Without wanting to overdo the "speedrunning 100 years of trad finance" crypto has just replayed 2008.
FTX is playin the role of Bear Sterns and Binance playing JP Morgan. Defi are subbing in for Mortgage bonds, CDOs and synthetic CDOs squared. Margott Robbie can play herself again the the explanation https://www.youtube.com/watch?v=wlHrSZ7BVFI
As with 2008, it is entirely possible that an exchange does what it is meant to do and just happily generates piles of profit for zero risk - taking a percentage of every transaction a bit like ebay. Is that Banance? Or maybe Gemini of Winklevoss fame?
No idea, CZ of binance tweets like he gets this, but who know. SBF tweeted saying they had everyones money but i guess the character limit means he couldnt say the whole statement which really was "we have everyones money ... except for 5-6billion of it"
> No idea, CZ of binance tweets like he gets this, but who know.
Agreed. CZ has also posted that he intends to start publishing merkle-tree proof-of-reserves [0] for Binance. Definitely could be posturing, but if he follows through it would definitely raise the confidence in Binance.
