

[hugeblack]

AFAIK, Vitalik Buterin didn't have much money when he developed Ethereum and probably a large part of his fortune came from the increase in the price of Bitcoin.
CZ may be one of the individuals who bought Bitcoin in 2013 (worked for Blockchain.info as head of technology) and by increasing the price, he has collected enough to build Binance. Therefore, working at McDonald's or others is not considered a crime or a reason to distrust this platform.
If you carefully analyze the platform and find that it is losing, then your doubts about trusting them may be reasonable.

OFF-topic: Most of the beginnings of successful stories are formulated by themselves, and many of them overestimate the extent of their poverty.

[joniboini]

That's terrible logic. If that's the case, why use Apple when the founder is a dropout? Why do we follow Einstein's theory in physics, that guy failed his education in his youth. Etc etc.

Please take a deep breath and read again how your worries sound like.

[icopress]

Yes, I remember very well how you once said ...

I've been around the crypto space long enough to know that crazy shit happens sometimes with "trusted" exchanges.

Binance survived a 700BTC hack that would probably have ruined a lot of other exchanges, and they've gone legitimate in the US, so those things should tell you you're probably in good hands with them.  Of course I still wouldn't trust them enough to leave any coins with them for extended periods of time (I don't trust any exchange that much), but if we're considering comparison with other exchanges, Binance is by far one of the best out there.

Let me quote myself, as this old post fits harmoniously into this thread, and also in case you haven't seen this answer. And by the way, it seems to me that you meant the theft of 7000 bitcoins and not 700 (events dated May 7, 2019). But whatever one may say you correctly noticed ... Binance is not to blame that against the background of crappy and fraudulent exchanges their business seems reliable and reassuring.

Few people really understand how exchange wallets and API trading work. When you deposit bitcoin into your account, the exchange gives you a cold address. The hot wallet is not in use. While you are trading, the amount of the initial deposit on the cold address does not change. For example, if you deposited 1 bitcoin, but after a while you doubled your deposit, you will still see only 1BTC when checking the input address, (although the terminal will show 2BTC).

The magic begins when you need to withdraw your bitcoin. When you submit a request to withdraw your two bitcoins, the algorithm that manages the hot wallet removes 1BTC from your starting address. I'm not sure exactly how the cloud works, but the algorithm finds 1 more bitcoin and sends a total of 2 bitcoins to the address you provided. Limitations on the maximum amount of withdrawal are needed for this algorithm to work normally, (at the same time, in order to have time to replenish the fund that covers the difference displayed in the terminal). Depending on the load, the hot wallet algorithm will usually send 50/100 bitcoins to clearing.

Since withdrawal requests are processed in turn, their algorithm had to take into account the balance of the cloud fund anyway, (in order to compensate for the shortage of BTC by transferring funds from a cold wallet). + Binance fixes profits by sending BTC from a hot wallet to a cold one, or vice versa in case of covering losses. Therefore, I doubt that the withdrawal of 7000 BTC, consisting of 45 addresses, was completed in one transaction. It's like the D'Copperfield show, a distraction and here's a reason to block withdrawals for 1 week.

[FatFork]

You all seem to have missed the point here... I think the OP is a Burger King fan!

[JeromeTash]

It’s funny that you had to pick out that small detail from Wikipedia, but the same page say this about his career path, making your reason sound even more stupid than it is.

Zhao attended McGill University in Montreal, Canada, where he majored in computer science.

After college, Zhao began working for the Tokyo Stock Exchange, developing software for matching trade orders. He also worked at Bloomberg Tradebook where he was a developer of futures trading software.

In 2005, he moved to Shanghai where he founded Fusion Systems, known for "some of the fastest high-frequency trading systems for brokers."

Beginning in 2013, he worked for various cryptocurrency projects including Blockchain.info and also served as chief technology officer of OKCoin.

In 2017, Zhao left OKCoin to start a cryptocurrency exchange called Binance

I am not defending him. His past may not have been perfect, but he certainly has some experience in the crypto and trading field. About the reliability of Binance exchange. You would be so foolish to keep your money in their long term for obvious reasons.

[sheenshane]

His past is truly irrelevant to what he achieved right now and he deserved it because of his being hard work.  Did you know that being an ex-crew of any fast-food chain is a sign of being hard to work and has a determination in developing skills like interpersonal skills and a knack for teamwork.  But that's during his teenage, in fact, his experience has been fit to become a number one leading crypto exchange since most of his experience is in a trading field and study blockchain.  Then, name me a crypto exchange owner that has a perfect previous background.

Why would I put my money on ex Mcdonalds worker. What If I lose all money?

Focus on the bolded part, don't put all your eggs in one basket, and if you don't trust them, just invest of what you can afford to lose not everything of what you had.  An exchange that proven and tested in most traders and has a SAFU service regarding your fund is undoubted on me IMO, besides, the exchange platform is totally different from your crypto wallet that can store for a long period of time.  Never store all your money on an exchange platform, store it in your open-source wallet for safety precaution.

[stomachgrowls]

I read about Changpeng Zhao in Wikipedia that has worked in Mcdonalds before.

It makes me doubt about all this platform if it's realiable or not? Why would I put my money on ex Mcdonalds worker. What If I lose all money?

Ex Mcdonald worker or not, it doesnt really matter.This is just simply showing that you are underestimating someone basing off with their past experiences or jobs in the past when they are just starting off? Does it really matter?

Come to think that Binance wouldnt make this big if the owner or the team behind of said company arent doing great.It doesnt matter on whats their past.
The important thing is on what are the things that they are doing on present and on possible in the future.

Just remember that never ever make exchange platforms as your main wallet.These places are honeypots for hackers since this is where big money
usually been stored on.So when it comes to reliability talks then i would consider Binance to be one of the best as of todays.

[Darker45]

LOL! OP, for your information, there's no single branch of McDonald's in the whole world which requires that its crew be made up of people who are totally dumb, zero IQ, no brain cells, extremely stupid, good-for-nothing, dunderheads.

But you're right to doubt the reliability of this platform. While it's coming from the most ridiculous of reasons, I hope you'll make something out of it.