/biz/ - Business & Finance

>>10159645
It's like patching a flawed security system instead of fixing it. You give candy to the idiots who lose their API keys instead of making your shit more secure.

>>10159687
as if any security system is truly secure, fucking brainlets

>>10159687
how can the exchange make it more secure if the dumb faggots who keep compromising the security are it's users?
unless you want them to enforce ip whitelisting for API usage what would you do? (hint: they won't because they'd lose all the volume from those bots on day 0)

chink scam

so funds are actually SAFU at this point in timeline?

>>10159645

This is why im in blockport (dex). You retain control over your own wallet.

>>10159645
>SAFU
Sounds like the chink word for "Safe"

Smart move on CZ's part. Even if the exchange isn't anymore safe, it gives the appearance of safety and reassurance which helps Binance to remain the #1 exchange.

>>10159645
But the blockchain is supposed to be unhackable! Why don’t they just store the private keys on a blockchain?

>>10159645
It makes me confident in the exchange's security that they need to use 10% of their revenue to create a fund to cover massive losses whenever they're hacked.

Imagine if a bank announced that they'e going to put 10% of all the interest they collect on their loans, into a fund to cover their losses of the constant ongoing hacks against them, where thieves are successfully walking away with millions and not getting caught.

Would you bank there? I sure as fuck wouldn't.

>>10159993
>cover their losses of the constant ongoing hacks against them
I would love an excuse to shit on Binance but so far these hacks have been caused by users being so retarded they deserve to lose money.

>>10159944
binance wasn't hacked retard they're doing this out of their own good will for their brainlet users who get phished and hacked.

>>10159993

>thinks banks never get hacked

>>10159645
My bot bought high, sold low
Refund me now, SAFU sifu

>>10159909
>#1 exchange
#3 since Coinex surpassed it. Bitmex has been a clear #1 for a while

>>10160576
burger spotted
bitflyer has been #1 for years

>>10160272
Shut up, zoomer. Banks are the safest place to keep your money. If this wasn't true, why would millions of people keep it there?

>>10159993
Banks are hacked all the time brainlet
holy fuck what a moron

>>10159993
>what is fractional reserve banking
They don't even have enough liquidity if everyone was to pull out their savings at once, brainlet.

>>10159993
All banks are paying into the FDIC insurance pool also nimwit.

This will work because Binance will combine it with application of circuit breakers to suspend suspicious trading activity before the potential losses become too great to be covered by SAFU.

>>10159902
it is you smartass

>>10159993
that's literally what banks do, moron
a couple layers of abstraction and you retards can't tell what's happening

https://youtu.be/DelF6zEHXpE

I fucking hate reddit

FUNDS ARE GONU

sorry

>>10159993
wtf. banks uses 200% of profits to.cover the money they steal from themselves. then they bankrupt and fed or bce (you and me) cover losses. fy.
cz based as fuk

>>10159902
>only pretending to be retarded

>>10162816
Kek

>>10159993
>chink counterpsyop bullshit
neck yourself