Proposed SEC order to freeze, repatriate Binance.US assets • Hacker News Board

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

#111

Post by plewd » Thu, Jun 08, 2023, 1:13 AM UTC

whatever1 wrote: post #102

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).

That's what most day trading seems to be, there's almost no way to tell how prices will fluctuate in a single day

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

#112

Post by Avshalom » Thu, Jun 08, 2023, 1:13 AM UTC

EscapeFromNY wrote: post #88

wmf wrote: post #64

Earlier quoted context omitted.

It's really not though. The point was to get rich and if you can get rich quicker in a custodial pump-and-dump than in a self-custodied decentralized boiler room... you might as well.

There's nothing in the bitcoin whitepaper about getting rich quick. If that's your goal, go ahead and send your money to FTX, Luna, Voyager, or Binance. But that's not my goal. I'm here so I can have self-sovereignty of my money.

>self-sovereignty of my money.

the entire concept of money is a social construct. It's a culture wide bluff that we all agree to never call. "self-sovereignty" is antithetical to the idea of money.

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

#113

Post by saurik » Thu, Jun 08, 2023, 1:14 AM UTC

fladrif wrote: post #97

EscapeFromNY wrote: post #88

Earlier quoted context omitted.

There's nothing in the bitcoin whitepaper about getting rich quick. If that's your goal, go ahead and send your money to FTX, Luna, Voyager, or Binance. But that's not my goal. I'm here so I can have self-sovereignty of my money.

> I'm here so I can have self-sovereignty of my money. Except you aren't really. You will always be beholden to one entity or another, in bitcoin the 51% who need to clear your transactions. You just decide to not trust in the current financial apparatus and instead bet on the new.

Betting on something where there is no single interest that can decide to screw you is fundamentally different than trusting something where one entity is in control. In a more principled world, I'd like to think the latter would never exist and people would be willing to go to great lengths to avoid or even protest against its existence.

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

#114

Post by _8j50 » Thu, Jun 08, 2023, 1:16 AM UTC

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.

Hard disagree, why can't it exist as a properly regulated security?

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

#115

Post by UncleOxidant » Thu, Jun 08, 2023, 1:17 AM UTC

Avshalom wrote: post #112

EscapeFromNY wrote: post #88

Earlier quoted context omitted.

There's nothing in the bitcoin whitepaper about getting rich quick. If that's your goal, go ahead and send your money to FTX, Luna, Voyager, or Binance. But that's not my goal. I'm here so I can have self-sovereignty of my money.

>self-sovereignty of my money. the entire concept of money is a social construct. It's a culture wide bluff that we all agree to never call. "self-sovereignty" is antithetical to the idea of money.

Well said. If you want self-sovereignty buy a large sailboad or maybe a remote plot of land and seeds.

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

#116

Post by lxgr » Thu, Jun 08, 2023, 1:18 AM UTC

rr808 wrote: post #48

[flagged]

There’s a fairly straightforward way to stay out of SEC jurisdiction: Don’t sell to US retail investors (including “not selling to US customers, but wink wink have you ever heard of VPNs?”).

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

#117

Post by nextworddev » Thu, Jun 08, 2023, 1:19 AM UTC

I’m a long term skeptic (but opportunistic trader of BTC) - this level of extreme pessimism on HN has historically preceded rallies. Of course, this time can be different.

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

#118

Post by UncleOxidant » Thu, Jun 08, 2023, 1:19 AM UTC

_8j50 wrote: post #114

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.

Hard disagree, why can't it exist as a properly regulated security?

My problem with regulating it is that it will give it veneer of legitimacy. Let it all burn down.

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

#119

Post by fsckboy » Thu, Jun 08, 2023, 1:19 AM UTC

EscapeFromNY wrote: post #95

this_user wrote: post #83

Earlier quoted context omitted.

And then you are still losing your money, because your supposedly secure hardware wallet had a backdoor all along. Or you are downloading a wallet app that is compromised. Or you are making any one of a million possible mistakes that can lose your everything you have in crypto. At the end of the day, you need to keep your keys on an a dedicated air-gapped system where you have epoxied the USB ports and have ideally w…

I'm fine with taking on that risk. I encrypt my laptop's hard drive and my backups. If I forget those passwords all my data is gone forever too. I'm willing to take that risk with my data and my money. If you aren't willing to take that risk, crypto might not be for you. (These are the hard truths they won't tell you in the super bowl commercials)

> If you sent your money to a company like Voyager, instead of controlling your keys yourself, you missed the point.

so eschewing exchanges, you conduct all your commercial transactions directly in crypto straight from your crypto wallets? it's cool you can avoid all fiat like that, but doesn't it limit your purchasing options? Or have I missed another one of the points of crypto?

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

#120

Post by ac29 » Thu, Jun 08, 2023, 1:20 AM UTC

The article title is incorrect, this restraining order has been requested by the SEC, not granted yet.

Its a bit confusing because the submitted order is a proposal of how a order could be given by a judge, but is still full of important blank information like the name of the judge, the date, etc.