Is Binance The Next FTX?

[@sapphiron21]

That 13.15% rate was a dead giveaway, Charles Ponzi himself would be proud

[@AlexanderTheGoodEnough]

Pfft. The ghost of Bernie Madoff says his rate was 1.85% higher and he lasted much longer.

[@Divereth]

It's only 13% for first $500. It's 6.3% for the rest. Also APRs for Binance earn were around 0.2-2.5% during the bear market and only picked up to 4-6% range due to increased lending demand after Bitcoin broke $25k.

[@garywilson7727]

@@Divereth Yeah man agree with all the points but this yield he is talking about is so wrong and people are gobbling up the fake info

[@Ryan-wx1bi]

​@@Diverethcontext matters for sure. 13% on the first 500 is basically nothing for them.

[@counterleo]

TBH in 2020 and 2021 DeFi yield farms were consistently offering double-digit APRs. Were most of them rug pulls? Absolutely. But 13.15% still sounded conservative and the "safe option" compared to that. CDC (Cry... dot c...) were offering 12% and they are still around.

[@reprovedcandy]

This video is gonna make it into one of those "why did no one listen to the signs" segments in a doc about the fall of Binance.

[@0020-n6h]

I would like listen to your signs, how long should i wait until their fall happens

[@Ryan_DeWitt]

The mere fact that they have no central office and even more so that their CEO moves around and doesn't ever say where he is would be enough on its own.

[@floxy20]

To remain one step ahead of the sheriff. Leaves at 3:00 A.M. without paying his hotel bill.

[@honor9lite1337]

​@@floxy20noted

[@edwins.9609]

Jajaja good shit, he’s definitely running

[@marilynlucas5128]

That's a strategic move. It's easier to avoid the politics and the jealous people

[@RUHappyATM]

I agree. Try doing businesses (like buying physical goods, especially expensive ones) with a company without a physical office.

[@joeshmoe7485]

Yes. There are still enough suckers out there hoping to get rich by doing nothing. As long as there exists that dream, there will be scumbags looking to exploit it.

[@rightwingsafetysquad9872]

That’s what the stock and bond markets are too. The scam isn’t getting rich doing nothing, it’s getting rich quickly doing nothing.

[@barorepor3079]

@@rightwingsafetysquad9872 Nope: stock markets are (highly) regulated.

[@danh5637]

Yeah cos nobody at all got rich out of crypto. Absolutely no one.

[@ProjectLDV]

@@danh5637you’re going to make this potato argument? 99% of people will never get rich off crypto. It’s the greater fool fallacy. As with most grifts the early adopters get rich and the Johnny come latelys get left holding the bag.

[@sophiacristina]

@@ProjectLDV Just like almost any form of investment?

[@mattmurdock5424]

If everyone sold all of Binance’s tokens the exact same thing would happen. Guarenteed

[@paulnyagini]

The Same go to stock markets

[@FadeHook23]

@@paulnyaginistocks are somewhat backed by the government. Crypto is not

[@hagamapama]

In other ords let's leave questions of fraud aside, this fund is almost begging for a hostile strike against its assets by a short seller.

[@globalismoblackman]

Game over lol 🤣🤣😆. The last person holding the hot potato life savings will be R.I.P. Lol 🤣

[@shauna996]

@@paulnyaginiApple doesn’t make profits? If everyone sells Apple and it’s stock goes to a penny, I’m buying. Then the dividends go to me and I’m a billionaire.

[@PNarbz123]

Never hold anything on an exchange, its not yours unless its in your own personal wallet.

[@daryl9799]

100% put it in your own wallet never leave it on a exchange its your responsibility.

[@garygarside9782]

" wallet "

[@MrBgreen88]

Yes…

[@Nohandleentered]

Also, don’t keep you money in a bank. Put it all under a mattress because you will definitely never lose a complex private key or long string of random seed words 😂. You’re perfect at operational security as well, so why let a complex organization handle that for you instead.

[@23Markthespark]

Can’t hold gold in a wallet

[@maasicas]

I said that a year ago. Binance is done. People just dont know it yet. Edit : what made me say that a year ago, was an interview with CZ. He was asked if they are financially solid. He replyd with mouth sounds that were supposed to assure you everything is ok, but anyone with a brain could hear the words between the lines : we are fucked.

[@ahuruglica]

Who are you?

[@digimonhyperpl0x]

here we are a year later and you were wrong. could've cashed out on 7% savings accounts.. and moved on to other safer investments.n

[@trainerkam3218]

@@digimonhyperpl0x it's all about risk. You can't really on hindsight to make right decisions. I'm sure ppl thought terra & Luna and ftx were great things to invest in, up until they lost all their money.

[@Mezcaline24]

So Binance is done because a year ago you interpreted CZ's words in a way that fits your own believes, that's rock solid evidence right there, keep it up.

[@KamiCS2]

Since then: BN still exists, BTC went up a fair bit (which, given BN's stake, is a good situation for BN's sheets). That being said, it's still far from safe - BN has it's fair flaws, and given the shady papers on their end it's probably better to hold funds elsewhere. Still - your claim doesn't make sense given history.

[@mathewomolo]

"everyone will sell to someone at a significant, life changing profit and they're all going to make it" -everyone in Crypto.

[@dsnodgrass4843]

"Greater Fool theory", 2023 edition.

[@Deriv44]

You got to love fact that Binance being the reason that FTX went down because of Binance letting be known there was something not right with FTX by refusing to buy them and now after SBF got a guilty verdict Binance is most likely next to be going down or barred from doing crypto exchange in the west

[@ryanyu102]

Binance might be doing sh*t in the west because of FTX. But it is doing quite strong in the east though

[@backlogbuddies]

Won't be long until authorities are looking for him

[@univera1111]

Barred from the. West but needed in the third world where u can't pay for international good with your local bank card.

[@ryanyu102]

@univera1111 this is why I don't believe binance is going down. At this point, they are too big to fail, and they are able to stabilize relations with other nations far better than that of FTX

[@jal051]

Well, let's say Binance sped it up by making it public knowledge, but it was going down anyway. Other crypto companies were already not lending FTX any more money because their balances, even the fake ones, looked too bad.

[@temp0rand]

So no CFO, no board and yet professional investors invested in FTX but not Binance. Interesting I wonder why.

[@beeyiff]

Because the CEO made more effort to be seen

[@gneruinseruihnutshnu]

SBF was really good in at least one thing. Investor pitching

[@moneyobsessed]

i believe him being jewish garnered him uncoscious trust from other jewish investors / money managers

[@rightwingsafetysquad9872]

@@gneruinseruihnutshnu SBF was really good at being cousins with influential executives in the finance and media industries.

[@maddog11ful]

“BANKMAN” “FRIED”

[@id10t98]

Calling someone a genius because they created a crypto currency, backed by nothing, and assigned a value to it making them a billionaire, is about as absurd as it gets. How anyone can fall for it is mind blowing. It's pure greed.

[@pete7289]

The fact he keeps moving around and no one knows his exact location means he is on the run but lowkey because he knows there is something that the SEC might be closing in on. This way if the hammer drops he is already gone with the wind no last minute stupidity like SBF. CZ is a true mastermind and can make a very formidable supervillain he has all his moves well calculated.

[@Aut0KAD]

its remarkable that binance has lasted this long

[@sznikers]

All they need to do is not spend customers money and shave billions of them in fees instead. 😂

[@robertmiller7921]

Eh, Bernie Madoff kept it going much longer.

[@idrathernot_2]

FUNDA ARE SAFU

[@ericschumann4213]

Binance has survived because of it's attraction to the criminal element. Their deliberate facilitation of anonymous trading is ideal for criminals and terrorist, and for that reason, those organizations will continue to use Binance to launder their money, allowing Binance to continue indefinitely. The terrorists have a vested interest in keep Binance and tolerate the corruption necessary to keep it a float as the cost of money laundering. These people and organizations ensure that there are always buyers for various crypto at inflated prices, thus preventing the immediate collapse of crypto as the rank and file people attempt to pull money out. Because the money launderers represent a majority (possibly a super-majority), crypto can't collapse as long as the launderers are willing and able to keep putting money into the funnel. What crypto needs, to allow it to die, is a concerted effort to prevent it's use for illegal purposes. This should include everything up to and including a complete ban on crypto if necessary. In the mean time, it needs to be made very clear that supporting any form of crypto means (almost by definition) supporting and assisting terrorists and criminals. If you take the crime out of crypto, then all that is left are the rent seekers who will quickly go bankrupt paying for all the electricity it takes to keep the crypto networks running.

[@cheeseburgeryumyum]

Lol, binance passed on the purchase of ftx because they see what ftx was doing and it matched his company.

[@fakeplaystore7991]

"Hey, I've seen that trick before!" - CZ after looking at FTX balance sheets.

[@globalismoblackman]

Exactly 😂 Crypto Crooks know what each other is up to Lol 🤣

[@FelixBibian]

bro called it, he knows what he’s talking about

[@MrBonified66]

While I'm a strong advocate for Bitcoin, I largely agree. The recent announcement of the 13% yield was another big red flag and I would really not be comfortable having any money or assets on there.

[@tomlxyz]

Well, Bitcoins legitimacy is mostly independent from Binance

[@LAinLA86]

This is a video we are gonna look back on in a year and be like "Yeah, Wall Street Millenial saw it before anyone"

[@elin111]

Crypto was never more than glorified gambling. Whatever promise bitcoin claimed to have failed miserably from the get go.

[@guardianoffire8814]

Real Crypto Bros would have made several statements such as. Your just taking part in spreading fear, uncertainty and doubt (FUD). Enjoy being poor. Keep diamond handing don't be paper hands. lol

[@fakeplaystore7991]

As long as cryptoCURRENCIES are not used as CURRENCIES, they have no purpose except scam people. And we know that, by its own design philosophy, bitcoin can never be used as currency for commercial transactions.

[@jslepx]

Binance just announced they are delisting many BNB spot trading pairs including GBP/BNB, without any reason. You might be right on time with this video. After seeing this I'm convinced a collapse is imminent. Good Work. P.S. You would likely get more clicks if you made the title: Binance Is The Next FTX (I think it's safe to assume at this point)

[@sang3Eta]

"Without any reason". They were cut off from Western banking systems.

[@Studeb]

With skillful investments like half a billion dollars into Twitter, I'm sure all investors will feel confident in knowing that this guy has the knowledge to keep their money safe. :D

[@stsk7]

Nothing wrong with investing in twitter

[@Studeb]

LOL, straight after Disney, Warner, Paramount, Apple and IBM announced they were halting their ads on X, can you be any more simp? (Chandler voice)@@stsk7

[@dwaynemcallister7231]

HA HA, that is funny@@stsk7

[@FraggnAUT]

@@stsk7 you do you, nobody is stopping you, lol

[@lammyjammer6670]

In CZ's defense he pulled out of FTX as soon as he smelled blood in the water. That alone is infinitely better judgement than SBF ever wielded at FTX itself. I'm also pretty sure CZ did the move to force an acquisition but he probably didn't know how toxic FTX was by that point until he got to see some actual numbers and also ran for the hills as quickly as he offered to buy them out 😂

[@krozareq]

CZ had someone at FTX's office in the Bahamas. They couldn't get any real answers on liabilities and the whole record keeping was a complete mess (and further confirmed from their bankruptcy). CZ didn't have numbers and that was the problem. That's because nobody at FTX did either.

[@havencat9337]

the guy is smart! im sure he will hand on and ride this wave. He needs to stay hidden becasue everyone wants to take them down

[@timg1246]

​@havencat9337 why would 'everyone' want to take him down ?

[@TheCrusher72]

CZ was simply tipped off by SBF via simple text message…seriously unethical, but not illegal in China.

[@qwerty112311]

Once he realized he’d be taking on a load of liability from FTX and exposing his own Ponzi scheme, he figured let FTX take the heat and don’t give the government a reason to look at his book. Anyone who things binance is anything other than FTX with a different name is fooling themselves.

[@kcgunesq]

My recollection is that prior to Enron and Sarbanes-Oxley, it was common for companies to make 401(k) matches exclusively in company stock. So if you wanted any company match, you had to put it into restricted company shares.

[@AlexanderTheGoodEnough]

They still do that. There was a lot of buzz around meta crashing down to 96 a while back and how bad that was for employees who had a lot of their net worth tied to the stock. Hell, they even paid the artist who decorated their first headquarters in stock...and that guy is super rich now.

[@lonyo5377]

​@@AlexanderTheGoodEnoughthere's a difference between 401k and stock options/RSUs as a bonus

[@louie8346]

Binanace is a lot harder to catch that ftx. The US and China would have to team just to catch these guys.

[@silmarian]

the modern version of this is stock options and stock in lieu of cash compensation.

[@silmarian]

@@AlexanderTheGoodEnoughunfortunately, for probably 90+% of people who get options or stock in lieu of cash it turns out to be a bad deal. Most startups don’t make it or don’t make it big enough to be worth more than they would have made if paid fairly.

[@tomlxyz]

With 13 % that would double the money in 6 years, and if just half the people pull out then the whole money is gone

[@vander9678]

70/13 is 5.53. Actually 5 1/2 years

[@resa574]

@@vander9678it’s actually closer to 5 years and 8 months if you’re trying to be precise The 70 rule is just an estimate

[@kidd32888]

They are spending it so it will take less ppl to withdraw

[@stormryder4305]

If he is overspending sucker, like Sam Bankman-Fried, it may need less than a quarter.

[@Ryan-wx1bi]

It's only 13% for the first 500 Dollars. The rest is less than half of that

[@brandonsmith6965]

unsustainable yields are there to attract unsustainable capital. "Aaaaaaand it's gone!"

[@TheBuzzati]

The obscene greed of this kid is otherworldly. He would've been a legitimate billionaire making passive income off of the brokerage fees of FTX and taking reasonable risk on trades in Alameda...but he wanted 10 to 20 more billion than the 10 billion he would have been legitimately worth. I just can't wrap my head around this level of greed. A person with this sociopathic level of greed and this high level of intelligence must be locked away forever, the damage they can do is unmatched.

[@elvicsolgb]

The kid is not alone with his greed. He also has his parents behind him and many other people that his parents bribed in multiple governments. The way I see it is that the boy is just a poster boy for all these crooks; most especially his parents who ironically are professors of legal ethics in Stanford University.

[@TheBuzzati]

@@elvicsolgb Yep, agreed.

[@Oneofakind123]

Alameda (the chicken) would have gone bankrupt from inkompetence and a few really bad bets. Therefore FTX (the egg) had to save it otherwise both would have gone under.... He ain't a wonder child. He got lucky, couldn't keep up the luck and lost it.

[@faulrevere8938]

Intelligence? WTF are you talking about...SBF is closer to autistic than intelligent.

[@googleemployeesarecucks1917]

You think he’s intelligent 😂😂 So many dumb sheep in this world

[@Ihaveanamenowtaken]

Guess what: CZ declared himself guilty of money laundering.

[@compositeur8455]

It amazes me how one does any research before dumping their live savings into shady businesses.

[@MasonLangley-qt6cv]

It is always good to have a financial plan. I work with a portfolio manager in the USA. The fixed income portion of your portfolio won’t simply serve as a buffer to the volatility of the equity but will provide income.

[@lawrencerandolph5795]

This is very true! A lot of people downplay the role of a financial planner until burnt by their mistakes. After my last job layoff, I had to stay afloat, hence researched for licensed fiduciary advisors. Thankfully, I came across someone of practical knowledge and experience. My reserve fund of $225k has yielded nearly $1.3 million after subsequent investments so far.

[@trevleek]

100 percent

[@demetriussullivan4088]

It is challenging to create a strong financial portfolio therefore it would be wise to get much needed assistance from a real finance professional. You can then receive strategies that are specifically suited to your long term objectives and financial goals.

[@KarenOpenda]

Insightful. I need some advice on how to rebuild my portfolio and develop successful market tactics. Where can I find this professional portfolio manager?

[@lawrencerandolph5795]

Reading, research, patience and seeking guidance is the best way to approach or break into the market system. I have been inclined with CHRIS RYAN STEWART, a CFA whose experience and expertise speak for itself. I saw his take on risk management a couple of years back and I was amazed.

[@MagnetoJones]

Caroline Ellison is the oldest 20-something year old I’ve ever seen

[@toomanymarys7355]

She looks 12 and 52 simultaneously

[@AinsleyHarriott1]

Drugs and guilt

[@georgezaharoff]

This was a great deep dive. I don’t know how anyone would feel comfortable having their crypto portfolio in exchanges overall. It’s messy.

[@Astrow389]

walles get hacked and drained daily. The issue is the tech itself. It's terrible.

[@resa574]

Bitcoin etfs

[@TheGreyGhost_of43rd]

Deep dive? You drunk?

[@georgezaharoff]

@@TheGreyGhost_of43rdmaybe

[@sznikers]

On the other hand do you feel confident to download that .exe file with cryptowallet for latest trending shitcoin?😅

[@n7narcosis]

"If I had one penny on Binance's platform, I would drop everything to pull it out..." enough said!

[@jslepx]

I have £8 in bitcoin on there but couldn’t pull out less than £10 due to fees last time I checked. Not worth the time or effort to try, regardless of the imminent collapse tbh.

[@rb95051]

I’m a firm believer that anyone is free to think whatever they want (as long they do NOT harm anyone) but I’ve always been skeptical of crypto. I normally use harsher words for it but saying that is all a big Ponzi will suffice. Anyway, if people really believe in it, I can always offer a bridge or two for sale….btw, good video

[@sophiacristina]

It is not a Ponzi, it is because most people just see it as a speculation tool. But it is a money like just like fiat, but protected mathematically. What do you think your dollar is? Where the value of dollar comes from? Some people use the finance services of cryptos, like, DeFis, which make it useful for them. Also, i had to transfer different currencies to a friend of another country instantly, without institution for it. And if people want to be paid online, it is the best and easiest way to send money to someone without any bureaucracy. Also, it is even good for people in restricted government and people doing "shady things".

[@xavdeman]

Imagine thinking cryptos are in any real way 'protected'. Almost every crypto service has been hacked and drained by now.

[@mysisterisafoodie]

Not ponzi but classic pump and dumps. It’s all of them, from the gimmick cryptocurrencies, to the “legitimate” ones, it’s all p&d

[@sophiacristina]

@@mysisterisafoodie Pump and dump? So why every "dump" the BTC always have more value than before? And the same to the most consolidated coins... Do you know the price BTC started? It is just that there is indeed some speculative bubbles, but it is not p&d...

[@mysisterisafoodie]

@@sophiacristina Early days bitcoin was kind of interesting but it pretty quickly became apparent that it could never function as a consumer currency. If Bitcoin attempted to process even 1% of the transactions that AMEX does in a day it would take weeks to verify a transaction. So if it can't be used a a currency WTF is it? People started pointing out that gold is largely worthless except as an agreed store of value so they said 'well can't Bitcoin be that?' No, of course it can't. Gold has physical substance and the backing of nation states, it's value is protected by legal and social institutions. Yeah, all money is fake but Bitcoin is the fakest of all. At the end of the day all crypto is worthless until you can find someone to trade you actual fiat currency for it, because it can't be used to fucking buy anything! That means that all crypto is just a 'bagholder' scam it works as long as the next idiot comes along to hold the bag.

[@redneckedcrake7059]

...aaaaaaaaaaaaaaaaand Zhao just plead guilty to money laundering.

[@lollollin]

So far Binance survived through bear market and FUDssss and still staying strong, SEC never sued FTX and SBF was the greatest guy on the earth but looked what happened ?

[@danielsysila4216]

Unlike FTX, Binances terms read that funds are comingled always, so will it in the end when Binance collapses be on the investor since it is clearly stated?

[@MagnetoJones]

That’s my thought. Watching the SBF trial, I was struck by the fact that most of what he did would have been legal if he had disclosed what he was doing and didn’t lie about it.

[@Niko-qs1sl]

A company can not commit illegal acts behind terms of service agreements in the same way you can not sign your rights away in an employment contract

[@MagnetoJones]

@@Niko-qs1sl is this true in every country on the planet, or just your native country?

[@krozareq]

@@Niko-qs1sl But the trial was regarding fraud. It was fraud because he did not disclose and went out of his way to lie to investors and creditors. Sam and Caroline cooked the books. FTX then went insolvent and anyone who knew anything turned state's witness against him to save their own ass.

[@sumilidero]

in not sure that if you state that you are doing a crime in official documents, then you can commit the crime legally

[@arthurmorgan332]

Well this aged well 😊

[@AKUNJIG]

Facts. Watched this while I saw the news about his Resignation.

[@antman7673]

People didn’t get lazy. Big returns were advertised.

[@DeMaan1988]

People got greedy

[@reignmack]

people got Lazy and greedy

[@hagamapama]

"too good to be true" is a phrase for a reason

[@lombardo141]

Lazy meaning they did no research or used what little brain power it takes for common sense.

[@lordsneed9418]

I think it's very unlikely that CZ has the same "effective altruist" attitude to risk that SBF had. FTX blew up because SBF borrowed billions of his customer's money to make hugely risky, directional, multi-year trades . I don't think CZ would do that. It's simply not necessary for him and he probably doesn't have that self-destructive attitude to risk.

[@vapsa56]

Are you sure about that? Or was CZ trying to eliminate competitors, i.e. FTX. And it blew up in his face. And rhat is the reason why he is in hiding.

[@lainiwakura44]

These calls for panic bank runs keep pouring transactions and withdraw fees in Binance revenues, while not being able to make it collapse - at least not yet - even under immense withdrawal pressure ($15B in end 2022 alone).

[@sumilidero]

@@lainiwakura44 well FTX could handle about 6bn of withdrawals too at the beginning. and if you compare 15bn out of 72bn is similar % that 6bn of 30~bn at ftx. Only about a fifth of entire assets

[@Max._Power]

the effective altruism thing, like sbf driving the crappy car and looking goofy, was all a smokescreen to make himself appear nonthreatening, he actually had a much more expensive car and got rid of it to keep the illusion that he didn't care abhout money and carefully crafted his appearance of "effective altruism" in reality he was exactly the same as cz, he just hid it.

[@lordsneed9418]

@@Max._Power That's not true. SBF was part of the "effective altruist" community since college, for more than 10 years. He had been volunteering to help organise events for them since college. You can't fake enthusiasm for something like that for that long, many many years before he started Alameida or before Cryptocurrencies were even traded on exchanges. Infact Sam's parents both basically believed in "effective altruism" and their published writings show this. The fact is that "effective altruist" ideology encourages dishonest ends over means behaviour "for the greater good" . Sam's behaviour lines up with sociopathic , onsequentialist "effective altruist" ideology. Lying and stealing is fine as long as its for "the greater good" and some of them actually believe in multiverses and so have bizarre beliefs about risk , where they don't care about what actually happens in the real world, they care about what decision has the highest expected value across the multiverse so they'll happily bet double or nothing which is basically what sam did making crazy directional multiyear bets on the future by spending billions of customer money on lobbying, advertising, and startup venture capital.

[@JasperT-uj6zs]

Regarding the logo image searches around 7:01 - could be that the early customers were Chinese platforms that sat behind China's Great Firewall. Maybe such websites are much harder to index / not even on such image search websites' radars.

[@dskarma-jt1nb]

That's what I thought too. He should've gotten someone from China to verify.

[@JeffBourke]

There is no way Binance is 100% covered. Mathematically impossible and you can see there evasive behaviour around “proof” of reserves. I’m surprised they have lasted this long without a run. It’s actually amazing as there is literally zero benefit to keeping your assets on an exchange instead of your own.

[@Financial_Revolution]

Your local bank, or largest national bank for that matter, in whichever country you may be in is not covered either 100% of the time. Actually. It’s never going to be either. This is finance in the 21st century on the fiat standard. Don’t like it? Read Saifedeans books the Bitcoin standard, fiat standard and last but absolutely not least. Principles of economics.

[@stenstensson2086]

Heard about stop-loss? But sure for long term investors there's no benefit.

[@Financial_Revolution]

@@stenstensson2086 stop loss got nothing to do with this 😂 you didn’t get it

[@Vmac1394]

No bank can handle a 100% run. All modern banks are fractional reserve banks, this means that they loan out/invest a significant portion of the money they take in as deposits. This is how banks make money. This usually isn't a problem when the banks are only making mortgage, car, personal loans and investing in stable things like bonds. This issue arises when the banks start making risky investments with the money or they keep no liquid reserves on hand in case of a bank run. Silicon Valley Bank recently failed since all their money was locked up in bonds that wouldn't be able to be turned in for years that had a trash ~1-2% yield plus they were THE risky VC investment bank.

[@havencat9337]

all the banks are the same...no way they can cover their asses. So.... i dont see your point?

[@kimjw001]

@0:36 you had me at "criminals like S.B.F..."😂

[@jacquelinem2873]

“Unregulated” business overseas… yeah, I am going to invest or deposit my life savings… greed!

[@AlphaCentauri24]

Crypto Bros: Hail decentralised form of currency. Deposit in a centralized exchange. 😅

[@globalismoblackman]

Where are our Crypto Gazillionaire Bros ? On Instagram and Tictok, Twitter know know as X Lmao 😂

[@LAinLA86]

This is a video we are gonna look back on in a year and be like "Yeah, Wall Street Millenial saw it before anyone"

[@elen5871]

to be fair, ppl like bennett tomlin and molly white and bitfinex'd and other crypto critics have been saying binance is fucked for ages now, and have had the numbers to back it up. it's _bad,_ lol. it's wild he's held on this long.

[@carpediem4512]

Unsophisticated Chinese depositors have kept him afloat.@@elen5871

[@univera1111]

Well I don't believe binance to collapse. They are generating profit from transaction fees

[@Dragon-Believer]

I thought everyone saw that a long time ago? They're exactly like FTX.

[@gesundmitanne8190]

​@@univera1111at least not in the coming bull run maybe next bear market

[@littlebopeep3377]

You called it!!

[@jamesecarson5631]

a self-proclaimed Harry Potter fan... if someone could/can really generate an 8%+ annual return, you will not hear about it as they do not need your money.

[@rutgers182]

interest rates go up during a bull market because people borrow to short. 20% apr isn't high for a borrower looking to sell in 1 to 7 days.

[@braziliannigga]

My timing when it came to cripto wasn’t perfect. But it was good enough to allow me to basically to retire at 32. When I decided to convert 90% of my cripto to real estate, many cripto bros thought I was an idiot… Well look at them now.

[@yuvipanda]

The money you made was fleeced from some greater fool. I hope the guilt never leaves you

[@braziliannigga]

@@mikeoxlong5928 in Brazil that’s how we spell it. Sometimes I confuse it

[@braziliannigga]

@@yuvipanda lol Idgaf. I wish I’d gotten even more. Fools will lose their money to somebody anyways

[@odetteuys1111]

Nice investigative work. Keep us posted. So many skelms out there.

[@sonyakinsey4376]

Short answer: Probably, yes. Long answer: It's only a matter of time before the whole thing tanks and KZbinrs dance upon Binance's grave.

[@royed31]

Is Binance The Next FTX?...............Lets hope so

[@djayjp]

Are they fully audited regularly (with audit published) by a trusted auditing firm? If no, then one is a complete fool to put their money with them....

[@stuartcarter4139]

I mean the Big 4 also are involved in every accounting scandal ever but yes it would be hard to spin if your books are completely fuckered

[@edwins.9609]

Definitely not audited, especially all the new shit coins they keep adding

[@TinayM]

Enron was audited by no less than one of the big 4 auditing firms in the world. And yet ...

[@djayjp]

@@TinayM Hmm that's interesting. And their report didn't identify any concerns (I remember their mark to market accounting was not actually that but rather fraudulent)? And when did they do that report vs when the fraud occurred?

[@Anonymous_Lee19]

Unfortunately, it is not difficult to be audited by a trusted firm... Auditing firms provide all kinds of services, and they usually protect themselves with a list of disclaimers.

[@TheDavidlloydjones]

"Hired Kevin O'Leary" is the "jumped the shark" of our time.

[@Joso997]

Most likely not, crypto prices are green again. Binance might have just survived somehow again, also they are among the biggest players in town.

[@vnep5743]

This is beginning to bring to mind the old mlm/pyramid schemes which marketed themselves as high yield investments. While some mlm companies were legit, how many were scams? There were some big cases though not well publicized unless you were watching that type of thing. Crypto exchanges have simply taken things to a much larger scale and without the trappings of a mlm. What bitcoin was originally intended for according to the white papers has nearly been completely lost.

[@user-DongJ]

Nice vlog. Remember: No exchange is perfect. Not your keys, Not your coins. Use a centralised exchange at your own risk.

[@floxy20]

Bitcoin was fundamentally flawed from the beginning. How can an "asset" which fluctuates so much be used as a transaction medium? You would have to be nimble and lucky to benefit in a transaction, if they were even to be used. Crypto is like trading cards: you spend real money in acquiring them and get real money when selling them but the cards themselves cannot be used to buy anything. Peak stupidity.

[@globalismoblackman]

You are intelligent 🧠👍👋👋👋👋. Great question suckers never seem to ask before investing.

[@maxam2083]

Thanks for the reminder just withdrew all my crypto from there…😅

[@HardPourCorn]

How sweet is this irony - exactly 1 year after FTX collapses, the guy who took back SBF's lifeline is now in the same hot water... remember when CZ was the smart one?

[@Seriouspatt]

Anyone who's followed the crypo industry and isn't highly critical of it has mental issues. The many red flags people like Friedman or CZ showed should've frightened anyone who invested money anywhere near them.

[@elin111]

People don't have common sense they just see some techy thing that promises it'll make them millions without having to work for it and blindly jump on it without using their braincells.

[@TheProfessorSocks]

And boom, WSM gets it bang on the money AGAIN

[@dagda825]

Binance being a highly polished turd is no surprise. I'm sure I'm not alone in thinking clee z was next after the man with the SADIM touch (SBF) got flushed down the toilet.

[@PianoWolfg]

at this point, someone still put their money and fate on crypto exchange or (crypto in general) they deserve to lose it, there had been too many instances of this happening and many warnings

[@satperush]

You may mention 14,000,000,000 Was withdrawn from Binance within 1 week after the FTX collapse and it did not make a dent.

[@sumilidero]

yea but ftx handled about 6bn withdrawals as well at the beginning, but then more withdrawals came :D binance was lucky it ended at 15 i guess

[@norielfajardo6940]

😂binance profited also in that 14billion dollar withdrawal my friends and family members with their money in binance bc of fear being next FTX but the fees to withdraw your money is 10% imagine the millions of people withdraw their money that day in binance how many 10%

[@bobbym6130]

Crypto was an interesting curiosity in 2012. It was never an investment. It was a currency or commodity at best. The past 12 years have been an epic demonstration of greed and scams on an unimaginable scale.

[@vicwangqdao6199]

very good analysis. Always the best youtuber i've been following. Great job!

[@THE16THPHANTOM]

always weird to hear people calling that FTX guy a criminal after all the praise from a while back.

[@thegodofcycle216]

Isn't Binance under investigation for helping Iran to launder money?

[@naamadossantossilva4736]

If that is true CZ may get Suleimaned.Good riddance.

[@rock3tcatU233]

I fail to see the controversy here...

[@ryanshaw4250]

that was ftx and us/ukranian govt officials

[@chrisj8764]

Answer: No, because CZ is more cunning than SBF and has cut a plea deal

[@luckydepressedguy8981]

nOT uR kEyS noT Ur cOIn

[@Tinfoiltomcat]

Why are you saying it like that's not true?

[@aightm8]

Why the sarcasm font? 100% true, how many crypto exchanges from 2014 are still around today

[@luckydepressedguy8981]

@@aightm8 yea was thinking of that one spongebob picture

[@luckydepressedguy8981]

@@Tinfoiltomcat i just think its funny,i use cold wallet myself haha

[@Tinfoiltomcat]

​@@luckydepressedguy8981oh, you just used the "sarcastic text" meme so I misinterpreted

[@johanbiggles12]

Thank you for informing the public about this!

[@dubbyx8490]

This video aged really well 😂

[@guyrosinbaum7745]

If you don’t understand the yield. The yield is you.

[@egal1780]

I guess I must rethink the Ethereum I hold on Binance - but Not nearly my Life savings.

[@antman7673]

When you can get your money out, you can consider yourself lucky.

[@huckleberryfinn8795]

Put your Ethereum in a personal wallet.

[@egal1780]

@@huckleberryfinn8795 I'm Actively Trading on there.

[@egal1780]

@@devilselbow I know, but with active Trading That's quite hard.

[@reignmack]

@@egal1780 no its not hard, stop being lazy, you want to trade then use a DEX

[@Zordiak]

It could be that the only thing keeping Binance afloat is their $250 BNB token

[@TheGamingCanadian]

As a crypto fan I have to agree with you on this, centralized exchanges in general should be used with caution

[@Yourworstnighmare4444]

Bitcoin , not crypto 😊

[@TheGamingCanadian]

@@Yourworstnighmare4444 Bitcoin is the best crypto out there but I’m also a fan of other projects like Ethereum Classic

[@skyfeelan]

I have $2 worth of Cardano (5 ADA) left there (I moved most of them to Yoroi a long time ago), and now, I can't even transfer the rest because the minimum is 8 ADA 💀 at this point I'll just write them off

[@MuhammadImHardBruceLee]

Say hi to Binance... Say bye to your money...

[@omega2821]

Loser, jealous you

[@vsonic86]

Dude you were right CZ. He got busted with the regulation. Except, he got away by paying fine.

[@johnaashmore]

How is it possible there can be this many red flags and its still running?

[@jerzsubbie]

This reminds me I have $500 still on Binance. It was

[@kieranelliott5607]

If we are to believe SBF's own story about what happened at FTX he should not have been trusted with ten dollars let alone billions. Hopefully it isn't as bad at Binance, but that's not a high bar and this video is not reassuring!

[@rightwingsafetysquad9872]

Binance is super suspicious, but at the very least they seem a lot more competent than the FTX clowns.

[@globalismoblackman]

Facts 👍😎

[@globalismoblackman]

@@rightwingsafetysquad9872 very suspicious been warning friends and acquaintances for years but many didn't believe me then. They surely believe me now after FTX imploded and billions of dollars were wiped out 🤣😂😆

[@CatsMeowPaw]

Not your keys, not your coins. Never forget.

[@toastyboy]

my bro called it

[@TheGreyGhost_of43rd]

You give me hope for humanity. Watching other channels just makes me feel bad for future generations.

[@thegray5730]

Crypto is like a casino chip, it has no value outside of a that casino and even then, they don't have to cash it out.

[@rihardsgr]

Crypto is wild west. Scammers small and big are in pursuit of our money. Be safe.

[@glenegrant]

It's only a matter of time for CZ and Binance to be uncloaked. No independent audit of its books is never a good sign.

[@globalismoblackman]

Yup Auditor wouldn't sign off his financial books 👍. That was very telling to me, yet gullible fools still pump their life savings into Binance smdh Lol 😂

[@glenegrant]

@@globalismoblackman at least with SBF we also knew where he lived or had domacile. CZ is like floating orb, clearly its to avoid being scooped by Feds.

[@indianapapi]

Custody your crypto on cold wallets or at least a soft wallet. Do not leave it in an exchange!

[@plodiN3]

why is it that crypto is so shady once you start digging just a little

[@jonathanj8303]

Because making money out of thin air can ONLY ever be smoke and mirrors? Even "honest" crypto was only ever the greater fool fallacy.

[@LuchadorMasque]

because all the legit shit is in the top 100 by market cap. this is the equivalent of putting all of your money into penny stocks.

[@tomlxyz]

Crypto has yet to solve a problem not yet solved yet with other technology. So mainly shady applications are left

[@paulnyagini]

The reality is the entire financial markets is a shady if you do a little digging. You just need to be smart enough to make money out of it.😂 Which is super hard.

[@JanBruunAndersen]

​@@tomlxyz- the same problem (moving assets/money reliable from one account to another in a timely manner) can indeed be solve by a variety of technologies. The winning technology will be the one can make the best combination of costs, risks, speed, and reliability. And, for some people, (pseudo) anonymity. Besides dropping suitcases filled with cash from black helicopters, I doubt there are any technology besides crypto currencies that can match the all those requirements.

[@davidlast4682]

“History Doesn't Repeat Itself, but It Often Rhymes” - Mark Twain.

[@AKUNJIG]

Watching this video while seeing that CZ has resigned as CEO after pleading Guilty and will pay a $4.3B Fine

[@JonySmith-bb4gx]

Resigned. Not arrested

[@AKUNJIG]

@@JonySmith-bb4gx I said resigned.

[@xevinkk]

You might have just saved me a good amount of money, thanks.

[@wolverineQ8i]

I don’t think it’s wrong for an exchange to have a venture capital arm - It would be if the venture capatalist in question does indeed decide on coin listings on Binance I also want to correct your cited 13% APR on stable coins which is inaccurate as Binance only offers this on the first 500 USDT and only 6% on any subsequent amount

[@lainiwakura44]

Many others pointed these facts out correctly, but this channel is biased against crypto. This whole 'analysis' of Binance was superficial.

[@Bibutnonbinary]

@@lainiwakura44”biased against crypto” lmao go ahead and invest in FTX today lemming

[@rollandcurtisfromVermont]

Binance’s net worth is about $4.2 billion, so being forced to pay the United States over $4 billion sounds very dangerous and painful. Also criminal charges would be brought against CZ and a monitoring surveillance system would be set up to oversee Binance which fundamentally is a death-blow to the idea of decentralized currency, thus all of these actions would most definitely severely crash the entire bitcoin and alt cryptocurrency market.😮😮

[@kapilsharmaWorld_uncensored]

Next is teather. Binance is done already.

[@tomlxyz]

Tether already lost the peg. One tether is worth less than one dollar

[@naamadossantossilva4736]

And with Tether goes Bitcoin too.

[@dalethomasdewitt]

Locking the work ethic in place is all what money is about/defined as/worth fighting for, etc.

[@dephonnelzy5536]

So imma just wait a month for the coffeezilla episode on this as well, and expecting the next big court case for them.

[@bonesplitter1337]

Thanks for the video. Popcorn's ready.

[@nextinstitute7824]

Great video! I tried to find out where Binance was based years ago... It was murky, I contacted them about it. No answer. Thought it was suspicious... Then forgot about it... 😅 Until this video.

[@DeadDamsel]

At this point, I don’t really feel bad for anyone with their money still in crypto. How many warnings do you need? Like a child placing their hand on the hot stove over and over.

[@nishant54]

Nope fool. A child won't do it next time. It's brainless people's job.

[@rc2276]

Great research.