If they sell any of it at $200 the price will crash to $0, so they do monthly burns eg. if they burn: 1 billion coins x $200 = 200 Billion dollars burned, so why would a company “that doesn’t care about hundreds of billions” scam/embezzle a few billion dollars worth of customer assets.
TLDR: They are pretending to be rich because they can burn premined worthless spreadsheet tokens worth nothing. Sell 1 for $200, burn 1 trillion = $200 trillion burned. Actual cost to create 200 trillion, $0.
CZ:
Maybe he should check the last BNB burn? or the #SAFU insurance fund size? 🤷♂️
Took me a while to understand (IF I even vaguely understand now). So, Marty is worried about a $30-120m worth re-buy of #BNB?
Maybe he should check the last BNB burn? or the #SAFU insurance fund size? 🤷♂️
— CZ 🔶 Binance (@cz_binance) August 19, 2023
Burn of worthless token: $0
SAFU fund backed by trillions of BNB: $0
This literally is the story of FTX/FTT on repeat. Anyone with funds on Binance deserves to lose their money. We literally said the same thing about Bitconnect, Celsius, Luna/Terra, FTX/FTT and so many more scams, but greedy people cant resist the “yields” even at the expense of their entire capital. IT IS NOT WORTH IT.