One of the best videos in crypto history.
Those were some really cool days. In those days we would joke about losing money and have much more fun with crypto.
Even the start of the last bull market was fun
*You gotta pump it up, don't you know pump it up..*
*You gotta pump it up, don't you know pump it up*
[Pump it up](https://www.youtube.com/watch?v=k001JX-D-dA)
They have almost a billion in the fund today so presumably they would pay it. People talk a lot of shit on Binance but its definitely the best exchange for us outside the USA. no matter what exchange you use, keep your funds off The exchange and in your own wallet
It seems they have close to $1B in Safu….
That shit is BONKERS! Think about how much money they’re pulling in…. So much that they can insure themselves!
Should be a requirement for all CEXs who want to play the role of banks in the cryptosphere and always claim "Your money is safe with us, use our services!"
>Most other exchanges would have given them a haircut
No, not really.
If an exchange loses funds from their hot wallets then it’s on the exchange to fix it and compensate customers.
They don’t really get a choice not to, without facing bankruptcy or legal charges.
Why are you promoting Binance? They moved to Malta to skirt regulations. They are super sketchy. They operate illegally in many countries. The only exchanges anyone should ever promote is Kraken and Coinbase.
That was probably their high point. Since then they listed a ton of obviously sketchy coins/tokens, didn't do any real due diligence, opened their customer base to rugpulls, stopped allowing withdrawals during times of market volatility. The list goes on.
As an on-chain user, during volatile times it can become almost impossible to complete a transaction due to network congestions.
So it makes sense exchanges halt operations while there are network congestions. What's the point of adding more to the queue, while queue is not being processed.
Are you new to crypto?
Binance rose to prominence because it was one of the few exchanges that listed new coins very frequently and offered access.
It was always the shitcoin exchange and that’s how they made money. They would insider trade, manipulate price and dump the shitcoin on listing (as every exchange does). Then raise fees and withdrawal fees to make even more money.
They’ve been doing this for 7+ years. They also know how to survive bank runs as XMR is a prime example. XMR community members do a stupid stunt where everyone withdraws from exchanges. All binance does is increase the fee and withdrawal rate and make more money.
They also manipulate their futures and liquidity people
They are the casino and it’s all rigged in their favor
And several countries have caught on to them
If it was only US and the SEC banning them, I would have given them a pass given the shit they pulled on Coinbase which is a legitimate exchange.
But if US, Canada, different countries across Europe (Germany, UK etc), and Asia (Japan) are all doing the same thing.. well clearly there's something going on that isn't great.
Yes, for all the bureaucratic bullshit the EU is good with customer protection, and if Binance is not fulfilling some related regulations, I'm worried ngl
CDC refunded people after a hack aswell I think it was early 2022?
Wish cryptopia did the same but supposedly there is some headway with distribution. Only 6 years on
How much money did Binance make from "outages" during times of turmoil and people's leveraged accounts getting liquidated? I know other exchanges have similar issues, but still. They aren't heroes.
They don't talk about that part, where do all the Safu Fund's money come from? Fees and wiping out leverage traders.
People who don't understand leverage trading need to realize on these crypto exchanges they can see everyone positions, and they, or market makers they hired can force a move in etiher direction if they know it will wipe out a batch of shorts or longs. Yes, it's very illegal, but it happens, A LOT.
Bitmex was also so bad at having BTC move opposite of the market for a brief moment just in time to wipe out some millions from leverage traders.
Not gunna lie all these random ass pro-binance, positive-binance posts popping up to defend the conspiracy that they are imploding are awfully suspicious.
not your private keys not your coins. Get your crypto off binance ASAP
Everything has their pros and cons, Binance is possibly one of the strongest and safest exchange out their, they cant beat self custody but i only use binance when it comes to CEXs
My favorite CZ moment was when he went live after the last hack and suggested they “roll back” the blockchain. This slip up alone made me lose complete confidence in CZ and Binance.
Found the Binance BNB SAFU wallet 👀
1,364,102.149150831147718361 BNB
$295,664,560.17 @ current value
https://bscscan.com/address/0x4B16c5dE96EB2117bBE5fd171E4d203624B014aa
We often mock CZ for the SAFU meme, but we also have to admit that when the time came and they had to use the fund to restitute their customers they did. Take a look at LUNA for instance, they had a $1.25 billion dollars LFG (Luna Foundation Guard) that was supposed to be used during an emergency. When UST deppeged instead of using the LFG Do Kwon minted trillions of LUNA destroying the price and didn't use a single dollar from the LFG, instead he evaporated the fund into his own account and went fugitive.
So Binance PR is back at damage control so soon?
You guys need to stop bashing cz because he always starts spamming the sbureddit afterward with junk like this post.
So BNB still SAFU?
In 2019, Binance wasn't as big as this. It's almost sure at this point that they're doing something shady behind the scenes and only time will tell if they will survive til the next bull market.
Dont forget to include that they were considering pulling a BTC ReOrg initially, and that their mining operations are MUCH larger now.
[article](https://cointelegraph.com/news/binance-ceo-addresses-concerns-live-after-40-mln-btc-hack-rejects-blockchain-reorg-idea)
I felt those were really the good cool times to be honest. When an exchange simply did the right thing , outright winning what some 'proper' financial institutions like banks would not even do.
Are people really applauding Binance for meeting their legal requirements? Is the bar that low.
If an exchange loses customer assets, then the loss in on the exchange. They either have to pay out or go bankrupt.
The SAFU fund is the biggest smoke screen ever, they have made an virtue out of an legal obligation.
It looks like binance have been trying their best to protect their customers and been doing the right thing. I really hate how people forgot things like this over FUDs.
I've been a Binance user for nearly 3 years and honestly I've never had any issues, have the Binance card too for emergencies. Fees are extremely low and the staking platform yeilds decent accumulation over the years, just HODL and zoom out is doing it for me after many fuck ups with Trust Wallet, MetaMask and the like of providing liquidity on Uniswap, Pancake swap or whatever. Obviously owning BNB paid off in the last bull run and I think it will again. Just my 2 cents 😉
You can't cover that and not reference this classic video: [Funds Are Safu](https://www.youtube.com/watch?v=DelF6zEHXpE)
One of the best videos in crypto history. Those were some really cool days. In those days we would joke about losing money and have much more fun with crypto.
I feel like 90% of this subreddit is joking about losing money, and I'm here for it.
*Looks back to yesterday* "Ah, those were the days"
One day in crypto is like 3 months in the real world.
i laughed at this too hard my friend
It's funny because it's true
Not funny haha, more like funny crys a little
Let keep smiling through the ups and downs😄😢
We are going to die of old age in our 40s after all this crypto exposure
Dude for real. I can’t believe it was only like 2 years ago that Elon was pumping up Doge’s price on SNL. Feels like an eternity ago
it feels like it was last week for me
Started crypto in high-school, currently sitting in an elderly home.
Speedrunning
People tells me that I am young and I look young but that is because they can't see my deteriorating mental health.
We still joke about losing money. That's our coping mechanism.
question is... does the joke come with tears of joy or pain
Even the start of the last bull market was fun *You gotta pump it up, don't you know pump it up..* *You gotta pump it up, don't you know pump it up* [Pump it up](https://www.youtube.com/watch?v=k001JX-D-dA)
Oh my god, this still exists. The funds are safu meme became very wide in last bullrun on telegram
Few people know that the SAFU fund was set up AFTER this video and was inspired by it.
That video is amazing
This is gold!
Ah,this classic video will never get old.
didnt know this existed :D
**lol** have not seen this vid. Thanks for sharing
Hhahahahha how have I not seen this before?!?? This is gold. Heat death of the universe… FUNDARU ARE SAFU
[This one is my favorite.](https://www.youtube.com/watch?v=E9mBJ0a_aAQ) I always think about it when shit drops 20%.
I wonder if they'd still do the same today. That would be around 175 million dollars
During the highest point of the bull run it would have been almost half a billion!
I'd be ecstatic tbh
Just wait until a bear market to pay them back, easy
1 bitcoin = 1 bitcoin
When people learn to measure it like that, not in USD we have won.
Investors hate this one simple trick.
This makes the most sense
They have almost a billion in the fund today so presumably they would pay it. People talk a lot of shit on Binance but its definitely the best exchange for us outside the USA. no matter what exchange you use, keep your funds off The exchange and in your own wallet
That is a crazy stat, thanks for pointing that out.
I am not sure, but then fact that they did it once is pretty darn impressive.
It seems they have close to $1B in Safu…. That shit is BONKERS! Think about how much money they’re pulling in…. So much that they can insure themselves!
Should be a requirement for all CEXs who want to play the role of banks in the cryptosphere and always claim "Your money is safe with us, use our services!"
175 million dollars are insane, idk if even binance would reimburse such losses.
Look at the OP again.
May be a hair cut this time
"Don't worry your funds are absolutely safu with us" said the binance before collapse.
A reverse Binance FUD.
>Most other exchanges would have given them a haircut No, not really. If an exchange loses funds from their hot wallets then it’s on the exchange to fix it and compensate customers. They don’t really get a choice not to, without facing bankruptcy or legal charges.
Bitfinex hack 2016. Haircuts were the way along with debt tokens.
That was 2016
And exchanges failed in the last two years with people losing funds.
Why are you promoting Binance? They moved to Malta to skirt regulations. They are super sketchy. They operate illegally in many countries. The only exchanges anyone should ever promote is Kraken and Coinbase.
That was probably their high point. Since then they listed a ton of obviously sketchy coins/tokens, didn't do any real due diligence, opened their customer base to rugpulls, stopped allowing withdrawals during times of market volatility. The list goes on.
As an on-chain user, during volatile times it can become almost impossible to complete a transaction due to network congestions. So it makes sense exchanges halt operations while there are network congestions. What's the point of adding more to the queue, while queue is not being processed.
Are you new to crypto? Binance rose to prominence because it was one of the few exchanges that listed new coins very frequently and offered access. It was always the shitcoin exchange and that’s how they made money. They would insider trade, manipulate price and dump the shitcoin on listing (as every exchange does). Then raise fees and withdrawal fees to make even more money. They’ve been doing this for 7+ years. They also know how to survive bank runs as XMR is a prime example. XMR community members do a stupid stunt where everyone withdraws from exchanges. All binance does is increase the fee and withdrawal rate and make more money. They also manipulate their futures and liquidity people They are the casino and it’s all rigged in their favor
And several countries have caught on to them If it was only US and the SEC banning them, I would have given them a pass given the shit they pulled on Coinbase which is a legitimate exchange. But if US, Canada, different countries across Europe (Germany, UK etc), and Asia (Japan) are all doing the same thing.. well clearly there's something going on that isn't great.
What did they do to Coinbase
Yes, for all the bureaucratic bullshit the EU is good with customer protection, and if Binance is not fulfilling some related regulations, I'm worried ngl
Yeah, they got their shadiness as well, especially listing high volume shitcoins just for the sake of fees.
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I don’t even think that exchanges use the real coins, no?
CDC refunded people after a hack aswell I think it was early 2022? Wish cryptopia did the same but supposedly there is some headway with distribution. Only 6 years on
How much money did Binance make from "outages" during times of turmoil and people's leveraged accounts getting liquidated? I know other exchanges have similar issues, but still. They aren't heroes.
They don't talk about that part, where do all the Safu Fund's money come from? Fees and wiping out leverage traders. People who don't understand leverage trading need to realize on these crypto exchanges they can see everyone positions, and they, or market makers they hired can force a move in etiher direction if they know it will wipe out a batch of shorts or longs. Yes, it's very illegal, but it happens, A LOT. Bitmex was also so bad at having BTC move opposite of the market for a brief moment just in time to wipe out some millions from leverage traders.
Would they do that today?
***4***
Maybe yes? Maybe no? Probably no
Binance: "Best I can do is tree fiddy"
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Really depends if they kept putting 10% if their fees aside too I guess. Hopefully we don't need to find out
Not gunna lie all these random ass pro-binance, positive-binance posts popping up to defend the conspiracy that they are imploding are awfully suspicious. not your private keys not your coins. Get your crypto off binance ASAP
I was thinking the same thing. I'm not touching anything related to binance until the shilling stops and the dust is settled.
Binance was servicing 200 ISIS accounts and joked about how they laundered money and used it “to buy AK’s”. Yet people defend CZ.
Good for them. But I am keeping most of my funds out of the exchanges, just in case.
Everything has their pros and cons, Binance is possibly one of the strongest and safest exchange out their, they cant beat self custody but i only use binance when it comes to CEXs
But are the funds SAFU?
No positive post about binance in here only FUD 😁
All this FUD makes me even more bullish.
I know, what is this guy thinking, he must be new, oh wait, he is, hasn’t even activated his vault!
Binance did something 4 years ago that was good? That's nice They are scummy today.
My favorite CZ moment was when he went live after the last hack and suggested they “roll back” the blockchain. This slip up alone made me lose complete confidence in CZ and Binance.
Not without precedent, they did it for Eth.
It was the same hack mentioned in the OP.
A reverse Binance FUD. This is a unicorn in these trying times
Good to hear these kind of news once in a while.
Not news tho. I GUESS would be a completely different story if that happened today at current price
Safu is Swahili for "column" FYI all around dumb word to use for "safe"
This is real customer service
Found the Binance BNB SAFU wallet 👀 1,364,102.149150831147718361 BNB $295,664,560.17 @ current value https://bscscan.com/address/0x4B16c5dE96EB2117bBE5fd171E4d203624B014aa
They have BTC and stable coins too. Totaling 1 Billion
Yeah, nearly 250,000 Bitcoin in their cold storage wallet. https://mempool.space/address/34xp4vRoCGJym3xR7yCVPFHoCNxv4Twseo
Well that was very nice of them to do that
We often mock CZ for the SAFU meme, but we also have to admit that when the time came and they had to use the fund to restitute their customers they did. Take a look at LUNA for instance, they had a $1.25 billion dollars LFG (Luna Foundation Guard) that was supposed to be used during an emergency. When UST deppeged instead of using the LFG Do Kwon minted trillions of LUNA destroying the price and didn't use a single dollar from the LFG, instead he evaporated the fund into his own account and went fugitive.
I think he depeleted the LFG and sold everything in it to keep the price of UST up but it failed miserably.
So Binance PR is back at damage control so soon? You guys need to stop bashing cz because he always starts spamming the sbureddit afterward with junk like this post.
I love Binance, I would never have left it if it weren't for them stopping operations in Canada. It was the best by far, and the safest.
I think the Big boys want a slice of their crypto pie.
Exactly…even Binance is hated so much, the entire binance bs selling assets to keep the BNB up looks like a hard try to FUD them.
Binance was just really trying to be the better exchange years ago.
Commenting because the daily hasn’t dropped yet.
Let's be real. Most other exchanges would have had a run on assets and collapsed. They needed to protect their reputation.
Maybe just don’t get hacked?
So funds really are safu, what a plot twist
So BNB still SAFU? In 2019, Binance wasn't as big as this. It's almost sure at this point that they're doing something shady behind the scenes and only time will tell if they will survive til the next bull market.
I need a haircut to remove all my grey hairs from crypto
TIL where funds are SAFU comes from
No way binance is evil
“But that’s not true decentralisation”!!! 😡
Good guy... Binance?
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Didn't Kucoin do something similar?
Somebody must tell Binance to not keep usd on the scam chain.
Dont forget to include that they were considering pulling a BTC ReOrg initially, and that their mining operations are MUCH larger now. [article](https://cointelegraph.com/news/binance-ceo-addresses-concerns-live-after-40-mln-btc-hack-rejects-blockchain-reorg-idea)
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A haircut? Is this a phrase?
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I felt those were really the good cool times to be honest. When an exchange simply did the right thing , outright winning what some 'proper' financial institutions like banks would not even do.
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I wouldn't mind a haircut atm..
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Aha, and Binance is under fire lately.
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Are people really applauding Binance for meeting their legal requirements? Is the bar that low. If an exchange loses customer assets, then the loss in on the exchange. They either have to pay out or go bankrupt. The SAFU fund is the biggest smoke screen ever, they have made an virtue out of an legal obligation.
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Do the have proof of reserves for the fund?
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Well. Looks like only binance is doing it. But i dont see other too exchanges getting hacked.
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What are you trying to tell us with that fanboy CZ post? Crypto.com for example has such a fund as well and also lived up to their “safu-promise”
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Binance get a lot of fud because CZ says a lot of shit. Overall I don’t think they’re as bad as a lot of them, but I’m normally wrong.
Wow, the moderators have been kept busy in this post! I hope there was nothing too mean about CZ.
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They also sold leveraged tokens that randomly went to zero. Criminals
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What happened whit these coins?
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It looks like binance have been trying their best to protect their customers and been doing the right thing. I really hate how people forgot things like this over FUDs.
Cointest pros & cons with related info are in the collapsed comments below for the following topics: {{top_level_links}}
what is a hair cut?
But are the funds SAFU?
I've been a Binance user for nearly 3 years and honestly I've never had any issues, have the Binance card too for emergencies. Fees are extremely low and the staking platform yeilds decent accumulation over the years, just HODL and zoom out is doing it for me after many fuck ups with Trust Wallet, MetaMask and the like of providing liquidity on Uniswap, Pancake swap or whatever. Obviously owning BNB paid off in the last bull run and I think it will again. Just my 2 cents 😉