Binance worth more than sum of European banks? - page 2.

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Quote from: Darker45 on March 15, 2022, 09:54:33 PM

And what's the point of this tweet? Not only is it most probably not true, it also seems irrelevant and pointless. If Su Zhu is saying that Binance is actually bigger than all the European banks combined, well, the numbers don't agree. If Su Zhu is saying that Binance is actually worth much more than its declaration, I'm more than sure these European banks are, too. And if Su Zhu is simply promoting Binance, well, it might not be effective at all. Binance is on the road going down.

I am not certain what Su Zhu's point is, however, my point in sharing this tweet is that I am beginning to admit that I might be wrong in telling everyone that FTX is the Binance killer hehehe.

In any case, Su Zhu might be implying that if there was a financial company that will be worth more than the European banks, it might be Binance and it appears he is quite certain of this. It might only be a larp but why would he larp this unless he is a direct investor of Binance.

@Husires. Agreed. We do not know how Su Zhu measured networth.

Husires

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How is net wealth measured? If we are talking about the value of Bitcoin and altcoins, it is inaccurate, as most of them are for speculation.
therefore it will lose its value by 20% if the platform thinks of selling it at once, and the value of Bitcoin is volatile and you will not be able to take a correct average.

Let's assume that Binance' net reserves are half the market capitalization of all cryptocurrencies which is an optimistic model which represents:

The market cap of all cryptocurrencies: 1,778,320,412,710 and half of it is $800 billion. Source: https://coinmarketcap.com/
The closest we can imagine is the total assets of the European Central Bank 569.3 billion euros. Source: (ECB)
Comparing the value of assets thus gives wrong results.
Binance is the largest market for most altcoins and therefore their prices are not real.

Darker45

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And what's the point of this tweet? Not only is it most probably not true, it also seems irrelevant and pointless. If Su Zhu is saying that Binance is actually bigger than all the European banks combined, well, the numbers don't agree. If Su Zhu is saying that Binance is actually worth much more than its declaration, I'm more than sure these European banks are, too. And if Su Zhu is simply promoting Binance, well, it might not be effective at all. Binance is on the road going down.

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Quote from: _act_ on March 15, 2022, 01:25:29 AM

That is ridiculous, how can Binance worths more than the whole European banks? Not even comparing it with one or two banks. Binance is the largest crypto exchange but as people are getting to knowing about cryptocurrencies, there are new exchanges that are developing. No KYC is one of the reasons Binance growth was more than those of Huobi Global and some other exchange, not that Binance offer better services, but now Binance mandate KYC. Cryptocurrencies are getting regulated and there are a lot of competition, people should not expect Binance to grow more than usual.

Agreed that it might be ridiculous. I had a similar head shaking reaction, however, why would Su Zhu larp about CZ or Binance? Also, I am quite certain he knows more about the people behind the cryptospace than people like us who are ordinary forum cave trolls hehehehe. In any case, might Su Zhu also be implying about something else like illegal or hidden weath? I reckon CZ begun buying bitcoin on 2012.

dkbit98

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Quote from: bbc.reporter on March 14, 2022, 09:25:13 PM

Is Binance worth more than the sum of all European banks now? Might be close

This is not even close if we are counting only legal and reported earnings from CZ and Binance, but who knows how much they have unreported.
They made a bunch of money doing gymnastic escaping regulators for years, and I remember nobody could ever find real location for their office.
I don't consider FTX to be real competition for Binance because CZ invested in FTX (some say he sold his pat) so they are most likely connected in some way.

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Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: Lucius on March 15, 2022, 10:45:14 AM

Does this mean that someone thinks that Binance is worth between €40 trillion and €50 trillion?

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.

Lucius

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Blackjack.fun-Free Raffle-Join&Win $50🎲

Does this mean that someone thinks that Binance is worth between €40 trillion and €50 trillion? It is a public fact that they make huge profits not only from having (like most) very expensive fees but also from their token and listing various crypto garbage in their offer. Yet someone has recalculated quite a bit, as Binance had a trading volume of around $2 trillion in 2020, and all EU banks in 2019 had a total asset value close to €50 trillion.

Quote from: https://www.ebf.eu/facts-and-figures/banking-sector-performance/

The amount of total assets held by EU banks expanded in 2019 after a few years of consecutive contraction. This time enlarged by approximately €3 trillion from the previous year amounting to €49.3 trillion (€32.4 billion in the euro area and €13.1 billion in the non-euro area). The expansion came basically from gain in the total assets in the euro area countries (4.8%).

_act_

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Lightning network is good with small amount of BTC

That is ridiculous, how can Binance worths more than the whole European banks? Not even comparing it with one or two banks. Binance is the largest crypto exchange but as people are getting to knowing about cryptocurrencies, there are new exchanges that are developing. No KYC is one of the reasons Binance growth was more than those of Huobi Global and some other exchange, not that Binance offer better services, but now Binance mandate KYC. Cryptocurrencies are getting regulated and there are a lot of competition, people should not expect Binance to grow more than usual.

bbc.reporter

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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

Topic: Binance worth more than sum of European banks? - page 2. (Read 279 times)