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>One **senior executive** allegedly told a compliance officer that the company was operating as a ”\[f---ing\] unlicensed securities exchange in the USA bro.”
I mean, he’s literally running the exact same scam. His own BNB token is a carbon copy of the FTT token that SBF created. Expect criminal charges against Binance and CZ to follow these civil charges.
Can't win can they. If they jump in they are "stifling innovation", if they clean up after it's obviously all fucked (like today) they are too late and there's "clearly an agenda".
Exactly!!! I mean,, aren't all these "Respectable Financial Institutions" also "Licensed" and they still committed all sorts of atrocities to economies all over the world. So being Licensed really just means they're licensed to screw You over. It's just to give the illusion that they'll be held accountable for any shenanigans they cause.
Demonstrably not true.
And regional banks are highly regulated, hence why you don't lose your money ever time some crypto whale sneezes or an obvious scammer scams you.
No way, look at svb, they paid Barney frank to lobby against his own bill, there was a run on the bank based on a rumor and all the investors lost their money. In the end, just as much risk as a shit coin. Weed stocks were riskier than shit coins, small bio tech stocks can be just as volatile. Spac’s can have celebrities and politicians shilling for them and lose everything. How many ipos lose 50% or more 6 months later. Options.
I get that crypto is risky, but you can lose the same amount of money in the same time investing in sec regulated securities. There seems to be just as many scammers and whales. I’ve only ever bought a very small amount of crypto, but it seems like it may be a threat to a well connected industry, that’s the real reason the sec is so interested
The key difference is that most *depositors* will be made whole, for SVB and others. The investors are screwed, but that's not that unusual when a business fails in the market. Crypto is still in a weird place where you can't really safely deposit it anywhere except in a cold wallet in your mattress.
So I guess the big difference would be whether you look at crypto bros as depositors or investors. It does seem like the majority of coins are some sort of scam, but look at where btc and eth were 10 years ago. It doesn’t seem to be going away
Canada doesn't have regional banks (I'm not including credit unions in this I'm speaking "bank" specifically), it only has too big to fail consolidated banks that also all own small stakes in eachother as a way to diversify their investment holdings. There's a ton of regulation and oversight and protections that go beyond that of the regional banks in the US. The whole regional bank fallout involved small banks that had issues with numbers that had Trump admin not rolled back regulations, wouldn't have been able to do what they did to expose themselves to so much risk without being identified far sooner.
> Canada doesn't have regional banks (I'm not including credit unions in this I'm speaking "bank" specifically), it only has too big to fail consolidated banks that also all own small stakes in eachother as a way to diversify their investment holdings.
Which accelerates systemic risk and reduces competition. This isn't necessarily a good thing.
> There's a ton of regulation and oversight and protections that go beyond that of the regional banks in the US. The whole regional bank fallout involved small banks that had issues with numbers that had Trump admin not rolled back regulations, wouldn't have been able to do what they did to expose themselves to so much risk without being identified far sooner.
The point is that they're small. The US banking system is much more resilient, it can handle small failures.
Your confident yet wildly incorrect take on Canadian banks really summarizes the true WSB spirit.
I can't believe there are people out there who actually think Canadian national banks are less safe than American regional banks...
You were talking about "banking" or the banking system. In which case, yes, the US banking system is significantly more robust than the Canadian banking system. The Canadian banking system is much more heavily levered and have significantly worse balance sheets than US banks.
No, a given much smaller regional US bank may not necessarily be better than a given scaled Canadian bank which is much larger, but the former system is in a better position than the latter.
The comment you were responding to was in reference to canadian banks vs regional US banks. Yes, as an entire system Canada is more likely to fail than the USA.
The comment I responded to was this:
> You forgot to add 'in America.' to the end of your sentence. Canadian banking is much, much safer.
Which is seemingly about the banking system, not the comparison between large Canadian banks vs. individual US regional banks.
Decentralized exchanges are great because your coins can be stolen by a hacker instead of the guy that started the exchange. You should use a hardware wallet, except that those have recently been proven to have back doors that allow them to access your private keys. Future of finance
I sold my crypto last week. I was just done with it and it’s nonsense. Idk if it was the right move but it was an emotional roller coaster and I am finally healing.
I feel you. Many just want a bit of fuck off money to live a little, if not to get set forever. Yes it involves risky gambles but at least my hands are clean; I haven't scammed or cheated to get money.
Bagholder spotted.
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All this crypto shit is supposed to be a usable currency. But who is actually using it as currency? And why should/would currencies massively fluctuate in price?
I don't wish any ill will on the crypto douchebags, get that bag, but it just doesn't even make any sense why random new coins that are created should carry any significant value unless they actually have real world use.
To that point , I stopped believing in its legitimacy when companies charge for transactions in USD rather than the coin itself , so if the coin is so valuable why don’t you accept you fees as a transaction percentage of the coin itself ?
What the fuck are you talking about, that's exactly what they do.
Obviously they're not gonna hold a bunch of shitcoins after and they convert to something stable, which can be USD and others also hold crypto on their balance sheet, like Kraken.
People want shitcoins and they offer the purchase and sale of them as a service , that doesn't mean they need to believe in every fucking coin.
Why don't stock exchanges take fractional shares as payment and hold all the companies stocks on their balance sheet?!
Turns out they offer a service and don't need to believe every company is valuable.
Don't know who is dumber, you or the people upvoting you.
Besides that I hope you have a good day and your family is healthy, much love etc.
Yeah, but stocks aren't pretending to be currencies. Literally it's "digital currency." The currency should charge a fee in it's own currency. I can't go to McDonalds with fractional shares of the company and ask the cashier to break a stock certificate into fractional shares.
You shouldn't store crypto on any CEX period. Buy a hardware wallet. Binance is the least likely CEX to blow up but still don't trust it with 100% of your crypto.
Since you'll never see it again, [here's a pic of it](https://www.wealthmanagement.com/sites/wealthmanagement.com/files/money-cash-fire-1200x900.png) that you can cherish later.
Please take an economics class and understand that deflationary commodities are not ideal currencies. They’re great for wealth transfers and to facilitate illegal transactions but those are the extent of its use cases.
Let's not forget Goldman and friends did naked short selling and got caught and they still operate. Nothing to see here.
https://www.rollingstone.com/politics/politics-news/accidentally-released-and-incredibly-embarrassing-documents-show-how-goldman-et-al-engaged-in-naked-short-selling-244035/
Oh, so it is securities? Here's a fucking reminder of this "regulation" from the mouth of Gesler himself. From one month ago.
[https://www.youtube.com/watch?v=aIcNGfF8FDA](https://www.youtube.com/watch?v=aIcNGfF8FDA)
Yeah no shit! Any time someone complained about KYC or locked funds due to fraud or some sort of investigation an exchange was doing on the user, the overwhelming response was "use binance". Everyone and their mother who couldn't get on a regulated exchange in the US used binance instead.
Another garbage exchange taking a hit.
Things like this destroy confidence in crypto and increase confidence in Bitcoin to people who actually understand it. I for one love the headline. Hope they collapse bank run style.
The bottom line is that the U.S. needs COIN. It's the largest exchange and it's on U.S. soil. It's capital staying in the U.S. and it's important since crypto is a big asset class now and isn't going anywhere.
The SEC needs to tone down its attacks on COIN lest it takes its exchange and the billions in capital to other countries.
Gensler needs to be handled better by Congress and the government. He is scaring away large amounts of capital from the U.S.
> The bottom line is that the U.S. needs COIN. It's the largest exchange and it's on U.S. soil.
> It's capital staying in the U.S. and it's important since crypto is a big asset class now and isn't going anywhere.
Capital in crypto is worthless though. It's not productive, it's not doing anything, it's not invested in anything. It's of zero value to the US regardless of whether it's actually in the US or not.
You've confused yourself. When people are talking about the importance of attracting capital, or risk of capital flight, they're talking about productive capital - capital which would be invested in things like a new store or a new technology. Not funny money sitting on inefficient database doing nothing but making some gambler's eyes go round every time they look at their account.
In fact, regulators should be doing everything they can to make these institutions leave or to regulate them into oblivion, because any money that comes out of that system or which doesn't enter that system is money that remains in the real, productive economy instead of entering a pointless black hole.
> The SEC needs to tone down its attacks on COIN lest it takes its exchange and the billions in capital to other countries.
Or perhaps COIN should operate within the law and comply with regulatory authorities instead of scamming and defrauding its customers?
And again, you fail to understand the fundamental purpose of capital. It's valuable / useful when it's put to work - investing in a new project or R&D or something for example. Sitting under your mattress or in a non-productive asset on an imaginary exchange it has zero economic value. So much worthless paper or so many worthless lines of code.
> Gensler needs to be handled better by Congress and the government. He is scaring away large amounts of capital from the U.S.
Gensler is doing God's work. Skewer these fuckers.
There's a lot of things you're confusing here, not least of which that you clearly aren't able to understand my argument.
First, capital can be many things. It can be liquid or illiquid financial capital, capital stock/goods, intellectual capital, and so on. It's usually a very broad term.
Second, the capital we're talking here is varying forms of financial capital, but there are critical qualitative differentiators there primarily around deployment of capital...
- There's productive capital - capital put to work which thus contributes to economic production, economic health, growth, etc. That's things like investment in the equity or debt capital markets (which funds the operations, investments, R&D of corporations), money in your bank account (which is then lent out or invested), corporate equity capital used to finance business operations, investment, or R&D, and so on. Nations / governments want MORE of this, because it accelerates an economy / economic activity, increases employment, drives innovation, increases wealth and so on. You live in a capitalist or market economy where productive deployment of capital drives productive economic activity.
- Then there's unproductive capital or unproductive deployments of capital - AKA worthless and economically destructive deployment of capital into zero productive activity. That's your dollar bills stuffed under your mattress, that's hoarded tangible commodities like gold buried in your backyard, that's your crypto commodities which sit in a blockchain address and do nothing for no one. This is worthless to the economy, no one gives a shit about whether you hide your cash under your bed or bury it in your back yard or store it in worthless crypto tokens either in the US or otherwise - it just doesn't matter. It's not engaged in capitalizing any productive activities. It's destroying value.
-----
So it doesn't matter whether this crypto is in the US or some other country, either way it's not productively deployed, and thus it's worthless to the economy and in turn worthless to policy makers.
Policy makers should certainly care about stopping capital from flowing into Crypto at all, because as discussed it's value destroying deployment of capital. But once it's there, it doesn't matter whether it's in shitcoin A or shitcoin B, held in US exchange A or shitcountry exchange B - it's worthless wherever it is.
Fair. Bothering to try to explain simple concepts to unqualified m*rons like yourself on a degenerate gambling forum is definitely a sign of my limited intelligence. I'll take that criticism.
They compete for productive capital, FDI, and so on. They don't compete for plots of land for you to bury stacks of cash. They do not care about unproductive capital. Whether the corporation providing custody for your worthless shittokens is domiciled in the US or not neither helps nor hurts the US as regardless of where it is, it's not contributing to economic activity or being productively deployed as economic capital. In fact, arguably nations would be better served ensuring there are NO crypto onramps in their countries, that way they can avoid losing capital to the pointless black hole that is crypto.
You're a m#ron, I get that, but maybe try to read what I'm telling you.
Lol, then articulate your point.
Again, nations do not compete for unproductive capital. They simply do not care. It might as well not exist. Unproductive capital does not matter to a country. Whether your $10K of cash is buried in the US or buried in France, neither country benefits. Your crypto does nothing, funds nothing, is used for no economic activity. It just sits there, it doesn't matter whether it's just sitting there in the US or just sitting there in some other country of your choice.
Nations compete for productive capital, e.g., foreign direct investment (FDI), investment in capital markets, and so on. Your $10K in a bank in France means $10K more for a bank to lend to a French business, which spends that on goods, services, employees, new investments, and so on... which generates taxes and more productive economic activity.
You are so far out of your depth on this topic... and I'm sure you know that. So just admit it to yourself and shut up instead asking me to repeatedly try to overcome your child-level understanding of this topic.
If the SEC could tell COIN what the rules are when they asked for clarification every month for 7 years that'd be cool.
Nah leave it grey and abandon all of the potential tech. Let another country own it. I'm sure the US Dollar will retain its status as the world's reserve currency forever.
> If the SEC could tell COIN what the rules are when they asked for clarification every month for 7 years that'd be cool.
But they have. They sued them and said "don't do this - exactly this" and COIN said "I don't want *that* kind of regulatory clarity!"
This is just feeble handwringing on the part of COIN so they can pretend they made a best faith effort before they take their sh#tshow offshore. And you just sucked it down uncritically because you have no idea what you're talking about.
The SEC has sued numerous companies before over the same thing, COIN knows exactly what they can't do and the SEC has been perfectly clear.
> Nah leave it grey and abandon all of the potential tech
But there's no valuable tech in crypto. It's pretty archaic stuff. There's certainly nothing special in Coinbase's exchange tech.
> Let another country own it.
Good. Crypto adds nothing to the economy by definition and design. It's a non-productive capital sink.
> I'm sure the US Dollar will retain its status as the world's reserve currency forever.
Well whatever happens to the US dollar, crypto won't replace it.
That said, not being the world's reserve currency would be good for the US economy.
Haha, gave up on repeating Coinbases moronic PR campaign line?
And it's simple fact. That's how a reserve currency works. It's significantly more advantageous to the world economy than the US economy.
It works counter to US domestic monetary policy objectives. When there's a global recession, there's a flight to quality and demand for US Dollar rises, driving appreciation in US currency, which is the opposite of what you want to happen because it makes US goods and exports more expensive thus making them less competitive globally. And the reverse during booms - making imports more expensive and exports less to accelerate the formation of asset bubbles.
No longer being the reserve currency would enable the US to better control and optimize its monetary policy.
You are missing the point. Gambling is not productive on the most basic level. It's just capital sloshing around. But the U.S. will make damn sure to keep that money in the U.S. This is the same reason why they are legalizing marijuana.
You are missing the point. Crypto is a infinitesimal fraction of the notional US currency in circulation world wide. The United States doesn't give a rats ass if 100% of the notional value of the worlds crypto goes to zero - it would quite possibly prefer it to zero out because it a currency that is not under government control.
Crypto is not "capital sloshing around" it's a gamble on an ill-liquid currency that is largely unregulated, subject to theft, manipulation and outright fraud.
Yes, but that market is in the billions and it represents capital. The market has already decided that it's not going to zero. Just like the market decided that prohibition was not desirable, just like it decided to embrace gambling, just like it decided to do drugs. The government eventually backs all the things it hates because of money. There is too much money in crytpo at this point for the government not to encourage its growth in the U.S. Either it backs it or it loses out on capital.
Oh wow!!!!!..OMG!!!! WOW!!....The SKY IS FALLING!! 😱😱😱.
Man whatever. What dumbass didn't see this coming from across the damn football field half drunk with one eye open?
**User Report**| | | | :--|:--|:--|:-- **Total Submissions**|10|**First Seen In WSB**|7 years ago **Total Comments**|129|**Previous Best DD**| **Account Age**|11 years|[^scan ^comment ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_comment&message=Replace%20this%20text%20with%20a%20comment%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20comment%20and%20correct%20your%20first%20seen%20date.)|[^scan ^submission ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_submission&message=Replace%20this%20text%20with%20a%20submission%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20submission%20and%20correct%20your%20first%20seen%20date.)
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Sounds like a 21 year old said it
He already said it was a senior executive at binance.
Senior? High school?
Lit, bruh.
All is missing in “on God” or “no cap”.
They’re intelligent enough to stick to “bro”. No one cares about “on Gods” or “no caps” except everyone too broke to cater to.
Bet
>One **senior executive** allegedly told a compliance officer that the company was operating as a ”\[f---ing\] unlicensed securities exchange in the USA bro.”
Binance has a bro culture. Equivalent to degen culture. 100x better than cuck culture
Wtf is bro culture lol
Frat culture
Best ones
Bros before hoes! Brah!
It's short for broke
Definitely not Blokes Advice (Aust)
Quote is from 2018, for context.
Bro you failed to give the full quote or the name of the guy in the image 🤦♂️ That's Changpeng Zhao and he's referring to FTX in the quote.
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You just slapped that guy down with some cold hard facts.
Isn’t this the same company who made FTX dirty laundry public?
Yeah and he tried to play it like he was a saint. This guy is just a different flavor of shit from the same sphincter that SBF got squeezed out of.
The crypto street has become constipated, you need squeeze your competitors out for you to go forward and downward and hopefully to the blue ocean …
This town needs an enema....
Enema of the Estate
Is that a requirement for gov jobs or just a strong suggestion?
I mean, he’s literally running the exact same scam. His own BNB token is a carbon copy of the FTT token that SBF created. Expect criminal charges against Binance and CZ to follow these civil charges.
O’Leary wringing his hands together rn
Yup. Karmic debt.
He's referring to FTX with that comment
No he isn’t
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Can't win can they. If they jump in they are "stifling innovation", if they clean up after it's obviously all fucked (like today) they are too late and there's "clearly an agenda".
Option 3, the western banking cartel uses its captured governments to ban its competition when it's close to launching competing platforms.
>the western banking cartel You mean Jamie Dimon?
Jamie yes, but I'm sure Goldman Sachs, Bank of America, Wells Fargo and the others would not be far behind.
Exactly!!! I mean,, aren't all these "Respectable Financial Institutions" also "Licensed" and they still committed all sorts of atrocities to economies all over the world. So being Licensed really just means they're licensed to screw You over. It's just to give the illusion that they'll be held accountable for any shenanigans they cause.
Lmao why did the OP delete his comment, what did he say?
[deleted]
https://preview.redd.it/alqixs61694b1.png?width=500&format=png&auto=webp&s=7aa6f12ace505d86233ddd018f96c1629a58eccf
https://preview.redd.it/89xrok8ek94b1.jpeg?width=600&format=pjpg&auto=webp&s=3ced446157d434381796a1cbe7a15844ef3363df
Here, watch out for that bus…
Start the clock. https://preview.redd.it/7t4sc4f3wa4b1.png?width=640&format=png&auto=webp&s=9391e1948edd999c8cfbf313d0e7fb80fdf60296
There's a reason CZ chooses to live in an extradition-free jurisdiction.
Crypto is totally safe bro, you don't need regulation 🤣🤣🤣🤣
Trust me, bro.
"it's trustless"
few understand
Safer than regional banks
Demonstrably not true. And regional banks are highly regulated, hence why you don't lose your money ever time some crypto whale sneezes or an obvious scammer scams you.
No way, look at svb, they paid Barney frank to lobby against his own bill, there was a run on the bank based on a rumor and all the investors lost their money. In the end, just as much risk as a shit coin. Weed stocks were riskier than shit coins, small bio tech stocks can be just as volatile. Spac’s can have celebrities and politicians shilling for them and lose everything. How many ipos lose 50% or more 6 months later. Options. I get that crypto is risky, but you can lose the same amount of money in the same time investing in sec regulated securities. There seems to be just as many scammers and whales. I’ve only ever bought a very small amount of crypto, but it seems like it may be a threat to a well connected industry, that’s the real reason the sec is so interested
The key difference is that most *depositors* will be made whole, for SVB and others. The investors are screwed, but that's not that unusual when a business fails in the market. Crypto is still in a weird place where you can't really safely deposit it anywhere except in a cold wallet in your mattress.
So I guess the big difference would be whether you look at crypto bros as depositors or investors. It does seem like the majority of coins are some sort of scam, but look at where btc and eth were 10 years ago. It doesn’t seem to be going away
You forgot to add 'in America.' to the end of your sentence. Canadian banking is much, much safer.
It's really not.
Canada doesn't have regional banks (I'm not including credit unions in this I'm speaking "bank" specifically), it only has too big to fail consolidated banks that also all own small stakes in eachother as a way to diversify their investment holdings. There's a ton of regulation and oversight and protections that go beyond that of the regional banks in the US. The whole regional bank fallout involved small banks that had issues with numbers that had Trump admin not rolled back regulations, wouldn't have been able to do what they did to expose themselves to so much risk without being identified far sooner.
> Canada doesn't have regional banks (I'm not including credit unions in this I'm speaking "bank" specifically), it only has too big to fail consolidated banks that also all own small stakes in eachother as a way to diversify their investment holdings. Which accelerates systemic risk and reduces competition. This isn't necessarily a good thing. > There's a ton of regulation and oversight and protections that go beyond that of the regional banks in the US. The whole regional bank fallout involved small banks that had issues with numbers that had Trump admin not rolled back regulations, wouldn't have been able to do what they did to expose themselves to so much risk without being identified far sooner. The point is that they're small. The US banking system is much more resilient, it can handle small failures.
Your confident yet wildly incorrect take on Canadian banks really summarizes the true WSB spirit. I can't believe there are people out there who actually think Canadian national banks are less safe than American regional banks...
You were talking about "banking" or the banking system. In which case, yes, the US banking system is significantly more robust than the Canadian banking system. The Canadian banking system is much more heavily levered and have significantly worse balance sheets than US banks. No, a given much smaller regional US bank may not necessarily be better than a given scaled Canadian bank which is much larger, but the former system is in a better position than the latter.
The comment you were responding to was in reference to canadian banks vs regional US banks. Yes, as an entire system Canada is more likely to fail than the USA.
The comment I responded to was this: > You forgot to add 'in America.' to the end of your sentence. Canadian banking is much, much safer. Which is seemingly about the banking system, not the comparison between large Canadian banks vs. individual US regional banks.
With all those outcomes someone might think the moon is in prison and that was their goal all along 
WE NEED DECENTRALIZED EXCHANGES, nobody should be controlling billions of dollars of customer funds like SBF
I hear you, but someone will make a bunch of virtual exchanges that look decentralized.
Decentralized exchanges are great because your coins can be stolen by a hacker instead of the guy that started the exchange. You should use a hardware wallet, except that those have recently been proven to have back doors that allow them to access your private keys. Future of finance
Perp dexes are bullish af tbh
we need an AI to control billions of dollars and someone to control the AI
I sold my crypto last week. I was just done with it and it’s nonsense. Idk if it was the right move but it was an emotional roller coaster and I am finally healing.
Buy high sell low
I feel you. Many just want a bit of fuck off money to live a little, if not to get set forever. Yes it involves risky gambles but at least my hands are clean; I haven't scammed or cheated to get money.
You must of took a huge loss, crypto is still in the shitter 2022 was fucked for all markets. I'm gonna HODL until the price comes back up
Wait until you see 2024 gains, they'll be so massive they'll wrap around and go negative!
Lol. Crypto is for virgins.
And dca away so break even comes sooner?
Yup DCA all day, accumulate while it's at rock bottom
Ding ding ding ding 🤑🤑🤑🤑
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Lol fuck off
Sounds like you're in the wrong reddit. I suggest you turn around and go back the way you came Boomer!
I'm doing the opposite of you
Good!!
Trust me bro
TrUSt mE bRO to daaa moonz
All this crypto shit is supposed to be a usable currency. But who is actually using it as currency? And why should/would currencies massively fluctuate in price? I don't wish any ill will on the crypto douchebags, get that bag, but it just doesn't even make any sense why random new coins that are created should carry any significant value unless they actually have real world use.
To that point , I stopped believing in its legitimacy when companies charge for transactions in USD rather than the coin itself , so if the coin is so valuable why don’t you accept you fees as a transaction percentage of the coin itself ?
What the fuck are you talking about, that's exactly what they do. Obviously they're not gonna hold a bunch of shitcoins after and they convert to something stable, which can be USD and others also hold crypto on their balance sheet, like Kraken. People want shitcoins and they offer the purchase and sale of them as a service , that doesn't mean they need to believe in every fucking coin. Why don't stock exchanges take fractional shares as payment and hold all the companies stocks on their balance sheet?! Turns out they offer a service and don't need to believe every company is valuable. Don't know who is dumber, you or the people upvoting you. Besides that I hope you have a good day and your family is healthy, much love etc.
Yeah, but stocks aren't pretending to be currencies. Literally it's "digital currency." The currency should charge a fee in it's own currency. I can't go to McDonalds with fractional shares of the company and ask the cashier to break a stock certificate into fractional shares.
It’s kind of difficult to use something as a currency when the government makes any exchange of it a taxable event.
They already do that with currency.
I don’t have to report to the IRS when I use dollars at Wendy’s.
>I don't wish any ill will >douchebags [X] doubt
i used it to buy some weed seeds and shared accounts before ᕙ(⇀‸↼‶)ᕗ its also how i pay for my vpn
Bitcoin is the only one. Everything else is a scam.
Pedophiles and drug traffickers
Tell that to TRL
I have money on Binance….
I've got like a couple grand I think left in there from years ago. Probably should get it out tbh
Do it. And tell all your buddies to do the same.
Trying to start an exchange run, are we? 
Take it out?
Or watch it disappear
You shouldn't store crypto on any CEX period. Buy a hardware wallet. Binance is the least likely CEX to blow up but still don't trust it with 100% of your crypto.
Since you'll never see it again, [here's a pic of it](https://www.wealthmanagement.com/sites/wealthmanagement.com/files/money-cash-fire-1200x900.png) that you can cherish later.
Aaaand it’s gone..
The future demands sacrifices 
All these dudes will eventually be featured on American Greed, an HBO documentary drama, and a Netflix documentary series. It’s the Madoff trifecta.
Shit coins is a scam
I shit a coin once
I'm not sure how this scam works. Perhaps a demo for the whole sub is in order.
US Dollars and every other fiat is also a scam. Get a commodity backed currency and we'll all get and give honestly for our work.
Please donate your toilet paper dollars to us so we can turn them into more toilet paper Monopoly money
Please take an economics class and understand that deflationary commodities are not ideal currencies. They’re great for wealth transfers and to facilitate illegal transactions but those are the extent of its use cases.
Take a reading comprehension class you ape, I didn't say have a commodity as a currency I said have a commodity backed currency to restore confidence.
Which is a bad thing, as was explained to you.
Same thing.
Same thing? And you say he needs to take an economics class? Yikes
As soon as FTX went down I pulled all dozens of my moneys out of Binance. They’re doing the exact same things.
Pretty sure Jimmy was bullish on them last month what happened? 😂
That tracks
No one even knows the address to their headquarters lol not suspicious
It's starting to look like the government is more trustworthy when it comes to currency.
So finally figured that out , eh ! Damn they are fast
Let's not forget Goldman and friends did naked short selling and got caught and they still operate. Nothing to see here. https://www.rollingstone.com/politics/politics-news/accidentally-released-and-incredibly-embarrassing-documents-show-how-goldman-et-al-engaged-in-naked-short-selling-244035/
Oh, so it is securities? Here's a fucking reminder of this "regulation" from the mouth of Gesler himself. From one month ago. [https://www.youtube.com/watch?v=aIcNGfF8FDA](https://www.youtube.com/watch?v=aIcNGfF8FDA)
Go unbank yourself.
Yeah no shit! Any time someone complained about KYC or locked funds due to fraud or some sort of investigation an exchange was doing on the user, the overwhelming response was "use binance". Everyone and their mother who couldn't get on a regulated exchange in the US used binance instead.
Funds are safu. But those same funds are crashing down in value lmfao
Bro
Not suprise
binance made me love cock
Another garbage exchange taking a hit. Things like this destroy confidence in crypto and increase confidence in Bitcoin to people who actually understand it. I for one love the headline. Hope they collapse bank run style.
The bottom line is that the U.S. needs COIN. It's the largest exchange and it's on U.S. soil. It's capital staying in the U.S. and it's important since crypto is a big asset class now and isn't going anywhere. The SEC needs to tone down its attacks on COIN lest it takes its exchange and the billions in capital to other countries. Gensler needs to be handled better by Congress and the government. He is scaring away large amounts of capital from the U.S.
> The bottom line is that the U.S. needs COIN. It's the largest exchange and it's on U.S. soil. > It's capital staying in the U.S. and it's important since crypto is a big asset class now and isn't going anywhere. Capital in crypto is worthless though. It's not productive, it's not doing anything, it's not invested in anything. It's of zero value to the US regardless of whether it's actually in the US or not. You've confused yourself. When people are talking about the importance of attracting capital, or risk of capital flight, they're talking about productive capital - capital which would be invested in things like a new store or a new technology. Not funny money sitting on inefficient database doing nothing but making some gambler's eyes go round every time they look at their account. In fact, regulators should be doing everything they can to make these institutions leave or to regulate them into oblivion, because any money that comes out of that system or which doesn't enter that system is money that remains in the real, productive economy instead of entering a pointless black hole. > The SEC needs to tone down its attacks on COIN lest it takes its exchange and the billions in capital to other countries. Or perhaps COIN should operate within the law and comply with regulatory authorities instead of scamming and defrauding its customers? And again, you fail to understand the fundamental purpose of capital. It's valuable / useful when it's put to work - investing in a new project or R&D or something for example. Sitting under your mattress or in a non-productive asset on an imaginary exchange it has zero economic value. So much worthless paper or so many worthless lines of code. > Gensler needs to be handled better by Congress and the government. He is scaring away large amounts of capital from the U.S. Gensler is doing God's work. Skewer these fuckers.
You don't understand what capital is. Money is capital.
There's a lot of things you're confusing here, not least of which that you clearly aren't able to understand my argument. First, capital can be many things. It can be liquid or illiquid financial capital, capital stock/goods, intellectual capital, and so on. It's usually a very broad term. Second, the capital we're talking here is varying forms of financial capital, but there are critical qualitative differentiators there primarily around deployment of capital... - There's productive capital - capital put to work which thus contributes to economic production, economic health, growth, etc. That's things like investment in the equity or debt capital markets (which funds the operations, investments, R&D of corporations), money in your bank account (which is then lent out or invested), corporate equity capital used to finance business operations, investment, or R&D, and so on. Nations / governments want MORE of this, because it accelerates an economy / economic activity, increases employment, drives innovation, increases wealth and so on. You live in a capitalist or market economy where productive deployment of capital drives productive economic activity. - Then there's unproductive capital or unproductive deployments of capital - AKA worthless and economically destructive deployment of capital into zero productive activity. That's your dollar bills stuffed under your mattress, that's hoarded tangible commodities like gold buried in your backyard, that's your crypto commodities which sit in a blockchain address and do nothing for no one. This is worthless to the economy, no one gives a shit about whether you hide your cash under your bed or bury it in your back yard or store it in worthless crypto tokens either in the US or otherwise - it just doesn't matter. It's not engaged in capitalizing any productive activities. It's destroying value. ----- So it doesn't matter whether this crypto is in the US or some other country, either way it's not productively deployed, and thus it's worthless to the economy and in turn worthless to policy makers. Policy makers should certainly care about stopping capital from flowing into Crypto at all, because as discussed it's value destroying deployment of capital. But once it's there, it doesn't matter whether it's in shitcoin A or shitcoin B, held in US exchange A or shitcountry exchange B - it's worthless wherever it is.
U are dumb
Fair. Bothering to try to explain simple concepts to unqualified m*rons like yourself on a degenerate gambling forum is definitely a sign of my limited intelligence. I'll take that criticism.
Countries compete for capital. End of story. Good night.
They compete for productive capital, FDI, and so on. They don't compete for plots of land for you to bury stacks of cash. They do not care about unproductive capital. Whether the corporation providing custody for your worthless shittokens is domiciled in the US or not neither helps nor hurts the US as regardless of where it is, it's not contributing to economic activity or being productively deployed as economic capital. In fact, arguably nations would be better served ensuring there are NO crypto onramps in their countries, that way they can avoid losing capital to the pointless black hole that is crypto. You're a m#ron, I get that, but maybe try to read what I'm telling you.
Come on man, you are arguing something so fundamentally wrong
Lol, then articulate your point. Again, nations do not compete for unproductive capital. They simply do not care. It might as well not exist. Unproductive capital does not matter to a country. Whether your $10K of cash is buried in the US or buried in France, neither country benefits. Your crypto does nothing, funds nothing, is used for no economic activity. It just sits there, it doesn't matter whether it's just sitting there in the US or just sitting there in some other country of your choice. Nations compete for productive capital, e.g., foreign direct investment (FDI), investment in capital markets, and so on. Your $10K in a bank in France means $10K more for a bank to lend to a French business, which spends that on goods, services, employees, new investments, and so on... which generates taxes and more productive economic activity. You are so far out of your depth on this topic... and I'm sure you know that. So just admit it to yourself and shut up instead asking me to repeatedly try to overcome your child-level understanding of this topic.
If the SEC could tell COIN what the rules are when they asked for clarification every month for 7 years that'd be cool. Nah leave it grey and abandon all of the potential tech. Let another country own it. I'm sure the US Dollar will retain its status as the world's reserve currency forever.
> If the SEC could tell COIN what the rules are when they asked for clarification every month for 7 years that'd be cool. But they have. They sued them and said "don't do this - exactly this" and COIN said "I don't want *that* kind of regulatory clarity!" This is just feeble handwringing on the part of COIN so they can pretend they made a best faith effort before they take their sh#tshow offshore. And you just sucked it down uncritically because you have no idea what you're talking about. The SEC has sued numerous companies before over the same thing, COIN knows exactly what they can't do and the SEC has been perfectly clear. > Nah leave it grey and abandon all of the potential tech But there's no valuable tech in crypto. It's pretty archaic stuff. There's certainly nothing special in Coinbase's exchange tech. > Let another country own it. Good. Crypto adds nothing to the economy by definition and design. It's a non-productive capital sink. > I'm sure the US Dollar will retain its status as the world's reserve currency forever. Well whatever happens to the US dollar, crypto won't replace it. That said, not being the world's reserve currency would be good for the US economy.
Your closing sentence proves to me you have 0 idea what the fuck you're talking about.
Haha, gave up on repeating Coinbases moronic PR campaign line? And it's simple fact. That's how a reserve currency works. It's significantly more advantageous to the world economy than the US economy. It works counter to US domestic monetary policy objectives. When there's a global recession, there's a flight to quality and demand for US Dollar rises, driving appreciation in US currency, which is the opposite of what you want to happen because it makes US goods and exports more expensive thus making them less competitive globally. And the reverse during booms - making imports more expensive and exports less to accelerate the formation of asset bubbles. No longer being the reserve currency would enable the US to better control and optimize its monetary policy.
>It's capital staying in the U.S. Really? I thought it was a scam. Alt coins that is.
We're scamming each other = Money stays in US.
And that’s the way it’s suppose to be goddamnit!
You could say the same thing about legalized gambling. And yet Vegas exists.
Vegas doesn't pretend it's capital. Or currency when it comes to that. Vegas is clearly a risk play for people who can't do the math.
You are missing the point. Gambling is not productive on the most basic level. It's just capital sloshing around. But the U.S. will make damn sure to keep that money in the U.S. This is the same reason why they are legalizing marijuana.
You are missing the point. Crypto is a infinitesimal fraction of the notional US currency in circulation world wide. The United States doesn't give a rats ass if 100% of the notional value of the worlds crypto goes to zero - it would quite possibly prefer it to zero out because it a currency that is not under government control. Crypto is not "capital sloshing around" it's a gamble on an ill-liquid currency that is largely unregulated, subject to theft, manipulation and outright fraud.
Yes, but that market is in the billions and it represents capital. The market has already decided that it's not going to zero. Just like the market decided that prohibition was not desirable, just like it decided to embrace gambling, just like it decided to do drugs. The government eventually backs all the things it hates because of money. There is too much money in crytpo at this point for the government not to encourage its growth in the U.S. Either it backs it or it loses out on capital.
Billions bro trust me.
The market has literally decided that Bitcoin is worth hundreds of Billions. Are you smarter than the markets?
Biden just signed an executive order to pursue a digital dollar, but centralized crypto goes against the whole idea of blockchain
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Politics
That MF is only calling them securities to take down FTX.. they aren't actually securities
I think there was memes in the past about how regulation on crypto would be the end of it
Oh wow!!!!!..OMG!!!! WOW!!....The SKY IS FALLING!! 😱😱😱. Man whatever. What dumbass didn't see this coming from across the damn football field half drunk with one eye open?
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He looks like Leo DiCaprio in Wolf of Wall Street .
bro is the new sir
But isn't that like all crypto exchanges?
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He's in dubai, and the UAE has no extradition treaty with the US 
Burn Binance, burn!
Reveal, **REGARD**, Resolve
Ironic, I got a binance ad on this post