What are your thoughts on the new SAFU program? Will it keep our funds safe?
>>To protect the future interests of all users, Binance will create a Secure Asset Fund for Users (SAFU). Starting from 2018/07/14, we will allocate 10% of all trading fees received into SAFU to offer protection to our users and their funds in extreme cases. This fund will be stored in a separate cold wallet.
Other urls found in this thread:
It's like patching a flawed security system instead of fixing it. You give candy to the idiots who lose their API keys instead of making your shit more secure.
as if any security system is truly secure, fucking brainlets
how can the exchange make it more secure if the dumb faggots who keep compromising the security are it's users?
unless you want them to enforce ip whitelisting for API usage what would you do? (hint: they won't because they'd lose all the volume from those bots on day 0)
chink scam
so funds are actually SAFU at this point in timeline?
This is why im in blockport (dex). You retain control over your own wallet.
>SAFU
Sounds like the chink word for "Safe"
Smart move on CZ's part. Even if the exchange isn't anymore safe, it gives the appearance of safety and reassurance which helps Binance to remain the #1 exchange.
But the blockchain is supposed to be unhackable! Why don’t they just store the private keys on a blockchain?
It makes me confident in the exchange's security that they need to use 10% of their revenue to create a fund to cover massive losses whenever they're hacked.
Imagine if a bank announced that they'e going to put 10% of all the interest they collect on their loans, into a fund to cover their losses of the constant ongoing hacks against them, where thieves are successfully walking away with millions and not getting caught.
Would you bank there? I sure as fuck wouldn't.
>cover their losses of the constant ongoing hacks against them
I would love an excuse to shit on Binance but so far these hacks have been caused by users being so retarded they deserve to lose money.
binance wasn't hacked retard they're doing this out of their own good will for their brainlet users who get phished and hacked.
>thinks banks never get hacked
My bot bought high, sold low
Refund me now, SAFU sifu
>#1 exchange
#3 since Coinex surpassed it. Bitmex has been a clear #1 for a while
burger spotted
bitflyer has been #1 for years
Shut up, zoomer. Banks are the safest place to keep your money. If this wasn't true, why would millions of people keep it there?
Banks are hacked all the time brainlet
holy fuck what a moron
>what is fractional reserve banking
They don't even have enough liquidity if everyone was to pull out their savings at once, brainlet.
All banks are paying into the FDIC insurance pool also nimwit.
This will work because Binance will combine it with application of circuit breakers to suspend suspicious trading activity before the potential losses become too great to be covered by SAFU.
it is you smartass
that's literally what banks do, moron
a couple layers of abstraction and you retards can't tell what's happening
I fucking hate reddit
FUNDS ARE GONU
sorry
wtf. banks uses 200% of profits to.cover the money they steal from themselves. then they bankrupt and fed or bce (you and me) cover losses. fy.
cz based as fuk
>only pretending to be retarded
Kek
>chink counterpsyop bullshit
neck yourself