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I couldn't find anything in that article that points to the veracity of that claim except from Binance itself. How reliable is that? And if it's true why are they only coming out with it now, instead of before all of these went down?
Proposed SEC order to freeze, repatriate Binance.US assets
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Re: Proposed SEC order to freeze, repatriate Binance.US assets
#72I'm pretty anti-crypto, but tested the water with Voyager USDC because of the absurd APY. Took my money and ran when Celsius hinted at having issues, luckily. Funnily enough there was some amount, less than a dollar IIRC, left in Voyager when they folded. I received an email telling me it was being taken over by...Binance. Never bothered to login and even check it. Guess it really is scams all the way down.
Don't forget the first buyer of Voyager was FTX... I rolled my eyes then bc I didn't trust SBF, and then when Binance came in after that I let out an audible sigh.
Re: Proposed SEC order to freeze, repatriate Binance.US assets
#73Bitcoin solves this. Sorry I just had to. I think crypto as an investable asset class is finished. SEC is sending a very clear signal here. It’s entirely the community’s fault for failing to properly manage this space. They actually earned public’s trust (sometime during the pandemic). And then they threw it all away for a few bucks.
It wasn't a few bucks IMO. Probably 90% of the value came from scams. If the community had been clean since the beginning the whole "industry" would be a small fraction of the current size.
Re: Proposed SEC order to freeze, repatriate Binance.US assets
#74Re: Proposed SEC order to freeze, repatriate Binance.US assets
#75Earlier quoted context omitted.
Coinbase and Binance acted/acts very differently. Binance basically throw their hands in the air saying "well, whatever, it's illegal so whatever we do is illegal, so lets just do whatever" while Coinbase been acting as they are trying to follow the law as much as they could, while still operating an exchange. Not saying one is more illegal/legal than the other, but they certainly acted differently.
Yes, but Coinbase deals in lots of tokens that the SEC claims are "securities," so their business model may not survive.
I don't think it's possible to make money like a traditional bank or brokerage with cryptocurrency, none of it is sticky and the users can go around you. Thus the "security but not a security" get rich quick FOMO schemes.
Re: Proposed SEC order to freeze, repatriate Binance.US assets
#76Last time the SEC did this: “I was told by the banks that if I did not agree to settle with the SEC, that they would, the banks would, cease providing working capital and Tesla would go bankrupt immediately” Elon Musk @ TED in Vancouver Also from TuongVy Le(@TuongvyLe12), former Chief Counsel at SEC: "Let’s be clear: the @SECGov complaint doesn’t mention this, but there is currently NO way for a platform like @coinba…
Would trading only Bitcoin and Ethereum which last time i checked aren't securities be a probable way out of this mess for Coinbase?
Yeah, but then they'd go out of business due to lack of revenue.
Re: Proposed SEC order to freeze, repatriate Binance.US assets
#77Earlier quoted context omitted.
If you can't exchange it for fiat, its USD value is going to decrease - bad. If you can't exchange it, payments that don't use fiat might be developed - good, imo. Why do you think this makes it a net good?
i think it is a meme!
Around since before Mt Gox implosion/hack.
Re: Proposed SEC order to freeze, repatriate Binance.US assets
#78I'm pretty anti-crypto, but tested the water with Voyager USDC because of the absurd APY. Took my money and ran when Celsius hinted at having issues, luckily. Funnily enough there was some amount, less than a dollar IIRC, left in Voyager when they folded. I received an email telling me it was being taken over by...Binance. Never bothered to login and even check it. Guess it really is scams all the way down.
You bought IOU's from a centralized entity, you didn't do anything with crypto.
Re: Proposed SEC order to freeze, repatriate Binance.US assets
#79Earlier quoted context omitted.
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I've actually thought about this myself, and have come to a couple of somewhat opposing conclusions: * Crypto is uniquely capitalist and to some extent uniquely exploitative technology. Given how minimally used it appears to be for actually worthwhile things and how many people are getting rugpulled, just how much damage is actually being done, I can see why there are so many people who consider it to occupy its own…
Your second point is interesting. One thing about crypto is it’s generally opt-in, whereas e.g. your local plumber didn’t have much of a say in buying thousands of dollars a month of Google ads to stay afloat.
Re: Proposed SEC order to freeze, repatriate Binance.US assets
#80Not your keys, not your coins