Too much FUD: Why FUD against Binance doesn't seem to be justified

[DaveF]

As has been posted many times about this its not just the reserves it's the liabilities.

I can show the fact that I have "X" in my bank account and wherever else.
But it's 1000% meaningless unless you see how much I owe and if I promised that same "X" to 4 different people.

That is the point.

Doing one without the other is just about pointless.

If comes down to two things.
1) We don't know what we don't know. So if they don't open their books, we just don't know where (if anywhere) those reserves are needed.
2) Not your keys, not your coins.

-Dave

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[1miau]

I hope I am wrong... but this is cannot be a coincidence that we suddenly see a up surge of FUD against Binance. 

Good point, Binance has many enemies all over crypto space for whatever reasons. Binance has become a real big player and many competitors are not amused by how much market share Binance has secured over time.
Since Binance is also a big player in "DeFi" (in reality it's more a centralized "DeFi"), launched an own native Coin and a Stablecoin, Binance is far more than only just a crypto exchange nowadays.

It wouldn't surprise me if some competitors of Binance would be trying to facilitate a negative sentiment against Binance...
But as long as Binance is transparent and honest, I don't see any negative consequences for Binance at all.

[Alpha Marine]

FUDsters on social media are out in strong force again, trying to suggest that Binance would be about to collapse any day now.  
While some criticism against centralized exchanges is definitely justified, the recent wave of FUD against Binance is not beneficial at all because it's mainly based on speculations.

To an extent you can't blame them. So many things have been happening lately and not everybody is able to analyze a situation like you. For a person that does not know how to analyze the situation or keep a cool head they'll definitely panic.
The thing about social media is, everybody is just voicing their opinion while some are just tying to appear smarter than the rest. This leads to so many wrong information most of the time. There this herd mentality about social media and that's why I don't take it too seriously.

[DaveF]

And then you read something like this: https://dirtybubblemedia.substack.com/p/is-binanceus-a-fake-exchange

So, more and more Binance looks like it's doing something funky.
And that is, at least part of the issue too. They might not be shady, but they keep doing things that make them look like they are.

People might not like a lot of things that Coinbase and other super regulated want all your KYC info and report to the government exchanges do. But, at least their books are fully open.

Still, not your keys not your coins no matter what.

-Dave

[bbc.reporter]

FUDsters on social media are out in strong force again, trying to suggest that Binance would be about to collapse any day now.  

Agreed! I do not want to bring race and ethnicity into this similar to what Kanye has done when he talked about who controls hollywood or much of the medical industry , however, there appears to be something similar to what is happening in the cryptospace.

Sam Bankman-Fried and Alex Mashinsky created ponzi schemes, but cryptonews media is not really exposing the truth of what they did.

Barry Silbert is another one. There is something happening with those cryptocoin projects connected with his companies after a coordinated dump, however, cryptonews media is quiet on this.

Changpeng Zhao, a china man with no proven record that he created a ponzi scheme, however it appears that there is a negative propaganda against him.


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[BenCodie]

And then you read something like this: https://dirtybubblemedia.substack.com/p/is-binanceus-a-fake-exchange

So, more and more Binance looks like it's doing something funky.
And that is, at least part of the issue too. They might not be shady, but they keep doing things that make them look like they are.

People might not like a lot of things that Coinbase and other super regulated want all your KYC info and report to the government exchanges do. But, at least their books are fully open.

Still, not your keys not your coins no matter what.

-Dave

This is a fantastic article. Great share.

I believe that the binance shadiness goes a lot deeper, but a lot is hard to prove. I would love to know about the true political affiliations and motives of Binance...however I think we won't find out until it's too late to be able to do anything about it if we don't like it.

[Kryptowerk]

And then you read something like this: https://dirtybubblemedia.substack.com/p/is-binanceus-a-fake-exchange

So, more and more Binance looks like it's doing something funky.
And that is, at least part of the issue too. They might not be shady, but they keep doing things that make them look like they are.

People might not like a lot of things that Coinbase and other super regulated want all your KYC info and report to the government exchanges do. But, at least their books are fully open.

Still, not your keys not your coins no matter what.

-Dave

Not exactly what I was hoping to read, but very well researched and well explained article.
It could just mean that BinanceUS is not run the way it should be regarding US regulation (mixing of funds with other Binance platforms) - or, worst case, it would indicate that some liquidity is indeed missing and the sum of all balance sheets is not en par with the total funds that are stored on the Binance platforms.
I wonder if this will be addressed by the so-called Binance-transparency-campaign because the evidence for that shady USDT tranfer is clear as day.
And also makes me wonder why there is not a bigger discussion about it on most crypto-news sites.

[Chilwell]

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@1miau, When I was reading through this topic, I noticed that the image had become outdated, and I really wanted to know what was there, so I decided to download it, then upload it back to the forum using TalkImg.com so that the image could be seen and stay longer in the forum. Here is the new link to the thread, which I organized based on the series in the thread. I'm posting it here for you, OP, to make it easy so you can fix it in a shortest time if you are less busy.

Code:

[img]https://www.talkimg.com/images/2024/01/10/sgcwb.png[/img]

[img height=500]https://www.talkimg.com/images/2024/01/10/sghEv.png[/img]