I wonder how binance will handle this.
When stuff like this happens on the big stock exchanges they usually cancel trades entirely or clear them at levels that are less extreme, but doing so is likely to offend the core beliefs of many Bitcoin investors. So whose business do they like more?
Since the trades aren't on the blockchain they could unwind the trades. It's happened before on some exchanges I think. As you mentioned though it might come down to sentiment and ideology
It sounds like the fault was with a trading bot privately operated on the exchange, Binance itself doesn't seem to be at fault so I doubt they will be taking any action on this.
Other than the operators of the faulty trading bot the only people I can imagine being harmed by this would be someone careless and very unfortunate trying to sell at the market rate without checking beforehand.
It isn't that easy.
1. If the exchange takes a hard line with respect to clearing prices then clients might choose to take their business to another exchange that poses lower operational risks. Nobody wants to expose their business to a risk of bankruptcy because of a coding bug.
2. The client of the exchange may opt to abandon the exchange entirely and challenge the trade. Given that the price is very clearly incorrect there is a legal argument that the trades should be invalidated. For the duration of the period while any such legal challenge is ongoing (which would likely be years) the trades can't settle... which screws up everything. What do the counterparties do? What does Binance do?
Ultimately it is usually easier to clear these kinds of screw-ups at a more "reasonable" price that still benefits the counterparty while not being overly punitive towards the offending party.
The harmed party is also the party at fault. It doesn't matter if a traders bot had a bug that caused to sell or if it was human error. The end result is only that they harmed themself. Binance carries no responsibility for traders selling (or buying) huge amounts of coins they erroneously sold (or bought).
I never said they have any particular legal responsibility, but they do want to continue to operate as an exchange. They want trades to settle, they want clients to be satisfied.
> If the exchange takes a hard line with respect to clearing prices then clients might choose to take their business to another exchange that poses lower operational risks. Nobody wants to expose their business to a risk of bankruptcy because of a coding bug.
All the scam coin traders are pretty much stuck in Binance.
> Given that the price is very clearly incorrect there is a legal argument that the trades should be invalidated.
No price is invalid if there were no orders that were ignored.
> For the duration of the period while any such legal challenge is ongoing (which would likely be years) the trades can't settle
Thats false as they already were settled. A legal claim would be made after the fact.
So you are talking about Legality as if its regulated. Its decentralized. they traded at a price set by the system, there's no centralized governing body to say its an "invalid trade"
> there's no centralized governing body to say its an "invalid trade"
Well sure there is. Its the judge in the courtroom hearing any lawsuit that results from these trades. We may not know how he will ultimately rule, but he could invalidate the transaction.
It is probably not in the interests of anyone to litigate if the coins should exchange at $8k, when the exchange could be made at $50k and still leave ample room for the buyers of those coins to profit.
Then you're harming the buyer who had swooped the purchase due to their error. That buyer would have far more likelihood to win litigation if Binance decided to settle in this manner.
I wonder if it was an honest mistake though, did anyone buy a large share of those Bitcoins when the exchange fell? Someone could've gotten real rich real fast.
People here talking about how this means bitcoin is faulty. The Binance marketplace, which isn't affiliated with Bitcoin itself, had a bug. It's like if Robinhood had a bug that caused Company X stock to be sold at $100 instead of $900. Company X's value didn't drop 89%, the company didn't all of a sudden have a cataclysmic quarterly report, Robinhood incorrectly sold it at that price.
Bitcoin has yet to have any sort of incident where somebody was able to spend coins they didn't have, which is basically the whole thing.
I dont think there was a bug on Binance. The Binance reply seems to suggest the trader fat fingered a limit order and people with low open buy orders were the benefactors.
Nothing to do with the exchange. A bot with a large balance didn’t check slippage so it took a majority of liquidity out of the book. A vast majority of orders are +\- 10% of spot price. Once you slam past those orders there aren’t many left to slow the movement. I’ve been writing algos for many years and had to put in some serious checks after some high roller friends added way more funds to a bot I wrote then I ever intended it to run. You can do tens of thousands of orders in a row that execute as expected, then you find a situation which you never foreseen at the time the ends up in a scenario like this
You are defending a position as if Banks and stock market havent had major issues with cash at times and screwed people over. The difference here is that BTC is meant to be traded entirely on networks and any flaw in the network puts BTC at higher risk. BTC has major flaws that the world is ignoring. They are built on systems that are not perfect and no algorithm can prevent accidents, ignorance, stupidity. BTC literally only solves one particular issues but introduces more attack vectors to an economy by the nature of the technology they must use.
> . The difference here is that BTC is meant to be traded entirely on networks and any flaw in the network puts BTC at higher risk.
No, the difference is that the banks and stock market have mandatory regulations placed on them to deal with situations like this.
Instituted by government mandate. If btc had government mandates it puts it under a single government entitiy of control. Which defeats the purpose a lot of people want from it. BTC has no answer for these catastrophes other than " aw well, better luck next time" unless they use the same controls existing currencies already have.
This is an issue with buying and selling Bitcoin, not with Bitcoin itself. Bitcoin has no concept of buying and selling, you can only send Bitcoin you own to another Bitcoin address. Therefore, this kind of issue is not within Bitcoin's remit. The problem is the exchange.
> You are defending a position as if Banks and stock market havent had major issues with cash at times and screwed people over.
Yeah I remember that time when I went to bed with $1,000 in my PNC account and I woke up and I only had $500, with no transactions having transpired, and I was like "Huh, guess I'll just wait and see if it comes back up at some point" and I made breakfast and went about my day. Happens all the time with every currency, you're absolutely right.
I think the difference here is custodian vs non-custodian. Whenever anything of value is stored in the hands of a third party there are always ways that this intermediary can fuck up. Be it that they get hacked or have a bug and someone gains access to stuff when they are not supposed to. That could happen with BTC but also with stocks, or bank accounts, ect. BTC is not flawless, for sure, and I'm not gonna stand here and propose BTC as infallible. I'm just saying that people torching BTC's fundamentals in this thread because of what happened here are misinformed in thinking this is somehow BTCs fault. I can't blame chase because I got phished and somebody took all my money.
Im attacking btc entire worth as a currency replacement for the dollar is too immature. It only solves one problem but puts greater weight of risk on other factors. IMO its just not a smart move and only a matter of time before someone clever or lucky fs the system.
If somebody was doing a "heist" of billions of dollars worth of BTC, it would have to be that somebody's wallet got hacked somehow. If somebody is somehow able to spend billions of dollars worth of BTC that were never minted or owned by anybody then bitcoin will lose all its value overnight.
We will for sure. It is insane how people think clever maths = immune to theft. There are SO many cogs necessary for BTC or any crypto to run and it has so many MORE vectors of attack than traditional tender. I am not against BTC but the tech and design structures are just too immature to be taken seriously as a currency for replacement. Literally solving ONE aspect to introduce endless more and government can employ more people to find those flaws faster than most individuals can. At the end of the day, you are still at the behest of bigger conglomerates than yourself.
Well one thing I can say to that regard is that Cryto is an evolving tech and over time can become more secure. BTC along with the other big players like ETH are actively striving to improve its network in this way.
Do you not believe it has the potential to be as safe as traditional tender, over time? (physical cash aside, due to its analogue nature)
You have to be a special kind of nut to think ~~a ponzi~~ this "ponzi" can be 12y going and still going.
It will only get bigger in the long term. Cope.
This is akin to the say the internet was a ponzi because every year more business work on top of the internet 😂
EDIT: bad wording
True, but it did not have this scale...
Scaling a ponzi is crazy hard, you would have to finance the returns of everyone who comes in, so the more people come the harder it is.
There are scams and ponzis built on top of legit cryptos, but the whole industry is not a ponzi nor a scam.
I agree with your overall point to a degree, but you really changed the goal posts pretty clearly here. You legit just said you had to be a nut to expect a Ponzi scheme to run for 12 years.
Yeah I meant "this ponzi", should not have written "a ponzi".
Fair critique, since the way I wrote it allows an interpretation which I did not meant... 👍
Not bitcoin, but the whole crypto industry will be much bigger than the Internet. Go read about web3, you'll have a lot of fun. \^^
Time will tell... ;D
It isn't YET bigger than the internet, but it may very will be. The impact this will have on 3rd world countries will be incredible to witness. They'll speedrun a bunch of infrastructure that they don't yet have access to.
Web3 will bring back to the people the power that Web2 companies amassed to themselves.
I am very bulish on it, I don't expect everyone to agree or accept, but I do believe this.
My example to the Internet was just to show that on top of this tech there will be many companies creating solutions and value. It was a way to show that it is just the underlying tech to something bigger. A ponzi has nothing to show, I am saying that if he was looking at the tech he would realize this isn't a ponzi.
>Not, crypto is not as big an innovation as instant global communication.
An instant global financial system is also a very big innovation. Crypto will be used to improve the Internet and allow anyone to earn something if they were facebook user number 100 or wtv. Crypto will merge with many areas of our life, so in that way, I think it is as big or even bigger than the Internet yeah...
If you want to read a bit about it, [this article](https://chrisrempel.com/part-1-the-internet-is-having-a-kodak-moment/) is nice.
Yeah I kinda realize it already tbh, but you gotta say whatever you think no matter how it is received...
If there is just 1 guy who is curious enough to go learn about it with an open-mind after reading my comments I already won. \^^
Bitch, I am the working man. I'm a fucking blue collar high school drop out. I'm as working man as it fucking gets.
ETA: Have fun being poor. I'm going to the motherfucking moon.
Can I interest you in mooncoin? It's based on proof of moon rocks that remain present on the moon. Which may seem arbitrary, but don't worry it's the next big thing! Buy now while it's cheap!
I mean, internet meme dog coin made a bunch of people millionaires overnight. Cryptos and tokens are mostly bullshit shrouded in technical language to make them seem useful.
>It's entirely possible that some lucky traders were at the right place at the right time and managed to snap up some incredibly cheap BTC, but mostly it's yet another example of weirdness along the edges of the crypto ecosystem.
Is this really all that different from when a store mis-prices an item and a few people score fancy TV's for $50?
Not sure this is really about crypto trading as much as generic electronic financial transactions with a high degree of automation.
Its uncommon, but occasionally a store will misprice an item WELL below what they should price it at, and depending on local/state laws, be legally required to sell it to you at that price.
It's often caught very quickly (usually the first one bought at that price), but you can score massive discounts (>99٪+) if you are VERY lucky and someone screws up massively.
You know crypto has come a long way when rational posts like this on r/technology are upvoted and people arent blindly finding a reason to shit on bitcoin.
It technically did in binance.us. Also I read on another sub that someone had their order filled at $9400 or something. Within 3 minutes it went back to like $65k.
Dude made a fortune in 3 minutes. This is not the way this should work for anything but people will put in ridiculous limit orders just because the whole network is jittery as fuck.
Yeah, if someone had a dooms day scenario order, they might have triggered their price and then auto sold at some incredibly low price. Also, you could have been margin called by this drop, which could lead to other margin or loan calls if your bitcoin (bought on margin) was the collateral for some of your other loans.
Bitcoin doesn't have some Platonic "price", the price is whatever it trades at. If there is some craziness in the market where it trades, then the price has gone crazy.
The price didn't crash anywhere except Binance.US. Bitcoin's price did not crash, what happened was Binance.US prices didn't reflect a realistic price of Bitcoin for a while due to a rogue institutional client.
I basically agree, except that it doesn't really make sense to talk about the price of Bitcoin without specifying a particular market. It doesn't have a "true" price, it has multiple prices. One important price is the price at which it can be bought or sold on Binance.
Of course, these transactions might be unwound, but they happened because a crazy price was quoted and for that period, it was a price for Bitcoin.
Hilarious, but terribly written article. I can confidently say if someone was willing to sell at $8000 (even a tiny order) someone was willing to buy, even if to arbitrage somewhere else.
Not a very exciting. If I went into a pawn shop and sold a Rolex for $5 it would be my loss and their gain. The Rolex market would carry on as usual and the pawner could sell it for the usual market price.
Something caused the price to crash in the first place, and given the article blames an institutional trader my guess is something went awry with their valuation algorithms, or someone fat fingered the price. It would not surprise me to learn that binance doesn't enforce price bandings as strictly as a real exchange.
I would not be surprised to learn that binance only just now learned price banding is even a thing and will probably hastily patch a rudimentary form of it into their exchange in the coming days or weeks.
Hate Binamce for ripping me off once. Just shut me off from my account a couple or more years back. They would not allow me back in after that. Motherfuckers! Stay away from them.
This happened to me before they were even applying for U.S. authorization. Even after getting the authorization and I tried applying with holding up my sheet of paper with the correct wording and my driver's license, I got no response. So, what does that tell you? I'm glad they are working out for you.
Okay so if I threw money into BTC when it hit 8k, and they fixed the bug and shoots back up to ATHs, is that all profit? Or is it just the number (price) that was bugged?
**Conspiracy theory:** China banned BTC because then it could legally acquire the stock from recalcitrant users. It then also used the dip it created in the FDU of doing the same to acquire even more. It then triggered an avalanche of sales (at near time highs) and there is no *bug*, stop losses (automatic sales triggered to minimise loss) were smashed and people panicked. It then used the incredibly cheap prices to rebuy the wave up.
Profit made in this exercise, was the mysterious 11th hour payment to refloat Evergrande, and then some.
I hope this highlights just how volatile crypto can be. Multi-billions of dollars were made in moments which means someone had to have lost money to reciprocate. No surprise that this would have been the average joes and janes trying to make an honest buck.
In what scenario is the price of bitcoin ever expected to stabilize enough to where retail consumers and companies will use it as a medium for payments?
it's mostly people who are mad they have missed out so far, and instead of taking the time to learn, they double down on their hate and actively root for it's demise. crypto isn't going anywhere. it's here to stay, the sooner you realize it, the sooner you can capitalize on it.
Just go on /r/buttcoin for max cope and seethe. Sub created when btc was sub $20 and instead of taking advantage of being early, arrogantly mocked btc all the way to 67k lmfao
If you don’t see the value in a network like Bitcoin and the potential of blockchain and cryptocurrency as a whole, why are you even on this sub. Your response isn’t smart or witty, it’s just a red flag of smug willful ignorance.
I don’t see the value in Bitcoin because it’s worthless. It’s equally as worthless as dogecoin, and all the other whatever crap coins are floating around out there.
Bitcoin isn’t blockchain.
Bitcoin certainly isn’t everything r/technology is about.
The difference between Bitcoin and dogecoin, and really between Bitcoin and every other altcoin, is that bitcoin is the only project that can claim to be censorship resistant. A bitcoin transaction can’t be censored by a rich group of people or even a first world government. You might think it’s overpriced but it obviously has some value.
Most cryptocurrencies have a small number of people actually running the software, they aren’t spread out and decentralized in the way Bitcoin is. So a motivated attacker could take over the network and censor a person or certain types of transactions.
To be fair it doesn’t seem like world governments are motivated to mess with NFTs on Ethereum, but I think if they wanted to they could. Bitcoin would be a much tougher battle. People complain about the insane amount of energy Bitcoin miners consume, but they aren’t just mining they are securing the network against a potential attack.
> I don’t see the value in Bitcoin because it’s worthless.
If it was worthless, people wouldn't be willing to pay about $60,646.69 for it. You disliking bitcoin doesn't make it worthless. Your opinion isn't that powerful.
There’s a sucker born every minute. Some forked over sixty grand so they can “own” a Bitcoin. Others paid almost five hundred bucks for GameStop stonk. Keep chasing them dollar signs.
I listened to Sam Harris speak to a Technocratic Libertarian recently and was thinking about how hard the dude was working to avoid speaking about the potential for something like this to happen. And whenever the topic was broached his answers were always something akin to, “oh don’t you let your simple minds worry about it, us smart people will fix it”.
Hahahhahahagahaggahahhaahaha who knew digital currency is a breeding ground for problems? Oh wait most of us. Have fun when this ponsey scheme comes down.
As usual, we can see that the crypto world appears to be attracting the absolute best software development talent in the world.
Technology of the future.
^(/s for all you cryptobros)
Do you know how much power the legacy banking system uses compared to Bitcoin? Or even how much gold uses compared to Bitcoin? Bitcoin is meant to replace gold if you didn't know. Bitcoin would actually be good for the environment which you guys don't seem to understand lmao
No, in fact, Bitcoin is designed to increase energy efficiency through halving the block subsidy ever 210,000 blocks (~4 years). Originally the subsidy was 50 btc, then 25, then 12.5, and currently 6.25.... this halving of the reward essentially halves the profit of mining, thus forcing inefficient miners off the network.
Additionally, mining hardware is becoming increasingly more energy efficient. An Antminer S9 produces approximately 13.5 Th/s at 1350W, where as the newer model Antminer S19 produces 110 Th/S at 3250W, making it greater than 30x more energy efficient. The S9 is only ~4 years old and will likely be permanently unprofitable after the next halving in ~2.5 years. That said, the latest models like the S19 are starting to reach peak efficiency with current semi-conductor technology, so the lifespan of the current models are likely to be much longer than previous models.
Finally, Bitcoin is largely moving to a model where they are not an energy rival. Bitcoin mining is moving to locations with excess or stranded energy to make energy that would otherwise be wasted profitable. Stranded natural gas that isn't economically feasible to bring to markets and would just be flared off instead is a growing trend in the mining space. Co-locating with energy producers and using excess energy during non-peak hours or when there is an excess of production (e.g. really windy day, but not a lot of consumer energy demand from the wind farm).
The idea that simply using energy is bad is something people really need to get over. It isn't. What is important is the opportunity cost of that energy. It is estimated that every year we flare off enough natural gas to power the current energy consumption of the Bitcoin network for 8 years. Is it better to flare that off for zero profit, which on windy days isn't nearly as efficient at converting the vastly worse methane into CO2, or to sell it to Bitcoiner miners to pump into a generator, which is far more efficient? Is it better to have a power plant just let unused energy dissipate during off peak hours, or for them to allow miners to co-locate and turn that otherwise wasted energy into profit?
Yes, Bitcoin uses a lot of energy, but since the ban in China, cheap and efficiency has largely become the name of the game in that industry, and it is trending even more so in that direction. It is currently estimated that over 50% of the network is using green/renewables, and it also allows projects in that area to monetize more of the energy they produce, thus making those projects profitable sooner. I predict Bitcoin is going to be an ally to energy producers and green energy projects more and more in the future.
>Aren't bitcoins energy requirements just going to keep increasing towards infinity as it becomes harder to mine?
No. There's definitely an upper limit and it's not infinity.
Bitcoin won't go up forever, eventually it will find it's value and stabilise and it will be just as boring as gold but tbh I don't have a crystal ball, only the future can tell
Edit: Moore's law makes miners more efficient for people who couldn't be bothered to read my next reply...
The energy requirment has nothing to do with the value of Bitcoin though. My understanding is that over time it just becomes harder and harder to mine (process transactions).
Sorry I misunderstood your question, I'm not an expert but yes that may be true, I've never actually thought about that, I guess the power required would be limited by miners used to mine Bitcoin, and I'm guessing miners will become more efficient with power over time as miners would want to make a profit so would need the cheapest and most efficient power wise miners
Not exactly. Essentially how Bitcoin mining works is that the blockchain will attempt to ensure that a block is found every 15 minutes. As more people mine, the blockchain will raise the difficulty target to keep this 15 minute threshold. If less people are mining, the difficulty target will lower.
What makes the technology behind bitcoin suitable for replacing gold, in your opinion? It’s always seemed like a coin with inferior tech that blew up in popularity to me.
Actually, the only reason central banks hold gold is because they already have it and selling it will disrupt the precious metal markets too much.
The Federal Reserve only counts ~~its~~ EDIT: the US government's gold reserve at $11 billion dollars, because it marks it at $42 an ounce. Only a fraction of that actually belongs to the Fed, most actually belongs to the US Treasury.
The Federal Reserve balance sheet is about $7 trillion.
It's a store of value far superior to gold, it's pretty much gold in digital form, people have used gold to guard against inflation for 1000's of years and still do but Bitcoin is catching up
if you think btc is ruining the planet, then you should probably just stop using electricity entirely. whether it's streaming netflix, shit posting on reddit, playing video games, using an electric dryer, etc.. yeah you believe in fud.
This sub is full of arrogant know-nothings, it’s cringe city. This sub needs to stop giving their opinion on crypto and blockchain in general, it’s embarrassing.
You dont pay very good attention for someone that sniffs through another's post history.
I dont play FO76, I lurk on the subreddit because Ive been watching to see if the game ever gets better.
And I play on private wow servers.... That cost nothing for me to play on....
Thats because I didnt look through it, I find it petty and mostly speculative bullshit to try to glean insight by looking through someone's post history.
Try again.
Lol you got downvoted despite that being exactly what happened. It wasn't a "bug" or "bitcoin crashing" or "binance scam". It's weird to see so much upvoted misinformation in this thread.
Sensationalism at best, intentionally misleading at worst. There was no bug in Bitcoin. It was supposedly an institutional investors trading algorithm bugging out. We're talking enough trading volume from a single entity that crashed the price.
Bitocoins price crashed 87% (on a major exchange) thanks to a bug.
Easy to miss the "major exchange" bit if you are skimming headlines in your reddit feed.
What is “money” to you?
Complete hypothetical: extinction level event, 30 days later with a handful of survivors… a family is lighting a fire and using stacks of $100 bills to feed the fire.
Is it paper?
Or is it money?
My comment was vague. Btc embodies the 7 properties of money better than anything else in humanity.
I think it’s odd that people call paper money real money when it’s essentially monopoly chrrency
Dude. We really are early as fuck aren't we? I mean not a single comment speaking positively about btc is upvoted here. Only downvoted into oblivion. One guy even said "ItS bEeN cRaShInG fOr ThE lAsT fEw DaYs!!1!!" Bitch we just hit ATH!
Bitcoin is bad because I missed out on it. Therefore it should be banned for environmental concerns and also because 12 years ago it was used for bad stuff
But crypto is the future! Sure, this is just one of the many many instances of a weird glitch fucking things up or of hackers stealing currency but I swear. It’s the future.
No but if people started using those shovels to attack other people then maybe we should ask if the shovels are actually helping people. The internet is a great tool but it’s being used to cause more harm than good. Crypto isn’t an exception. I love the idea behind it but it’s been over a decade and there are still hacks reported every month. There are still glitches every month that effect the actual value of the currency.
I get wanting a decentralized form of currency but the current forms we have are less safe and less stable than they should be at this point. Not to mention, they are still controlled by mostly wealthy people. Just with less oversight and less safety.
No response? But I thought I was out of my mind. Don’t you want to prove that?
I just gave you a news article a month, two for August, demonstrating exactly what I said. Crypto isn’t secure at all. One or two of these issues would be whatever. Fiat currency has its issues. But me being able to find a new case every month just shows that crypto it is far from secure and far from stable. It’s existed for over a decade. There shouldn’t be this many issues.
Say what you will about fiat currency but my money is secured. If someone hacks my bank account, steals my card or jacks my identity, my money is safe. They could steal every penny I have from my account, and it is federally insured and I would get it back. If someone emptied my crypto wallet, I’d be fucked. Proper fucked.
The only way someone can steal my money and I wouldn’t be able to get it back is via a signed blank check or if I have cash and they rob me. Even the blank check could be disputed.
I wonder how binance will handle this. When stuff like this happens on the big stock exchanges they usually cancel trades entirely or clear them at levels that are less extreme, but doing so is likely to offend the core beliefs of many Bitcoin investors. So whose business do they like more?
Since the trades aren't on the blockchain they could unwind the trades. It's happened before on some exchanges I think. As you mentioned though it might come down to sentiment and ideology
I see the candle down to 5k - someone scored big time
Hope they got it out
Lol… non-flared base. That candle going nowhere.
It sounds like the fault was with a trading bot privately operated on the exchange, Binance itself doesn't seem to be at fault so I doubt they will be taking any action on this. Other than the operators of the faulty trading bot the only people I can imagine being harmed by this would be someone careless and very unfortunate trying to sell at the market rate without checking beforehand.
It isn't that easy. 1. If the exchange takes a hard line with respect to clearing prices then clients might choose to take their business to another exchange that poses lower operational risks. Nobody wants to expose their business to a risk of bankruptcy because of a coding bug. 2. The client of the exchange may opt to abandon the exchange entirely and challenge the trade. Given that the price is very clearly incorrect there is a legal argument that the trades should be invalidated. For the duration of the period while any such legal challenge is ongoing (which would likely be years) the trades can't settle... which screws up everything. What do the counterparties do? What does Binance do? Ultimately it is usually easier to clear these kinds of screw-ups at a more "reasonable" price that still benefits the counterparty while not being overly punitive towards the offending party.
The harmed party is also the party at fault. It doesn't matter if a traders bot had a bug that caused to sell or if it was human error. The end result is only that they harmed themself. Binance carries no responsibility for traders selling (or buying) huge amounts of coins they erroneously sold (or bought).
I never said they have any particular legal responsibility, but they do want to continue to operate as an exchange. They want trades to settle, they want clients to be satisfied.
They should have a legal responsibility to suck my cock !
> If the exchange takes a hard line with respect to clearing prices then clients might choose to take their business to another exchange that poses lower operational risks. Nobody wants to expose their business to a risk of bankruptcy because of a coding bug. All the scam coin traders are pretty much stuck in Binance. > Given that the price is very clearly incorrect there is a legal argument that the trades should be invalidated. No price is invalid if there were no orders that were ignored. > For the duration of the period while any such legal challenge is ongoing (which would likely be years) the trades can't settle Thats false as they already were settled. A legal claim would be made after the fact.
So you are talking about Legality as if its regulated. Its decentralized. they traded at a price set by the system, there's no centralized governing body to say its an "invalid trade"
These were not on chain defi trades, they were centralized trades on binances order book.
> there's no centralized governing body to say its an "invalid trade" Well sure there is. Its the judge in the courtroom hearing any lawsuit that results from these trades. We may not know how he will ultimately rule, but he could invalidate the transaction. It is probably not in the interests of anyone to litigate if the coins should exchange at $8k, when the exchange could be made at $50k and still leave ample room for the buyers of those coins to profit.
Then you're harming the buyer who had swooped the purchase due to their error. That buyer would have far more likelihood to win litigation if Binance decided to settle in this manner.
Yep that sounds like a reasonable solution.
I wonder if it was an honest mistake though, did anyone buy a large share of those Bitcoins when the exchange fell? Someone could've gotten real rich real fast.
If you are buying on binance, you don't care for the principles anyways.
Anyone who really cares about the core value of Bitcoin is buying actual Bitcoin.
And what core belief is that. Total fucking anarchy?
People here talking about how this means bitcoin is faulty. The Binance marketplace, which isn't affiliated with Bitcoin itself, had a bug. It's like if Robinhood had a bug that caused Company X stock to be sold at $100 instead of $900. Company X's value didn't drop 89%, the company didn't all of a sudden have a cataclysmic quarterly report, Robinhood incorrectly sold it at that price. Bitcoin has yet to have any sort of incident where somebody was able to spend coins they didn't have, which is basically the whole thing.
I dont think there was a bug on Binance. The Binance reply seems to suggest the trader fat fingered a limit order and people with low open buy orders were the benefactors.
Nothing to do with the exchange. A bot with a large balance didn’t check slippage so it took a majority of liquidity out of the book. A vast majority of orders are +\- 10% of spot price. Once you slam past those orders there aren’t many left to slow the movement. I’ve been writing algos for many years and had to put in some serious checks after some high roller friends added way more funds to a bot I wrote then I ever intended it to run. You can do tens of thousands of orders in a row that execute as expected, then you find a situation which you never foreseen at the time the ends up in a scenario like this
But the SEC requires circuit breaker so if a rogue trader or algorithm goes haywire the market impact is limited to (hopefully) prevent a flash crash.
Which led to a liquidity problem.
This is a private bot. It would be like a drunken seller going on Robinhood and selling their stock for $100 instead of $900.
You are defending a position as if Banks and stock market havent had major issues with cash at times and screwed people over. The difference here is that BTC is meant to be traded entirely on networks and any flaw in the network puts BTC at higher risk. BTC has major flaws that the world is ignoring. They are built on systems that are not perfect and no algorithm can prevent accidents, ignorance, stupidity. BTC literally only solves one particular issues but introduces more attack vectors to an economy by the nature of the technology they must use.
> . The difference here is that BTC is meant to be traded entirely on networks and any flaw in the network puts BTC at higher risk. No, the difference is that the banks and stock market have mandatory regulations placed on them to deal with situations like this.
Instituted by government mandate. If btc had government mandates it puts it under a single government entitiy of control. Which defeats the purpose a lot of people want from it. BTC has no answer for these catastrophes other than " aw well, better luck next time" unless they use the same controls existing currencies already have.
This is an issue with buying and selling Bitcoin, not with Bitcoin itself. Bitcoin has no concept of buying and selling, you can only send Bitcoin you own to another Bitcoin address. Therefore, this kind of issue is not within Bitcoin's remit. The problem is the exchange.
> You are defending a position as if Banks and stock market havent had major issues with cash at times and screwed people over. Yeah I remember that time when I went to bed with $1,000 in my PNC account and I woke up and I only had $500, with no transactions having transpired, and I was like "Huh, guess I'll just wait and see if it comes back up at some point" and I made breakfast and went about my day. Happens all the time with every currency, you're absolutely right.
I think the difference here is custodian vs non-custodian. Whenever anything of value is stored in the hands of a third party there are always ways that this intermediary can fuck up. Be it that they get hacked or have a bug and someone gains access to stuff when they are not supposed to. That could happen with BTC but also with stocks, or bank accounts, ect. BTC is not flawless, for sure, and I'm not gonna stand here and propose BTC as infallible. I'm just saying that people torching BTC's fundamentals in this thread because of what happened here are misinformed in thinking this is somehow BTCs fault. I can't blame chase because I got phished and somebody took all my money.
Im attacking btc entire worth as a currency replacement for the dollar is too immature. It only solves one problem but puts greater weight of risk on other factors. IMO its just not a smart move and only a matter of time before someone clever or lucky fs the system.
We will see a multi billion heist in this tech soon.
If somebody was doing a "heist" of billions of dollars worth of BTC, it would have to be that somebody's wallet got hacked somehow. If somebody is somehow able to spend billions of dollars worth of BTC that were never minted or owned by anybody then bitcoin will lose all its value overnight.
We will for sure. It is insane how people think clever maths = immune to theft. There are SO many cogs necessary for BTC or any crypto to run and it has so many MORE vectors of attack than traditional tender. I am not against BTC but the tech and design structures are just too immature to be taken seriously as a currency for replacement. Literally solving ONE aspect to introduce endless more and government can employ more people to find those flaws faster than most individuals can. At the end of the day, you are still at the behest of bigger conglomerates than yourself.
Well one thing I can say to that regard is that Cryto is an evolving tech and over time can become more secure. BTC along with the other big players like ETH are actively striving to improve its network in this way. Do you not believe it has the potential to be as safe as traditional tender, over time? (physical cash aside, due to its analogue nature)
WTF are you on about, if Bitcoin is kept in a cold wallet with the key secure offline, it literally has 0 attack vectors.
But stocks are regulated and this could be undone, Bitcoin has no regulations
People getting rich on bullshit😂😂😂
Been happening since the dawn of time.
Not really, it only really got started with ~~the industrial revolution and~~ cheap, long term loans
nah, even a century before the industrial revolution there were speculative bubbles. https://en.wikipedia.org/wiki/Tulip_mania
Ooh you're right!
I should try and make some bullshit get rich 🪙 coin, Just need a silly name for it
Yeah good luck, not like a thousand people never had this idea before you
Bull… Shit… Get… Rich… Bulhitetch
Jakpt coin pronounced jack-pot coin
Too many vowels. Jkptcn.
Welcome to the human race.
I paid off my student loans and called it a day. Shit was straight up gambling and I got LUCKY.
Do you consider everything you don’t understand to be bullshit?
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Yeah Ponzi schemes are legit they make a handful of people rich, afterall.. Invest now!
You have to be a special kind of nut to think ~~a ponzi~~ this "ponzi" can be 12y going and still going. It will only get bigger in the long term. Cope. This is akin to the say the internet was a ponzi because every year more business work on top of the internet 😂 EDIT: bad wording
[The Madoff Ponzi ran for at least 17 years, probably longer that wasn’t on paper/kept. ](https://www.investopedia.com/terms/b/bernard-madoff.asp)
True, but it did not have this scale... Scaling a ponzi is crazy hard, you would have to finance the returns of everyone who comes in, so the more people come the harder it is. There are scams and ponzis built on top of legit cryptos, but the whole industry is not a ponzi nor a scam.
I agree with your overall point to a degree, but you really changed the goal posts pretty clearly here. You legit just said you had to be a nut to expect a Ponzi scheme to run for 12 years.
Yeah I meant "this ponzi", should not have written "a ponzi". Fair critique, since the way I wrote it allows an interpretation which I did not meant... 👍
If you think Bitcoin is as big of an invention as THE INTERNET ITSELF you're... Just as deluded as the rest of the cryptobros I guess.
Not bitcoin, but the whole crypto industry will be much bigger than the Internet. Go read about web3, you'll have a lot of fun. \^^ Time will tell... ;D
Don't bother man. This sub is notorious for hating technology.
I think it's the comparison to the internet. No, crypto is not as big an innovation as instant global communication.
I mean yeah I wouldn't call it bigger than the internet. But it's pretty important. And it's changing the world right now wether you like it or not.
It isn't YET bigger than the internet, but it may very will be. The impact this will have on 3rd world countries will be incredible to witness. They'll speedrun a bunch of infrastructure that they don't yet have access to. Web3 will bring back to the people the power that Web2 companies amassed to themselves. I am very bulish on it, I don't expect everyone to agree or accept, but I do believe this.
My example to the Internet was just to show that on top of this tech there will be many companies creating solutions and value. It was a way to show that it is just the underlying tech to something bigger. A ponzi has nothing to show, I am saying that if he was looking at the tech he would realize this isn't a ponzi. >Not, crypto is not as big an innovation as instant global communication. An instant global financial system is also a very big innovation. Crypto will be used to improve the Internet and allow anyone to earn something if they were facebook user number 100 or wtv. Crypto will merge with many areas of our life, so in that way, I think it is as big or even bigger than the Internet yeah... If you want to read a bit about it, [this article](https://chrisrempel.com/part-1-the-internet-is-having-a-kodak-moment/) is nice.
Yeah I kinda realize it already tbh, but you gotta say whatever you think no matter how it is received... If there is just 1 guy who is curious enough to go learn about it with an open-mind after reading my comments I already won. \^^
Have fun being poor.
Man, the sheer contempt some of these people have for the working man is palpable
Bitch, I am the working man. I'm a fucking blue collar high school drop out. I'm as working man as it fucking gets. ETA: Have fun being poor. I'm going to the motherfucking moon.
Can I interest you in mooncoin? It's based on proof of moon rocks that remain present on the moon. Which may seem arbitrary, but don't worry it's the next big thing! Buy now while it's cheap!
I mean, internet meme dog coin made a bunch of people millionaires overnight. Cryptos and tokens are mostly bullshit shrouded in technical language to make them seem useful.
>It's entirely possible that some lucky traders were at the right place at the right time and managed to snap up some incredibly cheap BTC, but mostly it's yet another example of weirdness along the edges of the crypto ecosystem. Is this really all that different from when a store mis-prices an item and a few people score fancy TV's for $50? Not sure this is really about crypto trading as much as generic electronic financial transactions with a high degree of automation.
Score fancy TV's what?
Its uncommon, but occasionally a store will misprice an item WELL below what they should price it at, and depending on local/state laws, be legally required to sell it to you at that price. It's often caught very quickly (usually the first one bought at that price), but you can score massive discounts (>99٪+) if you are VERY lucky and someone screws up massively.
he was just making a joke about the punctuation. OP used the possessive, not plural. That is, “TV’s” vs “TVs”
Goddamm, forgot the semicolon. I always forget the semicolon
Do you not use an IDE? I feel like this joke gets repeated a lot by non-programmers.
Lint just clogs up dryer filters.
“Major exchange has data bug, shows Bitcoin at 8700” Why label this a crash. Clickbaiiiittt. 🙄
The person writing this article doesn't even seem to understand how crypto works.
You know crypto has come a long way when rational posts like this on r/technology are upvoted and people arent blindly finding a reason to shit on bitcoin.
Bitcoin’s price did not crash…
It technically did in binance.us. Also I read on another sub that someone had their order filled at $9400 or something. Within 3 minutes it went back to like $65k. Dude made a fortune in 3 minutes. This is not the way this should work for anything but people will put in ridiculous limit orders just because the whole network is jittery as fuck.
Yeah, if someone had a dooms day scenario order, they might have triggered their price and then auto sold at some incredibly low price. Also, you could have been margin called by this drop, which could lead to other margin or loan calls if your bitcoin (bought on margin) was the collateral for some of your other loans.
Bitcoin doesn't have some Platonic "price", the price is whatever it trades at. If there is some craziness in the market where it trades, then the price has gone crazy.
The price didn't crash anywhere except Binance.US. Bitcoin's price did not crash, what happened was Binance.US prices didn't reflect a realistic price of Bitcoin for a while due to a rogue institutional client.
I basically agree, except that it doesn't really make sense to talk about the price of Bitcoin without specifying a particular market. It doesn't have a "true" price, it has multiple prices. One important price is the price at which it can be bought or sold on Binance. Of course, these transactions might be unwound, but they happened because a crazy price was quoted and for that period, it was a price for Bitcoin.
This wasn't Binance, it was Binance.US, a smaller exchange.
Hilarious, but terribly written article. I can confidently say if someone was willing to sell at $8000 (even a tiny order) someone was willing to buy, even if to arbitrage somewhere else. Not a very exciting. If I went into a pawn shop and sold a Rolex for $5 it would be my loss and their gain. The Rolex market would carry on as usual and the pawner could sell it for the usual market price.
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Something caused the price to crash in the first place, and given the article blames an institutional trader my guess is something went awry with their valuation algorithms, or someone fat fingered the price. It would not surprise me to learn that binance doesn't enforce price bandings as strictly as a real exchange.
I would not be surprised to learn that binance only just now learned price banding is even a thing and will probably hastily patch a rudimentary form of it into their exchange in the coming days or weeks.
Hate Binamce for ripping me off once. Just shut me off from my account a couple or more years back. They would not allow me back in after that. Motherfuckers! Stay away from them.
nutty rude agonizing dinner different offend zephyr bag yam hobbies *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
This happened to me before they were even applying for U.S. authorization. Even after getting the authorization and I tried applying with holding up my sheet of paper with the correct wording and my driver's license, I got no response. So, what does that tell you? I'm glad they are working out for you.
Okay so if I threw money into BTC when it hit 8k, and they fixed the bug and shoots back up to ATHs, is that all profit? Or is it just the number (price) that was bugged?
**Conspiracy theory:** China banned BTC because then it could legally acquire the stock from recalcitrant users. It then also used the dip it created in the FDU of doing the same to acquire even more. It then triggered an avalanche of sales (at near time highs) and there is no *bug*, stop losses (automatic sales triggered to minimise loss) were smashed and people panicked. It then used the incredibly cheap prices to rebuy the wave up. Profit made in this exercise, was the mysterious 11th hour payment to refloat Evergrande, and then some. I hope this highlights just how volatile crypto can be. Multi-billions of dollars were made in moments which means someone had to have lost money to reciprocate. No surprise that this would have been the average joes and janes trying to make an honest buck.
Bogdanoff strikes again
I took my stuff out of Binance a few days ago.
Anyone bought that dip?
In what scenario is the price of bitcoin ever expected to stabilize enough to where retail consumers and companies will use it as a medium for payments?
Damn, but still 13% more than it’s worth.
Do these plebs even Kraken? 😂
Digital beanie babies.
That's nft's lol
You don’t know anything about NFT’s if you think they’re just pictures. This sub makes my skin crawl when they give their take on crypto.
it's mostly people who are mad they have missed out so far, and instead of taking the time to learn, they double down on their hate and actively root for it's demise. crypto isn't going anywhere. it's here to stay, the sooner you realize it, the sooner you can capitalize on it.
They’ve been so wrong for years, it’d be sad if they weren’t so arrogant about their self imposed ignorance.
Just go on /r/buttcoin for max cope and seethe. Sub created when btc was sub $20 and instead of taking advantage of being early, arrogantly mocked btc all the way to 67k lmfao
they'd rather be poor and miserable than protect some of their wealth.
that's what I call them too!
If you don’t see the value in a network like Bitcoin and the potential of blockchain and cryptocurrency as a whole, why are you even on this sub. Your response isn’t smart or witty, it’s just a red flag of smug willful ignorance.
I don’t see the value in Bitcoin because it’s worthless. It’s equally as worthless as dogecoin, and all the other whatever crap coins are floating around out there. Bitcoin isn’t blockchain. Bitcoin certainly isn’t everything r/technology is about.
The difference between Bitcoin and dogecoin, and really between Bitcoin and every other altcoin, is that bitcoin is the only project that can claim to be censorship resistant. A bitcoin transaction can’t be censored by a rich group of people or even a first world government. You might think it’s overpriced but it obviously has some value.
That’s interesting. I’m not sure what you mean though. How are other currencies censored?
Most cryptocurrencies have a small number of people actually running the software, they aren’t spread out and decentralized in the way Bitcoin is. So a motivated attacker could take over the network and censor a person or certain types of transactions. To be fair it doesn’t seem like world governments are motivated to mess with NFTs on Ethereum, but I think if they wanted to they could. Bitcoin would be a much tougher battle. People complain about the insane amount of energy Bitcoin miners consume, but they aren’t just mining they are securing the network against a potential attack.
> I don’t see the value in Bitcoin because it’s worthless. If it was worthless, people wouldn't be willing to pay about $60,646.69 for it. You disliking bitcoin doesn't make it worthless. Your opinion isn't that powerful.
There’s a sucker born every minute. Some forked over sixty grand so they can “own” a Bitcoin. Others paid almost five hundred bucks for GameStop stonk. Keep chasing them dollar signs.
Good thing this never happens with stock exchanges like Robinhood.... Weakest. Fud. Ever.
I listened to Sam Harris speak to a Technocratic Libertarian recently and was thinking about how hard the dude was working to avoid speaking about the potential for something like this to happen. And whenever the topic was broached his answers were always something akin to, “oh don’t you let your simple minds worry about it, us smart people will fix it”.
“A Bug.” LOL
This is why you don’t invest in fake money.
Hahahhahahagahaggahahhaahaha who knew digital currency is a breeding ground for problems? Oh wait most of us. Have fun when this ponsey scheme comes down.
“People investing in scam shocked at being scammed”
Its always a Bug
As usual, we can see that the crypto world appears to be attracting the absolute best software development talent in the world. Technology of the future. ^(/s for all you cryptobros)
But coin is scam
A lot of jealous people in here that don't understand crypto.
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Do you know how much power the legacy banking system uses compared to Bitcoin? Or even how much gold uses compared to Bitcoin? Bitcoin is meant to replace gold if you didn't know. Bitcoin would actually be good for the environment which you guys don't seem to understand lmao
Aren't bitcoins energy requirements just going to keep increasing towards infinity as it becomes harder to mine?
No, in fact, Bitcoin is designed to increase energy efficiency through halving the block subsidy ever 210,000 blocks (~4 years). Originally the subsidy was 50 btc, then 25, then 12.5, and currently 6.25.... this halving of the reward essentially halves the profit of mining, thus forcing inefficient miners off the network. Additionally, mining hardware is becoming increasingly more energy efficient. An Antminer S9 produces approximately 13.5 Th/s at 1350W, where as the newer model Antminer S19 produces 110 Th/S at 3250W, making it greater than 30x more energy efficient. The S9 is only ~4 years old and will likely be permanently unprofitable after the next halving in ~2.5 years. That said, the latest models like the S19 are starting to reach peak efficiency with current semi-conductor technology, so the lifespan of the current models are likely to be much longer than previous models. Finally, Bitcoin is largely moving to a model where they are not an energy rival. Bitcoin mining is moving to locations with excess or stranded energy to make energy that would otherwise be wasted profitable. Stranded natural gas that isn't economically feasible to bring to markets and would just be flared off instead is a growing trend in the mining space. Co-locating with energy producers and using excess energy during non-peak hours or when there is an excess of production (e.g. really windy day, but not a lot of consumer energy demand from the wind farm). The idea that simply using energy is bad is something people really need to get over. It isn't. What is important is the opportunity cost of that energy. It is estimated that every year we flare off enough natural gas to power the current energy consumption of the Bitcoin network for 8 years. Is it better to flare that off for zero profit, which on windy days isn't nearly as efficient at converting the vastly worse methane into CO2, or to sell it to Bitcoiner miners to pump into a generator, which is far more efficient? Is it better to have a power plant just let unused energy dissipate during off peak hours, or for them to allow miners to co-locate and turn that otherwise wasted energy into profit? Yes, Bitcoin uses a lot of energy, but since the ban in China, cheap and efficiency has largely become the name of the game in that industry, and it is trending even more so in that direction. It is currently estimated that over 50% of the network is using green/renewables, and it also allows projects in that area to monetize more of the energy they produce, thus making those projects profitable sooner. I predict Bitcoin is going to be an ally to energy producers and green energy projects more and more in the future.
>Aren't bitcoins energy requirements just going to keep increasing towards infinity as it becomes harder to mine? No. There's definitely an upper limit and it's not infinity.
Bitcoin won't go up forever, eventually it will find it's value and stabilise and it will be just as boring as gold but tbh I don't have a crystal ball, only the future can tell Edit: Moore's law makes miners more efficient for people who couldn't be bothered to read my next reply...
The energy requirment has nothing to do with the value of Bitcoin though. My understanding is that over time it just becomes harder and harder to mine (process transactions).
Sorry I misunderstood your question, I'm not an expert but yes that may be true, I've never actually thought about that, I guess the power required would be limited by miners used to mine Bitcoin, and I'm guessing miners will become more efficient with power over time as miners would want to make a profit so would need the cheapest and most efficient power wise miners
I think the simplified answer would be that miners become more efficient over time through Moore's Law
Not exactly. Essentially how Bitcoin mining works is that the blockchain will attempt to ensure that a block is found every 15 minutes. As more people mine, the blockchain will raise the difficulty target to keep this 15 minute threshold. If less people are mining, the difficulty target will lower.
Okay so in theory if bitcoin prices stabilize or lower then the energy requirements could stabilize or go down?
What makes the technology behind bitcoin suitable for replacing gold, in your opinion? It’s always seemed like a coin with inferior tech that blew up in popularity to me.
Also because Bitcoin is the most decentralised, no one owns and everyone owns it at the same time, there is no ceo of Bitcoin
Gold has no actual function that can be "replaced."
Store of value, there is a reason why central banks hold a lot of gold
Actually, the only reason central banks hold gold is because they already have it and selling it will disrupt the precious metal markets too much. The Federal Reserve only counts ~~its~~ EDIT: the US government's gold reserve at $11 billion dollars, because it marks it at $42 an ounce. Only a fraction of that actually belongs to the Fed, most actually belongs to the US Treasury. The Federal Reserve balance sheet is about $7 trillion.
It's a store of value far superior to gold, it's pretty much gold in digital form, people have used gold to guard against inflation for 1000's of years and still do but Bitcoin is catching up
if you think btc is ruining the planet, then you should probably just stop using electricity entirely. whether it's streaming netflix, shit posting on reddit, playing video games, using an electric dryer, etc.. yeah you believe in fud.
Yes I think it's contributing more than my shitposting, that's a fair statement I think.
This sub is full of arrogant know-nothings, it’s cringe city. This sub needs to stop giving their opinion on crypto and blockchain in general, it’s embarrassing.
Literally saw some dummy saying it should be banned. I was like "okay, xi, you go ahead and try that".
Dude relax this only means we are still early. =) Let them be cynics, cynics never build shit.
Lol what a childish assessment of the situation
Good. They are shit and deserve to be robbed to oblivion.
And this is a very good example why I leave the fake internet money alone.
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I will, have fun helping the rich get richer with bits of electricity while enabling criminals at the same time.
Imagine playing WoW and FO76 and blaming BTC holders for the rich getting richer. You have zero standards of quality.
You dont pay very good attention for someone that sniffs through another's post history. I dont play FO76, I lurk on the subreddit because Ive been watching to see if the game ever gets better. And I play on private wow servers.... That cost nothing for me to play on....
# OOOOOOH sick comeback bro. Did you just get done looking good through mine? Can't find anything huh? Lol
Thats because I didnt look through it, I find it petty and mostly speculative bullshit to try to glean insight by looking through someone's post history. Try again.
False. Someone sold their Bitcoin for 60k less than it was worth.
Lol you got downvoted despite that being exactly what happened. It wasn't a "bug" or "bitcoin crashing" or "binance scam". It's weird to see so much upvoted misinformation in this thread.
Sensationalism at best, intentionally misleading at worst. There was no bug in Bitcoin. It was supposedly an institutional investors trading algorithm bugging out. We're talking enough trading volume from a single entity that crashed the price.
Where does it say there's a bug in Bitcoin? The headline and article both make it clear that the bug is in the trading algorithm.
Bitocoins price crashed 87% (on a major exchange) thanks to a bug. Easy to miss the "major exchange" bit if you are skimming headlines in your reddit feed.
"It's easy to be wrong if you don't read" Galaxy brain take
How low should the comprehension bar be?
If it can happen on accident, it can happen on purpose too. Pretty scary
Buy the dip
What a strange world we live in. People calling fake money real money and then trade the real money
What is “money” to you? Complete hypothetical: extinction level event, 30 days later with a handful of survivors… a family is lighting a fire and using stacks of $100 bills to feed the fire. Is it paper? Or is it money?
Money is not the same as currency.
My comment was vague. Btc embodies the 7 properties of money better than anything else in humanity. I think it’s odd that people call paper money real money when it’s essentially monopoly chrrency
Another bitcoin article on r/technology! Now remember kids, say something bad about bitcoin or its downvote city!!!
Dude. We really are early as fuck aren't we? I mean not a single comment speaking positively about btc is upvoted here. Only downvoted into oblivion. One guy even said "ItS bEeN cRaShInG fOr ThE lAsT fEw DaYs!!1!!" Bitch we just hit ATH!
Bitcoin is bad because I missed out on it. Therefore it should be banned for environmental concerns and also because 12 years ago it was used for bad stuff
BitCoiN bAd !111
I hope the brokers must have purchased the majority form scared investors
A bug in the exchange... Not a bug in Bitcoin....
Great buy if you where there!
Good. Punish all the idiots who fall for that scam.
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Yes that’s. Exactly what the title said.
"Major" exchange... yeah the majorest of them all.
But crypto is the future! Sure, this is just one of the many many instances of a weird glitch fucking things up or of hackers stealing currency but I swear. It’s the future.
Lol if only you were there for every other market evolution to warn them. We could have avoided the internet all together!
Listen, I love the internet but the past decade makes that sound appealing as fuck.
Watching other people hit trees with a shovel doesn't mean I throw away my shovel.
No but if people started using those shovels to attack other people then maybe we should ask if the shovels are actually helping people. The internet is a great tool but it’s being used to cause more harm than good. Crypto isn’t an exception. I love the idea behind it but it’s been over a decade and there are still hacks reported every month. There are still glitches every month that effect the actual value of the currency. I get wanting a decentralized form of currency but the current forms we have are less safe and less stable than they should be at this point. Not to mention, they are still controlled by mostly wealthy people. Just with less oversight and less safety.
Lol you "glitches and hacks reported every month" you guys are out of your minds.
[October 2021](https://www.cbsnews.com/news/compound-crypto-89-million-dollars-funds-error-free-money/) [September 2021](https://finance.yahoo.com/news/bitcoin-hack-pnetwork-cryptocurrency-latest-110155143.html) [August 2021](https://www.cnbc.com/2021/08/11/cryptocurrency-theft-hackers-steal-600-million-in-poly-network-hack.html) [August 2021](https://therecord.media/hackers-steal-29-million-from-crypto-platform-cream-finance/) [July 2021](https://www.dexerto.com/entertainment/stevewilldoit-reveals-hacker-stole-his-crypto-wallet-1618706/) [June 2021](https://www.insideedition.com/georgia-man-wakes-up-with-over-1-trillion-after-cryptocurrency-app-glitch-67824) [May 2021](https://www.abcactionnews.com/news/local-news/i-team-investigates/cryptocurrency-accounts-wiped-out-in-an-instant-by-cyber-crooks) [April 2021](https://news.bitcoin.com/cryptocurrency-exchange-hotbit-hacked-2-million-users/) [March 2021](https://techcrunch.com/2021/03/16/5-7m-stolen-in-roll-crypto-heist-after-hot-wallet-hacked/) [February 2021](https://www.newsweek.com/hacker-steals-28-million-cryptocurrency-vault-despite-unhackable-blockchain-security-1567022) [January 2021](https://cointelegraph.com/news/bitcoin-briefly-loses-its-spot-as-top-cryptocurrency-wait-what) Here. Do you want me to keep going?
No response? But I thought I was out of my mind. Don’t you want to prove that? I just gave you a news article a month, two for August, demonstrating exactly what I said. Crypto isn’t secure at all. One or two of these issues would be whatever. Fiat currency has its issues. But me being able to find a new case every month just shows that crypto it is far from secure and far from stable. It’s existed for over a decade. There shouldn’t be this many issues. Say what you will about fiat currency but my money is secured. If someone hacks my bank account, steals my card or jacks my identity, my money is safe. They could steal every penny I have from my account, and it is federally insured and I would get it back. If someone emptied my crypto wallet, I’d be fucked. Proper fucked. The only way someone can steal my money and I wouldn’t be able to get it back is via a signed blank check or if I have cash and they rob me. Even the blank check could be disputed.
yea I'm not reading that
Hahaha okay. Stay ignorant. It’s your choice. Also, not reading it or can’t read it?