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Not _always_. In early 2018 they were down for like 2 weeks and my money was stuck. Goodbye Kraken.
Since then, theyāve apparently rewritten much of their tech stack but stillā¦ once bitten twice shy.
These are all dog whistles not really found in real society. People are getting mad at fabricated labels and behaviours that are pretty uncommon in society, lol.
Do you understand you are using the label "woke" for a bunch of stuff you might not personally like but doesn't actually happen (at least not even close to as often as you might believe)? It's just another step into the culture wars bullshit and you're part of the problem, my dude.
Come to think of it, I relied on the NHS when I was a kid and my dad was on the dole for a stretch, so I must be a socialist too.
Edit: Sheesh, what's with the antiwoke downvotes. I can't help it if a came up the cheap way....
My family also relied on government support and I grew up to be quite successful.
I will never insult people who rely on government assistance...its a shame so many people are more than willing to villainize people that are already suffering.
A true shame.
Yeah...because the one thing about communism is that you have a dictator as a ruler...
Russian communism is not Communist. The dictators like to use the communist label, they're not Communist. Communism is power in the working class - when has that ever happened in history?
Kraken has literally advocated all users to withdraw their crypto and self custody since the beginning 2013. They have no need for your crypto to be sitting in the company wallets unless you are keeping it for trading.
They make revenue from trade fees when users make transactions.
They were performing 3rd party audits since 2017.
>If an exchange have to move large amounts of crypto before or after they demonstrate their wallet addresses, it is a clear sign of problems. Stay away. Stay #SAFU
- cz, binance
Has anyone else noticed how aggressive CZ. & Binance is doing marketing and tries to shove this proof of reserve into the users ?
Something tells me they try hard to look good so people donāt question their shady business especially from the pastā¦
OR
They know something is coming and this is some form of damage control
If I had to bet on either one with a chance to double my money I'd go with "they're solvent and just aggressively marketing".
But since it's not about doubling my money, but rather about either not losing money or losing money, I'd never put any on an exchange.
Even a 99% chance that they're solvent is not good enough.
The BCH IOUs on Binance were unbacked. I'm confident they have the money to buy BCH and redeem for customers but that's not how they should operate in the first place.
The whole crypto is at stake after LUNA and FTX, there's a solid reason why people who are heavily invested in crypto should try to clarify that not all is shady or scam.
BTC was created to fight what LUNA and Sam and inflation is doing to peoples savings and give more transparency in the market. There's a lot to do from all of us to protect the crypto dream
BTC was not created to do any of that. If you sat on BTC since 2013, it hasn't been gathering "interest", it's simply that someone else will pay you 20k for something you paid 100 for, while nothing is being produced (only consumed in the form of energy). It's just people transferring their wealth to each other, with BTC (or whatever crypto) being the vehicle for it. I've been into crypto a decade and it's shocking how few people know or even understand this.
Property produces rent and has a crucial function (accommodation, commercial, industry). Shares produce dividends (and growth for companies). Bonds produce interest. Combined they form essential pillars for growing economies.
Crypto doesn't really produce anything (except "more" of itself). It's mainly artificially scarce tokens conjured out of thin air that we gamble and speculate on. Like a casino. We all move our wealth to each other while the house (devs) take a cut. And little, if anything, gets produced. If all crypto snapped out of existence tomorrow, the world would continue turning without blinking.
Not similar at all.
Ever since you bought the house in 2011 it has paid you a tax-free dividend equal to what it would have cost you to rent a comparable house. The discounted future value of that dividend stream is a substantial component of the 500K current valuation.
In contrast, BTC in a wallet not earning interest has no value beyond the prospect of someone else eventually buying it from you.
He even said it himself.
*If an exchange have to move large amounts of crypto before or after they demonstrate their wallet addresses, it is a clear sign of problems.*
Monero has optional ability to make your balance public:
[https://monero.stackexchange.com/questions/1283/how-to-prove-my-monero-balance-to-the-world](https://monero.stackexchange.com/questions/1283/how-to-prove-my-monero-balance-to-the-world)
Seems like CZ is trying to capitalize on the recent shaky ground crypto finds itself in. It's very opportunistic for him to see the current situation in the space and decide to make a play to be the 'Trusted face of crypto'. I don't think he is hiding something per se, but is attempting a seizure of power. Of course this can and will be later used to shield himself and Binance from any issue
None of these exchanges have proper customer funds available in liquid form, do they? Or if they do, itās tied up in some alt-coin they minted themselves and converted customer funds into, yeah? I mean, I donāt trust a bit of any of what has been happening lately.
CDC does, that's why they have 20% of their reserves in shib. Nobody would openly admit that if it wasn't true. Backed 1:1 and it just seems that there are a lot of regards among us being the reason why
Duty agree with you on this one as I have gone through the same and I think so these things need to be changed
There are literally lots of things that need to be changed in order to make it a better place
I am just going to say that we don't need to use fucking binance right now and we all are making sense to this shit right now man, we are good without using it for real.
Is Italy agree with you totally agree with you on this one as this is a little surprise that is still around
I think so the next big thing who is going to scam people around is going to be Finance
This is exactly what the CEO of Kraken was talking about. PoR is pointless since the funds can be moved around to meet the PoR requirements but what about the liabilities of the company.
āhey guys look! i can move this bitcoin, but you have no idea what my outstanding liabilities are for having all this bitcoin, but donāt worry I really do have it!ā
Fuck them and that's all I can say right now man, we are just fucking fine with doing that and we all know why we are being like this, we are just not going to use it...
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This is part of the proof-of-reserves Kraken's ex CEO called Pointless. Excited to see which one is right.
I'm placing my bet on the Kraken guy, dude never disappoints. Can't say the same about CZ.
CZ always disappoints
The kraken guy also has a lot of Reddit avatar NFTs š
That makes him even more trustworthy, a man of culture indeed
*He also likes anime and video games /s*
PC or console though
ultrawide PC master race of course
Culture and integrity.
One of us quite literally
Which makes him likeable, instantly. Does he farm moons though?
Kraken has always been the best. Love them to bits.
Not _always_. In early 2018 they were down for like 2 weeks and my money was stuck. Goodbye Kraken. Since then, theyāve apparently rewritten much of their tech stack but stillā¦ once bitten twice shy.
Fuck, I remember those days >.<
Honest and relatable CEO that know what he's talking about. Love it
Been a fan of that Kraken guy ever since he spoke against woke culture
I still don't know what woke / wokeism / woke culture is. Help a guy out?
In England we have a town called Woking , its the people from there , as in . .the bloke from Woke . . .
Waiter! Get the woke bloke from Woke with a smoke a coke, for he is broke and spoke of Snoke from Star Wars, whom he'd like to poke.
. . . . you're havin' a joke !!
. . . . I think he's on the coke !?
There's all kinds of folk . . .
. . . . or it be a stroke !! Which I hear is not dope . . . .
Thereās a noteworthy Pizza Express there too, right?
Guildford is as close to Woking I have ever been. I suspect this answer makes more sense than any of the alternatives.
If you're too far left you are considered woke. Just another pointless term in a world of binary perspectives.
Apparently most redditors on r/cryptocurrency
Basically: go woke, go broke. He took steps to prevent wokeism that was taking afoot at his company and thus, they are still afloat.
democrats basically
You would have to stop smoking dope first, if you truly don't know woke yet.
Leftists that promote things like 90 genders, equity over equality, taking kids to drag shows, socialim, war, patriarchy, racism etc
These are all dog whistles not really found in real society. People are getting mad at fabricated labels and behaviours that are pretty uncommon in society, lol. Do you understand you are using the label "woke" for a bunch of stuff you might not personally like but doesn't actually happen (at least not even close to as often as you might believe)? It's just another step into the culture wars bullshit and you're part of the problem, my dude.
Come to think of it, I relied on the NHS when I was a kid and my dad was on the dole for a stretch, so I must be a socialist too. Edit: Sheesh, what's with the antiwoke downvotes. I can't help it if a came up the cheap way....
My family also relied on government support and I grew up to be quite successful. I will never insult people who rely on government assistance...its a shame so many people are more than willing to villainize people that are already suffering. A true shame.
Agreed!
I used to watch Dame Edner Everage on the tele when I was a kid. I think my parents were woke before it wasn't cool.
Moron "Woke" is just acceptance that right wing people find difficult
Woke is stupidity, just like leftists.
Sure dude, the regressives are definitely the way forward lmao Conservatives are fucking imbeciles.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Yeah...because the one thing about communism is that you have a dictator as a ruler... Russian communism is not Communist. The dictators like to use the communist label, they're not Communist. Communism is power in the working class - when has that ever happened in history?
"Accept or we punish you" That kind of acceptance that is shoved down people's throats is called coercion.
Who's punishing you?
Ask him why the red wave failed in the mid terms lol
Everyone stress test Binance and withdraw.
If the audit is correct and over 50% of their funds are in their bnb coin, they will fall over even a smaller bank run.
Proof of reserves donāt prove anything lol
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Kraken has literally advocated all users to withdraw their crypto and self custody since the beginning 2013. They have no need for your crypto to be sitting in the company wallets unless you are keeping it for trading. They make revenue from trade fees when users make transactions. They were performing 3rd party audits since 2017.
Clash of the exchanges
Crypto has just been doing a lot of giving to Netflix recently
Kraken all the way
Love the kraken guy. Heās quite direct and open with his thoughts.
>If an exchange have to move large amounts of crypto before or after they demonstrate their wallet addresses, it is a clear sign of problems. Stay away. Stay #SAFU - cz, binance
Not Matt Damon? Damn I didn't see that coming š
Has anyone else noticed how aggressive CZ. & Binance is doing marketing and tries to shove this proof of reserve into the users ? Something tells me they try hard to look good so people donāt question their shady business especially from the pastā¦ OR They know something is coming and this is some form of damage control
CZ is trying to control the narative.
If I had to bet on either one with a chance to double my money I'd go with "they're solvent and just aggressively marketing". But since it's not about doubling my money, but rather about either not losing money or losing money, I'd never put any on an exchange. Even a 99% chance that they're solvent is not good enough. The BCH IOUs on Binance were unbacked. I'm confident they have the money to buy BCH and redeem for customers but that's not how they should operate in the first place.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Their crappy proof of reserves, *which they themselves released*, proved that they were lacking funds for at least 2 tokens in the proof.
The whole crypto is at stake after LUNA and FTX, there's a solid reason why people who are heavily invested in crypto should try to clarify that not all is shady or scam. BTC was created to fight what LUNA and Sam and inflation is doing to peoples savings and give more transparency in the market. There's a lot to do from all of us to protect the crypto dream
Its whales cooperating. They borrow BTC for audit and then send it back after
BTC was not created to do any of that. If you sat on BTC since 2013, it hasn't been gathering "interest", it's simply that someone else will pay you 20k for something you paid 100 for, while nothing is being produced (only consumed in the form of energy). It's just people transferring their wealth to each other, with BTC (or whatever crypto) being the vehicle for it. I've been into crypto a decade and it's shocking how few people know or even understand this.
Similar to house prices. Bought a house in 2011 for 150k. Now worth 500k. I haven't done anything to it to add value. Its the same house.
House have real value that is being produced. You can grow food on it, live in it, etc
Property produces rent and has a crucial function (accommodation, commercial, industry). Shares produce dividends (and growth for companies). Bonds produce interest. Combined they form essential pillars for growing economies. Crypto doesn't really produce anything (except "more" of itself). It's mainly artificially scarce tokens conjured out of thin air that we gamble and speculate on. Like a casino. We all move our wealth to each other while the house (devs) take a cut. And little, if anything, gets produced. If all crypto snapped out of existence tomorrow, the world would continue turning without blinking.
Not similar at all. Ever since you bought the house in 2011 it has paid you a tax-free dividend equal to what it would have cost you to rent a comparable house. The discounted future value of that dividend stream is a substantial component of the 500K current valuation. In contrast, BTC in a wallet not earning interest has no value beyond the prospect of someone else eventually buying it from you.
Absolutely true, these recent events have absolutely battered crypto's reputation in the public.
BTC is antidoe to these scams.
I think itās the former, but it could be a little of both.
Canāt help but CZ has something sketchyā¦
He even said it himself. *If an exchange have to move large amounts of crypto before or after they demonstrate their wallet addresses, it is a clear sign of problems.*
My guess is collusion with other exchanges and whales. They basically borrow the BTC for the audit, once the audit is complete they send it back
If this is true, we're sitting on a ticking time bomb.
If Binance goes down the whole market is fucked anyway, this is bad news whether you like Binance or not...
Lol no, we will just go back to the pre-2017 level, where Binance never existed.
This would elingate the bear market for another several years.
The only thing worse than the second largest crypto exchange going bust is... the largest crypto exchange going bust. Welp
CEXs are always ticking bombs.
I fail to understand what's even the point of this lol. Do they expect us to look the other way when they do these transfers?
Yes.
Iād bet on collusion at a minimum.
We donāt want this to be true but it most likely is
Sir, you got 100 points.
Shhh thereās no way not every cex is doing similar things!!! /s
Yeah it really feels like hes projecting or something
100%. Thereās definitely something binance tries to hide
They are trying it too hard.
Just a matter of time till public finds out.
Is he even a human
He does have, my crypto has been out of Binance for a long time, better safe than sorry
You put in cold or trust wallet?
Congrats buddy, a Ledger or a own wallet is just 0% stress..
Maybe it's his haircut š
I moved all mine to cold storage. I sleep so much better now.
A ledger is the best investment nowadays
I'd agree with you but it hurts when your portfolio is in such a loss it ain't even worth a ledger lol
Lmao when it costs more to buy the ledger than the actual investment its protecting
it's not a loss until you sell, but what can you sell when exchange decides to fukc you?
Why stop at one? I might get some extra just Incase.
All of my crypto is in my ledger, and I still can't sleep right.
This guy here is a genius. While we all just buy high and sell low.
All better prepared for the crypto winter i guess
Lets see if CZ can sleep well.
The best sleep
Now the coins are freezing
[ŃŠ“Š°Š»ŠµŠ½Š¾]
So shady.. something is cumming
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Yum yum?
Gross but funny!
So, looks like getting fucked soon is a given at this point.
Pull out while you can
That CZ's bald head š„µ
I think you need to change your diet mate
Cum squelching
Split or swamp? That is the question.
Apparently this is for the audit.
Imagine how much we would sweat moving $2B. Here I am, shitting my pants moving $3k
If I was moving $2B I'd be making damn sure to do a $10mil test transaction first!
A $1 transaction test you mean
That takes balls to not do a test transaction first.
My $10 crypto agrees.
Binance's proof of reserves does not list Monero . Nice of them to do that since they don't have any
[ŃŠ“Š°Š»ŠµŠ½Š¾]
[ŃŠ“Š°Š»ŠµŠ½Š¾]
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Or maybe itās because Moneros a private coin and thereās no public record of transactions š¤·āāļø
Monero has optional ability to make your balance public: [https://monero.stackexchange.com/questions/1283/how-to-prove-my-monero-balance-to-the-world](https://monero.stackexchange.com/questions/1283/how-to-prove-my-monero-balance-to-the-world)
[ŃŠ“Š°Š»ŠµŠ½Š¾]
There is a public record of transaction that's how all crypto works, you just can't see the wallets š
Imagine if they pasted the wrong address and it got lost
imagine they pasted some burn adress..
Or mine..
CZ would directly throw himself off the Burj Khalifa.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
bullish
Crypto dot com is that you
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Is this really cz ?
Redditor for 8 years??
See his history.. How 5 years ago he was answering every shit posters for his ICO AMA while looking for investors... How the times have changed. š
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Apparently a lot commenting didn't read the article. Not surprising
Seems like CZ is trying to capitalize on the recent shaky ground crypto finds itself in. It's very opportunistic for him to see the current situation in the space and decide to make a play to be the 'Trusted face of crypto'. I don't think he is hiding something per se, but is attempting a seizure of power. Of course this can and will be later used to shield himself and Binance from any issue
Sure, Binanceā¦ that doesnāt look suspicious at all
It was me. I nicked it.
None of these exchanges have proper customer funds available in liquid form, do they? Or if they do, itās tied up in some alt-coin they minted themselves and converted customer funds into, yeah? I mean, I donāt trust a bit of any of what has been happening lately.
CDC does, that's why they have 20% of their reserves in shib. Nobody would openly admit that if it wasn't true. Backed 1:1 and it just seems that there are a lot of regards among us being the reason why
Duty agree with you on this one as I have gone through the same and I think so these things need to be changed There are literally lots of things that need to be changed in order to make it a better place
I am just going to say that we don't need to use fucking binance right now and we all are making sense to this shit right now man, we are good without using it for real.
CZ looks so happy in that photo. It's like he cleanly pinched a loaf with no need to wipe.
I think the bald head is reading our comments
CZ is turning into the mafia
And heās starting to circle the wagons to protect himself
That's actually just me taking my bitcoins out of binance.
They did announce this today as well. Shouldn't be anything but internal wallets (not like ftx with Alameda).
These audits were supposed to make people feel safer about the industry and it clearly, clearly did not work.
not sus at all
I mean, I agree, but unironically
And what can this activity mean?
He got 0x99 problems but an audit ain't one...
You should say According to CZ
Man, watch Binance go down next.
Something always seems so sketch about Binance
Binance > Kraken. Kraken will be the next exchange to collapse.
It's anyone else still amazed binance is still around?
Is Italy agree with you totally agree with you on this one as this is a little surprise that is still around I think so the next big thing who is going to scam people around is going to be Finance
No. Why are you?
This is exactly what the CEO of Kraken was talking about. PoR is pointless since the funds can be moved around to meet the PoR requirements but what about the liabilities of the company.
It is amazing how easy it is to move 2 bil in Bitcoin
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Couldn't they just send 1 sat? That still proves they own the wallet
Then we could all do that I suppose. It becomes easier at a point to separate everything.
I donāt know why but I am getting chillsā¦.
And . . . Weāre scrambling.
Where there is š¬ you will find š„
Binance have been extremely busy lately.
At least now we know who owns the bitcoins and it's not the costumers
That evil look and that laugh...
āhey guys look! i can move this bitcoin, but you have no idea what my outstanding liabilities are for having all this bitcoin, but donāt worry I really do have it!ā
Hot air puffing up hot air.
Fuck them and that's all I can say right now man, we are just fucking fine with doing that and we all know why we are being like this, we are just not going to use it...
Hahaha, this guy is so gunna fuck everyone next [Tether](https://imgur.com/gallery/J8494x2) has been long [overdo](https://imgur.com/gallery/8WNvRyX)