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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

#131

Post by wmf »

PretzelPirate wrote: post #100
vkou wrote: post #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…

> Nothing breeds confidence in the ecosystem like the world's largest exchange getting its funds frozen. Binance.US isn't the world's largest exchange.

This is true, but given the total commingling of assets the SEC will have to (try to) freeze everything.

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

#132

Post by WheatMillington »

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.

By that revisionist version of events, every other bank should also have failed by now.

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

#133

Post by matheusmoreira »

ninepoints wrote: post #129
matheusmoreira wrote: post #108

Earlier quoted context omitted.

Happened in the 90s where I live. Hyperinflation set in and government just froze everybody's accounts in a desperate attempt to stop it. It's 2023 and people are still afraid it might happen again, especially with a literal communist in power. Cryptocurrency is absolutely valuable as a defense against government idiocy. That fact cannot be denied.

And an easy way to lose everything because you sent tokens to the wrong address, forgot your passphrase, lost your hardware ledger, fell prey to some scam or another, house burned down, etc.

Sure. Doesn't negate the benefits though.

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

#134

Post by unyttigfjelltol »

duskwuff wrote: post #122
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.

Nor that cryptocurrency doesn't create value out of nowhere -- for every person who "built generational wealth" ( gag ) by speculating on cryptocurrency, there's probably quite a few people who lost money. It's a zero-sum system.

Worse than that, it's actively undermining a system of laws and fair play that do create stability and value. It's strip-mining a rainforest for kicks. I came to Bitcoin naiively as a libertarian curiosity and after examining it fairly closely I'm convinced Satoshi was a black market kingpin and Bitcoin was conceived as a money laundering vehicle.

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

#135

Post by bostonsre »

codehalo wrote: post #75
barking_biscuit wrote: post #46

Earlier quoted context omitted.

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…

I don't know what "discourse" you are talking about. I've been reading about crypto on hacker news before bitcoin hit one dollar. Other than r/buttcoin and yahoo groups, this site has been one of the most anti crypto places you can visit, to the point of being an absolute embarrassment. It has been a lesson to me about humans and intelligence since that time. Still love the place though, but I learned never to let co…

Could it be that a tech savvy community like hn largely understands the implications of, the actual utility of and can see through the hype of crypto currency? I would put my money on hn understanding crypto currency over any other community. It should probably be a red flag to true believers that hn is generally suspicious of it.

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

#136

Post by politician »

matheusmoreira wrote: post #79
RjQoLCOSwiIKfpm wrote: post #62

Earlier quoted context omitted.

The problem IMHO is that it is so well-known that HN hates crypto that anyone who wants to voice a reasonable opinion is likely to avoid doing so in order to not get piled on with downvotes, hatred, etc. - At least for me that's it, it would be stressful to deal with that so I go elsewhere to discuss the technology. And this is probably precisely how an echo chamber can be created even without recommendation algorith…

> anyone who wants to voice a reasonable opinion is likely to avoid doing so in order to not get piled on with downvotes, hatred, etc I think refraining from posting due to fear of downvotes is a massive disservice to HN. People should be exposed to views of all kinds. It wouldn't be very interesting if we all agreed. I actively try to post and reply even when downvoted. In the course of doing so I often discover tha…

The haves and have nots in the HN karma game is precisely the set of people who submit stories and the set of people who merely leave comments. A mediocre story submission trumps a great comment.

So, you have to consider that when talking about downvotes being discouraging— for people that don’t submit stories it can feel very real.

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

#137

Post by amanaplanacanal »

fallingknife wrote: post #105
barking_biscuit wrote: post #46

Earlier quoted context omitted.

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…

All true, but I can't get from there to people shouldn't be allowed to make their own choices about what they buy.

I'm not sure what you mean here. are you saying there shouldn't be any regulation? or something else?

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

#138

Post by politician »

WheatMillington wrote: post #132
politician wrote: post #103

Earlier quoted context omitted.

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.

By that revisionist version of events, every other bank should also have failed by now.

The government created a special guarantee for all depositors precisely to prevent runs on banks.

JP Morgan was granted a special waiver to buy FRB.

It’s pretty obvious that what happened was that SVB and FRB management teams were set up as scapegoats to save face while the government worked in the background to halt the sector from unwinding.

I happen to agree that this was the right thing to do.

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

#139

Post by Yeahsureok »

hn_throwaway_99 wrote: post #74
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 take issue with something about crypto "causes us to lose our minds?". Couple points: 1. At this stage of the game, there is not a lot new under the sun to discuss that is likely to alter people's opinions. I would say that I did think there were some good comments in some of the other posts about what constitutes a security by the legal definition, and helped me understand better the specific points of the SEC's a…

> that it can somehow "escape" the legal frameworks of human beings

And yet multibillion dollar companies whose entire business is illegally running hotels or taxis get nowhere near the vitriol?

Airbnb clearly causes harm for locals in popular tourist cities.

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

#140

Post by olalonde »

methodical wrote: post #130
olalonde wrote: post #127

Earlier quoted context omitted.

I think you can largely find your answer here: https://news.ycombinator.com/item?id=31356857 tl;dr: frustration towards people in the cryptocurrency scene, feeling they've gained wealth through luck rather than skill or hard work. Also a disdain for how some cryptocurrencies are overzealously promoted. It was the top comment of a 640 comments thread, so it presumably had a lot of up votes and is representative of how…

Thanks for pointing that out. Clearly, the only people who hold anti-crypto views are just jealous and spiteful people. There totally doesn't exist any group of people who are just sick and tired of people propping up an almost totally useless technology as the savior of all financial, political, and social woes. /s Please, point out one single application of blockchain that is useful and more efficient, beneficially…

See above (and below) for the kind of low level effort comments you can find in most cryptocurrency threads.
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