Libre Blockchain

2021-06-30 06:28:29 Ever Considered Launching Your Own Project?

There are a lot of folks that have come to me over the past few days & weeks asking whether I believe 'X' will do 'Y', if this or that team is legitimate, whether this idea is good or not, whether certain marketing / promotion for a new project in this space is valid or a scam etc.

The harsh reality is that a project can check every single box and still end up being a fraud. Its possible that the project's founders / backers had every intent on doing right by their investors & it still ends up crashing & burning.

That aside though - there is one option out there where you can be certain how it will turn out ; that's by launching your own project. Open / Comment

2021-06-28 02:38:09 Binance = Mt. Gox Part Two Open / Comment

2021-06-22 08:22:34 Translated Version of Everything

If you're not familiar with derivatives, options, etc., then some of this may seem like mumbo jumbo.

So to translate - Binance offers traders on their platform the ability to buy an option.

'Options' are essentially contracts that give someone permission to buy or sell an asset at a certain price at some point in the future. So if you buy a call option for Bitcoin for $5k that expires in a week, this means that you can exercise the option to purchase a Bitcoin for $5k from the seller of that contract before the cointract expires.

If Bitcoin were to go up in price - let's say, $10,000, then this would be great for you. Bitcoin would be $10k but now you can purchase it for $5k. That's awesome.

However, if Bitcoin goes down, could be bad for you.

In Binance's case, they were always the counterparty. So if you were buying one of these contracts from them, they were the ones saying, "Yes, we agree we'll sell this to you at this price".

The issue here is that Bitcoin spiked through the roof last Fall. So, as you can imagine, everybody was likely buying call options (how many bears were there back in January 2021?).

Since Binance guarantees unlimited upside, it doesn't matter how much money you gained on your call option, you were set to profit accordingly.

As you can imagine, this likely resulted in Binance getting killed on the other side of these contracts as Bitcoin spike from $10k to damn near $50k, almost without pause (if we exclude that lull in the price that occurred in late December).

Trades Settled in USDT

Here's the kicker. If all of these trades were settled in USDT at expiry (or whenever the option was exercised), then we must either assume:

A) Binance just ate the losses outright (which could be in the billions) and paid out of pocket

or

B) More USDT got printed to cover all of these trades where Binance had to have been getting their asses kicked.

You cannot possibly tell me that someone was naked shorting Bitcoin from October 2020 - January 2021 and not getting murdered on the markets. That makes no sense.

But based on what Binance has on their own website, we know that this had to be the case (since they guaranteed unlimited upside for traders no matter what & also announced that they are the sole-issuers of these contracts) Open / Comment

2021-06-22 07:15:54 Since Binance is the only counterparty to these trades and they're not actually allowing themselves to be liquidated out of positions (i.e., 'unlimited upside'), there's no plausible reason for us to believe that they haven't been receiving and minting funds to cover these naked short positions that they essentially must take if they are to have a functioning Options market. Open / Comment

2021-06-22 07:14:22 Facts That Were Uncovered in That Thread

Every fact that you're going to read in this list below came directly from Binance's website - written by them. There is zero speculation in this.

1. Binance Options offer unlimited upside. Very specifically, the words "unlimited upside" were used by them on their website.

2. Binance is the sole-issuer of options contracts on their platform. Again, this is something that they state on their website, verbatim.

3. Since Binance is the sole-issuer of options contracts (which have unlimited upside), they must be the counterparty on the purchase of any call or put option (there is no way for this to not be true since they're the only sellers of the options contracts).

4. Binance Options track Binance Futures contracts as their derivative asset.

5. Binance Futures allowed traders to leverage 125x on a maximum of 10 bitcoins. Back of the napkin math says traders could open $50-100M positions if they wanted to (on margin as low as 0.8%)

6. From October 2020 - January 1st, there were hardly any losing days for Bitcoin. So if you were a trader that happened to buy a call option during that time period, lucky you - you probably made a killing (at any leverage amount). If you didn't, then its likely that you were defrauded directly by Binance (which isn't something that's irrational to expect at this point).

Greater Point Here

Knowing that these Options trades with unlimited upside (their words) that had Binance as the counterparty (de facto) were settled in USDT - the fraud of USDT becomes much more relevant at this point. Open / Comment

2021-06-22 06:59:29 Real Reason for Tether Disbursement Revealed

There are many that have went around in this space claiming that the reason for Tether's disbursement is to "pump Bitcoin".

This is not the case. Read the full thread explaining what a major cause for Tether disbursement more than likely is: https://twitter.com/librehash/status/1407139299196297222?s=20 Open / Comment

2021-06-21 05:50:57 This is the spreadsheet that was being shared in 2017 of Chinese ICO firms that were under investigation / being searched for by the Chinese gov't Open / Comment

2021-06-21 05:44:04 That's what led to this 'scambinance.com' website. This site is kind of crazy because its a super comprehensive documentation of all of the fraud that Binance has committed or been in, just about. Was a bit mind-blowing to come across a site like this… Open / Comment

2021-06-21 05:42:26 Ever Heard of 'scambinance.com'? Was looking up the name 'Guangying Chen' because she's listed as one of the former owners of Binance in their Swiss Corp. records (she replaced Changpeng Zhao up there for a little while). When China did their ICO crackdown… Open / Comment

2021-06-21 05:39:33 Ever Heard of 'scambinance.com'?

Was looking up the name 'Guangying Chen' because she's listed as one of the former owners of Binance in their Swiss Corp. records (she replaced Changpeng Zhao up there for a little while).

When China did their ICO crackdown in 2017, they published a list of a bunch of companies they said were in violation (and that they were basically looking for). One of those names up there was, 'Czech Republic Network Technology Co., Ltd' (located in Shanghai).

At the time there was a rumor saying it was Binance. But the name didn't match Binance so people dismissed it.

So by finding Guangying Chen in the Swiss Corps records as a registered owner of Binance, it allowed me to confirm that Binance was among the companies that China listed back in 2017. Open / Comment