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SEC asks for emergency order to freeze Binance US assets anywhere in the world

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Re: SEC asks for emergency order to freeze Binance US assets anywhere in the world

#21

Not your keys, not your crypto.

Not sure why this is downvoted. It's the official stated position of the SEC. https://youtu.be/hmPpIjfC9DY?t=178

I think the position of the SEC is that these companies should comply with the law. Which is what is said just a few seconds later. And that's the problem with slogans: we lose track of the wider issues.

Re: SEC asks for emergency order to freeze Binance US assets anywhere in the world

#22
As the saying goes, this is good[1] for Bitcoin... As people are buying it, presumably in order to be able to flee their Binance positions. Nothing breeds confidence in the ecosystem like the world's largest exchange getting its funds frozen.

[1] When it'll drop in price, I'll be here to provide different post-hoc justification for why that market swing happened. Tune in tomorrow, as the SEC keeps unraveling this rat's nest.

Re: SEC asks for emergency order to freeze Binance US assets anywhere in the world

#23

I may be missing something but where is the "world" in the article?

> The freezing order only applies Binance’s two U.S. holding companies, not to the non-U.S. regulated international exchange.

Yeah. I guess that's it right there. o_O

Re: SEC asks for emergency order to freeze Binance US assets anywhere in the world

#25

Not your keys, not your crypto.

Why crypto will never be mainstream. Be dependent on storing a private key that can get lost or stolen. Need to store a hard copy at a bank in a safety deposit box. Can’t even trust the hardware wallets you buy off Amazon since it could have been returned with malware loaded.

Re: SEC asks for emergency order to freeze Binance US assets anywhere in the world

#26

Not your keys, not your crypto.

Not sure why this is downvoted. It's the official stated position of the SEC. https://youtu.be/hmPpIjfC9DY?t=178

The statement cracks me up. Without these exchanges, crypto would still be a small blip on the radar. It would continue to be nothing but a hobby for techies, libertarians, and techie libertarians, forever.

If it's ever going to become more than a playground for scam artists, the industry needs real leadership that doesn't just brush every scam away with a meme.

Re: SEC asks for emergency order to freeze Binance US assets anywhere in the world

#27

The quality of discourse at this stage of the thread (2 hours, 20 comments) is incredibly disappointing. Hn usually has high quality discussions. What is it about crypto that causes us to lose our minds?

The same thing about housing that causes us to lose our minds. Under capitalism, investments (risky and otherwise) are commonly working people's only hope for a taste of freedom. If you don't like it, you have a friend in me.

Re: SEC asks for emergency order to freeze Binance US assets anywhere in the world

#28

I may be missing something but where is the "world" in the article?

It's a rabbit hole around the word "repatriate" in the article. The U.S. subsidiary appears to have entrusted the funds to someone else. The SEC apparently wants the U.S. subsidiary to repatriate those funds, the details of course being very important.

Re: SEC asks for emergency order to freeze Binance US assets anywhere in the world

#29

Earlier quoted context omitted.

everyone goes through a disillusionment phase with crypto from my perspective, there is simply a lack of coverage of things that function without incident, which are very numerous and solve frictions for a lot of people, whether you’re in the market for that or not like construction sites that showed “how many days since an incident”, because people only heard about the incidents

Where are these mystical things that function because of crypto that wouldn't function with regular money, and which also are not fraud?

Privacy. Censorship resistance. Monero is a great cryptocurrency.
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