Lol no, if you could get permission then you simply ask for permission. The phrase makes sense only when you are doing something illegal that you cannot get permission.
You have to look at it in the Uber context. It WAS illegal to operate a taxi service, blatantly illegal, but the new Uber service was so good that We The People demanded an end to the government guns created taxi monopoly, because that monopoly didn't serve us. I assume the crypto bro's feel similarly. Imagine a world where dollars inflated to 0 and everyone started using crypto. In that hypothetical world, maybe regulators would admit they screwed up the dollar, and would get on board with crypto exchanges, if We The People demanded that they do it. If course that world has not happened, and all the ponzis are making it less likely, so they had to settle, but there is probably somewhere in the multiverse where the Fed couldn't stop the inflation, and something like that happened. Lets be honest, the dollar is the ultimate ponzi, since the government stole the gold that is constitutionally required to back the dollar, its just a piece of paper, and if enough people lost confidence in the shell game, we might just end up using filecoin to buy our coffee (!!)
@@jimipet The phrase only works if it’s something you possibly could get permission for and where the forgiveness might mean no punishment. It’s normally not used for crimes at all. It’s how teenagers think when they go to a party their parents might not let them go to. Or a husband doing something his wife might not allow.
I think you didnt understand the phrase in CZs context. That means he will pay the law or whatever fines get imposed on him after he does the wrongdoing. THey wont forgive him. But thats how most fines work, its a forgiveness for punishment by paying money.
Its not a coincidence that the amount of scams (mostly cyber scams) have scyrocketed since the days crypto became popular. It is because of crypto that you can launder your money easily that such scams have gone to the next level. Crypto is a cancer that has to be removed the sooner the better. It litteraly only benefits you if you are doing something illegal. And lets not forget that crypto became popular due to the dark market in the first place, and then retail investors jumped in because they saw dramatic rise in price.
it really isn't. You can store everything offline and in wallets and there are tons of totally decentralized apps. It is just a very high confusing floor to figure it all out, so the exchanges are where most people are.
Like it wasnt that hard writing on the wall was clear. Question is what will happen now. Few billions will evaporate again but i think crypto become even stronger because get rich fast scheme is too enticing for people and cryptobros will return in manner now bad actors are routed nothing stand in the way to the mooooon. Its ponzi scam laced with casino so people will not le go easily becasue in their head they are just one step, one event from become millionaires. As we see again and again cryptocurrency as is devised is unsustainable dead project and companies falling because crypto is not generating any gains on its own so they must led money to pay promised earnings also just sustain this casino it consume so much electricity as small nation so even works this cost is thrown on everybody because globally there is not enough electricity and demand is constantly raising.
It’s pretty easy to predict if a financial product or service is a scam that will eventually harm customers and/or face legal action. Basically, if it’s crypto, it’s a scam.
Bitcoin is not crypto. And your fiat currency has since the 1920's lost more value than all crypto's combined, not to mention in recent years. Good luck with that system.
@@randomizer1666 because the exchange can continue normal operations and all user funds are still there. why would he entertain the scam part of it if no money was taken lol
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields
This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?
Through closely monitoring the performance of my portfolio, I have witnessed a remarkable growth of $485k in just the past two quarters. This experience has shed light on why experienced traders are able to generate substantial returns even in lesser-known markets. It is safe to say that this bold decision has been one of the most impactful choices I have made recently
While I agree with everything in this video, I still hold the people who invest in crypto accountable for their losses. They knowingly choose to put their money in unregulated exchanges, and we have TONS of experience and information going back 200 years that shows why that's not a good idea. Banks used to print their own money, and whenever there was a run on the bank all that money immediately became worthless, this is nothing new.
"you invest in unregulated entities, therefore you deserve to have your money stolen, misused, and we can go against the contracts you signed." Is a pretty bad take. Regulated or not those things shouldn't happen.
@@matthewferguson8369no, it is in fact a very good take. If only a little amount of money is knvolved, it won't matter. If someone put 20 dollars into binance and loses that, the impact is minimal no matter if he gets it back or not. And if it's hundred or even thousands of dollars or equivalent, what the heck was he doing putting that money into an unregulated security? For any large amounts of money invested you should not only expect but demand that people put in at leastthe tiniest bit of research. Now if a rgulated business chetas its customers, then those customers should be protected. But there is a reason the crypto crisis, the 2008 financial crisis, and various others happened due to new, not yet regulated financialproducts.
If most of the crypto trading is to launder money from illigal activity, then the crypto exchanges have to be unregulated. If they get regulated and have to follow all the anti laundering rules etc, then their use will drop so much that will make them unsustanaible, which is already the case with many exchanges that tried to do that, their popularity drop. Its the reason that binance's popularity stayed to the roof all those years, but seems that wont be the case for long.
@matthewferguson8369 I agree that "it shouldn't" happen. However, we, who live in the real world, know that this is not the case. This type of scam has been going on for millenias. It is on the individual to not let naked greed cloud your better thoughts so much that leads you to self-destruction. There will always be criminals and con men in world as long as there are suckers filled with greed in the world.
@@matthewferguson8369 It's not a bad take. If you knowingly take a big risk with your money you are culpable if that risk doesn't work out and handing money over to UNREGUALTED exchanges is a HUGE RISK, that's why all of this shit is happening. There's a reason why we have laws and regulations; people are always trying to take advantage of each other, it's a part of the human condition and it isn't going to stop anytime soon. If there wasn't a documented history of this stuff happening for hundreds of years I'd feel bad for them. If you look at all of the bank runs that happened in the 19th and 20th century you'd know why individual institutions printing their own money is a bad idea, this farrrr from a new problem. These people got greedy, they wanted to have a big payday and took a huge risk that didn't pan out and now they're paying for it. If you have two options, one is regulated and one isn't, and you knowingly opt for the lawless unregulated one you know you're putting up exponentially more risk with little to no protection; it's not like these people didn't know that regulated stock exchanges exist and they could put their money in a much safer place. It's like leaving your car unlocked in the city; if it gets stolen you're culpable because you know people are shitty. It's an unfortunate reality, but it's reality nonetheless.
A year and a half, max. And a paltry (for him) fine. Ridiculous, and if you already have a mind with a criminal bent, a year in jail for a fkload of money it might seem worth it.
One of my co-worker was all about crypto, claiming how banks rob people, 2008 crisis and blah blah, crypto is democratizing the currency, full transparency etc. etc. Also when is it a good idea to store your data on someone else's computer, but a hard drive.
@@paulinejackson5861 Look at your fiat currency losing value every single year since the 1920's, while prices for literally everything (housing, food, bills) go up and up relentlessly, with the central bankers and governments destroying your life savings, and say that again. I agree that 99% of Crypto are scams. Bitcoin is the only truly decentralized system owned by nobody, and its trajectory since its conception has done nothing but go up, and always crashes at a new high. But most people like yourselves wont realize until its too late and your money is worth nothing. Enjoy the incoming CBDCs.
If we represent ignorance by a value then knowing nothing can be represented by zero. But crypto is so perversely awful that it must be represented by a negative value. Watching these fools lose money in this hot garbage has provided me with numberless hours of mirth.
Actually you don’t want Tether to fall. Bitcoin even though has no utility it’s still traded like a commodity. So it may be the only “real” USD backer. That’s to mean enough money is in there to break something. A slow death is better so it gives everyone a chance to sell out but a huge crash bye bye markets for months or years.
@lombardo141 Bitcoin does not back the dollar. It is the other way around. If every single crypto vanished over night, the dollar would go along much as before.
@@lombardo141no, a hughe crahs of the idiot market is necessary. Yes, it will have some knock on effects on the rest of the economy, but not all that much. Keep in mind while there is an insane amount of imaginary value tied up in the crypto market, the actuall interfacing with real world currencies is not all that big, so the overall amount of money tied into crypto is not that hughe compared to the overall economy and financial sectors. Plus, it pays to remind idiots who went and played with fake money why get rich quick schemes are stupid and never work, and why you should always take a moment to consider what you are doing financialy. A lot of financial and economic stupidity is because governments have protected idiots who went in on that to much. In a similar vein, change monetary crime (fraud, false accounting, tax evasion, illegal use of funds etc.), so on top of the current punishments, the base punishment applied to everyone who is convicted of any premeditated financial crime is a complete forfeiture of their personal assets. Yes, all of them. So e.g. with Bankman fired, bevor any other fines or prisonsentences are calculated, first off take all of his assets, and he would not get any of that back. Then apply the same to bankers, managers etc. That do similar crimes.
Where are the people who were thinking Crypto is the future of money, art transactions and contracts? Prices of ETH and BTC are still relatively high but I doubt they'll hold their value in $.
Yes they will wall street is moving in as they want control to offer bitcoin and ethereum to their clients that's what all these moves are against binance and kraken. So they can capitalise and control the market. No one actually believes in these charges. Ftx yes binance and kraken no.
the second we get a better economy they will go back up. BTC and ETH are not the same as all these scam coins. Some of these projects are absolutely legit. Problem is who knows which is a scam and which is not?
I am still here and belive in the future of crypto more than ever. All the scams in the crypto space, have nothingh to do with the underlying technology, just greedy people taking advantage of the current hot thing. When crypto will get regulated better, the real bull market will start.
@@Xander1Sheridan There is no project that really took off. None. There were hopes & dreams fueled by ZIRP and we're not in ZIRP anymore. Also, Cryptos were moving so quickly that regulation and legal system could not keep track but by now, they're catching up. No serious government was going to give up control of its money and any other applications likely won't justify current prices of those "assets".
Yes. Allowing shadowy transactions to take place on the platform is not innovation. My question is, if a crypto exchange is operated fully within the rules, with customer funds registered and deposited - and not "invested", while asking for a fee for each transaction, and paying taxes on the bank interests and on the profits from the transaction fees, can they still make an honest payday? Greetings from the UK, Anthony
18 MONTHS FOR BEING A FINANCIAL PLATFORM FOR FOREIGN TERRORISTS AND ONLY A 50 MILLION FINE? Why don't they just give him a 1 millisecond prison sentence then?
Good. Society needs to stop tolerating crypto’s collateral damage. The rest of productive society can no longer tolerate this stuff from gamblers and grifters. Many more must go to prison still. Used to work in the industry and it is far more rotten than you can imagine. Not cleaned out yet
@@TomSeliman99yea everyone know that. Big difference is the end consumer is not going to get screwed over and hacked. Honestly if you resort to this sort of basic whataboutism - you’re literally not qualified to discuss this with me and your IQ is probably below 80. Crypto losers should stop and build real enterprise value or careers
At this point, if you say you're involved in crypto, you should probably just be arrested on the spot because there's like a 75% chance either you or the company is doing something extremely illegal.
I agree. All the big banks money launder. The biggest mistake for CZ was screwing with SBF. I have no qualms with Binance money laundering because the US has no right telling an international company to stop money laundering.
@@panzervalkyrie9299tulips weren't a ponzi scheme, they were the classic example of a financial bubble. Ponzi schemes are a top down organised scam. A bubble is mostly just people beeing brainless/stupid and not thinking about whatthey are actually putting money in.
The US dollar that is printed from nothing that is the croc, crypto is the pin. Now these exchanges may be a croc, but the underlying technology may change the world, especially if the Fed drives the dollar's value to zero in the upcoming, government spending created crisis.
This channel is very anti-crypto no matter what happens. Even when Bitcoin will hit 100k+ $, you can bet your ass that WSM will make a video about how big of a scam bitcoin is.
Where does it say crypto itself is going to end or even crash? This video is talking about single companies, not crypto in general. Cryptobros are contradicting themselves all the time, talking about decentralization but not being able to separate actual decentralization from centralized shady profit driven companies like these.
filecoin is neat. It's like a peer-to-peer cdn. But at a fundamental level how could it possibly be cheaper than centralized storage???? What comparative advantage would a small time server farm or pc have over a massive datacenter. Cloud computing took over the world for a big reason that centralizing IT infrastructure is more reliable and cheaper.
It’s odd how SBF is locked up and facing life in prison while all these other people. Who have done the same stuff are getting off with a slap on the wrist….
Bruh your comment just goes to show that you have absolutely no clue how anything works or what the difference between Bitcoin and all other crypto's are.
@@tovsteh Pretty much. The comments on this channel's crypto videos are so ignorant and cringe. They keep applauding the end of crypto even while all the major asset managers filed for spot ETFs...
I began my investment journey at the age of 38, primary through hard work and dedication. now at the age of 42,I'm thrilled to share that my passive income exceeded $100k in a single month for the first time.this success reinforces the important of the advices mentioned earlier. It is not about achieving quick wealth but rather ensuring long term financial prosperity.✌✌
Mrs loretta logan , service is a talk of the town in North Holland Netherlands , I started with a little amount 1ETH, and she made huge returns, and I have been constantly investing with her
From CZ's standpoint this is still probably a net benefit, and for any ordinary person this wouldn't be a deterrent. If you told some nobody that they could walk away with hundreds of millions or billions of dollars in 5 years from now, but in exchange they just had to go to jail for 18 months (and like what, 9 months if they are productive and don't cause problems?), almost 100% of people would do it. I try to be ethical, and make decisions that don't come at the cost of others...but I would probably rather go to a minimum security for ~1 year to never have to work again in my entire life.
@@incremental_failurenot really, PRC thrives off corruption. Those who get charged are rival or fallen party members. The US had to disguise corruption as lobbying, and people still have the power to pick their poison, unlike the CCP.
@@incremental_failureI understand you don't understand and despise what you can't understand, but can you stop insulting china's government like that.
i dont want sound like a hater bro i love your videos and been here from the start, not defending CZ but it will sound like i am. You have to understand the only way everyone can truly prosper you need free open market companies like binance even if they where helping all the criminals and other bad actors it also was doing a lot of good helping millions of people who couldnt go the traditional channels, this is a blow to democracy bro lol its amazing you cant see it even if binance belongs to the change they where a global company. But anyways nice video learn and thing or two !
These are all trumped up charges to make space for American dominance in the crypto space (Black Rock wasnt about to let an Asian company be the biggest exchange when their ETF is approved) Crypto will still continue its meteoric rise and Binance will continue to be a part of the space.
CZ took out the gatekeeper for crypto. The doors Sam kept shut during his time in ftx were blown wide open once CZ exposed him. He would have been better off if Sam was still around. Remember Sam was close to making crypto mainstream in America
It's easier to get forgiveness than it is to get permission. I'll never forget this, my mate told me this before I "stole" my dad's car for the first time. It's true ......
There is no such thing as an 'investment' in crypto. Crypto makes nothing. It produces no service. You may have speculated in crypto, but you have not invested a single cent.
Asking for forgiveness instead of permission only works if you theoretically could get permission to do it, not for things that are already illegal.
Lol no, if you could get permission then you simply ask for permission. The phrase makes sense only when you are doing something illegal that you cannot get permission.
You have to look at it in the Uber context. It WAS illegal to operate a taxi service, blatantly illegal, but the new Uber service was so good that We The People demanded an end to the government guns created taxi monopoly, because that monopoly didn't serve us. I assume the crypto bro's feel similarly. Imagine a world where dollars inflated to 0 and everyone started using crypto. In that hypothetical world, maybe regulators would admit they screwed up the dollar, and would get on board with crypto exchanges, if We The People demanded that they do it. If course that world has not happened, and all the ponzis are making it less likely, so they had to settle, but there is probably somewhere in the multiverse where the Fed couldn't stop the inflation, and something like that happened. Lets be honest, the dollar is the ultimate ponzi, since the government stole the gold that is constitutionally required to back the dollar, its just a piece of paper, and if enough people lost confidence in the shell game, we might just end up using filecoin to buy our coffee (!!)
Or if you're 3 lol
@@jimipet The phrase only works if it’s something you possibly could get permission for and where the forgiveness might mean no punishment. It’s normally not used for crimes at all. It’s how teenagers think when they go to a party their parents might not let them go to. Or a husband doing something his wife might not allow.
I think you didnt understand the phrase in CZs context. That means he will pay the law or whatever fines get imposed on him after he does the wrongdoing. THey wont forgive him. But thats how most fines work, its a forgiveness for punishment by paying money.
Agree with your last statement: if these kinds of things are called innovations, we better go back to the stone age.
Its not a coincidence that the amount of scams (mostly cyber scams) have scyrocketed since the days crypto became popular. It is because of crypto that you can launder your money easily that such scams have gone to the next level. Crypto is a cancer that has to be removed the sooner the better. It litteraly only benefits you if you are doing something illegal. And lets not forget that crypto became popular due to the dark market in the first place, and then retail investors jumped in because they saw dramatic rise in price.
Yea! Lets trust the government to control our financial system... One persons terrorist is another's freedom fighter.
Its really funny that crypto bros always shout that its decentralized finance yet they centralize it to 5 exchanges
it really isn't. You can store everything offline and in wallets and there are tons of totally decentralized apps. It is just a very high confusing floor to figure it all out, so the exchanges are where most people are.
You really have no clue what you’re talking about😂…if that’s what you and your bro’s do then say that.
😂😂 Charlatans! He threw SBF under the bus and now it’s his turn.
@@carpediem4512SBF threw himself under the bus. Binance, sensibly, for once, failed to pull him out from under it.
It’s not hard to buy crypto on an exchange and take custody of it yourself. People are just dumb and lazy
You called this out before it happened. Respect 👍🏻
Yeah big respect
Like it wasnt that hard writing on the wall was clear. Question is what will happen now. Few billions will evaporate again but i think crypto become even stronger because get rich fast scheme is too enticing for people and cryptobros will return in manner now bad actors are routed nothing stand in the way to the mooooon. Its ponzi scam laced with casino so people will not le go easily becasue in their head they are just one step, one event from become millionaires. As we see again and again cryptocurrency as is devised is unsustainable dead project and companies falling because crypto is not generating any gains on its own so they must led money to pay promised earnings also just sustain this casino it consume so much electricity as small nation so even works this cost is thrown on everybody because globally there is not enough electricity and demand is constantly raising.
He did but let’s be fair, Coffezilla was top of this from jump.
Who didn't? 😂
It’s pretty easy to predict if a financial product or service is a scam that will eventually harm customers and/or face legal action. Basically, if it’s crypto, it’s a scam.
Bitcoin is not crypto. And your fiat currency has since the 1920's lost more value than all crypto's combined, not to mention in recent years. Good luck with that system.
@@tovsteh Interesting that you didn't say it wasn't a scam... Guess you know the situation too, you're just pretending it doesn't exist..
@@tovsteh touch grass
lolololololololol@@tovsteh
@@randomizer1666 because the exchange can continue normal operations and all user funds are still there. why would he entertain the scam part of it if no money was taken lol
You do some amazing analysis into the financial world, and you really saw it coming from a mile away and told us all. Thank you for what you do.
"long overdue" xD
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields
This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?
Through closely monitoring the performance of my portfolio, I have witnessed a remarkable growth of $485k in just the past two quarters. This experience has shed light on why experienced traders are able to generate substantial returns even in lesser-known markets. It is safe to say that this bold decision has been one of the most impactful choices I have made recently
Wow, that's stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio
I've actually been looking into advisors lately, the news
I've been seeing in the market hasn't been so encouraging. who's the person guiding you?
While I agree with everything in this video, I still hold the people who invest in crypto accountable for their losses. They knowingly choose to put their money in unregulated exchanges, and we have TONS of experience and information going back 200 years that shows why that's not a good idea. Banks used to print their own money, and whenever there was a run on the bank all that money immediately became worthless, this is nothing new.
"you invest in unregulated entities, therefore you deserve to have your money stolen, misused, and we can go against the contracts you signed." Is a pretty bad take. Regulated or not those things shouldn't happen.
@@matthewferguson8369no, it is in fact a very good take. If only a little amount of money is knvolved, it won't matter. If someone put 20 dollars into binance and loses that, the impact is minimal no matter if he gets it back or not. And if it's hundred or even thousands of dollars or equivalent, what the heck was he doing putting that money into an unregulated security? For any large amounts of money invested you should not only expect but demand that people put in at leastthe tiniest bit of research.
Now if a rgulated business chetas its customers, then those customers should be protected. But there is a reason the crypto crisis, the 2008 financial crisis, and various others happened due to new, not yet regulated financialproducts.
If most of the crypto trading is to launder money from illigal activity, then the crypto exchanges have to be unregulated. If they get regulated and have to follow all the anti laundering rules etc, then their use will drop so much that will make them unsustanaible, which is already the case with many exchanges that tried to do that, their popularity drop. Its the reason that binance's popularity stayed to the roof all those years, but seems that wont be the case for long.
@matthewferguson8369 I agree that "it shouldn't" happen. However, we, who live in the real world, know that this is not the case. This type of scam has been going on for millenias. It is on the individual to not let naked greed cloud your better thoughts so much that leads you to self-destruction. There will always be criminals and con men in world as long as there are suckers filled with greed in the world.
@@matthewferguson8369 It's not a bad take. If you knowingly take a big risk with your money you are culpable if that risk doesn't work out and handing money over to UNREGUALTED exchanges is a HUGE RISK, that's why all of this shit is happening. There's a reason why we have laws and regulations; people are always trying to take advantage of each other, it's a part of the human condition and it isn't going to stop anytime soon. If there wasn't a documented history of this stuff happening for hundreds of years I'd feel bad for them. If you look at all of the bank runs that happened in the 19th and 20th century you'd know why individual institutions printing their own money is a bad idea, this farrrr from a new problem. These people got greedy, they wanted to have a big payday and took a huge risk that didn't pan out and now they're paying for it.
If you have two options, one is regulated and one isn't, and you knowingly opt for the lawless unregulated one you know you're putting up exponentially more risk with little to no protection; it's not like these people didn't know that regulated stock exchanges exist and they could put their money in a much safer place.
It's like leaving your car unlocked in the city; if it gets stolen you're culpable because you know people are shitty. It's an unfortunate reality, but it's reality nonetheless.
It certainly isn’t better to ask for permission if you’re facing years in prison as a result.
A year and a half, max. And a paltry (for him) fine. Ridiculous, and if you already have a mind with a criminal bent, a year in jail for a fkload of money it might seem worth it.
they never would have gotten anywhere if they asked for permission from the beginning.
It is better to send him in jail.
He isn't going to face any minute in prison. This is a scare show. Nothing will happen
I'm amazed it lasted this long.
One of my co-worker was all about crypto, claiming how banks rob people, 2008 crisis and blah blah, crypto is democratizing the currency, full transparency etc. etc. Also when is it a good idea to store your data on someone else's computer, but a hard drive.
Silly crypto holders, it will never gain mainstream traction.
Agree. Crypto is 100% useless
@@paulinejackson5861 Look at your fiat currency losing value every single year since the 1920's, while prices for literally everything (housing, food, bills) go up and up relentlessly, with the central bankers and governments destroying your life savings, and say that again. I agree that 99% of Crypto are scams. Bitcoin is the only truly decentralized system owned by nobody, and its trajectory since its conception has done nothing but go up, and always crashes at a new high. But most people like yourselves wont realize until its too late and your money is worth nothing. Enjoy the incoming CBDCs.
Respect to wsm, you get it right
If we represent ignorance by a value then knowing nothing can be represented by zero. But crypto is so perversely awful that it must be represented by a negative value. Watching these fools lose money in this hot garbage has provided me with numberless hours of mirth.
The one domino I’m waiting to fall is Tether
Actually you don’t want Tether to fall. Bitcoin even though has no utility it’s still traded like a commodity. So it may be the only “real” USD backer. That’s to mean enough money is in there to break something. A slow death is better so it gives everyone a chance to sell out but a huge crash bye bye markets for months or years.
@lombardo141 Bitcoin does not back the dollar. It is the other way around.
If every single crypto vanished over night, the dollar would go along much as before.
@@lombardo141no, a hughe crahs of the idiot market is necessary. Yes, it will have some knock on effects on the rest of the economy, but not all that much. Keep in mind while there is an insane amount of imaginary value tied up in the crypto market, the actuall interfacing with real world currencies is not all that big, so the overall amount of money tied into crypto is not that hughe compared to the overall economy and financial sectors.
Plus, it pays to remind idiots who went and played with fake money why get rich quick schemes are stupid and never work, and why you should always take a moment to consider what you are doing financialy. A lot of financial and economic stupidity is because governments have protected idiots who went in on that to much.
In a similar vein, change monetary crime (fraud, false accounting, tax evasion, illegal use of funds etc.), so on top of the current punishments, the base punishment applied to everyone who is convicted of any premeditated financial crime is a complete forfeiture of their personal assets. Yes, all of them. So e.g. with Bankman fired, bevor any other fines or prisonsentences are calculated, first off take all of his assets, and he would not get any of that back. Then apply the same to bankers, managers etc. That do similar crimes.
@@timg1246 thanks for the correction. I am saying this because Tether holds a lot of T-Bills so it’s crash will not be limited to crypto
@@lombardo141 USD (for better or worse) is backed by an oil deal and the largest military on the planet.
Where are the people who were thinking Crypto is the future of money, art transactions and contracts?
Prices of ETH and BTC are still relatively high but I doubt they'll hold their value in $.
Yes they will wall street is moving in as they want control to offer bitcoin and ethereum to their clients that's what all these moves are against binance and kraken. So they can capitalise and control the market. No one actually believes in these charges. Ftx yes binance and kraken no.
the second we get a better economy they will go back up. BTC and ETH are not the same as all these scam coins. Some of these projects are absolutely legit. Problem is who knows which is a scam and which is not?
I am still here and belive in the future of crypto more than ever. All the scams in the crypto space, have nothingh to do with the underlying technology, just greedy people taking advantage of the current hot thing.
When crypto will get regulated better, the real bull market will start.
@@Xander1Sheridan There is no project that really took off. None. There were hopes & dreams fueled by ZIRP and we're not in ZIRP anymore. Also, Cryptos were moving so quickly that regulation and legal system could not keep track but by now, they're catching up.
No serious government was going to give up control of its money and any other applications likely won't justify current prices of those "assets".
Yes I am agreeing that oversight is needed!
Yes. Allowing shadowy transactions to take place on the platform is not innovation.
My question is, if a crypto exchange is operated fully within the rules, with customer funds registered and deposited - and not "invested", while asking for a fee for each transaction, and paying taxes on the bank interests and on the profits from the transaction fees, can they still make an honest payday?
Greetings from the UK,
Anthony
that is basically what a bank is
Every person can get rich slowly, but no person can get rich quick.
You nailed it. Said it like it is. Good work
CZ really live up to his word "its better to beg forgiveness than ask permission"
WSM prediction so good.
Criminals. Jailtime should be spent - after paying fines.
Lol. Imagine people thought crypto was the future of money. Hahahaha!
it still is the future of money.
go to any developing country with double digit inflation, and they use crypto extensively lol
@@sushantkurren2562 shithole country does not count! Hahahaha!
@@evans4751 keep coping! Hahahaha!
@@evans4751what is it? The future of money or an asset that steadily increases in value? It can't be both
I've been waiting for this
But I was told funds are safu!!!!
😂😂😂
I can't help but feel more charges will come while he's incarcerated
hes not incarcerated.
Nice analysis.
Thanks for another interesting video!
Not one to get done up by his crypto contemporaries, CZ also found away to go to jail.
Couldn't be happier the magic beans scam of crypto ends this year. Nice video. Keep up the good work.
Bitcoin up over 100% this year I think you need to wait a little longer
Please wait and stay poor with your rapidly depreciating fiat money while Bitcoin remains scarse, uncensorable, unstoppable.
Thank you 🎉
18 MONTHS FOR BEING A FINANCIAL PLATFORM FOR FOREIGN TERRORISTS AND ONLY A 50 MILLION FINE? Why don't they just give him a 1 millisecond prison sentence then?
You have done an amazing job covering this. you deserve an award for investigative journalism
Imagine my shock
Good. Society needs to stop tolerating crypto’s collateral damage. The rest of productive society can no longer tolerate this stuff from gamblers and grifters.
Many more must go to prison still. Used to work in the industry and it is far more rotten than you can imagine. Not cleaned out yet
What are you smoking? Our governments do far worse things with its own money
@@TomSeliman99yea everyone know that. Big difference is the end consumer is not going to get screwed over and hacked. Honestly if you resort to this sort of basic whataboutism - you’re literally not qualified to discuss this with me and your IQ is probably below 80. Crypto losers should stop and build real enterprise value or careers
Thank you for the video today. Because of it, we all just got smarter, again!
At this point, if you say you're involved in crypto, you should probably just be arrested on the spot because there's like a 75% chance either you or the company is doing something extremely illegal.
Thank you
Another great W$M video. =)
So this $4.3 Billion fine, exactly where does that end up?
Probably, they'll be given to Ukraine or Israel. 😂😂😂
And where does it come from, customer accounts?
SBF and CZ’s resolution is the best thing for crypto.
Enron went under and we still buy energy. Banks have paid billions in fines and we still bank.
I agree. All the big banks money launder. The biggest mistake for CZ was screwing with SBF. I have no qualms with Binance money laundering because the US has no right telling an international company to stop money laundering.
Tulips fell over and we still ponzi
I don't care what is good for crypto. It has no benefit.
@@panzervalkyrie9299tulips weren't a ponzi scheme, they were the classic example of a financial bubble. Ponzi schemes are a top down organised scam. A bubble is mostly just people beeing brainless/stupid and not thinking about whatthey are actually putting money in.
We need energy and banks for essential financial transactions. All crypto has done is help scammers and money launderers.
"funds are safe"
safu*
imagine him meeting SBF in prison
It astonishes me how long it's taking people to realise crypto is a croc.
The US dollar that is printed from nothing that is the croc, crypto is the pin. Now these exchanges may be a croc, but the underlying technology may change the world, especially if the Fed drives the dollar's value to zero in the upcoming, government spending created crisis.
Earned my sub for consistent crypto skepticism
Crypto is a scam. Bitcoin is not crypto.
Looks like it’s time for Bloomberg to make another 2 hr documentary. This time about Binance 😂. Guess they didn’t learn from SBF.
CZ broke the law, but at least he’s not a thief. I don’t think Binance will die
About time these exchanges are targeted.
They were targeted a long time ago. It just took this long for convictions to happen
"beginning of the end" for like 1000+ times since 2013, this is the ultimate bear market signal i've been waiting for 2 years
This channel is very anti-crypto no matter what happens. Even when Bitcoin will hit 100k+ $, you can bet your ass that WSM will make a video about how big of a scam bitcoin is.
gogo put all your money in dogecoin
@@Fourside__ gonna cash out when all the clickbait tubers putting up titles “is crypto the future of money” again lmao
Where does it say crypto itself is going to end or even crash? This video is talking about single companies, not crypto in general. Cryptobros are contradicting themselves all the time, talking about decentralization but not being able to separate actual decentralization from centralized shady profit driven companies like these.
How much have you lost?
filecoin is neat. It's like a peer-to-peer cdn. But at a fundamental level how could it possibly be cheaper than centralized storage???? What comparative advantage would a small time server farm or pc have over a massive datacenter. Cloud computing took over the world for a big reason that centralizing IT infrastructure is more reliable and cheaper.
Crypto is all scam! All these coins are the same, how can they have any value
He needs to be jail like SBF of FTX. 🙄🤔😤😡🤬
Another great video. You’d want to be daft to leave currency on these exchanges, maybe unless you’re a crim.
Financial channel not grifting on crypto. amazing.
It’s odd how SBF is locked up and facing life in prison while all these other people. Who have done the same stuff are getting off with a slap on the wrist….
It's not about how much you stole, but who you stole it from.
Love it
Next in line to FTX.
Literally every rally in Bitcoin is followed by an arrest for manipulation
Not all of them, but they are ultimately just pump and dump schemes and money laundering
LOL
Bruh your comment just goes to show that you have absolutely no clue how anything works or what the difference between Bitcoin and all other crypto's are.
@@tovsteh Bruh how is the comment wrong? Every time - scam, collapse, crimes. It's a ponzi every time.
@@tovsteh Pretty much. The comments on this channel's crypto videos are so ignorant and cringe. They keep applauding the end of crypto even while all the major asset managers filed for spot ETFs...
Where will they take the money for that fine from
The only thing we learn from history is that we never learn from history.
This remember me of Stockton Rush!
They are all scammers
I began my investment journey at the age of 38, primary through hard work and dedication. now at the age of 42,I'm thrilled to share that my passive income exceeded $100k in a single month for the first time.this success reinforces the important of the advices mentioned earlier. It is not about achieving quick wealth but rather ensuring long term financial prosperity.✌✌
How can someone know a professional trader that's trustworthy when legit once are hard to find these days is highly recommended..
Mrs loretta logan , service is a talk of the town in North Holland Netherlands , I started with a little amount 1ETH, and she made huge returns, and I have been constantly investing with her
Alright thanks for the recommendation, but how do I reach her?
she often interacts on Telegrams, using the user below
*_@Loretta191^^^ that is it_*
Keywords aka euphemisms aka red flags...
So Binance has been a US company on Hong Kong's coverings this whole time 😄
Bro still got off super easily 😂😂😂
Who do you work for,Binance ain't going no motherfuking where, if the Binance Exchange go down crypto goes down. USA is a small part of the world.😮😮😮
I am shocked. Fraud in crypto.
I am shocked. Fraud and insane inflation in your fiat currency system. Good luck with the incoming CBDC's.
2024 Crypto bull Run 😅 👍. we will see who missed again 😢
Prompt engineering
Anyone who puts their money into any form of crypto currency needs their head looking at.
I always thought HeYi is upto something with CZ LOL
ALL crypto is, at the present, either a scam or a scam in the waiting.
Luck it's private, WS would have shorted the hell out of it
That would make no difference, and those guys would have won because the exchange has been found guilty destroying all brand value
From CZ's standpoint this is still probably a net benefit, and for any ordinary person this wouldn't be a deterrent.
If you told some nobody that they could walk away with hundreds of millions or billions of dollars in 5 years from now, but in exchange they just had to go to jail for 18 months (and like what, 9 months if they are productive and don't cause problems?), almost 100% of people would do it.
I try to be ethical, and make decisions that don't come at the cost of others...but I would probably rather go to a minimum security for ~1 year to never have to work again in my entire life.
There is a reason why the PRC banned cryto transactions.
Chinese communist party and US government are practically the same, that's true.
@@incremental_failurethat's such an ignorant statement, they work completely differently
@@incremental_failurenot really, PRC thrives off corruption. Those who get charged are rival or fallen party members. The US had to disguise corruption as lobbying, and people still have the power to pick their poison, unlike the CCP.
@@incremental_failure cope
@@incremental_failureI understand you don't understand and despise what you can't understand, but can you stop insulting china's government like that.
I say no regulation is best so I don't have to turn to sketchy overseas crypto exchanges to trade derivatives.
I don’t think the walls are closing for crypto itself, but it may be for Binance.
He wont go to jail
i dont want sound like a hater bro i love your videos and been here from the start, not defending CZ but it will sound like i am. You have to understand the only way everyone can truly prosper you need free open market companies like binance even if they where helping all the criminals and other bad actors it also was doing a lot of good helping millions of people who couldnt go the traditional channels, this is a blow to democracy bro lol its amazing you cant see it even if binance belongs to the change they where a global company. But anyways nice video learn and thing or two !
Right along with his Buddy...
These are all trumped up charges to make space for American dominance in the crypto space (Black Rock wasnt about to let an Asian company be the biggest exchange when their ETF is approved)
Crypto will still continue its meteoric rise and Binance will continue to be a part of the space.
$4.3 B fine... let that sink in.
Byenance?
Did you think in you right mind the DOJ didn't meticulously investigated commingling of funds and couldn't find anything.
CZ took out the gatekeeper for crypto. The doors Sam kept shut during his time in ftx were blown wide open once CZ exposed him. He would have been better off if Sam was still around. Remember Sam was close to making crypto mainstream in America
It's easier to get forgiveness than it is to get permission. I'll never forget this, my mate told me this before I "stole" my dad's car for the first time. It's true ......
It is easy.. easy to end up in prison.
Yea I bet when he helped speed up the downfall of SBF and FTX CZ dint expect he would be stepping down and paying 4 billions in fines 😅😅
He screwed up when he messed with SBF. Should have let FTX rip off customers forever.
FTX Revenge. A message to others.
😊😊😊😊😊 see if B will pay
The US government does not tolerate competition in the gangster business
Cope harder crypto cultist
So this was the guy crowing over SBF?
My question is why and how did they get him to come out of hiding ? Someone either gave him up or he was caught. I wonder…🤔
he came out to make the deal which includes no prison and put an end to this. not.rocket science.
@@nr12345 yeah, so it means they were closing.
Crypto is not an industry it is a gambling system
CZ was putting the finger on Sam Bank man now he’s turn 😅
Do you like Clarke and Dawe?
So he helped drugdealers, childporn monsters. ...etc etc.....and you get 18 months ????
Hello.
Dropping like flies. Coinbase is NEXT. Short the heck out of them.
I never put anything on exchanges, I put all my coin investments in cold hard wallets. I use exchanges and defi to buy crypto not store them.
There is no such thing as an 'investment' in crypto. Crypto makes nothing. It produces no service.
You may have speculated in crypto, but you have not invested a single cent.
Only 18months… but Sam Bank is getting much longer than that. Well time will tell.