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A comment on Binance's books are a black box, filings show, as it tries to rally confidence. Parent comment

Re:Binance's books are a black box, filings show, as it trie... by greenthrow on Monday December 19, 2022 @03:31PM (#34057243)
Considering how few world currencies are less stable than BTC this doesn't make a lot of sense.

Plus if you have the ability to turn arbitrary currency X into BTC, you can certainly change it into USD, which is far more stable than BTC. So, nope. This is not a good use for BTC.

[ Parent | on HN ]
Re:Binance's books are a black box, filings show, as it trie... by stickfigure on Monday December 19, 2022 @04:03PM (#34057678)
How does a Zimbabwean convert ZWR to USD? How does a Venezuelan convert bolivars to USD?
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Re:Binance's books are a black box, filings show, as it trie... by maria2 on Monday December 19, 2022 @04:33PM (#34058054)
They usually go to a black market currency dealer and keep the money under their mattress, or at least that's how they did it in the USSR.
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Re:Binance's books are a black box, filings show, as it trie... by WeylandYutani on Monday December 19, 2022 @07:18PM (#34059802)
There are unofficial "shadow banks" that are run by powerful people with criminal and corrupt politician's backing.

With enough time passing you have an entire underground economy- conveniently denominated in dollars.

[ Parent | on HN ]