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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

#111

Post by JumpCrisscross »

marcell wrote: post #91

Under SEC logic, this action is meant to protect the users of Binance US who. According to SEC logic, those users the victims of malfeasance by Binance US and it's decuitful, fraudulent actions. I would ask: is there even a single Binance US user that wants the SEC to take custody of their assets? instead of sticking with Binance US?

> is there even a single Binance US user that wants the SEC to take custody of their assets

No FTX user would have wanted its assets frozen a few years ago.

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

#113

Post by 111111101101 »

sangnoir wrote: post #101
ninepoints wrote: post #92

Earlier quoted context omitted.

This is a typical sort of projection I see from crypto-owners. They can't seem to contemplate the fact that there are people that think crypto is a bad idea _regardless_ of how much profit they might or might not have made by buying or selling at various points in history.

Yup, it's a version of telling critics "Enjoy being poor", which is an incredibly lazy, unfalsifiable argument. "You disagree with my position because you are broken" is not a sound argument, but has many variations (including "You dislike Apple/Elon because you are poor")

It's really not. How would a self proclaimed technology enthusiast react to missing out on one of the greatest tech investment opportunities of their lifetime? I suspect that they would react exactly the way hn's crypto haters do now.

No, you didn't make a huge mistake. It's crypto that's wrong.

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

#114

Post by politician »

thelastparadise wrote: post #24

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?

There are a great many people who chose to see crypto as an existential threat to the earth because proof of work requires energy and energy is derived from fossil fuels and therefore any expansion of its use exacerbates climate change. Proponents of crypto are frequently corralled into a “climate change denier” corner by this faction.

The other large contingent, myself included, sees the never ending scams, shady dealings, and blatant money laundering. Some of these projects, like Bitcoin Lightning Network, are like honey pots for smart people that have no idea how serious the government is about sanctions.

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

#115

Post by JumpCrisscross »

ulrashida wrote: post #88
111111101101 wrote: post #84

Earlier quoted context omitted.

[flagged]

Counterview: those who made gobs of money who transpose that outcome to "gosh, crypto must be great and I don't know why everyone is bashing it so much". Lots of older generations felt that way about housing price increases as well -- are they right too?

> those who made gobs of money who transpose that outcome to "gosh, crypto must be great and I don't know why everyone is bashing it so much"

Most of us can profit off something while decrying it as dumb. I’ve made money from crypto, and I think I did so ethically. But the whole thing is stupid, and I think we have a civic responsibility to ensuring that is understood.

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

#116

Post by tbrownaw »

marcell wrote: post #91

Under SEC logic, this action is meant to protect the users of Binance US who. According to SEC logic, those users the victims of malfeasance by Binance US and it's decuitful, fraudulent actions. I would ask: is there even a single Binance US user that wants the SEC to take custody of their assets? instead of sticking with Binance US?

You think all of their customers were fully on board with having funds commingled? Not even one that honestly thought they were legit?

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

#117

Post by mehlmao »

fallingknife wrote: post #107
ninepoints wrote: post #92

Earlier quoted context omitted.

This is a typical sort of projection I see from crypto-owners. They can't seem to contemplate the fact that there are people that think crypto is a bad idea _regardless_ of how much profit they might or might not have made by buying or selling at various points in history.

I can contemplate that. What I can't understand is wanting the government to tell people they can't buy it because they think it's a bad idea.

It's not 'you can't buy it', it's 'you can't sell it and also steal the funds of the people you sold it to'.

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

#118

Post by pavlov »

marcell wrote: post #91

Under SEC logic, this action is meant to protect the users of Binance US who. According to SEC logic, those users the victims of malfeasance by Binance US and it's decuitful, fraudulent actions. I would ask: is there even a single Binance US user that wants the SEC to take custody of their assets? instead of sticking with Binance US?

I’m sure many long-term customers of Bernie Madoff secretly hoped his scam could have kept going because they had been enjoying those nice pyramid returns for years, and it stung that the money flow stopped.

The SEC enforces the law. It’s not some kind of poll where you ask the victims whether they’ve been mostly enjoying the law-breaking activities and would like to see them continue.

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

#119

Post by beambot »

barking_biscuit wrote: post #46
thelastparadise wrote: post #24

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?

I remember fondly participating in the hype around crypto in 2017 and going in on btc/eth and also building a mining rig etc. The discourse on HN back then is quite different from today. These days we've seen scam after scam, fraud after fraud, failure after failure. From a technology perspective it's neat, but the kinds of individuals it tends to attract make it seemingly not actually all that useful in wider societ…

Wait till you read about the characters, early failures, and ultimate "success" of the central banking "too big to fail" ponzi scheme. My favorite character is Jonh Law:

https://en.m.wikipedia.org/wiki/John_Law_(economist)

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

#120

Post by HWR_14 »

politician wrote: post #103
thryg wrote: post #95

Earlier quoted context omitted.

Of course not but the same users would blame the SEC when they loose money. Just like silicon valley bank depositors

SVB went down due to the Fed’s aggressive interest rate hikes that left their loan portfolio underwater. “Management” or Any other explanation is pure propaganda, especially considering how it happened to FRB and how the government responded by implicitly guaranteeing every depositor in the banking system. Is every bank mismanaged? It was Kremlin levels of double talk.

SVB was told by the fed that they were over-exposed to interest rate risk after audits in 2021 and 2022. SVB fired their chief risk officer (presumably for saying the same thing) and didn't fill the position during the same timeline.
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