For the record, I don't believe that Binance is any more fundamentally financially sound today than FTX and Alameda Research were on Monday. None of these blockchain projects have enough liquidity to cover investors in the case of this type of run on their assets; Binance basically took out a competitor by starting a high-tech bank run, and it worked because there are no consumer protections of any kind in place anywhere in the cryptosphere.
Any regular perusal of Molly White's blog, Web3 is Going Just Great, reads like a never-ending litany of the failings of the blockchain-based pseudo-Ponzi which is the entire crypto enterprise. None of it works the way these crypto-bros claim it should, and none of it is actually secure, either, in spite of having "crypto" in the name of the product. It's all a mix of low-effort scams, higher-effort fraud, well-intentioned incompetence, and callous malpractice, with a heaping helping of environmental disaster on the side.
For those wanting more details on this latest farce, here's a reading list:
Divisions in Sam Bankman-Fried’s Crypto Empire Blur on His Trading Titan Alameda’s Balance Sheet
FTX Agrees to Sell Itself to Rival Binance Amid Liquidity Scare at Crypto Exchange
Binance Walks Away From Deal to Acquire FTX
FTX contagion is spreading to the Solana ecosystem
Bitcoin falls to its lowest level in nearly two years as Binance abandons FTX deal
And now, a public service message to anyone thinking of investing in crypto-currency, or in any of its blockchain derivatives like DAOs, NFTs, etc.
Don't do it.
If
you've already done it, try to undo it as quickly as possible.
Definitely don't put any money into this blockchain nonsense that you
can't afford to lose. Crypto is a disaster, has no redeeming properties
of any kind, and you should want no part of any of this. You've been
warned.