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Dear Binance: Do you want technical help?

Dear Binance,

**Assuming you have a technical issue with Monero, please reach out and I am sure we can help or advise you.**

Digression: One thing that keeps surprising me is how exchanges, when having troubles with a particular software never ever seem to contact anyone involved with said software. Even when *we* try to contact them, it’s notoriously difficult to get any channel of communication at all.

For ex: just in the last months there have been several exchanges having fairly basic issues that were solved very quickly once finally talking to them and clarifying misunderstanding or best practices for how to deal with Monero as a business with many customers. One fairly large exchange was down for more than 2 weeks until finally I manage to talk to developers there, after stupidly proposing some help and trying to reach out for several days in their telegram public support channel, among thousands of shitty comments from all their normal users. I don’t really understand how these entities operate on that front, and what’s the reason for such passivity or even refusal to engage. Seems to me it’s literally working against their primary purpose which is to make money as a successful business. It’s just weird. Anyway…

I tried unsuccessfully via twitter but that was clearly a shot in the dark [https://twitter.com/binaryFate/status/1395224090718269444](https://twitter.com/binaryFate/status/1395224090718269444)

I know /u/fluffyponyza tried via more personal channels too — no answer either.

So trying again here. Binance tech team or whoever there is currently struggling with Monero, you can contact the core team at dev[at]getmonero.org.

If you are worried about confidentiality you can reach (just) me at binaryfate[at]getmonero.org, or IRC/Twitter/Telegram, same nickname. I can join any platform you like for a chat. And I will absolutely respect the confidentiality of any communication.

What do you think?

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27 Comments

  1. I don’t think they need tech help. I think they were operating fractional reserve banking that worked for them until everyone tried to withdraw.

    They have to suspend withdrawals because they do not have the XMR. I would love to be wrong but the lack of explanation from Binance doesn’t look good.

    It’s really good that you have reached out though. That’s what I like about XMR.

  2. Question, this may be the wrong place but, is there a way to buy monero without swapping btc. Or exchanging. How does one go straight to the source, its a turnoff having to pay everyone who wants to extort there piece of the pie. Start with 200bucks all said and done you have 160 monero
    That’s shitty.

  3. Well in a world too full of communication channels, no one gets heard.

    Too much data and it gets useless. 30000 papers on Covid, who is gonna read all that?

    I had an issue, not Monero, with a wallet it took a major revolt to get noticed. But they paid 50 dollar in BTC to compensate.

    So really getting through the fog of war has become the real issue. We are sitting essentially in a worldwide pub where everyone talks at the same time and getting through needs some form of extreme action to be noticed.

  4. > I don’t really understand how these entities operate on that front, and what’s the reason for such passivity or even refusal to engage.

    The normal crypto “investor” (aka private person with some money and massive FOMO) doesn’t understand anything technical. If a exchange would admit technical difficulties, no matter how insignificant, their users would panic and flock to the next exchange. Admitting problems == kissing your business goodbye.

    That’s sad, but true. Technical people like us love companies that have a good error culture and admit mistakes, but normal people… not so much.

    Be aware that 99% of all crypto holder can not explain how a blockchain works. They are only in the game because “number go up”.

  5. Perhaps it’s just a developer’s mental state. ‘They hired me to do this and I will do it. If I have to ask for help then they’ll see that particular person as more skilled and I risk losing my job. So, I’m going to work extra hard and learn everything from the ground up myself.’ And just to say this is probably an unconscious monologue someone plays in their head.

  6. They are doing that on purpose.

    Also they are greedy af and try to cut costs on every aspect possible. Kraken for example still hasnt fixed their bandwidth issue or installed backup servers. They regularly shit themselves once more than 5k users try to sign up at once.
    They dont even hire enough staff to deal with all the support tickets etc etc

    All they want is for people to pay a 1% fee for every purchase or sell you do with them and ideally shut up when they ultimately get caught with their pants down

  7. Put the pieces together.

    Binance was audited right around/just before news broke about the pipeline hack.

    IMO, this was when the Fed found out that they paid the hackers in Bitcoin.

    IMO, the hackers swapped out BTC/XMR on Binance, and are now getting the screws from the Federal Gov’t.

    Glad I had my XMR on Coinloan.

  8. Thanks man! The whole situation is weird to say the least, especially coming from Binance which is one of the biggest crypto exchanges. Lets hope their is nothing fishy on their part.

    Regardless thanks for trying to reach out in any way possible and let us know what we can do to help the situation.

  9. They don’t need technical help! This is lie they are telling! They are doing something with the XMR they have because we can’t see. That’s why I don’t have any XMR it’s not because of technical issues!

  10. You think Binance being the number one exchange (by volume) needs technical help?

    How about they like their #1 spot and will do shady shit to hold it.

    I.E. they bought X amount of monero few weeks ago when the market dipped. Things where looking good until the market crashed. Everytime they release xmr lower than what they paid would result in money lost. So they tell their customers they have a ‘tecnical issue’. When BTC prices get back in the 50k range, those technical issues will magically be resolved.

    It’s not only Binance, Kraken was doing the same shit.

  11. I have some questions out of this…

    Even if Binance hadn’t stopped withdrawals, is there anything stopping large exchanges from minting XMR by relying on fractional reserve banking?

    ie. If exchanges were displaying XMR in people’s exchange accounts by filling buy orders with internally generated sell orders, rather than actually buying XMR from other sellers; then the fact that lots of people never withdraw to keep it hidden.

    Clearly, the easiest answer to prove if this is or isn’t happening is to have widespread community involvement in the annual Proof Of Keys event; but assuming we can’t achieve that… I have some questions:

    * Is there any way that we could detect that this is happening?
    * If an exchange were found to be doing this, what would be the likely effects?
    * What do you think are the chances that these accusations could be correct (not necessarily of Binance, but of any large XMR exchange)?

All together until equality

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