Binance XMR insolvency indicator rising

[OffshoreMonero]

It's an open secret that Binance sells Monero that they don't even have.

When you try to withdraw it you frequently get "down for maintenance" messages. If you do a quick search you will see tons of people yelling about it over the past few years. Sometimes they halt withdrawals for weeks on end. Yet, you can buy fake XMR and trade it on their platform. Shady AF.

One insolvency indicator I am currently looking at is XMRBNB

It basically shows when exactly (second half of 2020 and early 2021) Binance started to sell off their customers XMR (going deep into fractional reserve) and by that made BNB one of the most attractive investments in the last bull market. But now we get to see the flip side of the coin. Once XMRBNB rises above 0.52 they will be forced to buy back a lot of XMR in a very thinly traded market or go bust.

If CZ can't secure an emergency fund from a "friend" it's likely game over for Binance. BNBUSDT will break down. XMRBNB will break up and then we will see them get drained.

They've been naked short selling us for years guys, and now it's payback time. The internet is squeezing back.

 

[RealDude]

It's an open secret that Binance sells Monero that they don't even have.

Source?

 

[JackAlabama]

It's an open secret that Binance sells Monero that they don't even have.

When you try to withdraw it you frequently get "down for maintenance" messages. If you do a quick search you will see tons of people yelling about it over the past few years. Sometimes they halt withdrawals for weeks on end. Yet, you can buy fake XMR and trade it on their platform. Shady AF.

One insolvency indicator I am currently looking at is XMRBNB

It basically shows when exactly (second half of 2020 and early 2021) Binance started to sell off their customers XMR (going deep into fractional reserve) and by that made BNB one of the most attractive investments in the last bull market. But now we get to see the flip side of the coin. Once XMRBNB rises above 0.52 they will be forced to buy back a lot of XMR in a very thinly traded market or go bust.

If CZ can't secure an emergency fund from a "friend" it's likely game over for Binance. BNBUSDT will break down. XMRBNB will break up and then we will see them get drained.

They've been naked short selling us for years guys, and now it's payback time. The internet is squeezing back.

In what function are you involved with xmr?
Would be good for the forum if you can clarify this briefly.

 

[OffshoreMonero]

Source?

Check Google to back up what I'm saying.

One of the problems, obviously, is that Monero is an anonymous currency so it's not like I can point to a specific spot on the blockchain. It's a victim of its own success.

1. They turn withdrawals off all the time for maintenance. Sometimes for weeks on end yet allow deposits during this time. When users complain they are put through a KYC circle-jerk to stall for time.

2. Binance didn't publish proof of reserves for Monero.

3. CZ refused to address any of this in a Reddit AMA. (He ignored many people asking about it, not just one).

This has been happening for years now and the cracks are starting to show.

 

[JohnnyDoe]

Buying xmr is always a good thing

 

[OffshoreMonero]

In what function are you involved with xmr?
Would be good for the forum if you can clarify this briefly.

I do research, outreach, and advocacy for Monero. Occasionally I submit bug reports and patches to the code base.

Buying xmr is always a good thing

Just don't leave it on the exchange.