Apart from mixing funds, Binance actively engaged in shitcoinery, not just issuing their own illegal and unregistered security (the BNB token), but also facilitating the sale of numerous other shitcoins as their core business model. Add that to a list of other illegal and criminal activities (money laundering, tax avoidance, etc) it engaged in and it is obvious as to why they are walking on very very thin ice right now and being slowly shut out of and prosecuted in various countries.
Obsidian, I think you know why almost everything but BTC is a shit coin. You are smart enough and often engage in a mixture of either trolling, or argument testing (whereby you deliberately state the other side of a concept you have yourself been contemplating or struggling with, and then reading and considering the responses you receive to help you form your ultimate view). This is a trait numerous intelligent people adopt from time to time as part of their learning process. (It may annoy some people, but in my view it makes for a good discussion). Mr Anabolic actually truely believed his bullshit, but I am certain you do not truly believe all of yours.
There is and will only ever be one immaculate conception of the creation of a global digital decentralized censorable store of money. And that is Bitcoin. Bitcoin is unique in that it is a commodity, because it was simply source code, open to the public to use and mine from the very first block. People without a good knowledge of securities laws may not grasp this concept well. Indeed this is clear from the numerous posts from people I see of people who don't understand the actions of Gensler and the SEC.
After the creation of Bitcoin, the shit-coinery started. We saw people try to fork Bitcoin (arguably still Bitcoin as any fork still comes from the same root and any BTC holder owns all fork coins (unless they sold them). Then we saw a bunch of Bitcoin copies such as "Doge coin". And then we saw copies of such copies such as "Shiba Inu". And then we saw more and more shit affinity scam coins, each touting some advantage to Bitcoin - this one is better for marijuana sellers, this one is better for online porn, this one better for the environment, this one is faster, this one is more secure, this one will be used by banks, blah blah blah, etc. Then we saw various idiot logic coins (this one you get 1000000 coins the the price of one BTC, so its "better value"). And we saw a host of "project coins" and "utility coins" (eg Cardano, XRP, Solana, Eth etc) which are all very obviously illegal and unregistered securities in clear breach of SEC and many other global stock exchange and company rule regulations. And further, most of those shitcoins with "projects" and "whitepapers" were themselves are absolute shit scams with no genuine intent to fulfill any such cited purposes, and then even for those with actual legitimate "projects" the value of the coins have almost no real correlation to the actual value of the project itself (as opposed to if the project was trading and disclosing financial filings as they would need to if they traded as the stock of a regulated security.)
And of course, in almost all of the above examples of shit coins, we saw, unlike BTC, that various "founders" immediately raised cash which they received in return for their "projects" (unlike Bitcoin, where no founder received any money or pre-mined coins, and had to work equally as any other person to mine a coin from day #1). And that of course includes each beneficiary of the so called "Ethereum foundation". Again, many people just don't understand this distinction, but those who are in fields of finance or law clearly do. Which is of course why the massive players and powers that be in finance are all poised to support BTC (which will lead to massive inflow of adoption and of course value in the years ahead).
That is the distinction between Bitcoin, and the vast majority of shitcoin "crypto".
That does not mean people cannot make money dealing in shit and reselling scams. I could create a fake diamond, and then sell it to someone else with some BS story about how its "better than a real diamond". The fact that I could make huge money from such scamery in excess of the money I could make from the increase in value of a genuine diamond over a short period of time, does not mean that the fake diamond is a better investment than the real diamond.
As for the story of the the guy who made a billion form 8K in shit coins (sorry Shib coins), it is not true, and I think you know that. The problem is of course liquidity. I could invent 1 million coins, and then sell one to you $100 giving me a total market cap and immediate wealth of $100,000,000 (minus $100 being the coin you have). However, that does not mean I could ever liquidate the coins I have, and so the wealth I have is in practice unrealizable.
I know personally, numerous people very close to the inner circle of shotcoinery. They have made hundreds of millions in the shitcoin ecosystem. I've been to the mansions, seen the cars, yachts etc. Even been offered the opportunity of participating. And of course had to consider it and also whether I could and would do the same. I concluded its not for me. Its nasty stuff, and ultimately I could not live with myself for pulling such scams (both with the bad karma and heavy conscience that comes from pulling such scams on innocent and niave victims, but also the constant fear of the legal risk that comes with the territory if you engage in shitcoinery). So I instead put my effort into educating and warning others, and will over time receive my positive karma through the ongoing global adoption of Bitcoin over time. I urge you and all others here to do the same.
