<story><title>Binance commingled customer funds and company revenue, former insiders say</title><url>https://www.reuters.com/investigates/special-report/crypto-binance-money/</url></story><parent_chain><item><author>rohith2506</author><text>Sitting on the sidelines, It makes us feel superior to criticise and derive intellectual pleasure out of that but I haven&amp;#x27;t seen a lot of people who actually step into the ring and try to fix what&amp;#x27;s broken. I was one of them.&lt;p&gt;We can all agree that the current traditional and digital finance systems are broken but I don&amp;#x27;t see any solutions being provided as an alternative.&lt;p&gt;In every industry which involves innovation, there will be speculation and definitely people who like to profit off that which results in ponzi schemes but in the end, there are some genuinely hard working people who truly believe in the mission they signed up for 10 years ago and still continue to work. I would suggest you to take a look around and dig deeper into some of the blockchain projects and you will understand how much blood, sweat and bits have been poured into this.</text></item><item><author>nologic01</author><text>Its a pity that a decade and more of hyperactivity, speculation and noise in cryptofinance will not leave much to show for it but the smoldering ruins of bizarre house-of-cards.&lt;p&gt;We have financial systems that are certifiably broken, there are countless ideas about how to fix them, the digital era makes new ideas easy to explore and everybody would objectively be better off with some genuine innovation&lt;p&gt;yet all we&amp;#x27;ve got is this manic obsession spawned by bitcoin that has no economic objective whatsoever.&lt;p&gt;If that is &amp;quot;efficient allocation of capital&amp;quot; one wonders what inefficiency looks like.</text></item></parent_chain><comment><author>Veen</author><text>I wonder if it occurs to people who &amp;quot;try to fix what&amp;#x27;s broken&amp;quot; that things are as they are for a reason, and it might be a good reason, a series of compromises and hacks necessary to create a system that is far from perfect, but that more-or-less works.&lt;p&gt;There are no doubt many things wrong with our financial systems, but I suspect they&amp;#x27;ll be fixed by gradual evolution that maintains what works, and not by a revolution that seeks to replace what we have with something that sounds good from a naive perspective, but is in reality much worse.</text></comment>
<story><title>Binance commingled customer funds and company revenue, former insiders say</title><url>https://www.reuters.com/investigates/special-report/crypto-binance-money/</url></story><parent_chain><item><author>rohith2506</author><text>Sitting on the sidelines, It makes us feel superior to criticise and derive intellectual pleasure out of that but I haven&amp;#x27;t seen a lot of people who actually step into the ring and try to fix what&amp;#x27;s broken. I was one of them.&lt;p&gt;We can all agree that the current traditional and digital finance systems are broken but I don&amp;#x27;t see any solutions being provided as an alternative.&lt;p&gt;In every industry which involves innovation, there will be speculation and definitely people who like to profit off that which results in ponzi schemes but in the end, there are some genuinely hard working people who truly believe in the mission they signed up for 10 years ago and still continue to work. I would suggest you to take a look around and dig deeper into some of the blockchain projects and you will understand how much blood, sweat and bits have been poured into this.</text></item><item><author>nologic01</author><text>Its a pity that a decade and more of hyperactivity, speculation and noise in cryptofinance will not leave much to show for it but the smoldering ruins of bizarre house-of-cards.&lt;p&gt;We have financial systems that are certifiably broken, there are countless ideas about how to fix them, the digital era makes new ideas easy to explore and everybody would objectively be better off with some genuine innovation&lt;p&gt;yet all we&amp;#x27;ve got is this manic obsession spawned by bitcoin that has no economic objective whatsoever.&lt;p&gt;If that is &amp;quot;efficient allocation of capital&amp;quot; one wonders what inefficiency looks like.</text></item></parent_chain><comment><author>JAlexoid</author><text>We&amp;#x27;re also privileged to be closer to understanding the systems and solutions. That makes it easier for us to view the massive amount of issues with the ecosystem as not the core of the cryptocurrency &amp;quot;craze&amp;quot;.&lt;p&gt;Now imagine you&amp;#x27;re not a techie, that has no idea what&amp;#x27;s what? The propaganda concept of &amp;quot;rotten herring&amp;quot;, that mars the whole, will take effect on the whole cryptocurrency concept.&lt;p&gt;For laypeople cryptocurrency is as much a mystery with it&amp;#x27;s own gatekeepers, as fiat money systems. Engineers becoming the gatekeepers, are definitely more open an excited about it... but to others swapping a banker to an anonymous engineer is not much of an upgrade.&lt;p&gt;So many gatekeepers have failed in providing essential protections that old gatekeepers still provide.&lt;p&gt;Crypto made fraud and mismanagement obvious and grandiose, even though the exact same happens with traditional financial system.&lt;p&gt;Technology can&amp;#x27;t catch on just because &amp;quot;there are some great projects&amp;quot;</text></comment>