It means that some things age like fine wine -
$600* mil as someone mentioned previously.
Still won't come close to Tether. There's dozens of Billions gone/washed out with em.
Binance : $100M Stolen
- Thread starter Nobert
- Start date
$600* mil as someone mentioned previously.
Still won't come close to Tether. There's dozens of Billions gone/washed out with em.
Oh, didn't realize everybody got made whole from Enron and Bernie Madoff, for example.
Nope, never heard that. Wonder why not?
Crypto evangelists? Stop with the weak-sauce insults please.
Some crypto is a good trade, some exchanges are good. Some are bad.
Just like the conventional markets.
Binance investors WERE ALL MADE WHOLE. So what exactly is your point?
Jeez - crypto haters are so sad. Just don't trade the shit if you hate it so much.
Problem solved.
"If someone at Fidelity misconfigures a router you don't permanently lose you life savings."
Talk about false equivalency - a misconfigured router has literally NEVER lost a single person a dime in crypto, so why not live by your own rules?
Corzine's clients got their money back? Maybe, but I never heard that. Do you have evidence? Please post it. I am curious.
So do you not understand what the difference is between being an investor in a company, and being a client at a brokerage or bank with a legally separate account?
The way you keep throwing these names around suggests that perhaps you just don't have very much knowledge. Do you not understand the difference between having an account at Bank or America and being a shareholder?
We're not talking about investors in a crypto exchange losing money. We're talking about customers. People trying to execute basic transactions.
This difference between shareholder and customer is key difference and false equivalence like this is a big reason why crypt evangelists are so obnoxious.
Crypto exchanges are having issues like crazy:
https://www.hedgewithcrypto.com/cryptocurrency-exchange-hacks/
If you compare that list to the rate occurrance of similar issues in traditional finance, it's just a bit of a difference.
Actually not like the conventional markets at all. That's the whole point.
In traditonal finance, there is typically an umbrella organization that protects customers, even if an individual firm fails.
- With a conventional US broker, I'm protected by SIPC insurance.
- With a US bank it's FDIC.
- With a credit union it NCUA
- With a 401k account it's protected under PBGC
Crypto firms are more like wildcat banks, which have been illegal since 1863.
As far as Corzine, look it up. There was news coverage. Basically, it took a few years but investors had money returned. I suspect that was actually a key point in Corzine not going to jail.
First, somehow I doubt that you have access to a forensic analysis of every single hack that has ever happened in the crypto space, so you're just making up nonsense. For all you know, it's happened fifteen times.
Second, you should look up the word "if". It was a simple hypothetical scenario to illustrate a point. The specific mechanics of the theoretical hack were totally unimportant to the point. The point is that there are meaningful financial guarantees outside of the single specific firm, which significantly lowers the risk of doing business.
Third:
https://www.bankinfosecurity.com/microtik-routers-hacked-to-serve-up-crypto-miners-a-11277
Whoops! That wasn't hard to find either. Maybe before claiming something hasn't EVER happened, do a quick search?