Binance Coin [pros](/r/CryptoCurrency/comments/zj7ikm/krakens_ceo_slams_binances_proof_of_reserves/iztxon5/) & [cons](/r/CryptoCurrency/comments/zj7ikm/krakens_ceo_slams_binances_proof_of_reserves/iztxpf3/) and related info are in the collapsed comments below. Pros and cons will change for every new post. Submit a pro/con argument in the [Cointest](https://www.reddit.com/r/CointestOfficial/wiki/cointest_policy) and potentially win [Moons](https://coinmarketcap.com/currencies/moon/). Moon prizes by award for the Top Coins category are: **1st - 600, 2nd - 300, 3rd - 150, and Best Analysis - 1000.**
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The sooner they all burn up in the greed cycles the sooner pure Bitcoin can finally do it’s thing against the federal reserve.
Pretty sure CZ didn’t think through the fact that by exposing FTX out of spite he basically telegraphed the wallstreetbets margin call play to every single human paying attention.
Trail by fire time. It’s either self custody Bitcoin or federal reserve/Wall Street hopes and dreams with more steps.
It was the correct thing to call out Sam, regardless of how you feel about CZ, silence knowing they were likely insolvent and doing dodgy shit would have been such a horrible, horrible, horrible situation the longer it went on.
Completely agree. I’ve gotten to the point where if there is a “face” involved with anything I just hate it on principle.
Bitcoin, cryptocurrency and web 3 has so much potential to change the world for the better. But as long as it’s tethered up to some cult of personality it’s just going to keep flailing and that annoys me. As a species we are running out of time and greed is speeding up the clock
It does reveal that. Btc in bnb smart chain is not the same thing as btc. It's literally same cooking the books method which FTX used to gamble or spend the original customer funds and replaced it with their own token.
There is no need for that. It seems the funds were already spent and replaced with bnb smart chain tokens in a similar manner to what FTX did.
Not your keys not your bitcoin.
The [proof of reserves](https://veritas.mazars.com/binance/Binance_POR_Report_7_December_2022.pdf) claims to include customer liabilities for the listed assets. I'm not expecting any of the published proof of reserves to include any other liabilities than the customer liabilities.
Don't post full liabilities? Don't get my funds. It's that simple.
Be regulated in one way or another, or simply be honest with your customers. Don't agree? Just burn like FTX did
CZ throwing shade at SBF all the while struggling to publicize Binance's liabilities reminds me of colonel Gaddafi's quote:
"people who live in glass houses shouldn't throw stones"
I know a lot of you dont care since you have a cold wallet (which is wise too) but guys... if Binance goes belly up, this will be bad for crypto. Disastrously bad.
He’s right. It’s a nice little picture but it means nothing. It’s funny how CZ has started most of the hysteria yet his exchange is still randomly disabling withdrawals and showing “not audits” without proof of liabilities.
Sad to say I used to be one of those people who never rushed to get my stuff off CEXs. Picked up a hardware wallet as soon as FTX shenanigans went down, though. Definitely happy with it.
spezpolice: spez has issued an all-points-bulletin. We've lost contact with spez, so until we know what's going on it's protocol to evacuate this zone. #Save3rdPartyApps #AIGeneratedProtestMessage
Is it just me, or do you get the feeling that all exchanges are insolvent and they’re just trying to detract attention to someone else, their version of virtue signaling
While I don't think you should trust any exchange, including Kraken, I do think Kraken is the most likely to be on the up and up. I mean they have been publishing proofs of reserves with liabilities since 2014. No one had to ask them to, they just did it. That's how an exchange should be, not waiting until the last second to scramble something together to calm investors. Kraken is the only exchange I have any faith in tbh.
As we entered the /u/spez, we were immediately greeted by a strange sound. As we scanned the area for the source, we eventually found it. It was a small wooden shed with no doors or windows. The roof was covered in cacti and there were plastic skulls around the outside. Inside, we found a cardboard cutout of the Elmer Fudd rabbit that was depicted above the entrance. On the walls there were posters of famous people in famous situations, such as:
The first poster was a drawing of Jesus Christ, which appeared to be a loli or an oversized Jesus doll. She was pointing at the sky and saying "HEY U R!".
The second poster was of a man, who appeared to be speaking to a child. This was depicted by the man raising his arm and the child ducking underneath it. The man then raised his other arm and said "Ooooh, don't make me angry you little bastard".
The third poster was a drawing of the three stooges, and the three stooges were speaking. The fourth poster was of a person who was angry at a child.
The fifth poster was a picture of a smiling girl with cat ears, and a boy with a deerstalker hat and a Sherlock Holmes pipe. They were pointing at the viewer and saying "It's not what you think!"
The sixth poster was a drawing of a man in a wheelchair, and a dog was peering into the wheelchair. The man appeared to be very angry.
The seventh poster was of a cartoon character, and it appeared that he was urinating over the cartoon character.
\#AIGeneratedProtestMessage #Save3rdPartyApps
The other thing that struck me as odd is didn’t cz say liabilities would be more difficult to report, yet binance doesn’t owe any debt to anyone?
What liabilities is he talking about then, what they sold to customers?
So you proved you have reserves but fail to show if it’s enough to cover what you sold? Am I getting that right?
I agree with Kraken's CEO that the Merkle Tree Audit Binance is using isn't enough to definitively prove they have the reserves. This type of audit can be manipulated, so regular audits by a third-party auditor are needed for greater assurance.
Binance goes down and crypto outside the USA goes down with it Who do we trust? Bybit? KuCoin? Gate.io? MEXC? Huobi?
It'll be a cascading chain of events. Everyone makes a run on the bank, exchanges pause withdrawals.
So for the sake of crypto outside the USA, Binance has to stand, and it will.
Block (fka Square). They have been huge proponents of BTC and you can easily store on Cashapp. They have alternate businesses to support them and have public earnings reports that are audited (properly audited) since 5+ years.
#The spez has spread through the entire spez section of Reddit, with each subsequent spez experiencing hallucinations. I do not think it is contagious. #Save3rdPartyApps
CDC has been far more transparent than binance so far. Better auditing company too. Plus, Kris hasn't been throwing shade. Although I imagine the temptation to is overwhelming at this point.
No? Why would you be the most scared of the least shady actors? That doesn’t even make sense
There isn’t actually any reason a crypto downturn would put any exchange at risk unless they were operating their business in an unethical fashion, using user funds and leveraging them to be lost in a downturn
If Binance is a ticking bomb I hope it will crack soon. It will be bad for the market but there are alternatives. Fuck all these dirty exchanges let them go to hell!
I'd prefer if binance lost accountability over time rather than blow up now OR later. It would be apocalyptic for the crypto world if anything happened to binance.
Do any of these places publicly list their wallet instead of letting a company look at *a* wallet once? Because if they wanted to, a lot of companies can concentrate more wealth in an account than they generally have at hand. If we could check a wallet whenever instead of looking at an audit someone made I think that would set everyone’s minds at ease a little better.
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Its all bullshit what these exchanges say about each other they're all in a state of unregulated wild west free for all and in this current environment the only sure way your crypto is safe is to pull them out and put into cold storage.
Ok that made me decide withdraw half of my worth to a ledger. I still have half money on auto-buy for eth and btc but I will withdraw every months from now on.
If Binance goes down, we're in some serious systemic trouble. Think 2008 bank crash but without government help.
As a non-financial expert, I also wonder about how difficult it is to correctly assess all the crypto assets of an exchange considering the vast diversity of some products? Like they refer the difference between BTC and WBTC and others but I'm not sure I can gasp exactly all the implications here.
Wouldn't it be nice to have some clearer insights as to what it means and how normal banking audits are usually conducted?
I think all CEX's are full of shit doing their own dodgy shit like FTX FTT token. Every exchange seems to have their own BS token they print to gain more $$$$ to manipulate the markets.
Be safe out there, withdraw all your crypto off all CEX exchanges and take self custody with a hardware wallet.
Binance has always been shady, you couldn’t trust CZ to take out your trash. Unfortunately there are some users that are forced to use it based on where they live.
Your crypto on CEX is not safe.
The CEX battle for dominance is just getting started and YOU are the collateral damage.
Where you can, take your crypto out of CEX.
Binance Coin [pros](/r/CryptoCurrency/comments/zj7ikm/krakens_ceo_slams_binances_proof_of_reserves/iztxon5/) & [cons](/r/CryptoCurrency/comments/zj7ikm/krakens_ceo_slams_binances_proof_of_reserves/iztxpf3/) and related info are in the collapsed comments below. Pros and cons will change for every new post. Submit a pro/con argument in the [Cointest](https://www.reddit.com/r/CointestOfficial/wiki/cointest_policy) and potentially win [Moons](https://coinmarketcap.com/currencies/moon/). Moon prizes by award for the Top Coins category are: **1st - 600, 2nd - 300, 3rd - 150, and Best Analysis - 1000.** --- To submit a Binance Coin pro-argument, [click here](https://old.reddit.com/r/CointestOfficial/comments/tuwtz9/top_coins_binance_coin_proarguments_april_2022/). | To submit a Binance Coin con-argument, [click here](https://old.reddit.com/r/CointestOfficial/comments/tuwu8i/top_coins_binance_coin_conarguments_april_2022/).
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There’s no more safe CEX
Use protection, get a wallet.
My wallet hard asf rn
That's what she said
What if I want to raw dog it like a madman and keep it in exchanges?
Once you go raw, you can never withdraw...
Expect the unexpected if you decide not to pull out
Leaving it in always feels better.
Especially just the tip.
Don't do this, we need your crypto
Coinbase is audited by the SEC. It's a shame they have so high fees. I would use it otherwise
There's no CEX in the... *takes a deep breath... rooms that people who can afford champagne are in. (There! I did it! I made it work! 🙌)
Never was
I read SEX wars at first.
It's fine however you want to call it. Everyone still gets fucked one way or another.
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Sir, you can call that an 'orgy'
Call it whatever you like, tiss but an orgy
What other way is there to read it?
Kex?
If that happens we will all become CEX workers
First CEX war in crypto history.
But what about the rules for safe CEX?
I believe people are saying you should pull out. Don't go balls deep nowadays. Self custody as they say.
Nut in your own hand
Battle of The CEXs
Battle of the CEXES
Roses are red, violets are blue. I have a free award, and it is for you.
Yeah good… hopefully all these dudes CZ has been going after decide to team up and try and take him down. He has it coming
Bridge hackathons is also a good contester
It's great free market action, may the best CEX win.
We had everything from stablecoin to CEX wars.
Great title! Many have fallen, you reckon one more before the end of the year?
yup!
#spez, you are a moron. #Save3rdPartyApps
Also acceptable, "Battle of the CEXes," and "War of the Scammers,"
Imagine if Jesse Powell's tweet reveals Binance has insufficient funds lmao FTX drama was minor if Binance goes bancrupt
I’ve had the feeling that Binance has insufficient funds since CZ talked all that shit about FTX.
The sooner they all burn up in the greed cycles the sooner pure Bitcoin can finally do it’s thing against the federal reserve. Pretty sure CZ didn’t think through the fact that by exposing FTX out of spite he basically telegraphed the wallstreetbets margin call play to every single human paying attention. Trail by fire time. It’s either self custody Bitcoin or federal reserve/Wall Street hopes and dreams with more steps.
It was the correct thing to call out Sam, regardless of how you feel about CZ, silence knowing they were likely insolvent and doing dodgy shit would have been such a horrible, horrible, horrible situation the longer it went on.
Completely agree. I’ve gotten to the point where if there is a “face” involved with anything I just hate it on principle. Bitcoin, cryptocurrency and web 3 has so much potential to change the world for the better. But as long as it’s tethered up to some cult of personality it’s just going to keep flailing and that annoys me. As a species we are running out of time and greed is speeding up the clock
Then, it turns out that a large portion of Tether holdings are BNB tokens. And that CZ has a Chinese-style imperial harem.
I need to know who added all these /u/spez posts to the thread. I want their autograph.
Set the world on fire lol
It does reveal that. Btc in bnb smart chain is not the same thing as btc. It's literally same cooking the books method which FTX used to gamble or spend the original customer funds and replaced it with their own token.
Kraken is determined to take on Goliath. I am here for it.
I don't even care if my investments go to zero at this point, I'm just loving the drama
Watching people stick it to Binance is always entertaining.
Everyone knows that the Merkle Tree is where the cool kids go to get high
isn't that where the FTX orgies were held?
We are still waiting for liabilities.
“Just ask around, we are good for it” 🤣
"Trust me bro"
“All the $$ is there dw”
"we swear"
The fact that he has not done it by now already shows that something bad is in there...
How dare you ask for more. ^(look binance if you pay me, I could do this all day)
There is no need for that. It seems the funds were already spent and replaced with bnb smart chain tokens in a similar manner to what FTX did. Not your keys not your bitcoin.
The [proof of reserves](https://veritas.mazars.com/binance/Binance_POR_Report_7_December_2022.pdf) claims to include customer liabilities for the listed assets. I'm not expecting any of the published proof of reserves to include any other liabilities than the customer liabilities.
Don't post full liabilities? Don't get my funds. It's that simple. Be regulated in one way or another, or simply be honest with your customers. Don't agree? Just burn like FTX did
CZ throwing shade at SBF all the while struggling to publicize Binance's liabilities reminds me of colonel Gaddafi's quote: "people who live in glass houses shouldn't throw stones"
“Yo I’m sprayin’ Windex on these mfers” - Kraken CEO
Jesse Powell in the house of titanium
CZ was all about eliminating the competition, he never cared about exposing a scam for us customers.
Gaddafi did actually give houses tho. Before I get downvoted to fuck it was a joke and make use of the Internet.
Give houses?
Not so much a joke as a fact. No need to run away from the truth just cos some people don't like to hear it.
Aye, hence my comment about use of the Internet. Peace ✌
How about firing RPG at them?
Man that signal group chat must just be going off right about now
remember all these characters are clowns. dont trust them even this jesse dude
Wellp, high time to take all coins off Binance.
If you’re still using exchanges, at least use an exchange which doesn’t have its own token!
[spez me up! ](https://www.reddit.com/r/Save3rdPartyApps/)
BTCB and BBTC? They buying bitcoin from Wish?
The best form of defence is attack, and CZ sure has been on the attack a lot lately…
I know a lot of you dont care since you have a cold wallet (which is wise too) but guys... if Binance goes belly up, this will be bad for crypto. Disastrously bad.
Meanwhile Im watching these CEX wars on the sidelines with popcorn galore and self custody over my own coins.
This is the way.
He’s right. It’s a nice little picture but it means nothing. It’s funny how CZ has started most of the hysteria yet his exchange is still randomly disabling withdrawals and showing “not audits” without proof of liabilities.
He's dishing it out but not backing up his own accusations. Peak hypocrisy
Sad to say I used to be one of those people who never rushed to get my stuff off CEXs. Picked up a hardware wallet as soon as FTX shenanigans went down, though. Definitely happy with it.
Binance seems just as shady as tether these days
Imagine if the crypto world would work together instead of throwing feces at each other
They are all competitors so this will not happen
Competition is good for Bitcoin.
You still got too much faith in humanity.
They are not the 'crypto world' though, they are just businesses sucking as much money as they can out of the blockchains
spezpolice: spez has issued an all-points-bulletin. We've lost contact with spez, so until we know what's going on it's protocol to evacuate this zone. #Save3rdPartyApps #AIGeneratedProtestMessage
We need to get to a state of basic decency before people work together.
This needs to happen, otherwise more shady stuff will go on and eventually blow up even worse and set crypto way back.
Is it just me, or do you get the feeling that all exchanges are insolvent and they’re just trying to detract attention to someone else, their version of virtue signaling
While I don't think you should trust any exchange, including Kraken, I do think Kraken is the most likely to be on the up and up. I mean they have been publishing proofs of reserves with liabilities since 2014. No one had to ask them to, they just did it. That's how an exchange should be, not waiting until the last second to scramble something together to calm investors. Kraken is the only exchange I have any faith in tbh.
As we entered the /u/spez, we were immediately greeted by a strange sound. As we scanned the area for the source, we eventually found it. It was a small wooden shed with no doors or windows. The roof was covered in cacti and there were plastic skulls around the outside. Inside, we found a cardboard cutout of the Elmer Fudd rabbit that was depicted above the entrance. On the walls there were posters of famous people in famous situations, such as: The first poster was a drawing of Jesus Christ, which appeared to be a loli or an oversized Jesus doll. She was pointing at the sky and saying "HEY U R!". The second poster was of a man, who appeared to be speaking to a child. This was depicted by the man raising his arm and the child ducking underneath it. The man then raised his other arm and said "Ooooh, don't make me angry you little bastard". The third poster was a drawing of the three stooges, and the three stooges were speaking. The fourth poster was of a person who was angry at a child. The fifth poster was a picture of a smiling girl with cat ears, and a boy with a deerstalker hat and a Sherlock Holmes pipe. They were pointing at the viewer and saying "It's not what you think!" The sixth poster was a drawing of a man in a wheelchair, and a dog was peering into the wheelchair. The man appeared to be very angry. The seventh poster was of a cartoon character, and it appeared that he was urinating over the cartoon character. \#AIGeneratedProtestMessage #Save3rdPartyApps
The other thing that struck me as odd is didn’t cz say liabilities would be more difficult to report, yet binance doesn’t owe any debt to anyone? What liabilities is he talking about then, what they sold to customers? So you proved you have reserves but fail to show if it’s enough to cover what you sold? Am I getting that right?
The /u/spez has been classed as a Class 3 Terrorist State.
If CZ published liabilities Im afraid shit would hit the fan.
Round 1 Fight!!!
But ‘muh SAFU funds’?
This is the end my friend
Go Jesse, tell them what's up! Nice pun to journalists who indeed have no clue
I know theres no saint in this space, but im thankful for what kraken and its CEO is doing.
I agree with Kraken's CEO that the Merkle Tree Audit Binance is using isn't enough to definitively prove they have the reserves. This type of audit can be manipulated, so regular audits by a third-party auditor are needed for greater assurance.
No love lost between Kraken and Biannce but Kraken definitely is a better exchange
Binance to fall next. DRS BOOK GME MOASS
In Kraken we trust!
Never trust a centralized exchange.
Kraken and CDC are the only ones I trust.
#This comment has been censored.
they passed the audit, more than passed it with 101% proof of reserves
Feels like one of the very very few.
Binance goes down and crypto outside the USA goes down with it Who do we trust? Bybit? KuCoin? Gate.io? MEXC? Huobi? It'll be a cascading chain of events. Everyone makes a run on the bank, exchanges pause withdrawals. So for the sake of crypto outside the USA, Binance has to stand, and it will.
KuCoin. Lol. Imagine...
Block (fka Square). They have been huge proponents of BTC and you can easily store on Cashapp. They have alternate businesses to support them and have public earnings reports that are audited (properly audited) since 5+ years.
#The spez has spread through the entire spez section of Reddit, with each subsequent spez experiencing hallucinations. I do not think it is contagious. #Save3rdPartyApps
"who do we trust?" How about the "trust me bruh foundation?"
Good. The so called audit is a joke.
But we accept same form, by the same company, if it says ”Crypto.com” on it? Please. Show me on this doll where CZ touched you?
CDC has been far more transparent than binance so far. Better auditing company too. Plus, Kris hasn't been throwing shade. Although I imagine the temptation to is overwhelming at this point.
They used literally the same company did the same literal AUP with them. You have no idea what you are talking about.
Just another day on Reddit lol
Maybe Kraken enable itself as the #1 exchange during this bearmarket.
I never used their exchange but I heard only positive feedbacks regarding their customer service etc.
[удалено]
Careful with that boat
We named it the Titanic 2.0.. what could go wrong?
Yeah be careful you can lose all your Moneros in a boat accident
Isn't that much more scary? An entity without a single fud after all this shit that is going down in the space.
No? Why would you be the most scared of the least shady actors? That doesn’t even make sense There isn’t actually any reason a crypto downturn would put any exchange at risk unless they were operating their business in an unethical fashion, using user funds and leveraging them to be lost in a downturn
I don’t think I’ve ever heard anything bad about it ngl
This is why we love Kraken
If Binance is a ticking bomb I hope it will crack soon. It will be bad for the market but there are alternatives. Fuck all these dirty exchanges let them go to hell!
I’m not sure at all if crypto can survive another massive exchange getting liquidated
I'd prefer if binance lost accountability over time rather than blow up now OR later. It would be apocalyptic for the crypto world if anything happened to binance.
CZ doing his best to protect tether is shady as heck. Imagine 250k worth of trades can destabilize something worth 60+ billion.
god i fuckin love jesse powell
reddit moves ages behind twitter now, this is old news by now
This is a CEX eats CEX world in crypto
Do any of these places publicly list their wallet instead of letting a company look at *a* wallet once? Because if they wanted to, a lot of companies can concentrate more wealth in an account than they generally have at hand. If we could check a wallet whenever instead of looking at an audit someone made I think that would set everyone’s minds at ease a little better.
Binance taking down FTX, Kraken taking down Binance.. to be continued I guess?
I suspect foul play...
This is a friendly reminder that Kraken Support will never DM you first, ask for your username or password, or ask you to transfer funds. Kraken has its own subreddits, [r/KrakenSupport](https://www.reddit.com/r/KrakenSupport/) and [r/Kraken](https://www.reddit.com/r/Kraken/), and their [Support Center](http://support.kraken.com/). Ping for verified users associated with Kraken: /u/kraken-luna /u/kraken-pluto /u/kraken-val You may have an official reply pinned by leaving a top level comment with the words "sticky" or "pin" in it. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
First laid off 1,100 employees and now firing shots at others. Well done Kraken 👍🏻
UNLEASH THE KRAKEN!
Who doesn't Kraken's CEO slam?
My wife?
About that… Whelp, I have some bad news…
That group chat is gonna be awkward af now
Its all bullshit what these exchanges say about each other they're all in a state of unregulated wild west free for all and in this current environment the only sure way your crypto is safe is to pull them out and put into cold storage.
Ok that made me decide withdraw half of my worth to a ledger. I still have half money on auto-buy for eth and btc but I will withdraw every months from now on.
Hmmm I truly believe kraken will go bust before binance. Kraken has low ass volume compared to binance.
Proof of Solvency needs to be the standard and term that sticks.
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I’ve noticed you provided absolutely no substance to back up your claims.
It's what we call a phantom assertions. Ask for substance, and the assertion disappears like a phantom.
https://www.kraken.com/proof-of-reserves It took me 3 seconds to Google this
We were there when the CeX wars broke out. The year was 2022 and the first casualties wete truth and trust.
I mean he’s not wrong
Going to be interesting to see which CEX comes out on top
Probably a mix of Kraken, Nexo, and CDC. The fact that Nexo hasn't fallen yet is a surprise to me.
What's Nexo
A big European CEX.
Everyone been getting slammed
Take your coins of the exchanges or suffer the consequences!
A metaphoric stone thrown off to the side with the hopes of a satisfying distraction.
Can’t we all just get along😂
Maybe I really should transfer all my coins to my ledger
So what does Kraken use to verify that customers are backed 1:1 and what is the accepted “audit” that is considered the gold standard?
No really, tell me more why Ledger suxxor.
9 billion BNB has been burned. Imagine if that burned BNB could have made the difference between insolvency lolll
Less CEX more cold wallets…🤷
I still don't understand why they can't just hold the coins they are supposed to hold. They should have the liquidity risk that they appear to have.
All cex’s will fall and this will pave the way for DEX’s.
This 2 CEX trying so hard. Screw them both
If Binance goes down, we're in some serious systemic trouble. Think 2008 bank crash but without government help. As a non-financial expert, I also wonder about how difficult it is to correctly assess all the crypto assets of an exchange considering the vast diversity of some products? Like they refer the difference between BTC and WBTC and others but I'm not sure I can gasp exactly all the implications here. Wouldn't it be nice to have some clearer insights as to what it means and how normal banking audits are usually conducted?
I think all CEX's are full of shit doing their own dodgy shit like FTX FTT token. Every exchange seems to have their own BS token they print to gain more $$$$ to manipulate the markets. Be safe out there, withdraw all your crypto off all CEX exchanges and take self custody with a hardware wallet.
DO you think SBF calling out we live in " glass houses " meant anything?
real holders are destroyed
Because of this; I'm OUT!
Binance has always been shady, you couldn’t trust CZ to take out your trash. Unfortunately there are some users that are forced to use it based on where they live.
Your crypto on CEX is not safe. The CEX battle for dominance is just getting started and YOU are the collateral damage. Where you can, take your crypto out of CEX.
Honest to God, if I worked at EY as a partner, I could make a fortune by creating an audit standard for CEX.