Earlier quoted context omitted.
What is too old about it?
So, do you think everything is crystal clear ?
Yes
US SEC sues Coinbase, one day after suing Binance
411–420 of 443 posts
Re: US SEC sues Coinbase, one day after suing Binance
#412Earlier quoted context omitted.
First of all, the actual difficulty is not really material since we're debating whether it was a design goal. Bitcoin came out of a long line of libertarian/anarchist projects to circumvent state controls. I don't know why you're pretending like this is some unique interpretation of history. E.g. the problem that the Satoshi whitepaper sets out to solve was ( as cited in the whitepaper , source [1] in the footnotes)…
Bitcoin isn't any different than cash except it’s got a decentralized public immutable ledger and therefore isn't a bearer currency. But like cash its transactions are not governed by an authoritative financial institution that can repudiate and/or reverse them. (It’s proven effectively easier to regulate than cash on the tracking transactions front, though.) That’s the “anarchy” the paper refers to. In the paper, th…
this thread is about your claim:
> Then a bunch of crypto anarchists showed up
you've just posted a pile of opinions that aren't about the actual history, which you were just wrong about
Re: US SEC sues Coinbase, one day after suing Binance
#413Earlier quoted context omitted.
if coinbase pulls off its earn products you can be well assured that more people will get rug pulled elsewhere. Would you concede that?
Those products elsewhere would also be unregistered securities.
Yes? Do you think underground activities would care about what the law says about them being illegal?
Coinbase at least is a registred corporate playing by the rules, aside the SEC viewing their yield based or futures product non compliant, but the SEC also makes it impossible to achieve compliance, so we may might left off with no code base and totally underground offerings, instead of "some" businesses in the clear that operates within the confined of a justice system. If you feign to see the point that's fine, i just hope you are not so blinded by anti crypto arguments that you can't SEC actions using force and paid by millions of tax payers counter productive for both consumers and the opportunity for the US to remain relevant in the growing crypto economy.
Re: US SEC sues Coinbase, one day after suing Binance
#414Re: US SEC sues Coinbase, one day after suing Binance
#415Question: is it even possible to register as a security? If you do, what follows? So if SOL for example were to register somewhere, what would they need to do, and what would I need to do to buy it?
Registering a security means basically an IPO. The burden is very high and is out of reach for crypto startups that have little revenue and under $1 million in funding.
There's a lot of non equity securities?
Re: US SEC sues Coinbase, one day after suing Binance
#416Earlier quoted context omitted.
Isn’t it true that the SEC wouldn’t let Coinbase register since they said Bitcoin _isn’t_ a security? It’s my understanding that Coinbase tried.
Bitcoin itself might not be. Even many other currencies might not. But what other "products" they are running? Those could and probably would fall under various classifications.
Honestly bitcoin not being a security has been one of the biggest mistakes the SEC has made over the past decade. They gave that guidance and are stuck with it now. But the argument for it being a commodity is pretty weak and being a security would be useful from a regulatory framework. I think it's pretty clear bitcoin needs as much or more regulation than a typical stock or bond and is a more likely source of fraud or problems than typical stocks or bonds are.
Re: US SEC sues Coinbase, one day after suing Binance
#417Earlier quoted context omitted.
And there are excise taxes when goods are created.
Excise taxes are a product-specific sales tax. For example, on gasoline. The tax occurs at the pump, not at the refinery.
No, that's exactly wrong https://en.wikipedia.org/wiki/Excise.
"An excise, or excise tax, is any duty on manufactured goods that is normally levied at the moment of manufacture for internal consumption rather than at sale."
I'm very familiar with how the excise tax on alcohol works, it's definitely a tax on creation not consumption.
Re: US SEC sues Coinbase, one day after suing Binance
#418Earlier quoted context omitted.
Interesting, maybe you should let Gensler know that the law is much more obvious than he appears to realize [0] [0]: https://youtu.be/VhA1dZXeao0?t=58
Is it really surprising that the chair of the SEC cannot just dispense SEC positions without consulting with lawyers?
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Re: US SEC sues Coinbase, one day after suing Binance
#419Earlier quoted context omitted.
imagine your crypto wallet being blacklisted by a 51% attack, over political/cultural reasons.
This hasn't happened to any large coins though, whereas people have had their bank accounts frozen for political reasons.
imagine when the bank was invented and somebody said, "imagine if somebody's bank account is frozen for political reasons." and somebody said, "this hasn't happened to banks yet, but somebody's satchel got robbed for political reasons"
Re: US SEC sues Coinbase, one day after suing Binance
#420Earlier quoted context omitted.
> Mad because some entrepreneurs makes the effort to build legitimate business entities, and what certain governments find to do is any scheme to keep them out of legitimity. This isn't what it looks like to me. It looks to me like the entire point of cyptocurrency was to complete route around regulations that these people thought were too onerous. That's not building a "legitimate" business, that's taking a risk and…
Entrepreneur are risk takers, and they do move the needle. We easily forget to thank them. Would you say the same about music streaming, as companies were launching services without all the due dues, but knew they would finally have leverage once they have a significant user base to negociate deals for legitimate offerings? Anyhow those big risk takers are not losing because of the roulette factor here, they are hit…
> Entrepreneur are risk takers, and they do move the needle. We easily forget to thank them.
You can, and should, do that without playing fast and loose with the law.
> Would you say the same about music streaming
Yes. As well as a lot of other companies such as Uber. Breaking the law seems to have become normalized in SV culture as a good and normal practice for startups to engage in. This is one of the many terrible things about SV business culture.
Cryptocurrency is one of a small handful of things that colorfully illustrate one of the ways our industry has gone very, very wrong.