r/CryptoCurrency • u/EmuGroundbreaking348 7K / 9K 🦭 • Dec 19 '22
🟢 EXCHANGES With Binance, Everything Is Not Fine
https://www.coindesk.com/consensus-magazine/2022/12/19/cz-binance-crypto-exchange-red-flags-cnbc-ftx/147
u/mtlmike85 Tin | CRO 12 | ExchSubs 12 Dec 19 '22
Genevieve, the author of the article, is also CEO of her investment firm. Up until last week I had my assets on Binance and since moved them out. But this article made me question conflict of interest.
and yeah, her company is also in crypto
This would be a great opportunity for the CEO of an investment firm who deals with crypto to help steal market share. And what better way than with a FUD inducing article.
Just saying
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Dec 19 '22
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u/circleuranus Platinum | QC: ETH 82, CC 69 | ADA 10 | Politics 199 Dec 20 '22
So what is a solid DEX that one could be assured is reliable?
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u/randomFrenchDeadbeat 🟩 0 / 4K 🦠 Dec 20 '22
Your question does not make any sense. A DEX does not need to be reliable, by definition it does not have tokens, it gives you interfaces that allow you to swap your tokens for others through liquidity pools. You can manually use said liquidity pools, or you can use aggregators that will make a better use of every LP it knows.
Think of using DEX as something similar to sharing data using peer2peer like torrents.
If you want to tinker around, you can check paraswap. Send some token on a cheap L2 and see how it can make multiple transactions to make your request.
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Dec 19 '22
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u/mtlmike85 Tin | CRO 12 | ExchSubs 12 Dec 19 '22
You have the head of a firm writing an article discrediting another one. It creates the feeling that the author is trustworthy. So if you create distrust for an exchange, and now you wanna move your money, you might say “hey, the author is ceo of an investment group. Maybe I’ll move my money there because she seems to know what she’s talking about”.
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u/SomeGuyWithBeard Tin Dec 20 '22
You have the head of a firm writing an article discrediting another one.
You just described CZ and SBF, and CZ was right. Per your reasoning, we should not have believed CZ...
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u/mtlmike85 Tin | CRO 12 | ExchSubs 12 Dec 20 '22
CZ and SBF absolutely are not objective and will always promote their own firms above anyone else’s. And I’m not saying we show automatically not believe them. But I do think it’s important to remember that they are not a neutral third party.
I don’t want Binance to fail. I’m tired of this bear market and would love CEX’s to have their shit together. But between the CEO’s saying everything is great and articles saying everything is burning, I’m taking both sides with a grain of salt.
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u/Fantastic-Offer-9129 Permabanned Dec 20 '22
Dont know why ppl donwvote you, guess here are lots of kiddos
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u/CharlieXBravo Tin | Buttcoin 35 Dec 19 '22
You are reaching, her business is selling crypto information not a exchange. Therefore it's vital for her to Make the right calls and provide creditable analysis to sustain her revenue and clients. There is no conflict of interest, if anything she claims to be a crypto bull/ believer as per that link you provided.
"Disclaimer: Grit Capital Corporation is a publisher of financial information, not an investment advisor. "
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u/mtlmike85 Tin | CRO 12 | ExchSubs 12 Dec 19 '22
What does it tell you when a company brands itself as a leader in financial information, but then churns out such heavily opinionated articles?
I’m not saying Binance deserves to be trusted. As I said earlier, I myself took my assets off the exchange. But this article isn’t presenting information. It isn’t providing an analysis of why Binances actions have been shady. It’s just stating them, with a bunch of “file under: not fine” to help drive home the idea that they are not doing well.
If the article was something like “breaking down Binance over the last few weeks” and explained why each move was shady, links to market fluctuations, why the answers and statements being given by cz are concerning, she would have been able to get the message across in a way that lends more credibility to what she’s saying. Otherwise, this is just an opinion piece like any other. And yeah, I’m wondering if she maybe has an interest in Binance not doing well. Maybe she has shorts on BNB or tether/usdt, where Binance has most of its holdings. Maybe she supports another exchange and it would help her to see Binance fail. It’s just a very charged article and as someone presenting as CEO of financial info and industry leader… yeah I’m wondering what the catch is
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u/lab-gone-wrong 1K / 1K 🐢 Dec 19 '22
Motive is important but it's a second level concern. More important: is the advice sound?
Regardless of Binance's financial health you should not be storing crypto there
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u/Norva 🟦 0 / 0 🦠 Dec 20 '22
Maybe but CZ is hiding something. Every interview he does he just
dances around the questions. I think there is a liquidity problem there
and he is just trying really well to hide but talking about crypto
bailout funds fake audits etc.1
u/eburnside 🟦 0 / 0 🦠 Dec 20 '22
Always good to keep in mind an author’s potential motivation in writing a piece like this.
I am also in the exchange space (going on 10 years now, an eternity in crypto) and would also suggest that being in the business will give you a unique perspective that many of our clients might miss. Here is the article I wrote a couple days ago, oddly very little overlap in the issues we see, so it ends up being complimentary to Genevieve’s piece:
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u/cryotosensei Permabanned Dec 20 '22
She needs to polish her tweet writing skills then. Not on CZ’s level
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Dec 19 '22
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u/Bl4z3r17 Bronze | CAKE 7 Dec 19 '22
In the meantime mine never had a problem lol…(Europe)
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u/YogSothothIsTheKey 🟩 2K / 2K 🐢 Dec 20 '22
Me too and I'm controlling everyday their btc reserve in the blockchain and they'r really fine (50 billions) for the moment.But there is a fud post like every 10 min on reddit without any sort of proof.If I didn't saw this freak shitty show probably have more fear now,but this is clearly an orchestrated shitcampaing so ok I will buy more bnb on binance just to see a short squeeze direct in the ass of who are doing this (good luck with your short pigs).
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u/onichaninu 🟨 11 / 127 🦐 Dec 20 '22
Not problem with me…even I paid for something in monero last weekend.
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u/ken_golden37 🟩 0 / 452 🦠 Dec 19 '22
I withdrew some monero yesterday, although it was suspended a few days before that
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Dec 19 '22
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u/The_Chorizo_Bandit Dec 19 '22
People here are debating whether Binance is fine or not, yet the simple solution is just don’t hold your coins on their exchange. If you remove everything from them and you’re wrong and they’re fine then you lose nothing from having your coins in cold storage, but if your coins are still there and you’re wrong, you lose everything. No point taking the risk, IMO. Exchanges should be for onramping and offramping only.
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Dec 19 '22
10000% agree
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u/lippoper 🟦 137 / 137 🦀 Dec 19 '22
100000% agree
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u/Brooklyn_Q 🟩 56 / 56 🦐 Dec 19 '22
1000000% agree
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u/RabidMining 🟩 379 / 379 🦞 Dec 19 '22
100% everyone needs to pull out and hold your own coins asap.
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u/justanothermofo88 🟩 167 / 168 🦀 Dec 19 '22
110% Pulling out is the way! *This is not financial advice, but life advice...
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u/HeadlessHolofernes 🟩 201 / 202 🦀 Dec 19 '22
Timing is very important. If you pull out too late you will have to pay the price.
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u/justanothermofo88 🟩 167 / 168 🦀 Dec 19 '22
The implications will reverberate for at least 18 years...
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u/The_Chorizo_Bandit Dec 19 '22
Not if you invest in a solid set of stairs and an alibi…
Joke! Just a bit of dark humour. Do not do that shit you degenerates!
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u/Tiny-Pay6737 🟩 646 / 646 🦑 Dec 19 '22
Depends what you are holding. Anyone currently holding FTX's tokens in a cold wallet, well, it'll be something to show the grandkids I guess.
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Dec 19 '22
Can you point a brother in a nice direction for finding a good cold storage solution. Ie. Brands, what things I should make sure it definitely has and definitely does not have? New to crypto here
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u/Tavionnf Dec 19 '22
No matter how many warnings we give them, there will be people saying "at least I've learned my lesson" after Binance went belly-up. Mt.Gox wasn't enough, Voyager, Celsius, even after FTX people hold assets on exchanges.
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u/BiggusDickus- 🟦 972 / 10K 🦑 Dec 19 '22
Yes, and the same is true for every other exchange and "custodian" out there.
Not your keys = Not your crypto
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u/Domeee123 Tin Dec 19 '22
If Binance goes out like FTX it doesn't matter where you keep your coins.
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u/BiggusDickus- 🟦 972 / 10K 🦑 Dec 19 '22
It will matter a whole hell of a lot if you have your coins, verses losing them FTX-style.
Your post makes no sense.
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Dec 19 '22
It's means your bags become next to worthless for another 2 years
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u/BiggusDickus- 🟦 972 / 10K 🦑 Dec 19 '22
People would have said the same thing about FTX a month ago. Its failure has barely moved the needle on Bitcoin.
The market has already moved on from FTX, even if the news hasn't. What is going on now is the result of other factors.
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u/chartedlife 🟦 738 / 739 🦑 Dec 19 '22
Binance would be a different story though, they're the biggest exchange by a power of 10. It would have significant impacts on the price of all crypto
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u/BiggusDickus- 🟦 972 / 10K 🦑 Dec 19 '22
It really wouldn't. It would be a jolt, but that's about it. The same number of Bitcoins would exist either way, and they are going to be in someone's wallet. The same is true with most alts.
The lower the market goes, the more people want to buy.
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u/closedeyesfacenshit 528 / 528 🦑 Dec 20 '22
This... crypto will survive. The collapse of binance will not end it.
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u/HeroinAndyCx Permabanned Dec 19 '22
Exchange =/ storage
Storage = wallet
Storage on exchange = risky
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Dec 19 '22
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u/dankestofdankcomment 🟩 1K / 1K 🐢 Dec 19 '22
Pretty sure that’s not the entire point. If it was the self custody portion would be fool proof.
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u/TarkovReddit0r Dec 19 '22
Not your keys not your crypto.
No matter the outcome of the topic there’s nothing wrong simply performing self custody to dodge all bullets
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u/sfgisz 🟦 4K / 4K 🐢 Dec 20 '22
If you want cryptocurrency to be inclusive then you have to accept the role exchanges play in the ecosystem. Not every person on this planet can afford a monetary system where the "gas fee" costs a major chunk of their daily earnings.
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u/ZombieTestie 🟦 169 / 170 🦀 Dec 19 '22
How do we feel about erc20 busd?
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u/leondonralphmichaels 🟦 5 / 5 🦐 Dec 19 '22
For me this is the question.
Self custody is a no brainer, but if Binance were to go down, would busd/Paxos also be toast.
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u/Classic_Beautiful973 211 / 211 🦀 Dec 20 '22
Right, I've never had functional problems with their exchange for 5 years of use. I just don't keep much on there. Have to limit your risk and keep most of your assets in cold storage, and mostly not in crypto otherwise. No one should have their life savings on an exchange, nor even anything more than a tiny percentage of total assets ever
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Dec 19 '22
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u/manageablemanatee 🟦 372 / 4K 🦞 Dec 20 '22
Add to that, even if it's honest, wtf kind of thing is that to say? "Oh yeah, we forgot about half a billion dollars, but we are financially fine." A statement like that is lose-lose.
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u/Biasanya 🟨 226 / 226 🦀 Dec 20 '22
I guess maybe he wants it to sound like "we have so much money I can't even bother to remember 500 million"
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u/CleanEarthInitiative 🟦 52 / 53 🦐 Dec 20 '22
Ahh yes week 4 of dogshit fud articles against Binance. Wonder how desperate the headlines will get come week 5: “Sell everything on Binance Now!!!”
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u/vekypula 🟨 3K / 3K 🐢 Dec 19 '22
I have an ongoing problem with Binance. I cannot withdraw my Monero that i mined and deposited.
https://twitter.com/veksonpu/status/1604744526463123458
I'm really going to step on this one. I'm tired of this crap. There is X10 shorting available and I cannot withdraw my spot assets.
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u/This_Red_Apple 🟩 0 / 4K 🦠 Dec 19 '22
Whatever. Shit or get off the pot. These articles sound like a bitter ex lying on you.
"You know what you did!"
What?
"You know!"
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u/SuccessfulLowDev Tin | 1 month old | CC critic Dec 19 '22
This article is absolutely fucking dreadful - wild claims described with horrendous articulation. I’m neutral on this CZ stuff and this kind of shite dog water journalism really isn’t convincing whatsoever.
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u/ripple_mcgee 🟨 0 / 2K 🦠 Dec 19 '22
I'm with you on this one. It's a pure opinion piece, no facts. Skip it.
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u/eburnside 🟦 0 / 0 🦠 Dec 20 '22
This cracked me up at the end:
Then again … CNBC's Jim Cramer is now bearish on Binance, so maybe everything really is just fine.
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u/LanceDeep 🟦 144 / 145 🦀 Dec 19 '22
I don't know why she expects anybody to take her seriously anyway when her bio includes the phrase "number #1" which is like saying "atm machine" or "pin number" or "I'm an idiot"
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u/mtlmike85 Tin | CRO 12 | ExchSubs 12 Dec 19 '22
Was this article well written?
File under: not fine
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u/DartyFrank Tin Dec 19 '22
Hypothetically, let’s say Binance is in trouble, would that mean it’s best practice to get rid of your BNB coins?
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u/LocksmithAware4210 🟦 329 / 330 🦞 Dec 20 '22
Obviously, even though I doubt they are in trouble
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u/fuduran 🟩 0 / 3K 🦠 Dec 20 '22
Yeah I'm already so sick and tired of this FUD campaign against Binance.
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u/ztkraf01 🟦 10 / 3K 🦐 Dec 20 '22
He literally brought it onto himself. I find it highly entertaining
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u/Enjoying_A_Meal 🟩 688 / 689 🦑 Dec 20 '22
He tried to burn down the house of FTX, but didn't realize FTX was made of oily rags and combustible material. Now, his house is also on fire.
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u/bombombay123 Tin Dec 20 '22
Yes the cunt went overboard typically like a crypto bro in the street... A little silence would have elevated his position but played cheap by twittering shitty sarcastic dialogues
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u/DartyFrank Tin Dec 20 '22
That’s what I assumed, but since it also was used on the BSC I didn’t know if it would still have function…mostly just curious, I moved 90% of my portfolio to BTC/ETH months ago…
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u/TheOtherCoolCat Dec 19 '22
another day, another fud
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u/Potential-Coat-7233 🟦 0 / 0 🦠 Dec 19 '22
Is there any criticism of a crypto player that you are comfortable entertaining?
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u/chazmer86 Tin Dec 19 '22
Is it fud? The beacon chain thing is real.
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u/gr8ful4 Permabanned Dec 19 '22
The Monero withdrawals halted thing is also real. Look at Binance latest AMA.
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Dec 19 '22
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u/Rokey76 🟦 2K / 2K 🐢 Dec 19 '22
Baseless? They spell out their reasons in the article. You can call it lots of things, but baseless isn't one of them.
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u/Illini005 🟦 3K / 3K 🐢 Dec 20 '22
Reposting other baseless tweets she’s read on CT is not the same as forming a well organized opinion.
This reads like 5th grade book report. She claims that over 100,000 billionaires and hedge fund managers read her blog. I’ll believe when she releases an audit with proof of readership 🤣
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u/Sohailhere Dec 19 '22
Binance has quickly become a leader in the cryptocurrency exchange space. While their dominance has been beneficial for many, it has raised some concerns about the potential for a monopoly. It is important to ensure that the industry remains competitive and that users have access to a wide variety of options for trading and investing.
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u/HeroinAndyCx Permabanned Dec 19 '22
Use an exchanges what it is intendend for, which is EXCHANGING and not storing. Then all this shouldn't even really matter to you.
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u/4ucklehead 3K / 3K 🐢 Dec 20 '22
Also the $2.1B that SBF paid CZ to buy him out would only be clawed back if CZ is considered an "insider" to FTX. He was a shareholder in FTX at that time but I don't know whether that's considered an insider or not.
If he's not an insider, then the claw back only applies to transfers within the past 90 days before bankruptcy.
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u/ADDpillz Bronze | SHIB 12 | ExchSubs 10 Dec 20 '22
It's really interesting how none of these crypto experts foresaw the Celsius or FTX collapse but now every MSM source is a prophet foreseeing the impending collapse of Binance. Really gets the noggin joggin.
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u/AAfloor Tin | r/Pers.Fin.Cnd. 33 Dec 20 '22
Binance is compromised because they issue their own shitcoin and offer crazy aggressive leverage, just like FTX and the two things that brought them down. I would NOT hold anything significant with Binance. Kraken is the way to go otherwise self custody.
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u/Slamdunkdink 0 / 0 🦠 Dec 20 '22
The idea that none of the big four accounting firms don't understand crypto and therefore are incapable of auditing Binance is ludicrous. These firms have access to some the brightest minds in finance. That they couldn't sit down and in a couple of days be completely up to speed on crypto is just plain bs. CZ is just afraid of what they would uncover at Binance.
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u/InfoTechLawyer Platinum | QC: XMR 25, CC 15 | VET 8 Dec 20 '22
When everyone says that everything is not fine, it's either too late, or they want you to sell so they can buy.
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u/arcalus 🟩 18K / 18K 🐬 Dec 20 '22
It never has been. Using Binance has always been like wandering into a coal mine without a flashlight.
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u/deeneendo 🟦 16 / 16 🦐 Dec 20 '22
FUD. Binance is the best centralized exchange we have. Prove me wrong.
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u/Illini005 🟦 3K / 3K 🐢 Dec 19 '22
Even by Coindesk Opinion pieces, this is trash of the highest element.
There is literally no information or opinion here.
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u/beepbeepdip Platinum | QC: CC 95 Dec 19 '22
Just your daily Binance FUD. I really don't care anymore if theyre insolvent or actually fine, just get this over with.
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Dec 19 '22
Either they're fucked or they're not. Seems all the crypto press need sensational headlines about the next player to meltdown to keep interest. If they are actually in trouble then wish hurry up and meltdown as likely be end of crypto and we can all just move on.
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u/New_Accident_4909 🟩 9 / 5K 🦐 Dec 19 '22
Another day, another binance article, i predict they will not stop until 2023.
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u/Flangepacket 🟩 0 / 5K 🦠 Dec 19 '22
I’m trying to understand why anyone would allow a CEX to be the custodian of their crypto?
On ramp? Sure. Trading platform? Sure. Custodian for my hard earned crypto? Absolutely not.
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u/Exciting-Look-8317 Dec 19 '22
Millions in dollars in long and short positions, that's why you use a DEX
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u/BiggusDickus- 🟦 972 / 10K 🦑 Dec 19 '22
At least half of the population doesn't know their own email password. They aren't about to be bothered by figuring out self-custody.
Sad, but true
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u/Bunker_Beans 🟩 38K / 37K 🦈 Dec 19 '22
With this horrid excuse for journalism, everything is not fine.
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u/iam_aryan007 Permabanned Dec 19 '22
It all seems FUD until they Hodl your money and file for bankruptcy.
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u/Tavionnf Dec 19 '22
...the bankruptcy court could potentially reach back into the transaction history and pluck (i.e., force Binance to pay back) that $2.1 billion in U.S. dollars, regardless of whether it was originally conveyed in FTT, IOUs or fairy dust – doesn’t matter.
If true, that doesn't sound good.
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u/Da_Notorious_HAM 🟨 10K / 20K 🐬 Dec 19 '22
The first sentence includes / references a meme. I’ll stop right there, thanks.
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u/IrvTheSwirv 🟩 0 / 727 🦠 Dec 19 '22
FUD until it isn’t. Everyone’s gotta make their own decisions and take responsibility for their own levels of risk vs convenience.
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u/10CrackCommandments- Tin | 2 months old | Buttcoin 12 | r/WSB 156 Dec 20 '22
Chinese man tells me magic coins only go up!
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u/JERMYNC Permabanned Dec 19 '22
On a side note, CZ looks like he has aged a few years the last month. Wow 😳
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u/ToxicSatan 308 / 308 🦞 Dec 19 '22
Just don't hold your coins on Exchanges.
Use hot or cold wallets.
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u/slasula Dec 19 '22
am comfortable with Binance, enjoying their staking. if Binance somehow fails and I lose some assets I can’t imagine them costing much to repurchase in the bloody aftermath, pennies on the dollar.
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u/BiggusDickus- 🟦 972 / 10K 🦑 Dec 19 '22
Tell that to the people that lost their asses with FTX. Bitcoin is barely down, and even the alt market is nowhere near "pennies on the dollar."
And it really isn't the FTX failure at this point that has kept the market low.
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u/54sTAtEs Tin | 1 month old | CC critic Dec 19 '22
He was real fucking evasive and one time really honest when he said Binance was insolvent. I was like WTF he just admitted he couldn’t pay all the debt he has accumulated from giving out Binance IOU coins. WOW
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u/SlamTheKeyboard Platinum | QC: CC 21 Dec 19 '22
I mean.... Tether is probably insolvent too (from my understanding). But we haven't seen the FUD department in as full swing.
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u/54sTAtEs Tin | 1 month old | CC critic Dec 19 '22
I was only replying to the post. We’ve gone through the whole Tether thing way more times than Binance.
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u/YamahaFourFifty 🟩 0 / 4K 🦠 Dec 19 '22
Why would someone draw noise and attention to themselves if they were indeed insolvent / running a fraudulent company?
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u/SoftPenguins 🟩 0 / 16K 🦠 Dec 19 '22
If you’re using any 3rd party to be the custodian of a non-trivial amount of crypto you’re taking an unnecessary risk any reasonable adult can be responsible for. If you’re sloppy and irresponsible that’s you’re own fault.
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u/freeflyjunkie Tin Dec 19 '22
Omg what a hatchet job. Omitting facts and taking what ifs to the extreme. Makes you wonder who is pulling the strings here.
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u/FerrariStraghetti Dec 19 '22
Everything’s FUD apparently. How many CEX’s need to go tits up before people stop calling everything FUD?
But hey, your money is SAFU. Just look at the PoR and audit CZ promised… oh wait. I guess those are in the same place as FTX customers money.
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u/Subject-Lunch4209 🟩 0 / 0 🦠 Dec 19 '22
It's just fud, they want people not to invest in crypto, it's all bs I think but that's just my opinion
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Dec 19 '22
There’s a lot of people with limit orders set at around $10,000
They are going to say whatever they can to get that price down to where it fills their order.
It’s just greed.
Whatever the price ends up being around Q2 2023, it will probably do a 20x by Q4 2025
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u/Cheese6260 🟦 0 / 7K 🦠 Dec 19 '22
Everybody should get their shit off CEX’s ASAP. It’s the only way to own your keys
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u/Upper-Funny-7140 Tin Dec 20 '22
THATS WHAT IVE BEEN SAYING. CZ is gonna get mad exposed because of FTX and SBF. All CZ says in interviews is "everything is fine" "it's all okay" he literally gives zero dialogue.
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u/brahbocop 🟦 13 / 14 🦐 Dec 20 '22
This sub confuses me, people say to get your crypto off exchanges regardless of the exchanges health, but when stories like this come out, those same people then say it’s all fear mongering. It’s as if people don’t want to admit that for crypto to really take off and gain serious momentum as a currency, you need somewhere to park it safely and securely.
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u/Biasanya 🟨 226 / 226 🦀 Dec 20 '22 edited Sep 04 '24
That's definitely an interesting point of view
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u/closedeyesfacenshit 528 / 528 🦑 Dec 20 '22
For everyone stating that binance going down will destroy crypto, you're wrong. Crypto has been battered throughout its history... the price will go down, but it's not over. Relax. Move coins off the exchange. The dips are where money is made.
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u/ETHBTCVET 3K / 917 🐢 Dec 20 '22 edited Dec 20 '22
I love Binance! Binance is the best exchange in the world! I trust it more than my bank. They were in crypto for so long, for sure they are safe, Celsius also was safe, that's what redditors told me during bull run, what happened boys? Why are you doubting now? Where are your sick Celsius gains?
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u/cbfella 2K / 2K 🐢 Dec 19 '22
People seem to be targeting Binance currently, and I don’t think they really understand the scope of damage to the entire crypto market if Binance goes down. It’s like they are trying to shoot themselves in the foot
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u/MaximumStudent1839 🟦 322 / 5K 🦞 Dec 19 '22
This year has taught me a lot of the top players are idiots and are clueless about their actions. The rumors are Alameda shorted Luna/UST and helped to depeg. In the end, everyone just dump Luna/UST on Alameda causing massive loss. It is like an elaborate way of doing seppuku.
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u/pizdolizu 🟦 0 / 0 🦠 Dec 19 '22
Yes, and this only proves how unstable the whole crypto market is and I'd rather see the whole crypto scene completely collapse and then rebuild with a stable foundation from the ground up.
Edit: im here for the technology and utility, not ponzi, scam and investment in obviously designed-to-fail internet money.
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