karabiber
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December 13, 2022, 10:01:30 PM |
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Everyone who spreads FUD, spreads unnecessary rumors because he short position is shooting themselves in the leg. Binance has announced its reserves. It is even the first to explain and can be seen online from the coinmarket. CZ has a lot of enemies because the reason is simple. The exchange owner at the top of the market by far. Like everyone else i trade on Binance. Binance is not only the largest market in the market but also almost the only market where there is liquidation and where buyers and sellers of all prices meet. This time the situation is different. If something happens to Binance or CZ, we can say goodbye to the market for a long time.
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o48o
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December 13, 2022, 10:19:36 PM |
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Binance says an audit shows proof of reserves of customer funds. But its auditor will not vouch for the reserves nor the methodology demanded by Binance. What do you think ? 1) Is Binance manipulating the crypto industry
Yes, everyone involved in the crypto industry is trying to manipulate it. Not all manipulating is nefarious. 2) Is Binance involved in any sort of money laundering
Most likely they have offered platform for it at some point. They will close accounts if asked to, but i have a feeling that they aren't complying as much they should. Lawsuits against them are troubling to say the least. 3) Is BNB being inflated at the cost of investors/traders money
If you mean that they secretly use investors/traders money to pump the price? That doesn't make any sense to me as a tactic. They would just lose solvency 4) What will be the fate of users if Binance in any case will be scrutinized and found to be a culprit
Similar to FTX. But i wouldn't be worried about users only. It would be an extreme event and i would short everything i could in somewhere else. And after that i would leave crypto for years. Because recovery would take a long time. That article seemed very biased against Binance, sentences like this are just ignorant: If you have assets 1:1 then you should not need an emergency fund for extreme cases.
What an earth is that writer even thinking. What does he thinks "extreme" means?
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alastantiger
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December 13, 2022, 10:27:11 PM |
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I don't know about you but I am concerned that these news result in a greater push for cryptocurrency regulation should anything happen to binance. Additionally, it is likely to discourage people from investing in cryptocurrency. Lastly why does it seem to me that this is a script that is being played out we had the taran ola cars then we have the ftx and now buying us is facing a very tough battle why doesn't this seem like just a mere coincidence think about it.
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franky1
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December 14, 2022, 12:41:10 AM |
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That article seemed very biased against Binance, sentences like this are just ignorant: If you have assets 1:1 then you should not need an emergency fund for extreme cases.
What an earth is that writer even thinking. What does he thinks "extreme" means? yes it seems biased. but if we wave a magic wand and rationalise the bias.. (in light of FTX) it could mean that the reserves for customer funds be segregated away from the exchange CEO control and prevented from any chance of co-mingling with the exchange services own corporate funds/liabilities.. and an an extreme put into a independent insurance trust reserve that an exchange CEO can make daily requests to refiill a hot wallet from the insurance trust cold wallet. thus not allowing a exchange ceo just grabbing at the funds at his whim .. but then we run into the argument "what if the insurance trust then grabs at those funds" and so on and so on. (in light of coinbases lack of disclosing its vaults of greyscale reserves, nor even letting greyscale know that coinbase is taking care of funds) at one point customers need to "trust" the service they use is looking after their funds and the service itself finds itself accountable for any shinanigans. rather than having funds shifted outside the service.
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I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER. Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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harapan
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December 14, 2022, 01:34:21 AM |
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4) What will be the fate of users if Binance in any case will be scrutinized and found to be a culprit
Binance has positioned themselves in the market and have a major player in cryptocurrency. I fear the extent of damage this news can generate against cryptocurrency. People are still managing the situation and nursing the wounds that FTX and Sam inflicted on the market, a problem with binance may finally become the end of some peoples believe in cryptocurrency. It will create panic that will surely have a show on the price of bitcoin making it to most likely drop lower. It will definitely results to something worse that FTX drama and will lead to people leaving and removing the coins they have on Binance. I see that Binance has seen a total remove and withdrawals of $1.9 Billion in the last 24 hours, but it would have been so wise and smart of those who did when the FTX drama came up. Binance makes big profits from when they carry out transaction as transaction fees are one of the major ways if how they make profits, so the pull out of funds has both advantages and disadvantages to them.
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o48o
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December 14, 2022, 11:00:08 AM |
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It will definitely results to something worse that FTX drama and will lead to people leaving and removing the coins they have on Binance.
I see that Binance has seen a total remove and withdrawals of $1.9 Billion in the last 24 hours, but it would have been so wise and smart of those who did when the FTX drama came up.
Binance makes big profits from when they carry out transaction as transaction fees are one of the major ways if how they make profits, so the pull out of funds has both advantages and disadvantages to them.
According to Forbes it was 3 Billion. But i am skeptical this would end up like FTX, while there are similarities with case ftx. If Binance is solvent, this will make them only stronger. If not. It doesn't matter what altcoin you hold, because sadly in crypto, no coin is an island and everything is connected to everything else. Businesses invest to other businesses and everyone loans to everyone else. So if the biggest CEX would fall, everything would go down as deck of cards. However i wish this is not the beginning of the end but just another shakedown fud where weak hands will leave. https://cryptoslate.com/binance-clarifies-usdc-withdrawals-were-down-due-to-token-swap-replenishing-hot-wallet/ I am however withdrawing my tokens from binance.
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2double0
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December 14, 2022, 11:06:23 AM |
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Looks like Binance had been trying to control the markets by 'winning the hearts of all crypto users' by trying to defame FTX and even took advantage of the Luna and UST situation, but now it is becoming a pain in CZ's ass as the Spider who was weaving a net every time he got a chance, seems to be fell into his own trap. I smell something that could ruin the crypto industry in a very bad way that the trust will never be regained in it again. Check this - https://markets.businessinsider.com/news/currencies/crypto-binance-reportedly-processed-over-10b-in-illegal-payments-2022-2022-12US Department Of Justice's reports claim that over 10 billion USD worth transactions were processed as illegal payments and that Binance could be involved in money laundering activities. If such allegations prove to be true and Binance shows up as guilty, everyone's trust will be broken so bad that nobody will turn to crypto again. We can only hope that CZ isn't involved in either money laundering or market manipulating activities. SNIP I am however withdrawing my tokens from binance.
Never keep your funds at any exchange for a long time, you don't know when you may see that exchange next to come up with a news like 'we are hacked', or misuse of funds just like in the case of FTX. I always see and believe in those words of wisdom - Not your keys, not your coins.
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Leviathan.007
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December 14, 2022, 03:04:35 PM |
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1) Is Binance manipulating the crypto industry
After all we saw these years and after what happened to the famous companies with many customers and high transaction amounts I'm not gonna be shocked if I see that's true and the CZ is going to be the next failer of the crypto industry. Just compare FTX and binance you will see both are famous and bother platforms live for years, FTX failed and many people are unhappy about it, so how can we be sure not to see the same situation with binance in a few years?
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Rikafip
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December 14, 2022, 03:23:28 PM |
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Everyone who spreads FUD, spreads unnecessary rumors because he short position is shooting themselves in the leg. Yeah, that's what FTX people were saying too until the end, that's it just a FUD and we saw how that ended. Binance has announced its reserves. It is even the first to explain and can be seen online from the coinmarket. What Binance announced is self reported and can be manipulated in myriad of ways. If everything is fine and dandy, why even the company that did so called audit for them won't even vouch for it? Something fishy is going on, that's why. Like everyone else i trade on Binance. Binance is not only the largest market in the market but also almost the only market where there is liquidation and where buyers and sellers of all prices meet. I use Binance too, but that doesn't mean I have to close my eye to all the problems it have. If something happens to Binance or CZ, we can say goodbye to the market for a long time.
Take your money out of Binance as well, unless you want to say goodbye to it in case Binance goes down (and there is always a chance for that).
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franky1
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December 14, 2022, 03:34:07 PM Last edit: December 14, 2022, 03:47:04 PM by franky1 |
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Binance has announced its reserves. It is even the first to explain and can be seen online from the coinmarket. What Binance announced is self reported and can be manipulated in myriad of ways. If everything is fine and dandy, why even the company that did so called audit for them won't even vouch for it? Something fishy is going on, that's why. the accounts of customer balance total.. and also the show of enough coin in binance control show that binance has enough coins to meet customer balance HOWEVER this audit does not guarantee or prevent human decision to just say "nah we wont use these X00k coin to pay out to X00k customers. we want to buy a island to retire on instead.. bye" so yes they have coin reserves that meet customer balance(if they choose to use those coins for that). but that does not mean those coins WILL be given to customers on a bank run via any robust mechanism that stops those coins being spent on cocktails on an island next week. month. year instead the audit does not guarantee morals thats the difference proof of reserves does prove reserves.. but it does not prove human decision later whats needed is a legal document/regulation that says those audited reserves are now locked to only be used for customer balance. if spent on anything else, go straight to jail do not collect $100 Take your money out of Binance as well, unless you want to say goodbye to it in case Binance goes down (and there is always a chance for that).
yep better safe than sorry
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I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER. Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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sana54210
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December 14, 2022, 09:19:21 PM |
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the accounts of customer balance total.. and also the show of enough coin in binance control show that binance has enough coins to meet customer balance
HOWEVER this audit does not guarantee or prevent human decision to just say "nah we wont use these X00k coin to pay out to X00k customers. we want to buy a island to retire on instead.. bye"
so yes they have coin reserves that meet customer balance(if they choose to use those coins for that). but that does not mean those coins WILL be given to customers on a bank run via any robust mechanism that stops those coins being spent on cocktails on an island next week. month. year instead
the audit does not guarantee morals
thats the difference
proof of reserves does prove reserves.. but it does not prove human decision later
whats needed is a legal document/regulation that says those audited reserves are now locked to only be used for customer balance. if spent on anything else, go straight to jail do not collect $100
They have enough coin to cover all the bitcoins, but the detail is that there are a lot of accounting companies that require you to have both a bit more and also all other coins as well. Binance probably didn't show all other coins, and that's the issue. Most of their wallets are already known and I doubt that it would change anything, I feel like this would be similar to what we had so far and I doubt that it would change anything in the slightest. I personally believe that the best thing to do would be just focus on withdrawals, Binance took advantage of this situations and profited a ton from withdrawal fees to be honest and they will recover, they are the biggest and I am sure they will recover.
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Lubang Bawah
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December 15, 2022, 04:45:34 AM |
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Many projects that initially failed to audit but were successful and ranked up and had a marketcap of more than $ 5 billion, the audit team certainly worked according to the latest standards and they made, maybe there were things that were not or not adjusted so that it failed, but this did not mean that those who failed is a scam.
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adaseb
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Up to 300% + 200 FS deposit bonuses
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December 15, 2022, 05:42:12 AM |
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The fud in my opinion has been week but it was enough to create over $7B in withdraws. If this way before the FTX collapse most likely nobody would withdraw. People just want to be safe. You can also send back.
Apparently this all started with some texts about some regulations coming which never came. But it was enough to stir up a lot of panic.
That and Kevin Olery blaming Binance for the FTX collapse.
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alexandr1115
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December 16, 2022, 04:10:57 PM Last edit: December 16, 2022, 04:21:58 PM by alexandr1115 |
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I don't quite understand what is the benefit of this audit?? Or what advantage does this audit give?? Similarly, it is possible to verify a transaction through the blockchain, but simply, what changes from this? II asked in one topic, but no one could clearly explain what exactly this audit gives. If it is not a blockchain, then it means that this audit is centralized, and what is the use of it?
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Flexystar
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December 16, 2022, 04:17:12 PM |
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It seems entirely possible because every big company that’s working just “fine” has dirty story behind it. There are only few companies which are really good at managing their funds without any third party interference or may be gambling their money with others. If binance is doing the same then I wouldn’t be much surprised because they have billion dollar company to handle and they have to have liquid cash flow all the time to handle the huge buy and sell orders. Imaging the managements and accounting in the stress all the time. It’s not funny, and it’s not safe either.
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The Sceptical Chymist
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December 16, 2022, 07:05:27 PM |
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This is quite odd. Looks like a ghost company.
True, but we all know Binance isn't a ghost company--it's very much real, and it's a massive crypto exchange. But man, now that they're under a microscope who knows what's going to be discovered? To the questions posed by OP, I can only say that I don't have sufficient information to judge what state Binance is in or what its future is. Kevin O'Leary seems to have it out for them, and he's apparently an influential person who might be able to influence politicians....but whether he's going to is anyone's guess. None of this attention and none of the actions of SBF or statements by CZ are doing any good for crypto as a whole, IMO. The whole space turned very ugly in less than a month.
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teosanru
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December 16, 2022, 10:36:24 PM |
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Binance says an audit shows proof of reserves of customer funds. But its auditor will not vouch for the reserves nor the methodology demanded by Binance. What do you think ? 1) Is Binance manipulating the crypto industry 2) Is Binance involved in any sort of money laundering 3) Is BNB being inflated at the cost of investors/traders money 4) What will be the fate of users if Binance in any case will be scrutinized and found to be a culprit https://mishtalk.com/economics/binances-alleged-crypto-audit-failed-not-even-its-auditor-would-vouch-for-itPretty interesting opinion. I am pretty sure that even Binance isn't free of all these nuisance, it's pretty much as involved as FTX in such things it's just that Binance is too big to be tug offed by just one person or small set of persons. It's too huge and obviously controls not only the market but media, whales and funds as well. But obviously if it falls the fall is going to be equally big. Moreover I even read somewhere that Binance opted Mazaars to audit then instead of the Big 4 which are generally popular in Auditing.
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Hydrogen
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December 16, 2022, 10:49:08 PM |
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I seem to remember making a thread about binance's USDC stablecoin gaining an option to receive funding from the federal reserve prior to the release of news story posted in OP. https://bitcointalk.org/index.php?topic=5427220.msg61414675#msg61414675Did they know binance's audit wouldn't return positive results ahead of time? At which time they scrambled to secure additional funding for assets like USDC? The most likely scenario is binance having assets tied up with FTX, which were unfortunately destroyed during the crash. The behavior of assets invested in FTX would behave like the popping of a bubble. Which would foster wealth destruction, with no way of redeeming lost value.
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Scripture
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December 16, 2022, 10:51:02 PM |
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I don't quite understand what is the benefit of this audit?? Or what advantage does this audit give?? Similarly, it is possible to verify a transaction through the blockchain, but simply, what changes from this? II asked in one topic, but no one could clearly explain what exactly this audit gives. If it is not a blockchain, then it means that this audit is centralized, and what is the use of it?
The purpose of audit is to see if Binance is reporting the correct numbers and if there’s irregularities most probably that could affect the financial capability of Binance. Anyway, so many fud recently about Binance and its hard to believe on those especially after the statement of Binance that they can accomodate 100% withdrawals and still able to function properly, that’s how confident Binance is so its not easy to ruin Binance with those fud.
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AmoreJaz
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December 16, 2022, 11:04:26 PM |
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I don't quite understand what is the benefit of this audit?? Or what advantage does this audit give?? Similarly, it is possible to verify a transaction through the blockchain, but simply, what changes from this? II asked in one topic, but no one could clearly explain what exactly this audit gives. If it is not a blockchain, then it means that this audit is centralized, and what is the use of it?
The purpose of audit is to see if Binance is reporting the correct numbers and if there’s irregularities most probably that could affect the financial capability of Binance. Anyway, so many fud recently about Binance and its hard to believe on those especially after the statement of Binance that they can accomodate 100% withdrawals and still able to function properly, that’s how confident Binance is so its not easy to ruin Binance with those fud. if you are a trader in binance, then make sure you are taking care of your funds. by the way, binance has SAFU in place, so i am more confident on this trading platform than others. so if anything goes wrong, they have insurance for their users. if they are having problems with the audit team, i guess, they are already silently rectifying it before it blows up just like what ftx scenario.
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