Let's not be too judgemental about CZ (Binance)

[PrimeNumber7]

Your explanation is good and your found facts are true as well, but you are looking at it in the direction of BSF's mismanagement of FTX. What he did is truly wrong, but have you ever thought that FTX would still be operational if CZ did not announce his withdrawal of the $2.1B? Indeed, it was that announcement that caused the panic withdrawal that eventually caused the collapse of the company.

There was a coindesk article that likely sparked concerns about the solvency and liquidity of FTX. Much of FTX's assets consisted of loans made to Almedia(sp) research, and much of the assets held by Almedia were illiquid. If the coindesk article (or some other event) caused FTX customers to withdraw their coin in too large of numbers, FTX would not have the coin available to honor those withdrawal requests and a large margin call to Almedia would be unable to be met.

[EarnOnVictor]

There was a coindesk article that likely sparked concerns about the solvency and liquidity of FTX. Much of FTX's assets consisted of loans made to Almedia(sp) research, and much of the assets held by Almedia were illiquid. If the coindesk article (or some other event) caused FTX customers to withdraw their coin in too large of numbers, FTX would not have the coin available to honor those withdrawal requests and a large margin call to Almedia would be unable to be met.

It was no more news then that FTX was facing liquidity issues, only that people did not pay more attention to it as the company tries to prove strong and defended itself verbally. This happened until CZ who sees better than mere people because he's in the system, and perhaps had spies there announce the withdrawal of $2.1B. This was what actually triggered the panic withdrawal that eventually called for FTX to go insolvent.

I believe that the Lunac and FTX incidents didn't just happen, there is some kinds of conspiracy involved. Although business do fail if mismanaged. But in the alleged conspiracy I have always imagined CZ in the picture as the big fish and chief strategist.
I consider him so in general terms, but in personal terms I consider him a smart guy who is always ahead of thr happenings in the crypto world. His empire is too large and he cannot be easily taken down. What makes him bleed will largely affect the whole crypto industry.

When a company or an asset is stressed and news and surrounding events are adding to it, then there would be an imminent collapse. That's what I would say, and note that the circumstances behind the collapse of FTX and LUNA are not the same. For LUNA, there have been shady deals from the beginning, the intention was not clear, and not completely good, so the foundation was bad. The UST (Terra) used was another issue, while the arrest of Do Kwon triggered the domino effect.

[Elpeor00]

I'm not too judgemental about him

I'm just sure that when inevitably the pressure from chinese goverment on him becomes too high he will do some shit like nuking the price to pre 2017 levels, trying to force a 'reorg' like the one he proposed in the past or seize the coins and announce that the users now have tokens in bnb instead of the  deal and crypto (except bnb) has become 'obsolete'

I'm also sure that he will become the champion of censorship friendly blockchain tech

[EarnOnVictor]

I'm not too judgemental about him

I'm just sure that when inevitably the pressure from chinese goverment on him becomes too high he will do some shit like nuking the price to pre 2017 levels, trying to force a 'reorg' like the one he proposed in the past or seize the coins and announce that the users now have tokens in bnb instead of the  deal and crypto (except bnb) has become 'obsolete'

I'm also sure that he will become the champion of censorship friendly blockchain tech

This is totally out of context with this topic as anyone could have wider issues against CZ, that's not the main thing and am not concerned about that. My plight was how people were attacking him and binance when the FTX issue was at its peak, nothing extra is to be entertained here. I have also explained myself very well in all my posts in the thread, you might want to read them to adjust your reply.

[bittraffic]

I'm not too judgemental about him

I'm just sure that when inevitably the pressure from chinese goverment on him becomes too high he will do some shit like nuking the price to pre 2017 levels, trying to force a 'reorg' like the one he proposed in the past or seize the coins and announce that the users now have tokens in bnb instead of the  deal and crypto (except bnb) has become 'obsolete'

I'm also sure that he will become the champion of censorship friendly blockchain tech

None of those he proposed seem to have been forcibly done. He published it so there will be a consensus. I would also suspect that the Chinese government would pressure him even when he is a Canadian and has lived in Canada which is more authoritarian than China these days. I think its the Canadian government that he should be wary of.

[royalfestus]

It is sad to see the news about CZ Binance in the media because I love him so much. Several rumors are circulating about CZ Binance involvement in the USDC fiasco to promote B USD. Part of it is that Binance CEO, CZ, has used social media in the past to attack competitors, so it is likely that he was involved. There is still no evidence that support it

[Rikafip]

It is sad to see the news about CZ Binance in the media because I love him so much.

Lol. In what way he improved or affected your life that you had such a strong feelings for him? If he was such a good guy he would do so many things different way, including his highly centralized and manipulated BSC. I mean, that guy even wanted to reverse bitcoin transactions after they got hacked/

Several rumors are circulating about CZ Binance involvement in the USDC fiasco to promote B USD.

I haven't heard those rumors, but I honestly doubt that CZ has such influence that he can ruin one of the bigger banks in the United States. On top if, I don't think it would even beneficial for him to see USDC fail.

[KingsDen]

It is sad to see the news about CZ Binance in the media because I love him so much.

Lol. In what way he improved or affected your life that you had such a strong feelings for him? If he was such a good guy he would do so many things different way, including his highly centralized and manipulated BSC. I mean, that guy even wanted to reverse bitcoin transactions after they got hacked/

It is right that people can love people naturally even when they do bad. That is the pure definition of love. I don't mean that CZ is bad but I have seen some clear attempts by him to monopolise the cryptocurrency market, which indeed will not be good for everyone of us.
Well, I don't know the story behind CZ attempt to reverse hacked btc. We believe btc transactions are irreversible hence included in the block. Then if CZ can reverse it when it was confirmed that it was stollen through an unethical hack. I do not see a big problems in that.

Several rumors are circulating about CZ Binance involvement in the USDC fiasco to promote B USD.

I haven't heard those rumors, but I honestly doubt that CZ has such influence that he can ruin one of the bigger banks in the United States. On top if, I don't think it would even beneficial for him to see USDC fail.

The more credit of Luna collapse, FTX bankruptcy etc is given to CZ, the more powerful he becomes to even ruin the biggest bank in US.

[Rikafip]

Well, I don't know the story behind CZ attempt to reverse hacked btc.

He didn't attempt it, he suggested it back in 2019 after Binance got hacked and 7000 BTC stolen.

We believe btc transactions are irreversible hence included in the block. Then if CZ can reverse it when it was confirmed that it was stollen through an unethical hack. I do not see a big problems in that.

So you don't see anything bad with one of the most powerful people in crypto wanting to reverse bitcoin transactions just because his exchange got hacked? So instead increasing security of his exchange and telling people not to use Binance to store their crypto, he suggested something that would negatively affect Bitcoin. Luckily, Bitcoin is not like his highly centralized BSC shitchain.

The more credit of Luna collapse, FTX bankruptcy etc is given to CZ, the more powerful he becomes to even ruin the biggest bank in US.

I don't think that CZ/Binance caused either of those first two things, and he certainly has no strength to go after banks in US. In the end, what's currently happening doesn't benefit him at all.

[royalfestus]

In the space, rumour can be used as FUD, so recipients may never discover the truth. CZ binance was widely criticized after the FTX dump and for how he protected BUSD via social media. The fact that USDC was removed from the exchange, as well as Coinbase and other US cryptocurrency firms not hiding their hate, particularly those affliated with Bankman, is disappointing and fierce. Contrary to the rumour, USDC reserves have increased, while the BUSD balance has remained almost constant.

[royalfestus]

There is a breaking story about Binance and its founder CZ being sued by the CFTC for regulatory violations. The incensant pursuit of cryptocurrency personal is disturbing, and it is unclear what the USA's plans are for the market.

[Edwardard]

There is a breaking story about Binance and its founder CZ being sued by the CFTC for regulatory violations. The incensant pursuit of cryptocurrency personal is disturbing, and it is unclear what the USA's plans are for the market.

Yep, this news is circulating everywhere on telegram right now. Im getting spammed. Well, I dont clearly get the meaning of "sued" here. Does this mean cz going to jail or something ? I hope not.
Cz just tweeted "4" 15mins ago. Another mystery. My heads gonna burst lol.
Edit:
Well 4 means this I guess

[royalfestus]

Yep, this news is circulating everywhere on telegram right now. Im getting spammed. Well, I dont clearly get the meaning of "sued" here. Does this mean cz going to jail or something ? I hope not.
Cz just tweeted "4" 15mins ago. Another mystery. My heads gonna burst lol.
Edit:
Well 4 means this I guess

FUD does not mean that the story is not real. It is merely panic-induced behavior by investors and traders. I had many news like this at the beginning of the market that went nowhere, later it looked like a strategy to dump and some whales accumulated at cheap prices.  So much of it is now going through the same regulatory agencies in the United States, like the Securities and Exchange Commission. The US government has benefited from the space so much.

[dimonstration]

FUD does not mean that the story is not real. It is merely panic-induced behavior by investors and traders. I had many news like this at the beginning of the market that went nowhere, later it looked like a strategy to dump and some whales accumulated at cheap prices.  So much of it is now going through the same regulatory agencies in the United States, like the Securities and Exchange Commission. The US government has benefited from the space so much.

In this case, It’s not FUD but rather an attack to Binance credibility for a potential bringing down this crypto exchange behemoth.  Actually I don’t like this “4” strategy of CZ because it encouraged all crypto traders to become a blind believer and remove the curiosity to seek the truth behind the current situation.

The best example here is when the CFTC case has basis and can give a huge implication on Binance operation. Since blind folllower is just using this strategy to fully trust CZ, There’s a chance that their funds will be trap on exchange when shit happened. I never trust anyone in crypto space because we are all here with self interest.

[royalfestus]

Our current trading environment is similar to 2019. While the news and target may not be the same, they have a similar impact on the market, which I believe is the goal 
2019: - Cut rates three times by October - Started expanding the balance sheet in September. As a result of the 83% decline from the ATH and 500 days before the half-doubling in 2020, the price bottoms out

[coupable]

FUD does not mean that the story is not real. It is merely panic-induced behavior by investors and traders. I had many news like this at the beginning of the market that went nowhere, later it looked like a strategy to dump and some whales accumulated at cheap prices.  So much of it is now going through the same regulatory agencies in the United States, like the Securities and Exchange Commission. The US government has benefited from the space so much.

In this case, It’s not FUD but rather an attack to Binance credibility for a potential bringing down this crypto exchange behemoth.  Actually I don’t like this “4” strategy of CZ because it encouraged all crypto traders to become a blind believer and remove the curiosity to seek the truth behind the current situation.

There is no doubt that Binance provides great services as well as reliability. But this does not mean that she is completely honest and that she is above suspicion. What is happening now cannot be considered an attack on the platform's credibility, since it was issued by an official body and not just press investigations.
CZ succeeded in monopolizing trading services without being monitored or followed. This may be the biggest problem he faces, but I think he will be able to overcome it.

[bbc.reporter]

I very much agree with the reason why this thread was created because if I am forced to choose a side between the government regulators and Binance, I will choose Binance.

I reckon everyone should begin to recognize that the coordinated attacks on Binance, Coinbase, Chipmixer, Tornado Cash and other services is really an attack on the whole cryptospace. This is not only about Binance or Chipmixer anymore.

[stompix]

I very much agree with the reason why this thread was created because if I am forced to choose a side between the government regulators and Binance, I will choose Binance.

You never learn, don't you?
Rember the FTX will be number 1 and invest in FTT stuff?
Or this one?

~

Sam Bankman-Fried's FTX and market maker, venture cryptofund Alameda Research are presently the most liquid companies in the cryptospace.

Stop making idols of these guys, stop seeing them as gods or whatever, they are just some wanna-be Madoffs, but none of them (hopefully) will be able to deceive people as long as that piece of garbage did.

They are not fighting against the government for our sake, they are doing so for their pockets, once it's more profitable to bow down to the authorities they will dump us in a second or throw us at the first that asks for our data and funds like in a pretzel sale. CZ is the guy that wanted to reorganize the blockchain for god's sake, he never gave a second thought, he never cared what others might suffer from it, it was all about his money.

Besides, the whole thing is even funnier, you choose to side with him against the government regulations when in his defense he brags about how many users he has blocked, how many KYC he has refused, how many transactions he has frozen, and how much money he has seized when ask by regulators? Common bruh!

[rat03gopoh]

I very much agree with the reason why this thread was created because if I am forced to choose a side between the government regulators and Binance, I will choose Binance.

In the crypto space we arn't encouraged to trust anyone. Those who are at odds are fighting for their own interests, rarely based on the truth. In this business space, anyone can hide the facts as much as possible and derail it. They would only start feuding when it was no longer mutually beneficial.

But I agree that "don't be too judgmental on either side". If you aren't involved, just comment as needed as if you were watching a show.

[Z-tight]

I very much agree with the reason why this thread was created because if I am forced to choose a side between the government regulators and Binance, I will choose Binance.

People who would be mostly worried and forced to pick a side between either of them are those who trade, buy and use shitcoins. If you use only BTC, and do not speculate on shitcoins in Binance platform, you would not have to choose a side. BTC does not lose whatever happens, if the regulators force Binance out of business, people can still buy and sell BTC and learn to hold it in self custody wallets. If Binance manages to bribe their way out of it and continue their operation smoothly, deceiving people they care about BTC, their monopoly would continue, and many people would be deceived, which even looks like the worse of the two option, but nevertheless, BTC would still function as normal.

I reckon everyone should begin to recognize that the coordinated attacks on Binance, Coinbase, Chipmixer, Tornado Cash and other services is really an attack on the whole cryptospace. This is not only about Binance or Chipmixer anymore.

These are centralized exchanges, mixers or tumblers, the government can regulate centralized exchanges, and they can go after mixers and tumblers, even if they operate anonymously, the government can go after those who run the mixer if there is sufficient proof that a lot of illegal money is being mixed there. But how do the government come after BTC, there is no website to seize, neither can they target every miner or user worldwide, they can only regulate those who keep their BTC in a centralized exchange, intead of in their self custody wallet.