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Started By
Message
Is Binance the next shoe drop this crypto winter?
Posted on 12/12/22 at 11:15 pm
Posted on 12/12/22 at 11:15 pm
quote:
Binance endured net outflows of $902 million in the past 24 hours, according to Nansen data. Crypto market makers Jump Trading and Wintermute are among the largest withdrawers.
LINK
quote:
REMOVE YOUR FUNDS FROM BINANCE IMMEDIATELY. THIS IS NOT A TEST OR JOKE.
LINK
FML for not selling some BTC when it was > $60K.
This post was edited on 12/12/22 at 11:18 pm
13
Posted on 12/13/22 at 1:41 pm to rickgrimes
yes
Posted on 12/13/22 at 1:44 pm to rickgrimes
I think Coinbase is gonna go under
Posted on 12/13/22 at 9:25 pm to rickgrimes
Posted on 12/13/22 at 9:35 pm to rickgrimes
Gives that impression
A massive drop in theoretical crypto value over the last year. Even as some governments are creating crypto versions of their own currency
A massive drop in theoretical crypto value over the last year. Even as some governments are creating crypto versions of their own currency
Posted on 12/14/22 at 8:55 pm to rickgrimes
10 day wait to withdrawal
Posted on 12/15/22 at 9:46 am to rickgrimes
After the interview this morning on CNBC, I do not know how anyone could still hold their money on Binance. CZ could not even deflect properly. Says one of the big 4 does not even know how to audit a crypto exchange, yet one of them audits Coinbase. Asks if they ever co-mingled funds, and completely ignores the question. 
CNBC CZ Interview
CNBC CZ Interview
Posted on 12/15/22 at 9:50 am to rickgrimes
Binance going down is going to be a problem.
It may not go completely insolvent, but just getting thwacked by regulators and having to cease binance.us will have a ripple effect.
You can shite on Coinbase all you want but they’re permitted to exist because they comply with big brother.
It may not go completely insolvent, but just getting thwacked by regulators and having to cease binance.us will have a ripple effect.
You can shite on Coinbase all you want but they’re permitted to exist because they comply with big brother.
Posted on 12/16/22 at 9:59 am to Highthoughts
Only a matter of time now, outflows going out even faster up to 6B.
With the investigations looming, their "auditor" just quit. Guessing they don't want be around when everyone starts pointing fingers after the crash. They even deleted their proof-of-reserves statement they just published.
CoinDesk Source
With the investigations looming, their "auditor" just quit. Guessing they don't want be around when everyone starts pointing fingers after the crash. They even deleted their proof-of-reserves statement they just published.
quote:
Mazars, the auditing firm working with Binance and other crypto exchanges on proof-of-reserves statements, has paused all work for crypto clients, Binance said in an emailed statement.
quote:
The accounting firm performed a proof-of-reserves assessment of Binance earlier this month, finding its bitcoin reserves were overcollateralized. The link to the report on Mazars' website no longer works. The auditor also found that Kucoin's BTC, ETH, USDT and USDC reserves were all overcollateralized. This report is also no longer available. Mazar's assessment of Crypto.com's reserves found them to be fully backed 1:1.
CoinDesk Source
This post was edited on 12/16/22 at 10:05 am
Posted on 12/16/22 at 11:12 am to rickgrimes
quote:
Is Binance the next shoe drop this crypto winter?
Hope so.
Posted on 12/16/22 at 11:44 am to Grievous Angel
quote:
Hope so.
Why?
Posted on 12/16/22 at 11:47 am to rickgrimes
You just hate to see it
Posted on 12/16/22 at 12:57 pm to UltimaParadox
quote:
They even deleted their proof-of-reserves statement they just published.
My understanding of an often practiced form of accounting fraud is this type of thing where a company provides a listing of assets but not the liabilities.
This type of accounting obviously is fraud. For an insolvent company they can play a paper game of loaning and borrowing assets. It becomes fraud when it obscures the financial state of a company liabilities but declares the value of assets exchanged for the liabilities.
This post was edited on 12/16/22 at 1:06 pm
Posted on 12/16/22 at 2:25 pm to rickgrimes
Dex’s will be king next bull. (As they should have been. CEXs are middle men. Bitcoin was created to get rid of middle men).
PulseX for the win!
PulseX for the win!
Posted on 12/16/22 at 3:18 pm to boomtown143
quote:
Dex’s will be king next bull.
Dex's have shown this year that they are exploitable.
When code is law you better be sure you have folks who really know what they are doing writing the laws and have a strong quality control procedure in place.
Posted on 12/16/22 at 3:33 pm to Diseasefreeforall
quote:
Dex's have shown this year that they are exploitable.
So have CEX's
Posted on 12/16/22 at 4:15 pm to Diseasefreeforall
quote:
When code is law you better be sure you have folks who really know what they are doing writing the laws and have a strong quality control procedure in place.
If anyone has ever actually written any code in any larger project knows how laughable this is. No software is perfect and the longer time goes on, the more exploitable it gets. Software is never done, it is always evolving.
Posted on 12/16/22 at 10:27 pm to Chuckiee
quote:
Why?
Because I have a special fetish for watching ponzis and MLMs collapse.
Posted on 12/16/22 at 10:45 pm to Grievous Angel
But that makes you a terrible person who has no regard for the innocent people that were hoodwinked!!!!!
Posted on 12/17/22 at 7:46 am to TheWalrus
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