To: maceng2 who wrote (193371 ) 11/9/2022 8:33:31 PM From: TobagoJack 1 RecommendationRecommended By maceng2
Read Replies (4) | Respond to of 217695 Following up to Message 34071549 my residual BTC worth around $700 yesterday and now valued less never arrived at Coinlist, and I am assuming it be all lost-lost. Re <<transformational >> yes, especially if your name happens to be Sam Bankman-Fried ("SBM") of FTX. He, SBF, allegedly used his lobbyist army in Washington DC to create trouble against his erstwhile mentor CZ of Binance / China-origin, and got taught a lesson SBF shall remember for awhile, apparently heading towards corporate bankruptcy and much personal legal. So, yes, transformational, and a/c holders at FTX likely wiped out, I assume, or severely handicapped until whenever or kingdom-come, whichever earlier or later depending on progression trajectory. As at now I have f*ck-all at all exchanges, including Binance. Or in Signer wallet denominated in CSPR even as CSPR obviously affected. Very exciting, and in the grand scheme of events, cheap lesson in brutal capitalism, at $700.
bloomberg.com Binance Thumping of FTX Undercuts Crypto's DeFi Dreams - Bloomberg 10 November 2022 at 07:10 GMT+8 Changpeng ZhaoPhotographer: Zed Jameson/Bloomberg When then-billionaire Sam Bankman-Fried announced on Twitter that his FTX.com exchange was about to be gobbled up by rival Binance, he tried to reassure everyone with a standard bit of crypto cliché: The buyer was committed to a “decentralized global economy.” Crypto people like decentralization. Never mind that Binance had backed FTX in a corner, saying it would dump its huge holdings of an FTX-issued token, triggering withdrawals and sending FTX into a tailspin so it needed to be saved. By Wednesday evening Binance announced it’s walking away from the deal to acquire FTX after balking at a gap between liabilities and assets at FTX that could be in the billions of dollars. The crisis around FTX slammed crypto assets, with Bitcoin off 24% over two days and Ether down 29%. Crypto investors are getting used to discovering that the industry’s emperors have no clothes. Still, the downfall of Bankman-Fried and FTX has come as a shock. Bankman-Fried was a major Democratic donor, was lauded as “ the next Warren Buffett ” and had himself swooped in as savior of falling companies when crypto was in crisis earlier this year . He’s far better known in the US—at least among people who can’t name many cryptocurrencies beyond Bitcoin and Dogecoin—than Binance boss Changpeng Zhao, who usually goes by the initials CZ. But CZ was always the one with more clout inside the crypto world. So far this quarter, Binance has commanded 43% of crypto volumes while FTX had 4% and Coinbase 5%. Now CZ is standing and Bankman-Fried isn’t, and Binance is only cementing its lead as the industry's most influential company. You could say that Binance is the JPMorgan Chase & Co. or New York Stock Exchange of crypto, but that doesn’t really capture its importance within the blockchain economy. Binance is an exchange, brokerage, venture capitalist and digital-wallet operator, all in one. It also created two of the six most valuable tokens, and operates the second-most-active blockchain in the world of decentralized finance. • Read more: Can Crypto’s Richest Man Stand the Cold? Binance is far from the only vertically integrated exchange. Free from many of the regulations that hem in traditional finance or any legacy infrastructure, large crypto exchanges have taken nearly every important function in the nascent market. CZ just does it better than anyone else. His genius is understanding the power of centralization while being loudly skeptical of the same thing when it happens on Wall Street. He knows the allure of a one-stop shop where users can buy and sell Bitcoin as easily as they pay their friends on Venmo. Achieving that efficiency is easier with a big exchange that can combine customer assets in a few omnibus wallets instead of using the blockchain for every transaction. He hasn’t been coy about this vision. “If decentralization simply increases freedom but decreases security and ease-of-use, there is a point where it becomes a net negative, and may not be worth it,” he wrote in a 2019 blog post . Ultimately, he built a product loved by many crypto traders. Along the way, he has infuriated business partners and regulators, but Binance’s sheer size has made it hard to beat. Whether CZ planned the demise of FTX or not—he says he didn’t—it is clear he is willing to wield his outsize power. In that sense the Chinese-Canadian billionaire is your classic tech founder who has ruled his company with an iron fist, prioritized market share above all, and moved fast and broken things. But Binance stands out in one respect among tech success stories. It has always been ambiguous about where it’s based, or even what its parent company is. Maybe that sounds kind of decentralized: The company is nowhere, yet everywhere. But in reality, it is essentially a one-man show, an unusual feature of a company reportedly worth $300 billion a year ago. In jurisdictions where ownership has to be disclosed, CZ is listed as the sole shareholder for most of Binance’s local entities. A British Virgin Islands company it has used for a few acquisitions is also entirely owned by him. In stock grants to early employees, he was also listed as a trustee for their shares, according to a document seen by Bloomberg News. It’s the biggest irony of all: In an industry that preaches decentralization as if it’s religion, Binance’s defining titan is the most centralized of all. While FTX and its own risk management is likely to blame for much of its downfall, in helping to slay his rival CZ has also shaken retail confidence and deepened the crypto winter. Heavy is the head that wears the crypto crown. • Read more: US Probes FTX Empire Over Handling of Client Funds and Lending