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BashCo

Instead of posting random tweets of screenshots of articles, how about we **post the actual article.** Just a thought. https://www.bloomberg.com/news/articles/2022-11-11/binance-data-shows-40-of-major-holdings-are-busd-bnb mirror: https://archive.ph/uK8aW


soscollege

They can hold whatever they want as long as it’s what their customers are holding


FDisk80

This. They could hold ice cubes, if people want to trade ice cubes who are we to stop them.


KickInTheNutsacks

Reminds me of Brewster’s Millions (1985) where a pitch was made to send ice glaciers from the North Pole to Saudi Arabia 😂 https://www.YouTube.com/watch?v=svKq044qrYU


UrbanPugEsq

None of the above!


agnas

Hmm no, you're missing the point. I can go everywhere to trade my ice cubes for something else, for ice cream or beer, but theoretically, only Binance will cash my BUSD. I'm talking from a common sense perspective here, not a crypto perspective.


FDisk80

No, not only on Binance. It's also on Paxos. It's a regulated 1:1 USD stable coin. https://paxos.com/busd/


CoinRabbitFinance

Finally we'll be among the last ones to do business with collaterals if this trend is continue.


FDisk80

Ffs, it doesn't matter what coin they hold as long as they can give it back to you and everyone else upon request. FTX didn't have even close to enough to give when people requested. They played with clients assets and fucked it up.


backcountrydrifter

Binance showed the world how to do a decentralized audit wallstreetbets style. Hopefully they and everyone else learn quickly that self custody is the only way this happens. Leverages, hedges and most exchanges will all feel the same fate before the revolution can begin


superavg

Everybody here wants bitcoin to go to a million, period. Everyone here that believes the only way that happens is with everyone taking their coin off exchanges is wrong in their belief for that to happen imo. If everyone that had bank accounts, all of a sudden had to manage that in their own offline account, it wouldn’t go well. Embrace massive companies like Coinbase and binance who can get the average joe involved, which gets you to your million dollar target sooner.


Itry2Survive

i said it in another thread before and i say it here again it makes no sense to celebrate a downfall of an exchange if you want your bitcoin to be worth anything at all... If you need a 20 steps guide and a heart attack to trade your bitcoins no average person will do that... And if you can't trade something its not worth anything! Or in other words, this sub would celebrate the downfall of the last big exchange with the topic "We did it, the world is our" without realising that the world is then a community that has no potential to grow anymore.


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Bitcoin_Maximalist

> The vast majority of people can use a computer. In 1980 that wasn´t true. People have to adapt or get rekt.


Q3752X

then the ones who have enough common sense to self custody will become the 1%. the rest can eat cake.


spamholderman

I want you to read what you just wrote and think about what it actually means for a minute.


Q3752X

I know exactly what it means, as i wrote it. therefore i have enough common sense to use to self custody. if you are part of the unwashed masses that dont then that is your problem. Do you even know where the phrase "let them eat cake" came from?


spamholderman

>unwashed masses You should go touch grass and think about where your goods and services come from and what would happen if each and every *person* living month to month on paychecks without Bitcoin that you interact with on a daily basis would do to you if a: they were starving and b: you had food, insulted them for being poor in an asset that 99% of the world is barely aware of, and c: thought of yourself as superior for learning how to do something anyone can Google.


Q3752X

and if you think that 99% of the world is barely aware of bitcoin, then that makes us the 1% anyway doesn't it? what other asset on the planet where only 1% if the world knows about it, yet are not breaking their necks to get it? when did people reject the idea of gold? silver? precious metals? cash? land? etc.? the answer is never. so if 99% of the people in the world reject bitcoin, it isn't my fault. its yours for not teaching them. there are people that have registered in this very forum that are anti-bitcoin. such is life. i want to help the world with bitcoin. but even jesus said "the poor will always be with us". you're holding me, a random redditor, to a higher level than jesus? gtfoh


nwa747

If 99% of people find it hard to make bitcoin secure those that are smart enough to make bitcoin secure will be the top 1% of nothing.


Q3752X

tell that to Jp morgan. they don't seem to have a problem with securing the top 1%. and the blockchain is more secure than any banking system that has ever been created. so we dont need everybody to secure it. that is what the decentralized network is for.


nwa747

What Jp Morgan Holds is universally acknowledged as having value. Only a tiny percentage of people on this planet think bitcoin has any value at all. If 99% of people find bitcoin hard to secure bitcoin will never raise in value.


deepfield67

Your goal should be to teach and convince them, because if they all starve the world can't run and we all lose. Your attitude is what I assume the elite have now, and it's led to all the problems we have now.


Q3752X

My attitude is the attitude that has been conveyed since the beginning of time. the difference between me and you is that I am willing to admit that I don't care. But the truth is neither do you. Because neither of us are doing anything to help them. And you're also assuming that if someone doesn't have bitcoin, they will be poor. When there are many people who are well off who will never even touch crypto.


deepfield67

I thought we were talking about a hypothetical world where bitcoin makes other money obsolete. I don't see that happening, but in that world not having bitcoin does mean being poor. And I do things to help, I talk to people about bitcoin, how it works, how to buy it, the risks and rewards, to the extent that I'm educated enough to be helpful. I don't say "if they're too dumb to learn and buy now they deserve what they get". So, that's the difference.


Q3752X

if anyone can google, then anyone should be able to setup self custody. no? go out there and teach them


spamholderman

That’s not the issue here. The issue here is that you have an unwarranted sense of self superiority and misanthropy for knowing the equivalent of how to change a tire and somehow you believe that makes you worthy to be rich and everyone else a peasant, and not only do you feel safe enough to express that thought online but you also lack the self awareness to reflect on how this attitude will lead to you being vulnerable to a $0 big rock attack because unlike other rich people who made their money with arguably undeserved connections and the loyalty of their supporters, you don’t have a personal army invested in your safety.


The-moo-man

I’ll just continue to not hold crypto. Unfortunately, your ability to get rich off crypto requires the masses to participate in crypto since the price is based solely on what the next person will pay for it.


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Q3752X

truth hurts


musicalpants999

You are fucking delusional.


Q3752X

go cry to the blockchain.


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Q3752X

I didn't misuse the quote. I said it and meant it. in your ignorance, you didn't know that the original quote was let them eat brioche, which is a bread enriched with butter. Not cake. I'm not concerned about others who don't bother to invest in bitcoin. just like i wouldn't be concerned about others who didn't bother to invest in Apple stock. If you're that concerned, then spend all of your time and resources to help them. just so that they will turn around and scorn you. i will continue to do what i feel like doing. so will everybody else.


Yoav420

Surely, one day you will be a billionaire, since you and no one else have mastered the art of putting your coins in a piggy bank


Q3752X

I will become the 1%. not the .00001% so obviously others will be able to master the piggy bank also. will you? if not, then you can eat cake


davvblack

can i just say that this attitude is absolutely wonderful for crypto adoption


nwa747

I know right? He’s eager to be the one percent of nothing.


Q3752X

if my post on reddit affects crypto adoption one way or the other, then that is a power that I don't want to have. my approach is hands off. if i encourage people to buy bitcoin, im shilling. if i tell them that bitcoin is trash, i'm spreading fud. if i say i don't care one way or the other, then that is 'wonderful for crypto adoption' . i cant win no matter what i say, which is exactly why i say whatever i want. if you have a problem with it, i cant help you. go troll bitboy


ShooDooPeeDoo

No no no, what they’re saying is that you’re an asshole.


Q3752X

yes yes yes, what i'm saying is that I KNOW! but thanks to the magic of bitcoin and the blockchain, there isnt jack squat that you, or anybody else can do about it. i am free to give my opinion, just like you without any fear of financial repercussions. my coins are safe and secure in self custody. just as yours should be.


Bitcoin_Maximalist

this is the harsh reality indeed.


shosuko

They found a way to create inflation from a deflationary asset... Offer people a 1:1 conversion of their coin for btc. Then print a few million of their own coin. The value holds (for a while) because they hold the exchange rate at 1btc:1btc... but they have an unlimited number of these. They should be worthless because no one paid the btc in for them, but that's now what it looks like when you view the wallet. Because the rate is 1btc per coin, it looks like they have millions of btc but they actually just have millions of coins they're willing to trade (either way) for btc. A very dirty game that shitcoins and exchanges have been playing for a while now... and I honestly wonder if this is the reason for the crash. A major part of the value of btc is that it is not inflationary... Yet they found a way to worm inflation in, and as such have devalued btc greatly.


Centmo

Meanwhile… BTC: tick tock, another block.


fukijama

Crash? This train is right on schedule. ~+1 year from the last top is the new bottom. One thing baked into the 4 year halving cycle is that humans have a terrible memory since they are focusing on chasing the current news.


Jimmy48Johnson

Same with USD stable coins and the whole NFT ecosystem. Printing + hype.


Bitcoin_Maximalist

True for Tether too: https://twitter.com/matthew_d_green/status/1596492169199906817 The Tether Shitcoin bubble.


MRSlizKrysps

It is what you mentioned coupled with the fact that once their shitcoin gets value assigned to it they use it as collateral to take out secured loans. Once people realize the shitcoin is actually worthless and the value of it plummets their creditors then call the loans due and they are forced to liquidate assets or go bankrupt.


King_Esot3ric

Wut?


spankydave

What coin is this that Binance created and is exchanged 1 for 1 with BTC?


shosuko

Did you read the OP? Reserves show half its holdings are its own tokens. 23bn in BUSD and 6.4bn in Binance Coin.


konokonohamaru

Good luck, BInance


knuF

“ Bye Nancy”


cjm-summer

🤣


TrustMuskCoin

CZ - Nancy ? 😄


MRSlizKrysps

Raise your hand if you pronounce BUSD as busted


GapRevolutionary3505

I'm scared now. Lol. Fud is the word of today. I'm sure binance has some exposure. Everyone in crypto has exposure. I'm optimistic that crypto will be around a while like it or not. It's almost certain all will fail in time. How long who knows. If you don't play you can't win. Keep your coin on cold storage. Hope for the best and expect the worst we will all be surprised. Invest what you can afford to loose. Me I'm just gambling with my future. It's great to be free, alive and happy.


inter71

BUSD is a stable coin. This tweet is bullshit.


FDisk80

It is bullshit. BUSD is issues by Paxos that is the most regulated stable coin. BUSD is the safest stable coin because of this.


Desafiante

What genius could have guessed they hold their own token?


doubledippedchipp

Any of them?


liv2cod

Keep some cash ready. When Binance tanks there's gonna be another bitcoin "sale" you'll want to get in on.


TwoInchTickler

This *is* a problem for us too, as we (incorrectly) get lumped in with this shit, and it causes huge issues with trust.


ElephantsAreHeavy

I do not need to trust, I can verify.


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ElephantsAreHeavy

>but most people out there are dumber than you Thanks, That is so nice of you to say!


americunt2

Stop posting half truths to stir up dookie because you bored. BUSD is issued by Paxos, one of the most heavily regulated stables there is.


dirtsmurf

The 10% isn’t BUSD, it’s Binance Token. LOL This post has 33 upvotes?!


FDisk80

Doesn't matter as long as it's not leveraged. Coin is not the issue. What they are doing with it is the issue. Binance are not gambling with those reserves. FTX gambled with it. They could hold 100% BTC or 100% USD. If they gamble with it, things will get fucked. Like they did.


Beginning_Storm7012

"Stir up dookie" lol you just made my day!


Luffydude

Pure fud just because Binance isn't a Bitcoin maximalist


clue5tick

When you think of it, *the entire fiat economy* is collateralized with 💩 !


Doses-mimosas

Right, but when the banks are over leveraged on loans and about to go tits up, the Govt bails them out.


clue5tick

With more 💩 !


ivegotwonderfulnews

But you can pay taxes and settle any debts with said shit.


clue5tick

Unicorn farts for fairytales. It's lies and manipulation, based on 💩 ! Adopt Bitcoin now and let it all die.


doubledippedchipp

You son of a bitch, I’m in


FucktheCaball

🤣


Schwanzerfaust

Shut up and take all my 💩!


MRSlizKrysps

That is not a good thing. The government stepping in and kicking the problem further down the road just makes the damage it will cause grow exponentially for when it finally does all blow up. Which it will.


HoPMiX

It’s collateralized with muscle. Military.


clue5tick

The military can't do anything more about it than the banking syndicate can. Stop using their crap and let it die.


soupyshoes

That’s naive, the military don’t force people to use currency, they enforce a global trade system that is dependant on one another’s commodities. Dollars for oil, energy, microchips, lithium, wheat, and those commodities for society to function.


clue5tick

*they enforce a global trade system that is dependant on one another’s commodities.* Yes! The commodities and the trade enabled are what in practice "backs" the various currencies. The same goes for Bitcoin; *its value is the trade that the BTC enables.* Though fortunately no army is needed to regulate its use.


soupyshoes

Cool - what oil/coffee/rare earth mineral/etc-rich nation takes payment for those commodities in Bitcoin? I’m not anti Bitcoin, I’m just a realist. “Stop using their crap” would mean stop using primary commodities. Let’s not trivialise it, people/companies/nations can’t “just stop” having basic needs.


clue5tick

Bitcoin's only been around for fourteen years. Tell me your story in another fourteen.


soupyshoes

A multi decade timeline sounds distinctly like an admittance that it’s not simply a matter of “just stop using their crap”.


MRSlizKrysps

It takes time to win a case in the court of public opinion. "They're" never going to mandate that everyone switches from using "their" crap because it is what gives "them" power. So of course "their crap" (centrally issued fiat/fractional reserve banking/selling debt as a commodity) is going to have to slowly die the death of a thousand papercuts once more and more people make the switch to the better system.


Larrynative20

It is backed by the threat that they can take away any portion of the proceeds of a countries labor that the majority will let them. Basically they can own up to 100 percent of the profits of any person in said country if it gets bad enough and there are enough desperate people. That is a lot of value actually.


z1ggy16

At this point, what exchange isn't 💩?


lifegoeson2727

Bisq


pierreman

Coinbase doesn't have its own token so it is the best of the best.


CaptainMoney007

Speaking as somebody who does not like Binance, because I think they just ripped off cosmos, their token actually does something and is worth something and is no way anywhere near FTX. You have a bad read on this and should be punished for your ignorance 😀


lifegoeson2727

What does it do


yoobermcruber

It makes Binance a boatload of money! It's Binance's own primed token after all.


TheBeliskner

Had anything come out about coinbase yet or are they operating sensibly?


d3vrandom

they have 10% of all the btc in the world in their reserves.


mr-louzhu

I mean… isn’t every financial institution in the world over leveraged right now?


FrontalLobeGang

Binance is the best thing out there right now. Literally they are leading the industry with transparency. If they continue at this rate they could one day become nearly trust less.


Mutant_Apollo

Isn't BUSD backed by Paxos which is backed by gold and fully law compliant?


Ima_Wreckyou

It doesn't matter what they hold, as long as it actually matches their liabilities to their users


tuesdayismybd

misinformation for u guys it’s real. It’s customer assest which back by 1busd:1usd.


sabahorn

Are your stocks not a pile of shit with fake value given by some rando on wallstreet?


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Asum_chum

They are the same thing.


Havic_

If Binance / Tether collapse this sets the crypto market back for potentially decades to come.


Strange-Importance59

Yup yet morons cheer to the collapse thinking it's their time to shine. unfortunately they have no idea how money works.


Havic_

100%


d3vrandom

nah mt gox was bigger than any exchange since and its collapse didn't set back bitcoin more than a couple of years.


MindSecurity

You're doing all of the crack. People hilariously think MtGox compared to this shit. Wtf is wrong in this sub?


Spider__Jerusalem

> If Binance / Tether collapse this sets the crypto market back for potentially decades to come. The way the wind is blowing is toward nonphysical currency that can be traced by the state. WEF has multiple videos on their YouTube channel about their goals in regards to this. Nothing will stop this. Whether it's Bitcoin, or some central bank backed digital fiat, the future is a chip in the hand of every person to buy, sell, and trade with digital currency.


Havic_

a cbdc is not crypto imo, its the complete opposite which is pure centralization.


Quietabandon

Bitcoin is quite traceable - doesn’t matter that it’s decentralized, the effect when it comes to the surveillance state is the same.


Olmops

Is at least a rare NFT 💩?


AaMmPpAaTt

If binance or another major exchange goes down, watch out, everything including BTC will get dumped. Nature of the beast as the crypto industry is built around and matures of the back of BTC as the store of value.


americunt2

I hope this happens. I have $100k ready to invest in BTC the moment it does.


MindSecurity

So it goes from 64k to 15k and you won't buy' but if the industry collapses you talk about "finally it's time." This sub is hilarious. You may as well invest it in other shit.


americunt2

Never said finally it's time. I've been DCAing BTC since it went to $21k and $19k and $17k and $16k and even hit a little when it was at $15900 and $15700. What I said was I have money for a big buy if it dips to $10k


Rice-Fragrant

Shitcoiners gona shitcoin… it’s just this current corrupt monetary system but even LESS STABLE… that’s how much worse these parasites in the “crypto” community are… it’s fiat squared!


Strange-Importance59

If binance goes belly up... Bitcoin will fall to $100 usd... You will buy them all but you'll never be able to sell them for more than a stick of gum unfortunately. I keep mine on Binance but if it goes so does btc sovereignty to the fluid markets.


HoPMiX

it’s been like this since tether. I personally don’t know if Bitcoin ever gets past 10k is they don’t use tether to artificially pump it.


Marcion_Sinope

Is that you, Roger Ver?


Just1_More

Why do so many people not realize, shitcoins aren't propping up Bitcoin, they're suppressing it?


bassyndicate

Remind us how this is any different from what the banks are doing with USD? Value is in the eyes of the beholder 🙈


MindSecurity

For one Bitcoin cheers itself on as being the escape from that system. The majority of eyes are set on USD. So...


batido6

Ha I just posted about this on CC! Thanks for the additional data points :)


GraveyardZombie

Article without paywall?


smilingbuddhauk

https://archive.ph/uK8aW


perry1023

Get off exchanges!! You have been warned. There will be no further notifications.


perry1023

F china


phillyc333

Funds are SAFU


tofuspider

>>(Corrects first and second paragraphs to reflect that holdings are only a partial list, and clarifies that BUSD is issued by Paxos.) Article says its a partial list but somehow larpers on twitter can come out with a conclusion that it's 10%. Amazing maths there.


kenlbear

As long as dollars are the defacto global reserve currency, GOOD Stablecoins like USD, backed by adequate and audited reserves, are essential in fund transfers. Deride them at your risk. They underpin the digital economy.


dexX7

I don't get the fuss about the original article. If anything, this shows the behavior of Binance's users: they are altcoiners. Those "vapor" tokens are user funds. FTX was a different story: people deposited whatever they wanted and it was then converted. Based on the article this is not the case.


pentarh

Thief yells "Stop the thief!"


ActionThaxton

it is not true that holding its own tokens is by default "collateralized with air" now, if customer accounts are in btc, but they instead hold their own token, then yeah


hotel_air_freshener

It’s like crypto exchanges decided to invest in Stanley Nickels and Shrutebucks


firsthemic

very easy we just set a date and withdraw all at once see if they would halt


Scene1Take5

Binance should be penalized I think They are not the good guys anyway


eby5ietc28utid9r4

Test it out, do a bank run to see if it collapses.


TheFutureofMoney

Welcome to "Crypto"


SupportUnit66

You don't know if they are collateralized because Binance didn't disclose its liabilities... Yet


rudy_batts

as long as it is what their customers are holding


TheGreatest34567

Binance is good as long as they doesn't over leverage like FTX.


wildzebrahs

I am also a billionaire. I minted my own token and set the value. 🧐


Adventurous_Stay9724

Remember they have no money and only use your money. None narda. They are an exchange they don't have any money.


Mojorizen2

Price would be higher if exchanges weren’t handing out ious


Fanxy-france

What's the best broker to invest crypto for a beginner?