no big deal, just a redistribution of spheres of influence in the company
even the BNB reacted weakly
even the BNB reacted weakly
Yea, for some reason I thought this would cause some ripples and bigger waves in the Crypto community, but I reckon a lot of informed people predicted this will happen and they welcome this. A lot of the Fiat speculators thrive in a more regulated financial environment and they perceived Binance as risky operation.
I do not support any kind of criminal activity, but the industry needs unregulated entities like this to onboard the people that wants financial privacy. (NOT criminals, but people that understand and appreciate real financial privacy)
There are many crooks involved in the crypto industry like in other industries, it just seems as if people are looking for a quick buck in crypto and are too credulous to actually look at what is going on. Look at BlockFi, Celsius, FTX etc. I don't know how people didn't see they were scams from the start. I talked to an attorney (I won't say where, but he is pretty well known in the crypto area) who deals in this and he was convinced that Celsius and BlockFi were great. Ditto FTX.
If it seems too good to be true, it probably is.
Nobody actually think that Zhao are sqeeky clean, because we all know he allowed anyone to use his exchange, no matter how "dirty" the money was. We also knew that law enforcement were on his case for years and that it was just a matter of time before he would have to face up to that.
The good thing out of this is that the Exchange is going on... and that it will operate within the requirements of the law. (Even though most of us hate centralized financial entities in this scene..but we also see their advantages)
Yes, for now exchanges are required. Eventually one hopes that you can just stay in bitcoin and transact in bitcoin to avoid these exchanges. Then there won't be a central point of failure.
More anonymity would be nice too though to protect people from the prying eyes of the authoritarian control freaks in charge in many places around the world.
