Great thing that Balaji cashed out nicely also before he left coinbase. It is great that we can see so clearly in action that stupidity is sometimes rewarded with nice paycheck.
People, keep being stupid and confident. Sometimes it pays tremendously off.
What's the incentive of lying that the hack didn't happen and he still had the funds? Just shame? I don't think it is very sensible to lie at that point. You will just get caught later and it will be more painful.
I think you can find good freelancers everywhere... And also bad ones. Whether upwork is good or not depends on your viewpoint. I think it is just a marketplace like everything else. I personally believe bigger value lies in longer relationships, therefore places like upwork should be just a place to get started.
The exchanges don't collect taxes. Tax office probably requested information from the exchange and the exchange complied, and the tax office calculated the total amount withdrawn as taxable. The idea that an exchange would be calculating taxes is ridiculous.
Well, don't know for these stablecoins but to me the "normal crypto" meaning bitcoin is very easy to understand and use. It is like commodity nowadays - it is up to the user whether to use it for scetchy things or for normal things.
Well I don't know why you would trust anyone in the crypto world not to be biased towards their own project. I think Vitalik is shilling Ethereum pretty regularly while dissing other projects.
The market has ridiculous demand really, at times. But it highly depends on timing, location etc. And also resilience. If you run the exchange for long enough time, you will collect customers who will be coming back.
Well if 7000 stolen from hot wallet is something like 2% of assets and rest is in cold storage, then the risk is manageable. However I agree that 7000 BTC is a lot even if you are running a huge exchange.
In this case customers in the end won't lose money, as binance can cover the loss from their own assets. And similar has been happened with most hacks in the past - as only hot wallet is emptied, the cost is manageable.
Though IMO 7000btc is too much for hot wallet in any case...
Well the thief didn't touch any other cryptocurrencies that were on binance. What do you think is more valuable, a currency that thief wants a lot or one that they don't want?
Yeah just start a competitor, the licensing alone is something like 3 million... There's very little competition in the space and I guess there are reasons for that.
Full reserves aren't required to maintain the peg, fractional reserves can work as well. However with fractional reserves there is a risk that the backer might lose money.
People trust banks, even when the fiat in banks isn't fully backed. Usually the reserve ration is backed to something like 10%.
To my understanding tether is just like a bank, except the accounts are kept on Blockchain instead of private database. So, it is rational to use them if you think they habe enough reserves to keep them liquid. Full backing is not needed, as it isn't needed with banks as well.
This. Don't except things to change if you happily stay in a workplace where things are done in a half-assed way. There's endless supply of jobs for software people nowadays.
Though if crypto funds are stolen from cold storage due to hack ortheft, there is nothing to do, even if you are regulated. When crypto transfer is done, there is no way to reverse it. Regulation might help to enforce best practices to prevent theft, but it wouldn't help to recover funds if theft happens.
Essentially all these services and exchange that offer bitcoin wallets are like banks. I think they have been the main way to get and hold bitcoin since the early days, I would guess normal standalone wallets are in the minority when it comes to the amount of users. For quantity stored maybe not so much.
What's wrong with reinventing the wheel? I think having alternatives for financial transactions is just a good thing in itself. Of course you don't have to use them if you don't like.
Efficiency isn't everything. In my experience the problems with remote work are often more trust-related. If course this depends on the industry. We had a case in a fintech company where remote employee ended up doing some quite bad things for the company for financial gains. I think it is much more difficult to do that kind of deeds if you actually interact face to face with the people affected.
I would guess that job security and other benefits are actually much better in tobacco companies, than in cool and hyped tech companies like Tesla. Tobacco companies have trouble attracting talent and make good easy profit.
How is speculation a be thing? Healthy dose of speculators is needed for healthy markets. Speculators create liquidity and help pricing things. Without speculators, in general, world would be a lot worse.