Re:In second largest DeFi hack, Blockchain Bridge loses $320...
by 323 on Thursday February 03, 2022 @09:56AM
(#30193191)
I'm no accountant, but I trust Bloomberg knows about these things:
> Binance generated at least $20 billion of revenue last year, according to a Bloomberg analysis of its trading volume and fees.
https://www.bloomberg.com/news/features/2022-01-09/binance-c...
> Also if so much real money is generated then where are the billionaires
Same article:
> With $96 billion, Binance CEO Changpeng Zhao is closing in on tech titans including Facebook’s Mark Zuckerberg and Google’s Larry Page and Sergey Brin.
Re:In second largest DeFi hack, Blockchain Bridge loses $320...
by tim333 on Thursday February 03, 2022 @11:07AM
(#30194185)
It's pretty easy to swap BTC and the like for USD on Kraken or Coinbase. According to Kraken's order book can buy or sell US$14bn of ETH at the moment and move the price less than 2%. We are not talking $1m cats. I've done stuff like $36k for BTC. That's a small trade really.
Is this realized profit in real cash, or book profit based on valuations?
Who puts real money into crypto by billions? I somehow doubt that enough actual physical people come to buy crypto. Is this money "invested" by funds?
This whole ethereum thing sounds like the old joke "we exchanged a dog worth 1 million for 2 cats worth 0,5 million each".. yet now they try to find someone who will buy this stuff at those bullshit valuations - to be the one left holding the bag.
Also if so much real money is generated then where are the billionaires? Actual ones who divested from crypto (to lower risk) and bought unsexy real world stuff. I understand that in theory crypto is always growing, but who is coming to buy that 1 BTC for 36k usd? To get billions it would have to be a lot of people.