Former Binance CFO Wei on why crypto is still in a bear market:
'ALL the whales got nuked going into Uptober on Oct 10/11. Lack of transparency from Binance... so people still don’t 100% trust their system won’t crash again if Trump makes another statement on a weekend.'
Binance’s issues turned a normal dip into a liquidation bloodbath for the big players. Trust is gone.
The Holy Trinity is dead. Sadly due to the Orchard Pool exploit, I had to dump our entire $ZEC bag.
- While I think it's extremely unlikely of any minting, it cannot be formally cryptographically proved impossible
- The privacy from AI, govt, big tech narrative demands perfection not improbability
- I read about the exploit yday, and didn't appreciate how it violated my narrative mental map. The 30% dump, made me rethink, and I had to take profit on the entire position
- We will consistently re-evaluate our thinking and if my assumptions are proven incorrect, will rebuy, hopefully at lower prices.
- Privacy is priceless and I have no issue eating humble pie and rebuying much higher.
We still hold $WLD and are excited for Lord Elon to pump our bags.