Topic: CZ Sentenced, Your Bitcoin in their Custody - page 5. (Read 1310 times)

With all these happening, I suggest we should be reminded as bitcoiners on what we are made for and should not loose focus on how we can achieve our target with the use of bitcoin for our financial economy in all modules of it's applications Privacy should be our heritage with bitcoin, using centralized exchanges is the weakest means to have it, because the governments will be after you when you're under a centralized exchange, they have all your details with them.

Every bitcoiners should understand why they need to have in custody their own digital financial asset and not with third parties like exchange ss, they can be attacked, hacked and if any of these happens, our asset with them are gone, we should learn to avoid the use of exchange, hold our bitcoin on cold storages and remember that not your keys not your coins still ever remains verdict in bitcoin network.

I don't see the connection of privacy and CZ's sentence to 4 months in prison. And if using centralized exchanges is the weakest means on this community, then most of us have been weak but it's likely that everyone has used centralized exchanges. Anyway, as I am telling that there's no connection about privacy and CZ sentence and to add the fact, CZ is no longer part of Binance in paper as what he's told before because he had already resigned from his post on the company.

Already the reason for creating Bitcoin was to stand as a decentralized means of exchange among Bitcoin holders and not for using centralized exchanges to exchange Bitcoin for fiat because if we keep exchanging Bitcoins to fiat that means we are still giving fiat value and the quest to achieve a Bitcoin adoption policy in our monetary system may will take much longer time.

Centralized exchanges is very risky because before you are allowed to use centralized exchanges you will be required to undergo KYC which includes your personal information which can be traceable

On Tuesday, the Binance CEO CZ was sentenced to four months imprisonment all on the charges of allowing for the participation of illegal money laundry from his exchange Binance, the US government gile a lawsuit against him and charged him, same way they habe been clamping down of other privacy means in which bitcoiner can use to achieve thier goals, i don't wa t to mention the keyword bit we all know about the recent ban thst took effect since January 1st of this year 2024.

Although if we think about it more broadly this is part of an attack on privacy, for which it seems to be money laundering anything that has to do with protecting it. And the bad news is that it seems to me that this has only just begun.

Every bitcoiners should understand why they need to have in custody their own digital financial asset and not with third parties like exchange ss, they can be attacked, hacked and if any of these happens, our asset with them are gone, we should learn to avoid the use of exchange, hold our bitcoin on cold storages and remember that not your keys not your coins still ever remains verdict in bitcoin network.

For sure, he already prepared for the worst, hence, he resigned from the company last Nov 2023. So it won't interfere from their business. He has new CEO so business will be the same for them.

Also, his lawyers are insisting to receive no prison time at all as he is coming from UAE, his family is living in this middle eastern country. And this country has no extradition treaty with the US. I guess, CZ knows where to live...
Source

I don't see the connection of privacy and CZ's sentence to 4 months in prison. And if using centralized exchanges is the weakest means on this community, then most of us have been weak but it's likely that everyone has used centralized exchanges. Anyway, as I am telling that there's no connection about privacy and CZ sentence and to add the fact, CZ is no longer part of Binance in paper as what he's told before because he had already resigned from his post on the company.

~Snipped

Binance by far, the biggest crypto exchange in the world so they are able to soak that hit. Think about a smaller exchange, they would have to go out of the business!

Nowadays, I don't trust much in centralised exchange anymore. They can freeze all the funds for any reason. So you need to be very careful when using centralised exchanges, not just Binance.

The 4-month sentence must have been the reason for panicking that caused the price to go down. Right?

https://twitter.com/BitcoinMagazine/status/1785384669812273570?t=ZGZzfngY_UpyDCLbq4hWTA&s=19


What next after four months,

On Tuesday, the Binance CEO CZ was sentenced to four months imprisonment all on the charges of allowing for the participation of illegal money laundry from his exchange Binance, the US government gile a lawsuit against him and charged him, same way they habe been clamping down of other privacy means in which bitcoiner can use to achieve thier goals, i don't wa t to mention the keyword bit we all know about the recent ban thst took effect since January 1st of this year 2024.

With all these happening, I suggest we should be reminded as bitcoiners on what we are made for and should not loose focus on how we can achieve our target with the use of bitcoin for our financial economy in all modules of it's applications Privacy should be our heritage with bitcoin, using centralized exchanges is the weakest means to have it, because the governments will be after you when you're under a centralized exchange, they have all your details with them.

Every bitcoiners should understand why they need to have in custody their own digital financial asset and not with third parties like exchange ss, they can be attacked, hacked and if any of these happens, our asset with them are gone, we should learn to avoid the use of exchange, hold our bitcoin on cold storages and remember that not your keys not your coins still ever remains verdict in bitcoin network.

Do you know what's most interesting in this whole situation? I'd point at two things.
1. He obviously was accepting bitcoin from shady groups, hackers, sanctioned entities and so on, but never really faced anything besides fines. How many people do you know who are found guilty of something like a fraud or money laundering and don't get at least a mandatory year in prison? IMO this is one big extortion from the US gov. They know he's got money and he's willing to pay them off.

2. I thought he struck a deal last year and they still decided to prosecute him. IMO they wanted more money, or they wanted to suppress the price of bitcoin by going after him. This is obviously much bigger than CZ and Binance. This is about shaking out weak hands and allowing rich people who missed the first ETF wave to accumulate.