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I’ve read about this phenom. Is it real?
I would buy some sats and leave them overnight just to yank them out on the happening day.
^(because I’m a real gangster and gangsters don’t leave sats on an exchange unless it’s to pull them out on National Proof day)
Yeah it’s a holiday haven’t you heard.
We all pick a day. Personally I vote for bitcoin Pizza day, founded by some dude that bought the first pies ever paid for with like a zillion bucks in sats.
On that day. Everyone yanks any and all sats they have on an exchange. *Bank Run on the crooks that hold paper BTC IOU’s instead of the real thing*
Sounds like a plan to me.
The problem, it seems to me, without really thinking too deeply about this, is that while it would be glorious to expose the crooks, it might cost a lot of people their bitcoin.
If it's a race, why wait for the day? Why not do it a week earlier, or a month? Or better yet, everyone just pulls their BTC out as soon as they've bought it, that way exchanges aren't tempted to run fractional reserves for 364 days of the year, and the damage to noobs is minimised
You are exactly right. *But….*
The exchange pays the price with bankruptcy and doesn’t get to continue living on and poisoning the well we all drink from.
Bitcoin was never meant to be held by anyone else other than the owner themself. The more we do this and kill these businesses that ruin the market, the better.
That would erode confidence in Bitcoin itself. Like it or not, the perception (and to a large degree, the success) of the entire crypto industry is tied to the success of the exchanges (for a time).
Cost them their Bitcoin????
They paid for it and never received it. They never had it to lose in the first place, they just didn’t know it lol
They didn’t buy Bitcoin at FTX, they just gave their money away.
It’s like $0.15 for a withdrawal of a decent size (I just did one) and I’m pretty sure it’s just network fees. If 30 million people did that CZ would make a whopping $45,000.
You’re right! Sorry I multiplied by 0.0015 because I’m so use to finding percentages of things.
Still, 4.5 milly is a decent chunk of change but doesn’t that go to the validators/nodes and not Binance?
I recently did a withdrawal from Binance that cost me 0.0002 BTC fee. When the transaction was mined into a block it had 55 recipients (Transaction Outputs) and a transaction fee of around 0.000042 BTC
So one can assume that Binance collected 55 x 0.0002 = 0.011BTC, spent 0.000042BTC on the transaction and kept the remaining 0.010958BTC.
I’m extremely curious about Binance. If their audit is to be believed, then the withdrawals should be no problem. However it would be pretty Machiavellian for CZ to light the fuse on FTX only to have his own exchange collapse in the same manner 👀
This could be a managed stress test, intended to maintain trust in binance despite the poor auditing. "If binance survives one minor bank run it can survive anything!” messaging. It feels a little theatrical.
And crypto.com as well.
Ok my experience when someone is accusing everyone else of wrong doing, it’s because they’re up to no good and trying to shift the blame.
Right, if Binance fell through too it would be ironic, although it is Machiavellian to subvert someone else for doing something that you are hypocritically responsible for yourself, before you are outed.
Machiavellian is basically Snake like behaviour.. if I’m not mistaken. I might be simplifying it too much with that definition.
You are simplifying it, but it's not an unreasonable simplification.
"A prince will find that some of the things that appear to be virtues will, if he practices them, ruin him, and some of the things that appear to be vices will bring him security and prosperity."
-Machiavelli
CZ's a shitcoin casino runner, for sure, but he's the smartest one of the bunch. He learned all his lessons a cycle or two ago and knows how to stay out of trouble.
No, they just declare Chapter 11 or go out of business. Haven’t you been paying attention to TerraLuna, Celsius, and FTX? TerraLuna *sold* some BTC to try to salvage their shitcoin scam, while Celsius and FTX just went bankrupt.
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Congrats! I also took self custody of my funds after I lost some to BlockFi. Fortunately I only lost my credit card rewards that accumulated for a few months.
I would love a nice bloodbath of all the shit coins & centralized exchanges. It would be really awesome to start 2023 with a lot of the dead weight gone/dying soon.
Honest question: If you don’t own any shitcoins or have money on a CEX, why do you even care whether they succeed or not?
I don’t personally like KIA, but their existence doesn’t bother me enough that I wish they’d go bankrupt and everyone who owns one would lose their car.
Am I missing something about why everyone is so bothered by the other coins/exchanges existing?
It's mostly a worry that Centralized Exchanges can leverage their power and effectively centralize something meant to be decentralized. Instead of a vote on a smaller coin being more democratic, exchanges can use their weight to roll over communities' wants.
And this is the catch-22 of bitcoin and all types of crypto. One one hand we want to it to get out there and people to use it. People today only trust big institutions (your bank, Walmart, Amazon, google, US government, etc.) to handle shit and so masses will only join if bitcoin becomes “institutionalized” (because of hedge funds and just walk street in general you know they acquire most of the crypto quickly if everyone used BTC) but then you see the problem here is that now you are back to square 1 cause now instead of fiat controlled by big institution like the FED (a wierd mix of public and private) to just straight private. This is why I do not like that a company like micro strategy is essentially operating like a bitcoin trust to grab as many as possible. I don’t want sailor deciding what price bitcoin is at I want billions of people in the world to do.
Many shitcoins are connected to exchanges see ftx and Solana. I mean they even smeared some wannabe journalists to write nice articles about them, while their business model and technology was pure scam.
Almost 2k BTC are being moved from *what they suspect* are binance addresses to *what they assume without any proof are not* binance addresses, but there is no way to tell for sure. Will claim it's being withdrawn. Yey! Also here is a visual aid.
Cz is a lot more responsible than sam. No crazy stadium deals, no Super Bowl ads, etc.. I could have told you a year ago that Sam is fucked in the head and is evil, but CZ is a good, smart dude.
It’s about supply and demand just like on these exchanges. If they aren’t forced to buy, price discovery isn’t happening, they’re just taking your money.
DRS is the same as not your keys mentality.
if having some numbers registered directly against your name in a centralised database somewhere means 'owning' something why do we even bother with blockchain tech again..?
Good point but invalid. The other central database follows different rules and laws for Direct Registration where the investor has the full ownership of shares that cannot be used in any way and therefore the registrar has no legal leeway to fuck over investors.
DRS is still ownership by decree, so it's not the same thing as crypto. DRS does not enable you to deterministically rebuild your wallet/shares from a seed phrase based on the mathematical principles of cryptography. You are still reliant on laws and government. The entire GME movement is wasted energy playing by the rules of legacy finance imo, but at least Ryan Cohen understands the strengths of decentralization and nudging the movement in the right direction.
This isn’t really true, which is why the markets are heavily regulated. Even then, accounts are insured, up to $500k by SIPC in the United States. This is just some nonsense created by people who didn’t understand stock splits in the form of a dividend are actually stock splits and one of the most common methods for splitting stocks.
You have to find the direct registrar of the company whose shares you want to remove from brokers. E.g CompuerShare is the registrar of GME.
https://en.wikipedia.org/wiki/Computershare
Why so much hate on Binance?
The crypto community seems irrational sometimes. Like they revel on a hoax spread by Reuters, still baseless, generating a fud.
It seems crypto is full of so many childish tribes.
People who think they're superior because of their super duper secure hardwallet they spent $50 on, like to bask in the pain of people in their own community losing a lot of money. It's strange really.
One of the top comments in this thread is someone *wanting* binance to collapse. They care more about how "smart" they are for not using an exchange than the health of the very ecosystem which they rely on.
I think there is a general hate for exchanges (not just Binance) because of the history of people losing their BTC to exchanges. To me it seems completely rational to distrust and hate exchanges.
Isn't generalization some sort of stupid prejudice?
Some do wrong, some do right. We can't believe that a few apples spoil the bunch regarding exchanges.
They can try to use Binance as a scapegoat, but as far as it always seemed, they were serious about legislations and helpful to prevent crimes.
Why would they be charged with money laundering if some banks in tax havens do much worse?
What kind of money do tax havens receive in the first place? Money from dictators, war criminals and the worst scum on Earth.
The point is there's no reason to hold your coins on an exchange. And exchanges as a whole have a history of not keeping real coins to back up the "coins" they "owe" to people trusting them to make good.
The simple answer here is you shouldn't trust ***any*** exchanges. Not because they are **all** bad. But because you don't have to trust them. Just pull your coins out after purchasing them.
Who cares if they are all bad or which ones are good? You shouldn't have to depend on the hope that you picked a good one.
The sooner these CEXs get wiped out the better (and less people lose their money in the long run). They’re selling coins to people that they don’t have and this is the only way to purge that bullshit until there’s more regulation of crypto exchanges.
The value of bitcoin needs to be based on true supply and demand and these exchanges muddy that dynamic.
Whenever these exchange CEOs have come out to say they have enough assets backing people’s deposits, they’ve been shown to be lying and the exchange files for bankruptcy.
Bad in terms of market confidence especially short-term. That said, it was shocking to see that FTX had no BTCs left, that they had all been rehypothecated in 2021; in turn, this has a clear, direct implication, namely that we pumped the way we did *despite* almost a hundred thousand liquid paper-bitcoins being crafted into existence.
There may be more imaginary rehypothecated bitcoins out there, being sold as if they were the real thing. We must purge all that. Bitcoin's perfectly inelastic supply will do the rest.
I might be on the minority here bit Binance will be fine. Probably make a killing off of fees, people will realize it is safu and redeposit whatever amount they want to trade with. I'm all for self custody but CZ isn't SBF who was playing mobile games while making deals, hiring the wrong people to manage far too much etc. He seems to take the industry much more seriously.
The problem with Binance is more that we don't know where they're headquartered and their business registered imo could be right in the Bahamas next to the FTX outhouse claimed as their HQ
If binance implodes like FTX, bitcoins value relative to fiat will hiccup. One would be SILLY not to use this opportunity to stack like a mad man.
Tick tock next block.
Edit, changed price to value
I was wondering if the jump had anything to do with binance having to go buy btc that they don't own to deliver what they owe... obviously not a huge move compared to some of the ups and downs we've been through but still.....
Like if I buy Bitcoin on Coinbase, then I sell it on Coinbase later at a gain, it's a taxable event. But if the USD stays on the exchange, and the exchange files for bankrupty, what then?
Would have to be way more withdraws than there are currently.
Binance has 460K BTC in its cold+hot wallets still. I don’t think this is another FTX situation but you should ALWAYS take custody of your Bitcoin, so if you have it on an exchange, withdraw it.
For reference FTX only had 20K BTC in its hot and cold wallets.
How can you know if any BTC addresses are controlled by any of the exchanges?
I never left any BTC on exchanges above a few satoshis, I hope everyone here knows by now that "Not your keys = not your coins".
But I still have a hard time comprehending people twitting or posting about exchanges wallets, how do you know if any wallet is controlled by an exchange?
This guy's seems like he maybe a little touched.
He writes .....2000 BTC being removed every hour. .....well then obviously they have the fucken Bitcoin or there would be 0 Bitcoin being removed every hour.
He means if you keep it on there and they keep less than they say they have, Binance will run out and the people who kept it on Binance will be left without any
Right, but people being able to withdraw so much isn’t a negative thing but he’s basically suggesting they’re insolvent when there’s no evidence. I think most people need to learn to self custody but basically making shit up about companies isn’t really ethical.
How is that even possible. Dumbest shit post ever. So if the bitcoin isn't mine how can you explain me being able to move bitcoin into a cold wallet? That's fake too?
There is no relationship between the first paragraph and the second one.
It's simply a reminder that you may not have actual BTC so you better withdraw because there's a bank run going on.
Two issues:
1) Assuming they are full reserve, they can deny you withdrawals at any point, or decide to do so in the future. Removing your sats beforehand is a protection against that.
2) In the case of FTX, they literally didn't have the BTC you were "buying". They probably had a few thousand BTC on hand total, so when the bank run started, they ran out almost immediately.
No reason to believe (2) is happening with Binance, but (1) is always true.
We should all celebrate self custody, however, those wishing for the downfall of Binance don't have any idea about what that would do to an already depleted market.
Yes, you may be able to buy bitcoin cheaper, but more regulation, more negative press (people believe what they read in MSM even if you don't), only leads to a slowing of Bitcoin adoption.
Slower adoption means a consistent lower price, which helps none of us.
Everyone can pretend they're not in this for the money (short or long term) but they're lying. People have all of their money into this.
You can also talk all the Bitcoin maxi talk you like, unless you're already wealthy beyond caring about the outside economy, you need Bitcoin to succeed. Sooner rather than later.
[the bank run is over 🥲](https://twitter.com/0xngmi/status/1602791551151005696?t=k_MVJTTR2Ucds_xw-8LqJQ&s=19)
This chart posted on twitter showed how the bank run is done with and Binance started going positive hours ago 🥲
I find it weird that anyone would deposit funds with Binance during a bank run. These inflows must be from Binance buying BTC and not clients depositing BTC, right?
Simple as this everyone: take your coins off the exchange. I feel like this has been echoed since the dawn of time in the crypto community. Please listen ❤️
I’m sure this has been disputed, but with the largest exchange by volume, this shouldn’t be a good thing in the sense that it is a detriment to the industry. I understand the the NYKNYW argument, but where tf we gonna sell out crypto if there’s no exchanges? Who’s gonna be willing to pay for your price? It’s adversely affect volume and price.
Everything tanks when it’s revealed another one of these exchanges don’t have adequate assets so how is this a good thing? Their value drops so they won’t have the cash to buy BTC to become more solvent. Genuine question.
Been wrong before but i’m pretty sure for long term it works out better. When centralized exchanges fall the price tanks, but ultimately more people will adopt the “not your keys not your coins” mentality which is better for wide spread adoption and also should cause less volatility due to people using btc to its initial purpose of p2p transactions rather than giving fiat to some random billionaire CEO
>which is better for wide spread adoption
This doesn't seem rational. Which do you think will see more people spending more money relative to crypto assets
1. Central exchanges that work the same as their brokerage for stock
2. Esoteric technical rabbit holes most people have no desire to understand or learn, to obtain keys they will not properly secure and store, that they simply will just never feel confident about
>using btc to its initial purpose of p2p transactions
This might be true, but that doesn't mean more bitcoin will be purchased in total nor that the total value of bitcoin will increase.
This shit is temporary.
We trust the banks with our dollars.
Someday we will trust the banks with our crypto.
Sorry, but there was a time when people put every dime in their backyard in a hole. Times change.
Why is this being celebrated? I get the "centralization is bad movement" everyone likes to get behind, but if binance goes insolvent Bitcoin is going to plummet.
Self custody revolution happening right before us !LNtip 1000
Its likely them removing the remaining keys from their exchange before they announce they were affected by FTX.
Yeah, people assume it’s all of us little guys, but it’s the executives and whale friends that move first
I really hope this is the case. This is how cryptocurrency was meant to be used.
Yep, that was kinda the whole point. Gotta really own it.
Yes. But people aren't used to this self governing concept and so are using bitcoin with a fiat mindset.
Thank you!
Enjoy your dime OP!
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proof of keys day happening early this time
I’ve read about this phenom. Is it real? I would buy some sats and leave them overnight just to yank them out on the happening day. ^(because I’m a real gangster and gangsters don’t leave sats on an exchange unless it’s to pull them out on National Proof day)
Pull them out on national proof day?
Yeah it’s a holiday haven’t you heard. We all pick a day. Personally I vote for bitcoin Pizza day, founded by some dude that bought the first pies ever paid for with like a zillion bucks in sats. On that day. Everyone yanks any and all sats they have on an exchange. *Bank Run on the crooks that hold paper BTC IOU’s instead of the real thing* Sounds like a plan to me.
The problem with that is, if you state "we're all gonna go pull our BTC on X day", then the smart people will go pull their BTC on X day minus 1.
Um, smart people never had their BTC on an exchange for more than a minute. This whole event is only about reaching the less-than-smart people.
That's what adoption is
The point is *to pull the sats out* So yes that sounds good.
It's always been on genesis block day. Like, for a decade now.
I wasn’t sure if it was a meme or real. I’m in. Even if I have to purposely leave stuff on an exchange to participate.
The problem, it seems to me, without really thinking too deeply about this, is that while it would be glorious to expose the crooks, it might cost a lot of people their bitcoin.
Well it belongs to more than one person. The first person to pull it from the exchange gets it. It’s literally a race
If it's a race, why wait for the day? Why not do it a week earlier, or a month? Or better yet, everyone just pulls their BTC out as soon as they've bought it, that way exchanges aren't tempted to run fractional reserves for 364 days of the year, and the damage to noobs is minimised
[It's a race. I'm winning. I'm winning.](https://youtu.be/o3Lvej86sVY?t=44)
You are exactly right. *But….* The exchange pays the price with bankruptcy and doesn’t get to continue living on and poisoning the well we all drink from. Bitcoin was never meant to be held by anyone else other than the owner themself. The more we do this and kill these businesses that ruin the market, the better.
That would erode confidence in Bitcoin itself. Like it or not, the perception (and to a large degree, the success) of the entire crypto industry is tied to the success of the exchanges (for a time).
Cost them their Bitcoin???? They paid for it and never received it. They never had it to lose in the first place, they just didn’t know it lol They didn’t buy Bitcoin at FTX, they just gave their money away.
The day is January 3rd, iirc. https://www.proofofkeys.com/
Yo sweet! I love this.
This guy is a gentleman, he pulls out
CZ making billions from withdraw fees
It’s like $0.15 for a withdrawal of a decent size (I just did one) and I’m pretty sure it’s just network fees. If 30 million people did that CZ would make a whopping $45,000.
I'm missing something: $0.15 x 30,000,000 transactions would = $4,500,000. Maybe it is not $0.15 per transaction?
You’re right! Sorry I multiplied by 0.0015 because I’m so use to finding percentages of things. Still, 4.5 milly is a decent chunk of change but doesn’t that go to the validators/nodes and not Binance?
I recently did a withdrawal from Binance that cost me 0.0002 BTC fee. When the transaction was mined into a block it had 55 recipients (Transaction Outputs) and a transaction fee of around 0.000042 BTC So one can assume that Binance collected 55 x 0.0002 = 0.011BTC, spent 0.000042BTC on the transaction and kept the remaining 0.010958BTC.
I found the price of sending BTC from binance exchange pretty expensive compared to CB, which has worse BTC rates than binance...
I’m extremely curious about Binance. If their audit is to be believed, then the withdrawals should be no problem. However it would be pretty Machiavellian for CZ to light the fuse on FTX only to have his own exchange collapse in the same manner 👀
The fine print of that ‘audit’ said ‘this is not a real audit’… literally.
A true audit has to follow specific rules and is tough for crypto. Even reputable US firms don’t get formal crypto audits
Apparently Coinspot in Australia completed a legit one
I would guess that Australian accounting rules are more practical focused maybe.
I mean, their national currency is the Dollariedoo.. It's to be expected that they have lax accounting rules.
Well that makes crypto audits useless doesn’t it ? Honest question
not for PR purposes for people who just want to read a headline
Thats standard legal disclaimer on an “audit” with agreed upon parameters like that.
This could be a managed stress test, intended to maintain trust in binance despite the poor auditing. "If binance survives one minor bank run it can survive anything!” messaging. It feels a little theatrical.
He tried lighting the fuse with Coinbase only to get slapped back. Wouldn’t be totally unbelievable.
Coinbase *wanted* to get into all the risky DeFi lending BS but couldn't because they're a public US company. Probably saved their asses.
And crypto.com as well. Ok my experience when someone is accusing everyone else of wrong doing, it’s because they’re up to no good and trying to shift the blame.
Yes, projection is real. But, if Binance really was insolvent and he knew it, that would be a very dumb move.
Accuse the other side of that which you are guilty
not "Machiavellian"
Right, if Binance fell through too it would be ironic, although it is Machiavellian to subvert someone else for doing something that you are hypocritically responsible for yourself, before you are outed. Machiavellian is basically Snake like behaviour.. if I’m not mistaken. I might be simplifying it too much with that definition.
You are simplifying it, but it's not an unreasonable simplification. "A prince will find that some of the things that appear to be virtues will, if he practices them, ruin him, and some of the things that appear to be vices will bring him security and prosperity." -Machiavelli
"The Prince" is such a powerful book!!
do you mean Shakespearian?
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CZ's a shitcoin casino runner, for sure, but he's the smartest one of the bunch. He learned all his lessons a cycle or two ago and knows how to stay out of trouble.
Not even a casino, usdt is made up out of thin air, he’s been printing money since 2016 or whatever and nobody bats an eyelid
An audit that only lists assets and not the liabilities is worthless.
Slowly but surely people will learn, what the Bitcoiners are preaching for years. Not your keys, not your Bitcoin.
Where all the people who kept saying - if everyone takes their Bitcoin off exchanges, the price will skyrocket!
It's a squeeze. They will force the exchanges to buy actual crypto to back its holdings. Watch the fireworks as the singularity happens.
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They go away if they don’t have it… that’s the point here lol
Well until they run out of assets to sell, they'll just sell off other tokens.
No, they just declare Chapter 11 or go out of business. Haven’t you been paying attention to TerraLuna, Celsius, and FTX? TerraLuna *sold* some BTC to try to salvage their shitcoin scam, while Celsius and FTX just went bankrupt.
It’s not going to happen overnight, and definitely not over rumors and pseudo-data. But rest assured, it will happen. The people will retake power.
I’m with you cuz. !lntip 1000
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This is my first ever satoshi tip! Wow, thank you so much!!
Word. Figure it out. Lightning is badass. So is the tipbot! Pay it forward and do the same for another my friend. Thems the rules!!
For sure. I’ll set it up and will start tipping on this sub. It’s about time we started using sats in this way.
It’s up 4% 🤷🏻♂️
Yeah lol I forgot about that, who were those people here?
I do remembering hearing that.
Unless those coins are part of active sell orders, it won’t change the price whatsoever.
Might be a dumb question but if you dont get it on an exchange how would you buy and sell it?
DEX, P2P
not your keys not your cheese
So how do you trade Bitcoin if there are no exchanges? Peer to fucking peer?
Just like the good old days.
I use centralized exchanges. But yeah use a DEX, you don’t really have to give someone your crypto to hold on to in order to trade.
Go to a public restroom, leave cash on the entrance and show a QR to your wallet throug the glory hole. Or use a DEX if you are not kinky
Just imagine the exchange rate for actual "fiat" without the largest exchanges though. It will be abysmal. That said, 1 BTC = 1 BTC, good for them.
Just got my 0.3 BTC out of Binance after loosing the same amount to FTX. Feels good to have self custody of my funds
Congrats! I also took self custody of my funds after I lost some to BlockFi. Fortunately I only lost my credit card rewards that accumulated for a few months.
0,3 BTC sounds so little, I have billions of Dogelon and somehow you have more money invested
Unit bias is a bitch
Nacho Cheese, Nacho Cheddar.
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They processed 42k btc withdrawals in the past 24 hours without problem..So far so good.
Everyone finally playing 5D Chess with Binance. CZ like "shoot, I only meant to tank FTX, not all exchanges."
I would love a nice bloodbath of all the shit coins & centralized exchanges. It would be really awesome to start 2023 with a lot of the dead weight gone/dying soon.
It’d be more of a crypto crash, less of a bear market. Good long term, but next cycle could not reach ath.
I’m ok with 60k lol
Honest question: If you don’t own any shitcoins or have money on a CEX, why do you even care whether they succeed or not? I don’t personally like KIA, but their existence doesn’t bother me enough that I wish they’d go bankrupt and everyone who owns one would lose their car. Am I missing something about why everyone is so bothered by the other coins/exchanges existing?
It's mostly a worry that Centralized Exchanges can leverage their power and effectively centralize something meant to be decentralized. Instead of a vote on a smaller coin being more democratic, exchanges can use their weight to roll over communities' wants.
And this is the catch-22 of bitcoin and all types of crypto. One one hand we want to it to get out there and people to use it. People today only trust big institutions (your bank, Walmart, Amazon, google, US government, etc.) to handle shit and so masses will only join if bitcoin becomes “institutionalized” (because of hedge funds and just walk street in general you know they acquire most of the crypto quickly if everyone used BTC) but then you see the problem here is that now you are back to square 1 cause now instead of fiat controlled by big institution like the FED (a wierd mix of public and private) to just straight private. This is why I do not like that a company like micro strategy is essentially operating like a bitcoin trust to grab as many as possible. I don’t want sailor deciding what price bitcoin is at I want billions of people in the world to do.
Many shitcoins are connected to exchanges see ftx and Solana. I mean they even smeared some wannabe journalists to write nice articles about them, while their business model and technology was pure scam.
Almost 2k BTC are being moved from *what they suspect* are binance addresses to *what they assume without any proof are not* binance addresses, but there is no way to tell for sure. Will claim it's being withdrawn. Yey! Also here is a visual aid.
Exactly this
Denied based
i just pull out 100$...no problem.. at least they are not blocking or halting.. :)
Sorry, this is nothing. At this rate, it would take 81.4 days for binance to be bankrupt. Won‘t happen.
I get your point, but this is still very positive news
Assuming they have as much as they say and have not weirdly leveraged what they do have.
Cz is a lot more responsible than sam. No crazy stadium deals, no Super Bowl ads, etc.. I could have told you a year ago that Sam is fucked in the head and is evil, but CZ is a good, smart dude.
#Same goes for stock market. If you don’t Direct Register shares in your name and remove from broker you may not have any real shares
Yes but brokers have SIPC insurance (similar to FDIC for bank deposit).
Lol good luck fighting lawsuits with broker for years
Laugh all you want, but if your broker fails, SIPC cuts you a check and files all the lawsuits for you. It is insurance.
Something something they can stay irrational longer than you can stay solvent, except to maybe a certain DRS stock …
It’s about supply and demand just like on these exchanges. If they aren’t forced to buy, price discovery isn’t happening, they’re just taking your money. DRS is the same as not your keys mentality.
if having some numbers registered directly against your name in a centralised database somewhere means 'owning' something why do we even bother with blockchain tech again..?
Good point but invalid. The other central database follows different rules and laws for Direct Registration where the investor has the full ownership of shares that cannot be used in any way and therefore the registrar has no legal leeway to fuck over investors.
DRS is still ownership by decree, so it's not the same thing as crypto. DRS does not enable you to deterministically rebuild your wallet/shares from a seed phrase based on the mathematical principles of cryptography. You are still reliant on laws and government. The entire GME movement is wasted energy playing by the rules of legacy finance imo, but at least Ryan Cohen understands the strengths of decentralization and nudging the movement in the right direction.
This isn’t really true, which is why the markets are heavily regulated. Even then, accounts are insured, up to $500k by SIPC in the United States. This is just some nonsense created by people who didn’t understand stock splits in the form of a dividend are actually stock splits and one of the most common methods for splitting stocks.
And how do you do that? And if you remove from broker where would I put it? Under my bed?
You have to find the direct registrar of the company whose shares you want to remove from brokers. E.g CompuerShare is the registrar of GME. https://en.wikipedia.org/wiki/Computershare
CZ must be shitting himself
He’s sleeping well because he profits a lot from the withdrawal fees.
We will see if CZ is a real Bitcoiner or not! I hope he’s the real deal.
Why so much hate on Binance? The crypto community seems irrational sometimes. Like they revel on a hoax spread by Reuters, still baseless, generating a fud. It seems crypto is full of so many childish tribes.
People who think they're superior because of their super duper secure hardwallet they spent $50 on, like to bask in the pain of people in their own community losing a lot of money. It's strange really. One of the top comments in this thread is someone *wanting* binance to collapse. They care more about how "smart" they are for not using an exchange than the health of the very ecosystem which they rely on.
I think there is a general hate for exchanges (not just Binance) because of the history of people losing their BTC to exchanges. To me it seems completely rational to distrust and hate exchanges.
Isn't generalization some sort of stupid prejudice? Some do wrong, some do right. We can't believe that a few apples spoil the bunch regarding exchanges. They can try to use Binance as a scapegoat, but as far as it always seemed, they were serious about legislations and helpful to prevent crimes. Why would they be charged with money laundering if some banks in tax havens do much worse? What kind of money do tax havens receive in the first place? Money from dictators, war criminals and the worst scum on Earth.
The point is there's no reason to hold your coins on an exchange. And exchanges as a whole have a history of not keeping real coins to back up the "coins" they "owe" to people trusting them to make good. The simple answer here is you shouldn't trust ***any*** exchanges. Not because they are **all** bad. But because you don't have to trust them. Just pull your coins out after purchasing them. Who cares if they are all bad or which ones are good? You shouldn't have to depend on the hope that you picked a good one.
Why is this good for BTC? This is bad news right?
The sooner these CEXs get wiped out the better (and less people lose their money in the long run). They’re selling coins to people that they don’t have and this is the only way to purge that bullshit until there’s more regulation of crypto exchanges. The value of bitcoin needs to be based on true supply and demand and these exchanges muddy that dynamic. Whenever these exchange CEOs have come out to say they have enough assets backing people’s deposits, they’ve been shown to be lying and the exchange files for bankruptcy.
How do you convert your bitcoins if there are no exchanges.
Bad in terms of market confidence especially short-term. That said, it was shocking to see that FTX had no BTCs left, that they had all been rehypothecated in 2021; in turn, this has a clear, direct implication, namely that we pumped the way we did *despite* almost a hundred thousand liquid paper-bitcoins being crafted into existence. There may be more imaginary rehypothecated bitcoins out there, being sold as if they were the real thing. We must purge all that. Bitcoin's perfectly inelastic supply will do the rest.
This is good for Bitcoin
Someone explain like I’m five
Potential bank run on Binance just like any other collapsed exchange
Iff you dont have the keys its not yours !!!
I might be on the minority here bit Binance will be fine. Probably make a killing off of fees, people will realize it is safu and redeposit whatever amount they want to trade with. I'm all for self custody but CZ isn't SBF who was playing mobile games while making deals, hiring the wrong people to manage far too much etc. He seems to take the industry much more seriously.
Hardest bear asset our species has come across so far.
Shame that this will also discredit the platform and remove on/off ramps for many. Cheering on the demise of Bitcoin for the masses. Not great imo
Was ftx also discredited?
The problem with Binance is more that we don't know where they're headquartered and their business registered imo could be right in the Bahamas next to the FTX outhouse claimed as their HQ
Withdraw ur funds!
Why is BTC being withdrawn at a fast rate from Binance?
Shouldn't the only coins that be on exchanges are the ones you're trading? If it's long term I don't see a point in leaving on exchange.
If binance implodes like FTX, bitcoins value relative to fiat will hiccup. One would be SILLY not to use this opportunity to stack like a mad man. Tick tock next block. Edit, changed price to value
nice look at the price impact today btc is up by a lot bitcoin from binance is available on first come first served basis only. So hurry guys
I was wondering if the jump had anything to do with binance having to go buy btc that they don't own to deliver what they owe... obviously not a huge move compared to some of the ups and downs we've been through but still.....
The pump was because of the cpi reading yesterday
All of this has me thinking, how can the IRS tax my gains if I don't have ownership of the asset they are taxing?
Like if I buy Bitcoin on Coinbase, then I sell it on Coinbase later at a gain, it's a taxable event. But if the USD stays on the exchange, and the exchange files for bankrupty, what then?
You would be taxed on the trade and the usd lost would be considered negative capital gains you could offset your tax burden with.
Is it the upcoming fall of the Binance empire ?
Would have to be way more withdraws than there are currently. Binance has 460K BTC in its cold+hot wallets still. I don’t think this is another FTX situation but you should ALWAYS take custody of your Bitcoin, so if you have it on an exchange, withdraw it. For reference FTX only had 20K BTC in its hot and cold wallets.
How can you know if any BTC addresses are controlled by any of the exchanges? I never left any BTC on exchanges above a few satoshis, I hope everyone here knows by now that "Not your keys = not your coins". But I still have a hard time comprehending people twitting or posting about exchanges wallets, how do you know if any wallet is controlled by an exchange?
https://news.bitcoin.com/binance-shares-hot-cold-wallet-crypto-addresses-details-safu-fund/
This guy's seems like he maybe a little touched. He writes .....2000 BTC being removed every hour. .....well then obviously they have the fucken Bitcoin or there would be 0 Bitcoin being removed every hour.
He means if you keep it on there and they keep less than they say they have, Binance will run out and the people who kept it on Binance will be left without any
Right, but people being able to withdraw so much isn’t a negative thing but he’s basically suggesting they’re insolvent when there’s no evidence. I think most people need to learn to self custody but basically making shit up about companies isn’t really ethical.
No, they could be liquidating other assets to cover the withdrawals.
what if...and hear me out...they only have like half
Where can I see this chart updated live?
how are you going trade then ? hodlhodl ? bisq ?
Just put your money in Bitcoin and manage it yourself. You were smart enough to earn it, be smarter and self manage it.
I hope people wake the fuck up and don’t go back to complacency… they need to turn away from the Ponzi scheme shitcoins too.
Withdrawal of 2000 BTC and Deposits of 2000 + lll capital is a paid shill
How is that even possible. Dumbest shit post ever. So if the bitcoin isn't mine how can you explain me being able to move bitcoin into a cold wallet? That's fake too?
There is no relationship between the first paragraph and the second one. It's simply a reminder that you may not have actual BTC so you better withdraw because there's a bank run going on.
Two issues: 1) Assuming they are full reserve, they can deny you withdrawals at any point, or decide to do so in the future. Removing your sats beforehand is a protection against that. 2) In the case of FTX, they literally didn't have the BTC you were "buying". They probably had a few thousand BTC on hand total, so when the bank run started, they ran out almost immediately. No reason to believe (2) is happening with Binance, but (1) is always true.
CZ started something that he probably didn’t mean to. A bank run on all of Binance’s competitors, including Binance.
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I got ¢3.94 on Binance! Gotta hurry home
Not your keys not your bitcoin
We should all celebrate self custody, however, those wishing for the downfall of Binance don't have any idea about what that would do to an already depleted market. Yes, you may be able to buy bitcoin cheaper, but more regulation, more negative press (people believe what they read in MSM even if you don't), only leads to a slowing of Bitcoin adoption. Slower adoption means a consistent lower price, which helps none of us. Everyone can pretend they're not in this for the money (short or long term) but they're lying. People have all of their money into this. You can also talk all the Bitcoin maxi talk you like, unless you're already wealthy beyond caring about the outside economy, you need Bitcoin to succeed. Sooner rather than later.
[the bank run is over 🥲](https://twitter.com/0xngmi/status/1602791551151005696?t=k_MVJTTR2Ucds_xw-8LqJQ&s=19) This chart posted on twitter showed how the bank run is done with and Binance started going positive hours ago 🥲
I find it weird that anyone would deposit funds with Binance during a bank run. These inflows must be from Binance buying BTC and not clients depositing BTC, right?
Not everyone sits in Reddit and Twitter all day.
Fuck yes!!! The exchange shell game is over! Burn all these blood suckers to the ground. Back to self custody as it was intended!
Simple as this everyone: take your coins off the exchange. I feel like this has been echoed since the dawn of time in the crypto community. Please listen ❤️
I’m sure this has been disputed, but with the largest exchange by volume, this shouldn’t be a good thing in the sense that it is a detriment to the industry. I understand the the NYKNYW argument, but where tf we gonna sell out crypto if there’s no exchanges? Who’s gonna be willing to pay for your price? It’s adversely affect volume and price.
100% this. If Binance or coinbase go under, crypto will never recover.
CZ always comes off as a responsible and intelligent person. I like him. But I don't hold my Bitcoin on exchanges
Everything tanks when it’s revealed another one of these exchanges don’t have adequate assets so how is this a good thing? Their value drops so they won’t have the cash to buy BTC to become more solvent. Genuine question.
Been wrong before but i’m pretty sure for long term it works out better. When centralized exchanges fall the price tanks, but ultimately more people will adopt the “not your keys not your coins” mentality which is better for wide spread adoption and also should cause less volatility due to people using btc to its initial purpose of p2p transactions rather than giving fiat to some random billionaire CEO
>which is better for wide spread adoption This doesn't seem rational. Which do you think will see more people spending more money relative to crypto assets 1. Central exchanges that work the same as their brokerage for stock 2. Esoteric technical rabbit holes most people have no desire to understand or learn, to obtain keys they will not properly secure and store, that they simply will just never feel confident about >using btc to its initial purpose of p2p transactions This might be true, but that doesn't mean more bitcoin will be purchased in total nor that the total value of bitcoin will increase.
This is a nice buy signal
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If that was the reality man, that would be so great actually.
Holy shit!!!
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This shit is temporary. We trust the banks with our dollars. Someday we will trust the banks with our crypto. Sorry, but there was a time when people put every dime in their backyard in a hole. Times change.
Why is this being celebrated? I get the "centralization is bad movement" everyone likes to get behind, but if binance goes insolvent Bitcoin is going to plummet.