Just look at what happened since I've made that post. As I said, noobs always cash out at the worst possible time.
Binance Loses $12 Billion! - Is Binance Safe
- Thread starter Elena_Rodriguez
- Start date
It is quite interesting how 20K was the BTC floor for a loooong time, and then in a very short period of time as denoted by your chart, the floor became 16K and held. Fascinating.
What's more fascinating is that people panic when they should be buying. Now is not the time to sell.
I am a bit confused @schizo I thought you were a bear on crypto, did I mis-understand or did you flip recently?
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As for crypto markets, even diamond-hands are starting to crack because of the continuing contagion. Even before the real threat of Grayscale liquidating, I've seen stupid shit, like CEOs selling off their balance sheets, and crystalizing big losses in the balance sheets. When I see this shit, I refuse to invest much more into them.
SMURF, sold off a lot, including all their metaverse tokens, which is ironic since the main part of their niche was supposed to be the metaverse, lol.
Then I find out this week that BIGG Digital Assets was showing only 250 Bitcoins in their updated investor deck. That's a shock, I could have sworn there had been more at the time I started buying. I did some back-checking... Bitcoin treasuries showed them having 575 reported a few months back. Then after looking up in the Sedar database, I see in their last MD&A that BIGG sold off over half their Bitcoins. And that was around the same period they foolishly bought 15% stake into a Bitcoin miner, only to divest from it days later at a tremendous loss of millions, when BIGG only had a market cap of 30 million to play with. What the fuck is going on over there? They were going in the right direction by buying out Canadian regulated exchanges and making the move to set up in the US, yet they keep doing stupid shit at the investor's expense. I hate this... No wonder the shares are under a dollar.
I'm seeing the same trend that companies do with buy-backs. They tend to do so at the worst possible time.
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As for crypto markets, even diamond-hands are starting to crack because of the continuing contagion. Even before the real threat of Grayscale liquidating, I've seen stupid shit, like CEOs selling off their balance sheets, and crystalizing big losses in the balance sheets. When I see this shit, I refuse to invest much more into them.
SMURF, sold off a lot, including all their metaverse tokens, which is ironic since the main part of their niche was supposed to be the metaverse, lol.
Then I find out this week that BIGG Digital Assets was showing only 250 Bitcoins in their updated investor deck. That's a shock, I could have sworn there had been more at the time I started buying. I did some back-checking... Bitcoin treasuries showed them having 575 reported a few months back. Then after looking up in the Sedar database, I see in their last MD&A that BIGG sold off over half their Bitcoins. And that was around the same period they foolishly bought 15% stake into a Bitcoin miner, only to divest from it days later at a tremendous loss of millions, when BIGG only had a market cap of 30 million to play with. What the fuck is going on over there? They were going in the right direction by buying out Canadian regulated exchanges and making the move to set up in the US, yet they keep doing stupid shit at the investor's expense. I hate this... No wonder the shares are under a dollar.
I'm seeing the same trend that companies do with buy-backs. They tend to do so at the worst possible time.
LOL
Had you read my first post, which I'm sure you didn't, you would know that I'm neither. I don't hold any position in BTC. I'm merely explaining what I see on the chart, which is that BTC has turned the corner and will likely go up in the short term. And it did!
Binance and nearly all the other crypto exchanges are nothing more than a scam -- regularly treating customer money as their money. As the recent in-depth investigation from Reuters reveals.
Crypto giant Binance commingled customer funds and company revenue, former insiders say
https://www.reuters.com/investigates/special-report/crypto-binance-money/
The world’s largest cryptocurrency exchange, Binance, commingled customer funds with company revenue in 2020 and 2021, in breach of U.S. financial rules that require customer money to be kept separate, three sources familiar with the matter told Reuters.
One of the sources, a person with direct knowledge of Binance’s group finances, said the sums ran into billions of dollars and commingling happened almost daily in accounts the exchange held at U.S. lender Silvergate Bank. Reuters couldn’t independently verify the figures or the frequency. But the news agency reviewed a bank record showing that on Feb. 10, 2021, Binance mixed $20 million from a corporate account with $15 million from an account that received customer money.
The money flows at Binance described by Reuters indicate a lack of internal controls to ensure customer funds were clearly identifiable and segregated from company revenues, three former U.S. regulators said. They said the commingling of these funds put client assets at risk by obscuring their whereabouts. Binance customers shouldn’t “need a forensic accountant to find where their money is,” said John Reed Stark, a former chief of the Securities and Exchange Commission’s Office of Internet Enforcement.
(More at above url)
Crypto giant Binance commingled customer funds and company revenue, former insiders say
https://www.reuters.com/investigates/special-report/crypto-binance-money/
The world’s largest cryptocurrency exchange, Binance, commingled customer funds with company revenue in 2020 and 2021, in breach of U.S. financial rules that require customer money to be kept separate, three sources familiar with the matter told Reuters.
One of the sources, a person with direct knowledge of Binance’s group finances, said the sums ran into billions of dollars and commingling happened almost daily in accounts the exchange held at U.S. lender Silvergate Bank. Reuters couldn’t independently verify the figures or the frequency. But the news agency reviewed a bank record showing that on Feb. 10, 2021, Binance mixed $20 million from a corporate account with $15 million from an account that received customer money.
The money flows at Binance described by Reuters indicate a lack of internal controls to ensure customer funds were clearly identifiable and segregated from company revenues, three former U.S. regulators said. They said the commingling of these funds put client assets at risk by obscuring their whereabouts. Binance customers shouldn’t “need a forensic accountant to find where their money is,” said John Reed Stark, a former chief of the Securities and Exchange Commission’s Office of Internet Enforcement.
(More at above url)
Looks like a fraud case too on Binance. But for me the question is, when big exchanges like Binance can fail, what will happen with all the Forex brokers which are offering CFDs on Cryptos. Does it affect any withdrawals then too ? Can then also some Forex brokers go bust here ? I do not trade the CFDs on Cryptos on any Forex broker, but if some major Forex brokers also get problems because of that, then it might affect all other currency traders too. That is the questions needed to be answered in addition to the Binance / FTX turmoilt. I have not lost trust so far in any of those Forex brokers, but in Crypto I lost all hope. You cannot trust them all. Just do not bother and trade other asset classes.
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So -- in summary - Turns out Binance is run exactly like FTX with customer money and corporate money comingled and no one has any idea how to determine which money belongs to which account. But hey, at least they "stuck it" to the big banks.
Well with a title like that, there can't possibly be any bias
Must be perfectly legit and without question! The new woke-science....By the way, even regulated FUTURES entities have co-mingled funds (and blown up), this is not just a problem with crypto exchanges. Do we label all futures entities like the CME as nothing but a scam now too?
Not true, they are strictly regulated and are regularly audited and have to adhere to reporting requirements. Your point is ridiculous to equate a black sheep in 1 or 2 decades with this fuck sharade called cryptos.