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/biz/ - Business & Finance

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13558725 No.13558725 [Reply] [Original]

>DUUUHHH U CANT ROLL BACK DUH BLUKKAIN
You dumb niggers, you think you're actually trading crypto on exchanges? Why do you think moving stuff inside exchanges is instantaneous? It's all IOUs, you don't actually have any real coins on Binance until you withdraw.
If Binance "rolls back", they simply reset their internal system and bring everything back to what it was however long ago they decide, and that's it, then they make up the difference with their own funds (even though they technically don't need to until users actually withdraw).

That's how it works with FIAT too, and that's why a bank run works.

>> No.13558781
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13558781

This. The brainlets are out in force in response to this. Still, not good for binance or crypto on the whole.

>> No.13558994

>>13558725
>>13558781
the 7k BTC is no longer inside Binance, it's outside already. They can move stuff inside as much as they want, there's still 7k BTC missing.

>> No.13559047

>>13558994
I think whoever stole the bitcorn was probably more happy than CZ was sad to lose it. So, whatever.

>> No.13559119

>>13558994
Which they make up for with their SAFU fund.

>> No.13559119,1 [INTERNAL] 

>men?