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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

#231

Post by GoblinSlayer »

EA-3167 wrote: post #56
alphanullmeric wrote: post #41

Earlier quoted context omitted.

Exactly, nobody needs encryption anyways. Cryptography is a waste of energy and is bad for the environment. All it’s used for is planning terrorist attacks and Russian military invasions. We should simply use state communication channels and require third party messengers to provide KYC documents to the government. We as a society decided on taking away communication privacy, so even if you voted against it you still…

Unless you just woke up from a deep coma and think "Crypto" in this case means "Cryptography" and not "Cryptocurrency"... I don't know what to tell you.

What's the difference? Cryptocurrency is said to be used for crime and cryptography is said to be used for crime.

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

#232

Post by ascagnel_ »

EA-3167 wrote: post #225
htss2013 wrote: post #186

Earlier quoted context omitted.

BTC has been around since 2008. Today in 2023 BTC is like $27k. Does the longevity, ubiquity, price and liquidity of BTC fit the pattern of a useless get rich quick scheme? Has any such scheme existed this long, despite so much scrutiny and hostility, based on hype and confidence alone? If no useless speculation scheme has ever thrived as long and as much as BTC, and it keeps on going, at what point do you have to as…

> BTC has been around since 2008. Today in 2023 BTC is like $27k. Does the longevity, ubiquity, price and liquidity of BTC fit the pattern of a useless get rich quick scheme? Has any such scheme existed this long, despite so much scrutiny and hostility, based on hype and confidence alone? Yes, Bernie Madoff's Ponzi scheme famously ran for decades, with everyone invested calling doubters idiots and pessimists. Until i…

> Yes, Bernie Madoff's Ponzi scheme famously ran for decades, with everyone invested calling doubters idiots and pessimists.

As an aside, I can think of exactly one person who benefitted from Madoff's scheme: former New York Met Bobby Bonilla, who is set to receive about USD$1.2MM from the team every July 1 through 2035. Bonilla's contract was bought out by the Mets in 2000, and instead of paying him the USD$5.9MM he was owed, the team offered a deferred payment scheme (with payments starting in 2011), as they were looking at double-digit returns from their Madoff investments in the deferred decade.

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

#233

Post by Name_Chawps »

SilasX wrote: post #218
joebob42 wrote: post #45

Earlier quoted context omitted.

I think this may be sarcasm, but I also think it's literally true. Part of what I find interesting about the whole debacle is how many people really "told you so" well before the wheels started to come off (if that's indeed what's happening over the last year or so, will be easier to tell after the fact).

There are people who claim they “told you so” all along, who had heard about bitcoin in 2011[1]… and it’s still up 100x since then. ”But you could say the same of a legit Ponzi scheme or fraud!” No, not really. Those crash after the details emerge and everyone knows the truth. Here, the full “details” have been out for a very very long time. [1] the year the infamous /r/buttcoin sub was formed, btw

Were those people saying crypto would not take off as an alternative currency, or did they claim the value of crypto as a speculator asset would not increase?

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

#234

Post by SilasX »

Name_Chawps wrote: post #233
SilasX wrote: post #218

Earlier quoted context omitted.

There are people who claim they “told you so” all along, who had heard about bitcoin in 2011[1]… and it’s still up 100x since then. ”But you could say the same of a legit Ponzi scheme or fraud!” No, not really. Those crash after the details emerge and everyone knows the truth. Here, the full “details” have been out for a very very long time. [1] the year the infamous /r/buttcoin sub was formed, btw

Were those people saying crypto would not take off as an alternative currency, or did they claim the value of crypto as a speculator asset would not increase?

Whichever subgroup and goalpost makes you look wise and correct, I suppose?

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

#235

Post by GoblinSlayer »

TeMPOraL wrote: post #189
j0hnyl wrote: post #182

Earlier quoted context omitted.

Imo, it's the opposite. I just think HN's anti-crypto sentiment just hows how "normie" this community is.

On the contrary. "Normies" were very positive about crypto, mostly because they were used by the crypto people from the early days, as fodder for their various get-rich-quick scams. The "anti-crypto sentiment" that was the unwavering average sentiment on HN is, to me, a point of pride, and I'm thankful for it, because it inoculated me when I was most vulnerable - early on, where it wasn't obvious yet what type of peo…

Anticrypto arguments like "it can be used for crime", "you have nothing to hide", "it's easier to give my credit card to the merchant" are obviously aligned with normie mentality.

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

#236

Post by AlexCoventry »

cypress66 wrote: post #210
jerry1979 wrote: post #163

Earlier quoted context omitted.

Pardon my ignorance, but what do you mean by "it's in Leviticus"?

Leviticus is a part of the Bible/Torah. It's just a joke obviously, implying that crypto technology is simply against both nature and the writings of thousands years old religious texts.

Thanks for explaining that. was also jokingly implying that the technical foundations of crypto must be disgusting, via Leviticus being associated with purity laws.

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

#237

Post by eggy »

EA-3167 wrote: post #5

Once again the use-case for crypto turns out to be... large scale criminality and fraud. Shocker.

Yeah, back in my day when we used cash, it was never used by criminals ;)

As I get older I want the anonymity or immediacy without a paper trail for normal day-to-day small transactions. For big transactions maybe not. Also, just try and walk in nowadays to a car dealership and hand over $35k in cash for a car. See what happens.

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

#240

Post by the_only_law »

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?

> Hn usually has high quality discussions.

Lmao keep deluding yourself. What the hell did y’all put in this kool aid.

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