@Lucius. Agreed! However, is Binance not staying competitive enough to begin offering lesser fees for withdrawals or lower their fees for trading? I reckon losing 3% was not because of their fees. It was caused by regulators being more strict to enforce regulations against them which -3% is not very bad I think.
Also, I am fascinated by it and I am cheering for them to be more rich than Bill Gates or Mark Zuckerburg hehehe. I am not taking this serious, however. I am more serious in cheering for sports stars in NFL or the beautiful women of MMA hehehehehee.
Topic: Binance worth more than sum of European banks? (Read 279 times)
@Lucius. Hehehe asking exchanges to reduce the withdrawal fee might be similar to asking the rich billionaires from Saudi Arabia to reduce oil prices by 30% also.
If you want to stay competitive and attract new customers, then you should be different from the competition (in a positive sense). It doesn't have to be 30%, but why not be more favorable than most others since you lost your main advantage which was that you didn't have KYC while most other CEX had it. I read somewhere that they have lost about 3% of customers, whether it is true or not - the question is what do they have better to offer than others?
In any case, did CZ also buy shares of Fortune magazine? This is the latest cover. It also appears that much of the bitcoin news media has overestimated his networth by $20 billion hehehe.
It is true that they have invested $200 million in Forbes, so it is not a problem for one such investor to appear on the cover, with so much money you can buy a lot of covers. As for his fortune, he could have $50 or $500 billion, I personally am not fascinated by it - people who need to talk about such things in public are not exactly the characters I appreciate.
@Lucius. Hehehe asking exchanges to reduce the withdrawal fee might be similar to asking the rich billionaires from Saudi Arabia to reduce oil prices by 30% also. Also, I was only arguing that Su Zhu might know more than us. I agree that he might be lying, however, I am certain that he has sources on private information.
In any case, did CZ also buy shares of Fortune magazine? This is the latest cover. It also appears that much of the bitcoin news media has overestimated his networth by $20 billion hehehe.
In any case, did CZ also buy shares of Fortune magazine? This is the latest cover. It also appears that much of the bitcoin news media has overestimated his networth by $20 billion hehehe.
@Lucius. However, would I be correct in assuming that Binance's real networth might be very much underestimated?
As I have already pointed out, this is just a word of one man whom I personally have no reason to trust - especially when he says that one crypto exchange is worth more than the total value of all European banks. It is true that the situation in the EU is not perfect, but all of them together have far more money than what this crypto exchange has - it is something that is incomparable to me. The only thing I can agree with is that this company has a lot more money than is publicly known.
Last year I was speculating that FTX might kill Binance and become the largest exchange in the world. But I began to think that I might be wrong after I read this article. Su Zhu might be saying something that forum cave trolls like us do not know.
There is something in money, but it is not the deciding factor that can keep someone competitive in today's world. They live off the old fame and the fact that they have long resisted KYC, but now that this is no longer the case and they can remain competitive only if they otherwise attract customers. Since they obviously have a lot of money, why not reduce the withdrawal fee by at least 30%?
@Lucius. However, would I be correct in assuming that Binance's real networth might be very much underestimated? Last year I was speculating that FTX might kill Binance and become the largest exchange in the world. But I began to think that I might be wrong after I read this article. Su Zhu might be saying something that forum cave trolls like us do not know.
Binance CEO Changpeng “CZ” Zhao is worth an estimated $96 billion, a figure that rivals tech billionaires Mark Zuckerberg, Larry Page and Sergey Brin, according to Bloomberg.
Zhao’s net wealth has been estimated for the first time by the Bloomberg Billionaires Index, which concludes that it exceeds that of Asia’s richest person, Mukesh Ambani, the chairman of Indian conglomerate Reliance Industries.
The $96 billion figure does not take into account Zhao’s personal crypto holdings, meaning it could be a significant underestimate.
Source https://www.coindesk.com/business/2022/01/10/binance-ceo-zhao-is-worth-96b-excluding-crypto-holdings-report/
Binance CEO Changpeng “CZ” Zhao is worth an estimated $96 billion, a figure that rivals tech billionaires Mark Zuckerberg, Larry Page and Sergey Brin, according to Bloomberg.
Zhao’s net wealth has been estimated for the first time by the Bloomberg Billionaires Index, which concludes that it exceeds that of Asia’s richest person, Mukesh Ambani, the chairman of Indian conglomerate Reliance Industries.
The $96 billion figure does not take into account Zhao’s personal crypto holdings, meaning it could be a significant underestimate.
Source https://www.coindesk.com/business/2022/01/10/binance-ceo-zhao-is-worth-96b-excluding-crypto-holdings-report/
Su Zhu did not show any numbers, however, it has been speculated that the Asian crypto hedge fund founders and whales might be in secret private discord servers with Asian exchange owners and founders.
He didn't show anything because he has nothing to show - such statements without any cover only serve to attract some new investors and make free PR for the company.
Su Zhu might have an informed guess on how large Binance's real networth. It might not be as big as the combined networth of European banks, however, it might be underestimated.
Given their shady business throughout their existence, one might be very interested in how much money they really have, or in other words how much tax they have evaded so far. If this statement is even approximately true, then this company could find itself under investigation. Of course there is another option, and we all know that enough money in the right pockets provides a certain dose of immunity.
Is Binance worth more than the sum of all European banks now? Might be close
Is the numbers legit tho? I am not sure. Long ago I've read that tether's marketcap was bigger than every bank in Bahamas (where tether's bank Deltec resides) and their customers' account balance combined. There could be a huge fuckery going on in this space but we will never know until it goes full gox
Su Zhu did not show any numbers, however, it has been speculated that the Asian crypto hedge fund founders and whales might be in secret private discord servers with Asian exchange owners and founders. Su Zhu might have an informed guess on how large Binance's real networth. It might not be as big as the combined networth of European banks, however, it might be underestimated.
Long ago I've read that tether's marketcap was bigger than every bank in Bahamas (where tether's bank Deltec resides) and their customers' account balance combined.
IMF disagrees:Quote
The Bahamas hosts a large offshore financial sector with very limited links to the
domestic financial system. Offshore assets total US$256 billion as of June 2018 (approximately
20 times GDP), a 40 percent drop since the 2013 FSAP. Banks dominate the sector with
US$168 billion in assets; they concentrate in private banking and treasury services with little credit
creation or maturity transformation. The investment fund space (US$86 billion in assets)
domestic financial system. Offshore assets total US$256 billion as of June 2018 (approximately
20 times GDP), a 40 percent drop since the 2013 FSAP. Banks dominate the sector with
US$168 billion in assets; they concentrate in private banking and treasury services with little credit
creation or maturity transformation. The investment fund space (US$86 billion in assets)
It's always nice to compare market caps in crypto to foreign exchange (forex) volume to crypto: it has a daily volume of $6.6 trillion. That's $310,000 dollar trade volume per person on the planet per year. In my humble opinion, this staggering amount only shows how crazy the world of big money is.
Is Binance worth more than the sum of all European banks now? Might be close
Is the numbers legit tho? I am not sure. Long ago I've read that tether's marketcap was bigger than every bank in Bahamas (where tether's bank Deltec resides) and their customers' account balance combined. There could be a huge fuckery going on in this space but we will never know until it goes full gox
I reckon if Binance tricked their users to withdraw in their own blockchain's token and it created a new model for other exchanges to copy and follow, was it not the most natural move for exchanges and it was only Binance did it first?
In a way, banks started it! Instead of withdrawing dollar bills, people accept a number in the bank's own computer system. Even further back you could argue goldsmits started it: instead of withdrawing gold, they gave people paper money.One of the very sneaky things is this:
Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.
But lost made-up tokens on Binance's own centralized chain are a donation to Binance! They keep the Bitcoin, you get nothing.That's a lot more difficult to do for regulated banks than it is for Binance.
We actually have so many exchanges, hundreds of them. ~ Aside from many other exchanges being shady and of low quality
You've already mentioned the problem: I don't trust most exchanges. I don't trust banks either, but because of regulation I know they're not very likely to steal my money. With exchanges, it's still the Wild West out there. They can even use KYC as an argument to freeze your funds. With banks, at least I know who I'm dealing with. 
The assets they hold aren't the same as the bank's value. I'm actually surprised by how low the value of large Dutch banks is: ING is worth 37 billion, ABN AMRO is worth only 10 billion. That means Coinbase is worth slightly more than ING.
As for Binance: I wouldn't be surprised if they're mostly forgotten 10 years from now. New Fintech competitors can emerge much faster than competitors for traditional banks.
As for Binance: I wouldn't be surprised if they're mostly forgotten 10 years from now. New Fintech competitors can emerge much faster than competitors for traditional banks.
I have speculated that FTX would be the Binance killer,
Interesting and useful clarification about net worth and assets!
The history has shown that top exchanges do go down after a while. And although Binance kinda did everything right (much better than others in the past), FTX (or another future platform) can easily become "Binance killer". It's not only OP who has speculated or even put their money on FTX rise, especially as Binance may easily do missteps while turning towards regulations. But times do change and every new top exchange seem to last (on top) a bit longer. And as long as "funds are SAFU" indeed, many won't see a good reason to switch... not yet...
If those numbers are correct, I'd say this isn't right. It can't be good for crypto if 2 guys collected a few percent of the total market cap just from creating exchanges. Someone has to pay those billions, and it's not helping Bitcoin.
Those huge profits mean there's not enough competition. Binance's $30 withdrawal fees are a clear sign of that. The fact that they scam users after they themselves made a mistake shows Binance doesn't care about anyone else.
We actually have so many exchanges, hundreds of them. As a matter of fact, many of them have already died. I can still remember there was a time in the not so distant past when exchanges were sprouting everywhere like mushrooms. But still there is the apparent lack of competition. Aside from many other exchanges being shady and of low quality, perhaps the marketing prowess of CZ had a lot to do with the success of Binance. Of course, I don't discount Binance's better products and features, but Binance was born with hype.
If those numbers are correct, I'd say this isn't right. It can't be good for crypto if 2 guys collected a few percent of the total market cap just from creating exchanges. Someone has to pay those billions, and it's not helping Bitcoin.
Those huge profits mean there's not enough competition. Binance's $30 withdrawal fees are a clear sign of that. The fact that they scam users after they themselves made a mistake shows Binance doesn't care about anyone else.
We actually have so many exchanges, hundreds of them. As a matter of fact, many of them have already died. I can still remember there was a time in the not so distant past when exchanges were sprouting everywhere like mushrooms. But still there is the apparent lack of competition. Aside from many other exchanges being shady and of low quality, perhaps the marketing prowess of CZ had a lot to do with the success of Binance. Of course, I don't discount Binance's better products and features, but Binance was born with hype.
There were competitors even before binance, its just that the exchange was easier to use with yuge volume and Legendary users shills for Binance back in 2016 that users leave polo and bittrex for it.
Binance has BSC so it will stand a chance of getting richer and richer
I hate BSC with a passion. Binance tricks customers into withdrawing their own made-up tokens instead of Bitcoin.Exactly. Its what makes this Binance sucessful with BNB. Tricking users is the trick but I think this isnalso to model of some other exchanges today. Having their own token and platform to have made up tokens.
I reckon if Binance tricked their users to withdraw in their own blockchain's token and it created a new model for other exchanges to copy and follow, was it not the most natural move for exchanges and it was only Binance did it first?
I speculate that after Solana's failures, SBF might order the development of a fork of Solana as FTX's own blockchain and use FTT as the token.
I have also speculated that banks and other traditional institutions will buy exchanges, similar to how Circle bought Poloniex. However, I might be mistaken. It appears exchanges in the cryptospace can also grow bigger to buy the banks hehehe.
Binance, the world's largest cryptocurrency exchange by trading volume, is looking into acquiring banks and payment processors in Brazil, Binance CEO Changpeng Zhao said Wednesday.
Source https://www.coindesk.com/business/2022/03/16/binance-ceo-says-firm-is-looking-into-buying-banks-and-payment-processors-in-brazil/
There were competitors even before binance, its just that the exchange was easier to use with yuge volume and Legendary users shills for Binance back in 2016 that users leave polo and bittrex for it.
Binance has BSC so it will stand a chance of getting richer and richer
I hate BSC with a passion. Binance tricks customers into withdrawing their own made-up tokens instead of Bitcoin.Exactly. Its what makes this Binance sucessful with BNB. Tricking users is the trick but I think this isnalso to model of some other exchanges today. Having their own token and platform to have made up tokens.
If those numbers are correct, I'd say this isn't right. It can't be good for crypto if 2 guys collected a few percent of the total market cap just from creating exchanges. Someone has to pay those billions, and it's not helping Bitcoin.
Those huge profits mean there's not enough competition. Binance's $30 withdrawal fees are a clear sign of that. The fact that they scam users after they themselves made a mistake shows Binance doesn't care about anyone else.
CZ will be stupid If he makes such a statement because Binance has become large enough for the regulatory authorities to audit and find some violations that require fines or the imposition of an audit.
In other words, the more Binance be under the spotlight, the more likely they will pay more taxes and compensation.
As for the statement, it is an attempt to prove the liquidity and that the project that is listed on that platform will be sufficient, and perhaps the increased competition makes them say this, especially since all platforms have become imitating Binance in everything, and therefore unless there is more innovation, we may witness the rise of a new star.
In general, we need more good platforms even if they require identity verification.
In other words, the more Binance be under the spotlight, the more likely they will pay more taxes and compensation.
As for the statement, it is an attempt to prove the liquidity and that the project that is listed on that platform will be sufficient, and perhaps the increased competition makes them say this, especially since all platforms have become imitating Binance in everything, and therefore unless there is more innovation, we may witness the rise of a new star.
In general, we need more good platforms even if they require identity verification.
Binance has BSC so it will stand a chance of getting richer and richer
I hate BSC with a passion. Binance tricks customers into withdrawing their own made-up tokens instead of Bitcoin.If I am not wrong his networth is around 96 Billion while FTX founder's networth is around 30 Billion
If those numbers are correct, I'd say this isn't right. It can't be good for crypto if 2 guys collected a few percent of the total market cap just from creating exchanges. Someone has to pay those billions, and it's not helping Bitcoin.Those huge profits mean there's not enough competition. Binance's $30 withdrawal fees are a clear sign of that. The fact that they scam users after they themselves made a mistake shows Binance doesn't care about anyone else.
It might be close according to 3 Arrows Capital cofounder, Su Zhu who is also a known to have become one of the largest investors in the cryptospace. I have speculated that FTX would be the Binance killer, however, it appears that Binance's competitors might not have enough funding to do this if Su Zhu's speculation on Binance's networth is true.
Do not attack this man
Is Binance worth more than the sum of all European banks now? Might be close
Source https://mobile.twitter.com/zhusu/status/1503228704247644165?s=12
If I am not wrong his networth is around 96 Billion while FTX founder's networth is around 30 Billion so ues that's a lot of gap between them. Well the surprising note is both of them achieved in a short time frame from the scrap so their goal js to grow further and not just compete with the banks alone. Do not attack this man
Is Binance worth more than the sum of all European banks now? Might be close
Source https://mobile.twitter.com/zhusu/status/1503228704247644165?s=12
Binance has BSC so it will stand a chance of getting richer and richer surpassing banks in Europe. And it's pretty sure that Binance also holds a ton of BTC probably more than what Microstrategy got by DCAing. Binance had been around before the 2017 bullrun which everyone gained so much.
Even today I don't have FTX account though. I'm up to believe many of us are not in FTX as well, I'm not open to sending more KYC documents to another exchange.
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