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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 Xelynega on Monday December 19, 2022 @08:44PM (#34060477)
> had [they] bought Bitcoin or Ethereum years ago they wouldn't be struggling now.

I'm curious how you think people "make money" on crypto. Wouldn't those people getting rich be doing it at the expense of people losing money investing in crypto?

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Re:Binance's books are a black box, filings show, as it trie... by corv on Monday December 19, 2022 @10:03PM (#34061018)
No, the market isn't a zero-sum game. "A rising tide lifts all boats"

Of course everyone cashing out at the same time would be akin to a bank-run. In practice this doesn't happen since people bought in at different times and have a different cost basis.

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Re:Binance's books are a black box, filings show, as it trie... by Xelynega on Tuesday December 20, 2022 @04:00PM (#34072467)
Ok, but where does the actual money come from?

If I bought 10k of ethereum at one point in time and sold if for 100k, I put 10k into a pot which I took 100k out of.

Basic math tells me there won't be a "rising tide" for the boats that are left when anyone else pulls out.

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Re:Binance's books are a black box, filings show, as it trie... by omgomgomgomg on Tuesday December 20, 2022 @05:40PM (#34073798)
A rising tide also makes some vessels capsize, though.

I do not see how crypto is not a zero sum game, actually its a negative sum game if we deduct the mining costs, lost coins and the exchanges fees. Wasnt this supposed to work without whaleish, centralised exchanges?

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