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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

#151

Post by [deleted] »

111111101101 wrote: post #121
ulrashida wrote: post #88

Earlier quoted context omitted.

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?

They're right in that, seeing how it turned out, everyone who could have bought a house really should have bought a house. The thing about bitcoin is that EVERYONE could have bought in, either with cash or through mining. You didn't need to save a large deposit or get approved for a loan. It was an opportunity that was right there for everyone. I regret not investing more or mining. I can only imagine how those who m…

[deleted]

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

#152

Post by codegeek »

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?

Coz most crypto is scam and get rich quick schemes ?

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

#153

Post by matheusmoreira »

jackvalentine wrote: post #145
matheusmoreira wrote: post #79

Earlier quoted context omitted.

> 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…

> 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. No evidence for this, but I think more commonly people refrain from posting because if you have a controversial opinion you don’t get one thread of posts to reply to suddenly everyone piles on and you’re “discussing” it with 50 diff…

I've certainly experienced that. Depending on the complexity of the replies, I'll either reply to everyone or choose one of them to respond to.

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

#154

Post by 111111101101 »

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…

> tired of people propping up an almost totally useless technology as the savior of all financial, political, and social woes

If that's how you feel then you're not going to like startup culture in general. Every second SaaS founder thinks that they're changing the world with the launch of their crappy CRM #3432.

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

#155

Post by matheusmoreira »

politician wrote: post #136
matheusmoreira wrote: post #79

Earlier quoted context omitted.

> 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.

My karma is almost entirely from comments. Karma is a function of time and participation. If you comment a lot, you'll get points because chances are someone somewhere will like what you said.

I care a lot more about the names of people than internet points. I've commented on threads here only to realize days later I was interacting with the creator of a major programming language. Some people are interesting enough that I've bookmarked their comments page.

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

#156

Post by politician »

mehlmao wrote: post #110
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.

SVB failed to diversify their holdings. The venture capitalists who caused the run and their funds also failed to diversify.

Was there concentration risk? Yes, absolutely. It was completely gaping failure of regulators to not force SVB to address that previously.

But when you look at the scale of the bailout: how it fell to other banks to pay a special assessment to refill the FDIC insurance fund to cover 100% of deposits, you have to recognize that this event was far beyond the mismanagement at a single institution. Then, it happened again at FRB.

The solution that the government came up with to solve the issue —- creating a moral hazard by implicitly guaranteeing 100% of deposits —- undermines the claim that it was merely mismanagement.

We don’t deploy nuclear weapons as pest control.

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

#157

Post by methodical »

111111101101 wrote: post #154
methodical wrote: post #130

Earlier quoted context omitted.

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…

> tired of people propping up an almost totally useless technology as the savior of all financial, political, and social woes If that's how you feel then you're not going to like startup culture in general. Every second SaaS founder thinks that they're changing the world with the launch of their crappy CRM #3432.

While I actually found your comment pretty funny, and do certainly find it tiring how people pretend as if some cookie cutter SaaS start up will change the world (personally made me think of the very first episode of Silicon Valley on HBO), I honestly don't think there's a parallel between people being overzealous and/or naive in thinking some basic productivity app will change the world and the subset of the cryptocurrency fans who honestly present blockchain as a solution to just about every problem that exists around the world.

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

#158

Post by JeremyNT »

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…

I can't understand this sentiment at all. I feel like HN was absolutely part of the hype cycle.

It wasn't as bad as some forums, since some skeptical voices were present too, but there absolutely was a ton of breathless hype over the years.

Here's just one example, when stripe added bitcoin support [0]

I personally feel like HN sentiment finally "turned" on crypto only after some of the more egregious scams started going really mainstream - in the months leading up to and during the pandemic.

[0] https://news.ycombinator.com/item?id=9075945

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

#159

Post by viro »

Yeahsureok wrote: post #139
hn_throwaway_99 wrote: post #74

Earlier quoted context omitted.

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.

Sure, but Airbnb isn't trying to replace a core societal institution and subvert hundreds of years of financial law. While also if you're American violating the constitution...

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

#160

Post by selcuka »

Yeahsureok wrote: post #139
hn_throwaway_99 wrote: post #74

Earlier quoted context omitted.

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.

That is whataboutism. Two wrongs won't make a right.
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