Are you telling me that this is okay with you?
I guess the tone of the post didn't come across. I should have included a /sarcasm tag. 
Topic: Is the Binance the next to bite the dust or FUD? - page 6. (Read 2224 times)
The bank run on FTX would be occured with or without CZ's actions.
Again, I'm not arguing that fact, but that doesn't excuse CZ's actions. I was only making an argument on how can we trust the regulators' intentions. It is okay for regulators to turn a blind eye on the corrpution and the regulatory evasion of big banks, however, for Binance it is not okay?
Well of course! Banks buy out our politicians and law makers, so they get a free pass to do what they like and launder trillions of dollars.Are you telling me that this is okay with you? They pay the politicians to do what they want but ordinary people are given a hard time for using bitcoin? This is not okay for me and a victory for CZ will also be a victory for the cryptospace, I reckon.
In any case on FTT dump, the only action that CZ does not have an excuse for is being an asshole. Binance has all the rights to dump FTT.
The bank run on FTX would be occured with or without CZ's actions.
Again, I'm not arguing that fact, but that doesn't excuse CZ's actions. I was only making an argument on how can we trust the regulators' intentions. It is okay for regulators to turn a blind eye on the corrpution and the regulatory evasion of big banks, however, for Binance it is not okay?
Well of course! Banks buy out our politicians and law makers, so they get a free pass to do what they like and launder trillions of dollars. CZ did not dump FTT to start a bank run.
I'm not saying he did. But publicly tweeting as he did undoubtedly started the bank run which very quickly led to FTX suspending all withdrawals.I do not know why there are people taking a side with the regulators.
I wouldn't say people are taking a side with regulators, rather that people simply do not care what happens to Binance. If regulations force Binance out of business, I don't think bitcoin will be any worse off for it.The bank run on FTX would be occured with or without CZ's actions. We would talking about Justin Sun if he started the bank run. Sam should be blamed.
I do not know why there are people taking a side with the regulators.
Just because regulators are turning a blind eye on many things banks are doing wrong, doesn't mean that we should do the same with Binance or any of the other top exchanges or that we are taking regulators side. I am Binance user from the late 2017 and since I created an account there I haven't had any issues whatsoever (nor did anyone I know) but I still think that they are doing many things wrong: from anti-Bitcoin stance and creating highly centralized BSC to being incorporated in a shady location that doesn't protects its users and saying that for an average user storing their crypto at exchange is the way to go.
Remember how in Japan FTX had to secure the funds so in case something happens to them people will get their money back? Imagine if Cayman Islands forced FTX to do the same thing. But of course, they registered their company there necause something like that will never be asked from them at those type of locations so they can do whatever they want there.
I was only making an argument on how can we trust the regulators' intentions. It is okay for regulators to turn a blind eye on the corrpution and the regulatory evasion of big banks, however, for Binance it is not okay?
Also, Binance as a CEX is trying to use and work with the decentralization of crypto. Decentralization would certainly be useless if they do not use the advantages it gives them. This will be very head scratching for the regulators and I would certainly want to see CZ win the fight hehehe.
What will it take for people to wake up and just withdraw their coins to their own wallet?
Logical answer would be "they will definitely learn their lesson once they lose their money on one of those platforms" but then again I know some people that have money stuck on both Celsius and FTX and still hold considerable amount of crypto on Binance. This shows that people will never learn from their previous experiences or is it only the crypto investors who again what to risk their money by putting it on the exchange?
People just trust and believe on binance too much that they still think that Binance is too big to scam exit but they do not know that most exchanges will scam us when they are at their peak as at that time no one can even imagine that they can scam.
I do not know that binance is the next one to scam exit or if they may continue for a few more years and never scam but the point is that we should not trust any exchange and should know that any money of us in the centralized exchange is not safe.
CZ did not dump FTT to start a bank run.
I'm not saying he did. But publicly tweeting as he did undoubtedly started the bank run which very quickly led to FTX suspending all withdrawals.I said this before and I'll say this again: whether or not CZ dumps FTT or even announces he will do so does not matter as far as FTX is concerned, because it is a ticking time bomb on a glass building that would've gone off sooner or later anyway.
They want to stop binance and the shady things they do, binance isn't BTC and vise versa. Many people wrongly think that binance is BTC's bank and that if binance collapse, BTC is biting the dust with it; but that is wrong, CZ and his company don't care about BTC, they just want to make profit by promoting shitcoins, breaking laws, forcing and deceiving people into withdrawing shitcoins by making BTC withdrawals expensive, helping customers to break KYC laws, etc, binance are doing too many shady things and it is right if the necessary agencies take a closer look at them.
The very fact that people think Binance == BTC is alarming to begin with and makes me wonder if that's why so many people are trying to short crypto...
I do not know why there are people taking a side with the regulators.
Just because regulators are turning a blind eye on many things banks are doing wrong, doesn't mean that we should do the same with Binance or any of the other top exchanges or that we are taking regulators side. I am Binance user from the late 2017 and since I created an account there I haven't had any issues whatsoever (nor did anyone I know) but I still think that they are doing many things wrong: from anti-Bitcoin stance and creating highly centralized BSC to being incorporated in a shady location that doesn't protects its users and saying that for an average user storing their crypto at exchange is the way to go.
Remember how in Japan FTX had to secure the funds so in case something happens to them people will get their money back? Imagine if Cayman Islands forced FTX to do the same thing. But of course, they registered their company there necause something like that will never be asked from them at those type of locations so they can do whatever they want there.
CZ did not dump FTT to start a bank run.
I'm not saying he did. But publicly tweeting as he did undoubtedly started the bank run which very quickly led to FTX suspending all withdrawals.I do not know why there are people taking a side with the regulators.
I wouldn't say people are taking a side with regulators, rather that people simply do not care what happens to Binance. If regulations force Binance out of business, I don't think bitcoin will be any worse off for it. If you were CZ and knew that there was something not good happening in FTX, how would you feel about your investment? It was a business decision. They dumped rather than being left on being the bagholder hehehe.
I mean, I wouldn't be storing large amounts of money in some centralized shitcoin completely under the control of a third party in the first place. But if I was, I would just sell it. I wouldn't feel the need to announce to my millions of Twitter followers "Hey, this is a shitcoin, let's start a bankrun!". CZ clearly had no problem doing that, and that's fine for him, but to then turn round a few months later when someone else calls his centralized shitcoin a shitcoin and call it "very petty fud" is completely hypocritical. Not that I expected any less.I am not asking about you or what you would do. I am talking about in what set of circumstances CZ was in when the truth about Sam, FTX, Caroline and Alameda was beginning to come out.
Binance was one of the first seed investors in FTX. They were given shares of the company and FTT in exchange for the seed investment. It also appears that you are not trying to understand what occured. CZ did not dump FTT to start a bank run. CZ dumped because he knew the value of FTT would dump once the news begins to be more known to the community. CZ also talked to Sam and warned him to stop what he was doing in FTX and Alameda. However, Sam would not listen.
These unconfirmed rumors were already spreading when I created my FTX might bite the dust thread.
@Z-tight. They want to stop Binance, however, they are not stopping the shady things being done by the big banks. Head shaking. I do not know why there are people taking a side with the regulators.
FUD and nothing more than FUD. Governments and bankers are desperate to stop or hurt Bitcoin. You can witness it here on Bitcointalk too - in every section there is at least one Binance FUD thread. I really hope that CZ is smart enough to deal with this situation accordingly.
They want to stop binance and the shady things they do, binance isn't BTC and vise versa. Many people wrongly think that binance is BTC's bank and that if binance collapse, BTC is biting the dust with it; but that is wrong, CZ and his company don't care about BTC, they just want to make profit by promoting shitcoins, breaking laws, forcing and deceiving people into withdrawing shitcoins by making BTC withdrawals expensive, helping customers to break KYC laws, etc, binance are doing too many shady things and it is right if the necessary agencies take a closer look at them.Look, you can call it fud if you want, but don't store your money there. Before Celsius, Voyager, ftx, 3AC and the others collapsed, people thought it was not possible for them to fall, they called it fud like you are doing now, so maybe people who have money in binance are the ones that should be smart enough and move it out immediately.
For the skeptical me, this paywalled article appears for me that American media has begun to publish the first stage of their after FTX fud campaign against CZ and Binance hehehe. The next stage might be during the trial of Sam later this year where some witnesses will be put on the stand to speak about what CZ did on FTT without giving the whole information on why CZ liquidated their position on FTT.
Binance’s Asset Shuffling Eerily Similar To Maneuvers By FTX
When you’re the world’s largest crypto exchange in a largely unregulated market, it is easy to make up the rules as you go. In its latest backroom maneuver, Binance transferred $1.8 billion in stablecoin collateral to hedge funds, including Alameda and Cumberland/DRW, leaving its other investors exposed.
Source https://www.forbes.com/sites/javierpaz/2023/02/27/binances-asset-shuffling-eerily-similar-to-maneuvers-by-ftx/
However, this article with more information makes me shake my head. Is this media attack by Forbes real or fud?
Forbes, yet again, investigated the on-chain activities of Binance and discovered that the exchange transferred $1.78 billion in users’ funds to various hedge funds. The article reveals that the Changpeng Zhao-led exchange completely emptied its collateral for B-peg USDC without reducing its supply.
Binance issues a B-token to facilitate the usage of other blockchain tokens in the BNB chain. The exchange is supposed to issue B-token only after storing 100% collateral of the original token. For example, for every 100 B-USDC, it must have 100 USDC as collateral.
However, the exchange broke its rules on Aug. 17, withdrawing $3.63 billion from its peg wallet to the “Binance 8” cold wallet. It then returned $1.85 billion to the peg wallet but transferred the remaining $1.78 billion to a Binance 14 cold wallet. Later, the exchange distributed the funds to a trading firm, Cumberland, Amber Group, Alameda Research, and TRON founder Justin Sun.
When Binance withdrew $1.78 billion USDC on Aug. 17, it did not decrease the supply of the B-USDC. The collateral fell to zero, and the exchange did not correct it for four months.
The article also states that B-USDC was deficient by over $1 billion on three different occasions. Forbes believes Binance is misusing customers’ funds, similar to the bankrupt exchange FTX.
Source https://beincrypto.com/binance-misusing-customers-funds/
Binance’s Asset Shuffling Eerily Similar To Maneuvers By FTX
When you’re the world’s largest crypto exchange in a largely unregulated market, it is easy to make up the rules as you go. In its latest backroom maneuver, Binance transferred $1.8 billion in stablecoin collateral to hedge funds, including Alameda and Cumberland/DRW, leaving its other investors exposed.
Source https://www.forbes.com/sites/javierpaz/2023/02/27/binances-asset-shuffling-eerily-similar-to-maneuvers-by-ftx/
However, this article with more information makes me shake my head. Is this media attack by Forbes real or fud?
Forbes, yet again, investigated the on-chain activities of Binance and discovered that the exchange transferred $1.78 billion in users’ funds to various hedge funds. The article reveals that the Changpeng Zhao-led exchange completely emptied its collateral for B-peg USDC without reducing its supply.
Binance issues a B-token to facilitate the usage of other blockchain tokens in the BNB chain. The exchange is supposed to issue B-token only after storing 100% collateral of the original token. For example, for every 100 B-USDC, it must have 100 USDC as collateral.
However, the exchange broke its rules on Aug. 17, withdrawing $3.63 billion from its peg wallet to the “Binance 8” cold wallet. It then returned $1.85 billion to the peg wallet but transferred the remaining $1.78 billion to a Binance 14 cold wallet. Later, the exchange distributed the funds to a trading firm, Cumberland, Amber Group, Alameda Research, and TRON founder Justin Sun.
When Binance withdrew $1.78 billion USDC on Aug. 17, it did not decrease the supply of the B-USDC. The collateral fell to zero, and the exchange did not correct it for four months.
The article also states that B-USDC was deficient by over $1 billion on three different occasions. Forbes believes Binance is misusing customers’ funds, similar to the bankrupt exchange FTX.
Source https://beincrypto.com/binance-misusing-customers-funds/
FUD and nothing more than FUD. Governments and bankers are desperate to stop or hurt Bitcoin. You can witness it here on Bitcointalk too - in every section there is at least one Binance FUD thread. I really hope that CZ is smart enough to deal with this situation accordingly.
What will it take for people to wake up and just withdraw their coins to their own wallet?
Logical answer would be "they will definitely learn their lesson once they lose their money on one of those platforms" but then again I know some people that have money stuck on both Celsius and FTX and still hold considerable amount of crypto on Binance. If you were CZ and knew that there was something not good happening in FTX, how would you feel about your investment? It was a business decision. They dumped rather than being left on being the bagholder hehehe.
I mean, I wouldn't be storing large amounts of money in some centralized shitcoin completely under the control of a third party in the first place. But if I was, I would just sell it. I wouldn't feel the need to announce to my millions of Twitter followers "Hey, this is a shitcoin, let's start a bankrun!". CZ clearly had no problem doing that, and that's fine for him, but to then turn round a few months later when someone else calls his centralized shitcoin a shitcoin and call it "very petty fud" is completely hypocritical. Not that I expected any less.Unfortunately, no rumour or FUD will make majority of people moving their money out of Binance.
Unbelievable, isn't it? The writing was on the wall for months before the collapse of the likes of Voyager, Celsius, BlockFi, FTX, and more, and yet millions of people lost everything despite constant warnings from the community all over this forum, Reddit, Twitter, etc. And even now, after Binance are being squeezed from every direction, after their "proof of reserves" was shown to be nothing but smoke and mirrors, after their centralized stablecoin has been shut down, after all the news coming out, we still have people saying "Binance is too big to fail" and "CZ is too smart". What will it take for people to wake up and just withdraw their coins to their own wallet?
@Faisal2202. I reckon that what CZ is presently doing, in avoiding regulations and escaping the rules of certain jurisdictions, it can be considered as something similar to a playbook in how to use decentralization and the cryptospace to one's advantage.
If CZ successfully maintains his position as the king of the cryptospace, it will only show that decentralization, if used correctly, will do its job.
If CZ successfully maintains his position as the king of the cryptospace, it will only show that decentralization, if used correctly, will do its job.
why CZ liquidated their position on FTT.
Binance's CEO is a clever person he always lives like a king and challenges every other exchange with solid proof (I am not admiring him, just stating facts I have seen), For example, i have seen how he tries to degrade Coinbase Exchange whenever he got a chance, write after selling $500million of FTT token which causes FTX exchange to bankruptcy, he posted a tweet about Coinbase which could cause another fud or whatever term you can use, to spread disaster throughout the market. But in the 24-hour timespan, he deleted that post. Overall, recently when SEC banned the staking feature on Kraken and they warned Binance to stop minting BUSD via Pixos company then Binance take a stand and did not stop it. From there i thought, he has some resources that others lack. The total market cap of Binance is really high as it's being used in many countries so i also do not think it will bankrupt in 24 hours as FTX exchanges bankrupted.
The latest Fud was only spread by crypto news outlets and KOLs, likely planted/sponsored by another exchange. Very petty. Hurts the industry and hurts themselves.
Lmao. Has everyone already forgotten when Binance publicly tweeted they were dumping FTX token and kicked off the bank run which led to the collapse of FTX? And then he calls people taking shots at him "fud" and "very petty". What a scumbag.I could not find CZ's statement about the reason why he decided to dump FTT, however, he said that in the crypto founders' circle, rumors were spreading about FTX and Alameda. CZ also said that he later talked to Sam Bankman-Fried and asked him to stop whatever Sam was doing but Sam did not listen. Binance had a big investment in FTX's token FTT. If you were CZ and knew that there was something not good happening in FTX, how would you feel about your investment? It was a business decision. They dumped rather than being left on being the bagholder hehehe.
In any case, more stressful news for Binance. It appears they might slowly lose their position as king of the exchanges of the cryptospace if more regulators in many jurisdictions become more demanding.
Dubai and UAE have officially requested that Binance provide more information on its ownership structure and auditing procedures. Moreover, Bloomberg reports that the request has arrived following stricter crypto scrutiny on entities seeking a crypto license.
Additionally, the report notes that the requests arrive in wake of the massive collapse of FTX that occurred last year. Now, Dubai is seeking to tighten the application process for crypto license seekers, including Binance. Subsequently, requesting information on its various structural facets.
Source https://watcher.guru/news/dubai-uae-request-binance-provide-more-information-on-structure-and-auditing-procedures
@Rikafip. He was speculating and he shared a string of a statement. His friends asked him what was the statement and he sent some them the seed. One of his friends leaked the statement.
He was in bitcoin before 2015 and he was also one of the first Ethereum investors I reckon it was his investment in Ethereum that made him a millionaire
I checked him out a little bit and it looks like he has a podcast called UpOnly. I noticed something interesting on his older videos and that's FTX banner so maybe he is butthurt about FTX going down and he blames CZ for that. 
His predictions before are more based from an understanding on what occured in the past and guessing if it will happen again.
Well, what he shared wasn't really prediction but rather a statement ("Interpol Red Notice for CZ") so unless it happens very soon it means that he was just bullshitting. Unfortunately, no rumour or FUD will make majority of people moving their money out of Binance.The latest Fud was only spread by crypto news outlets and KOLs, likely planted/sponsored by another exchange. Very petty. Hurts the industry and hurts themselves.
Lmao. Has everyone already forgotten when Binance publicly tweeted they were dumping FTX token and kicked off the bank run which led to the collapse of FTX? And then he calls people taking shots at him "fud" and "very petty". What a scumbag.
@Rikafip. He is one of the trustworthy members of the cryptospace community. He was in bitcoin before 2015 and he was also one of the first Ethereum investors. I reckon it was his investment in Ethereum that made him a millionaire. His predictions before are more based from an understanding on what occured in the past and guessing if it will happen again.
In any case, I very much agree with CZ in this statement shared in social media.
The latest Fud was only spread by crypto news outlets and KOLs, likely planted/sponsored by another exchange. Very petty. Hurts the industry and hurts themselves. There are enough external forces attacking us. Our industry needs to unite at this juncture.
Source https://mobile.twitter.com/cz_binance/status/1643116378155634688
In any case, I very much agree with CZ in this statement shared in social media.
The latest Fud was only spread by crypto news outlets and KOLs, likely planted/sponsored by another exchange. Very petty. Hurts the industry and hurts themselves. There are enough external forces attacking us. Our industry needs to unite at this juncture.
Source https://mobile.twitter.com/cz_binance/status/1643116378155634688
In any case, there was a joke that CZ was in the Interpol's red notice, however, if you know @cobie, he also the has power of knowing the future hehehe.
Yeah I saw the rumour but I don't follow @cobie ao I have no idea how quality his info is. Did he share anything in the past that proved to be correct, what's his track record?Regarding the Interpol Red Notice, anyone can go to their website and check if CZ is on it (so far he isn't),.Even though I generally like Twitter and use it on the regular basis, signal to noise ratio there is awful and absolutely everything you read there should be taken with handful of salt and there is FUD on the daily basois on almost anything crypto related. Then again, just because this news about CZ is probably FUD, that doesn't mean that people should use Binance (or any other exchange for that matter) as bank and store their money there or that he is clean.
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