More crypto pain ahead. CZ at Binance is a fraud. Who wants to bet?

[The_Krakenite]

p.s. One reason I can't stand this Meet Kevin guy, is that his ugly thumbnails are all the same. They look like the click-baity shit that's going to just waste your time.

How many more times is he going to do that over-done look that just screams of "I just had a fist-full of mortgage backed securities rammed up my ass! Watch my anal-fisting fetish now!"

 

[TheDawn]

IIRC, the withdrawls halt was due to a particular bank in New York. Because of USDC being involved, and a limited time-window in the FIAT banking world of when transactions & settlements can occur.

Or do you normally go down to a bank on Sunday morning at 4 am and seriously expect them to be still open to cash in a cheque?

Yeah but crypto's are not the same as fiat currency. It's virtual; it's supposed to be instant. It exists on the internet that never sleeps. I would understand if he can't process customer withdrawal because the entire internet is down but because of a fiat bank?? It's not supposed to involve fiat at all. It's crypto for chrissake. And converting them into USDC is a clear sign that they don't have confidence in Binance's native tokens or crypto's in large. They want to convert into fiat which is what USDC really is because people are slowly realizing that what Binance has is the same thing as what FTX had. If what FTX had could be rendered worthless overnight and go down in a flash then the same thing can happen to Binance regardless of customer reserve funds ratio or whatever. What do they have in customer funds reserve to back up the coins? Gold? Or another coin that has no value? If all they have that has some value is the fiat USDC, then once all the USDCs are all withdrawn, let's see what is the new customer fund reserve ratio.

 

[TheDawn]

There is NO GOOD REASON why a company would set up shop with Cayman Islands as the location of its head office.

Binance is actually worse, because they apparently don't even HAVE a location for their head-office.

Now, if YOU or I did that, we'd get into trouble for tax-evasion so fast your head would spin.

Not the multi-billion dollar companies though.

Now you see why they are banned from North America.

There has been talk that Binance was going to buy out Netcoins to get a foothold in Canada through ownership of that regulated exchange. But I'm not so sure now that would have worked, if what O'Leary talks about being true... with FTX running into regulation issues itself because Binance owned 20% equity.

By the way, O'Leary's strategic investment into the conglomerate WonderFi is interesting. If you look at older videos that haven't yet been scraped off the internet, you'll hear talk how SBF is a backer of WonderFi, and he is a believer in WonderFi, etc.

Not surprisingly, that stuff has vanished. Now when you do your due diligence, the only talk they mention of him is some notice to investors that there is NO contagion exposure to FTX/Alameda.

Well they actually do. Their HQ is supposedly in the Cayman Islands. And they actually have a HQ in the US for Binance.US which is supposedly separate from Binance.

And it's not just banned in North America. It's banned in every single country that it wants to set up business in, or how CZ Zhao puts it as "just waiting for the business license to be granted". LOL

 

[lwlee]

p.s. One reason I can't stand this Meet Kevin guy, is that his ugly thumbnails are all the same. They look like the click-baity shit that's going to just waste your time.

How many more times is he going to do that over-done look that just screams of "I just had a fist-full of mortgage backed securities rammed up my ass! Watch my anal-fisting fetish now!"

Hating the dude is a personal thing. But gotta give the man his props. Works literally nonstop. Also my personal opinion, the man is sharp. I've used his fundamental analysis during earnings season (just the free videos) and his take is good.

Pros
- made millions in real estate buying dilapidated homes and fixing them up.
- made millions on YouTube during the bull run, selling courses.
- made $20-30 million in the markets at his peak.
- ran for governor of California
- started House Hack doing wedge deals at scale. Goal is to turn public.
- started ETF named $PP recently. Huge banner on NYSE exchange. Rang the closing bell.
- just said he's going to buy a $13 million jet so he can save time.

Cons
- is currently down $10 million on his current TSLA holdings.
- yet to be proven if he is as good as stock picker in a bear market than a bull market. But PP ETF will prove that out. Fee is 0.77%
- courses are pricey.
- is relentless with his sell pitch.

Just like Musk stretching himself too thin with TSLA, SpaceX, Boring and TWTR, Kevin would probably be better served concentrating on a few things. House Hack seems to have the best odds of succeeding. Wait for real estate market to fully implode than pick up the pieces with wedge deals.

 

[lwlee]

More and more videos reporting that Binance is proving out to have the reserves to weather the bank run.

 

[The_Krakenite]

I already watched CoinBureau for the evening. That said, earlier at work this morning I purchased more equity into BIGG Digital Assets. I also filled another limit order on WonderFi. Got filled in just two phases for another block worth of shares- those orders were waiting for about half a month now for that drop. Starting tomorrow I'll set another limit-order in hoping to catch WonderFi at another 25% drop down from this point.

I have yet to purchase any equity into Tokens.com I really, really, really don't like the fact that they sold off so many tokens from the balance sheets, and cited FTX as the main reason for this. They may very well have sold off at a huge loss at the bottom of the market now. Reminds me of a lot of REITs who paid fortunes for acquisitions at the top of the market not just now, but also back in 2007, then had to fire-sale them at catastrophic losses during the recession.

In any case, Tokens.com was trying to be bullish for Decentraland in a few months with scheduled projects. But the fact they dumped all their mana and now are not even getting shit for staking rewards... really just screams Caveat Emptor! I do not believe the risk/reward is there anymore... will re-evaluate down the road.

 

[TheDawn]

"Mazars, the auditing firm Binance used for its proof of reserves, said in its five-page report that the company does “not express an opinion or an assurance conclusion.”

https://www.cnbc.com/2022/12/13/cry...rarily-halts-usdc-stablecoin-withdrawals.html

The audit does NOT confirm Binance has enough of customer reserve despite what it says. Usually if the audit confirms what the company claims, the auditor's report would state something like "the financial statements present fairly, in all material respects, an entity's financial position,...in conformity with generally accepted accounting principles." with a certain specific framework. It's odd that the auditor does not even express an opinion or an assurance conclusion. It's If I were a customer of Binance, I would be worried and would want to get my money out.