The crypto economy has about the same market size as a country like Russia, Italy, or Brazil.

A country like Iceland is far smaller, and their currency famously fluctuated in 2008. Would you consider Icelandic króna as money? Most people do.

The crypto economy isn't real, it's a pointless wealth redistribution scheme.

Anyway, that and your question are hardly relevant to the fact that Binance and their cabal own the crypto exchanges and consequently could manipulate the price to reduce the size of their obligation denominated in crypto rather than currency or stable coins.

Define "own the crypto exchanges" here. What percent of transactions in and out of bitcoin and ethereum go through them?

I mentioned their cabal, as in the Signal group "Exchange coordination" reported in 2022, with executives from Binance, FTX, Kraken, Tether, and Tron.

So like, three exchanges, one of which died? Even if we assume everyone in the group is willing to tank crypto values, that's not a very big power level increase beyond what Binance has by itself.

Believe whatever you want about Binance's influence.

I understand Binance alone accounts for a third of the market, and their ability to coordinate with other exchanges is hardly restricted to the participants we know were in that specific group chat.

I think the point stands that a liability in eg. USD is much different from one denominated in crypto.

This isn't about what I want to believe, it's that at the slightest requests for clarification/evidence you've gone from "the fact that Binance and their cabal own the crypto exchanges" to "ability to coordinate".

Yeah Binance itself is big but it'll take a lot more than one exchange, an exchange everyone is now handling with extra suspicion, to cause a crash.

> I think the point stands that a liability in eg. USD is much different from one denominated in crypto.

If course it's different but that's so much weaker of a point. And the foreign currency comparisons weren't to particularly stable currencies.

Seems to me that it's entirely about what you want to believe, what I claimed is clear:

Binance obviously has influence on crypto prices, potentially affecting a liability denominated in crypto.

I quoted what you claimed, it was much more than "has influence".

And I'm sure they have nonzero influence but anything significant needs more evidence than a signal call that has Kraken in it.

Because everyone knows how to inspect hardware against future supply chain attacks, right?

Note: Claude has already launched Claude Docs!

https://support.claude.com/en/articles/16923645-get-started-...

The Museum of Holography still exists! Worth a visit next time you are in NYC.

They also offer classes and a residency program that I have been keenly considering.

I'm personally here for thought-provoking, high-quality content. To quote the HN guidelines, "Anything that good hackers would find interesting."

AI content is typically lower quality, but I'm not opposed to AI-aided content just on the principle of the thing?