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Proposed SEC order to freeze, repatriate Binance.US assets

kitco.com

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Re: Proposed SEC order to freeze, repatriate Binance.US assets

#102

Post by whatever1 »

lvl102 wrote: post #36

Bitcoin 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.

Crypto investing should die.

But I would also want to see derivatives die. Like what it even mean to "invest" in QQQ or VIX? This is just gambling (unless you have market inside knowledge).

Re: Proposed SEC order to freeze, repatriate Binance.US assets

#103

Post by lazzlazzlazz »

lvl102 wrote: post #36

Bitcoin 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.

Imagine believing using a centralized exchange is using crypto.

Re: Proposed SEC order to freeze, repatriate Binance.US assets

#104

Post by thinkmassive »

px43 wrote: post #19
tararara wrote: post #6

Earlier quoted context omitted.

Do you have any insights into why they act like this? Is it the founders vision?

Coinbase acts like this because it was founded from day one to serve the US market, and everything that it has done has been to invest millions of dollars a year into complying with US law. Coinbase has only in the past couple months, started expanding internationally so they don't die immediately in case the US regulatory system decides to cannibalize them. Binance acts like this because complying with US law is rid…

Binance is relatively new, it was founded only 6 years ago, in 2017.

Re: Proposed SEC order to freeze, repatriate Binance.US assets

#108

Post by rodgerd »

NikolaNovak wrote: post #90
coolestguy wrote: post #78

Earlier quoted context omitted.

You bought IOU's from a centralized entity, you didn't do anything with crypto.

Possibly unfair, but this is like trying to discuss religion with believers. " Oh no, THAT specific thing is silly. OUR things are completely different." Similarly whatever you do or showcase or discuss, "Oh that is not REAL Crypto. Our Crypto is different!" It's a massive whack a mole. Meanwhile there are what, ten thousand plus different tokens tracked on coin market cap? Edit : 25k, apparently lol. It's been a few…

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Re: Proposed SEC order to freeze, repatriate Binance.US assets

#109

Post by ISL »

unyttigfjelltol wrote: post #85
EscapeFromNY wrote: post #58

Earlier quoted context omitted.

Binance is an exchange, and exchanges are not needed for cryptocurrency to work. They just make it easier to enter/exit the ecosystem.

Without exchanges, you would be justified to use crypto to buy pizza again.

I never found a way to buy pizza with crypto without maintaining a FIFO ledger I could file with the IRS detailing every single transaction.

Without that onerous administrative tax-compliance requirement, I'd have made many purchases with bitcoin.

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