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Proposed SEC order to freeze, repatriate Binance.US assets

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

#121

Post by red369 »

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).

Aren't there more legitimate use for some of these for hedging? I don't know any specific examples, but I'm sure I've heard of situations where people use these because they want to invest in something quite specific, but remove the upside or downside of general market movement.

Regardless, I'm inclined to agree the main point is probably gambling and insider trading.

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

#122

Post by UncleOxidant »

elkos wrote: post #41

I'm honestly curious, at first glance this looks that could potentially affect cryptocurrencies in a sizable way downwards. I checked CoinMarketCap and it seems that the trend is comparatively stable. Can someone explain this? Please do take into account that I'm not very well versed with cryptocurrencies and I usually need an explainer in several financial concepts.

There was a crypto critic on Bill Maher a couple months ago and he was asked essentially that question. IIRC He suggested that there's a lot of cryptocurrency out there that is essentially not sellable - it's been stolen, stuck in dead exchanges, etc. And then there are state actors that are likely helping to prop it up.

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

#123

Post by rzi »

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).

Derivatives let you trade things other than price and are important in hedging against certain types of risk. I don’t think the point is to invest in them so I agree it seems like gambling for most people.

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

#124

Post by jjulius »

I_am_tiberius wrote: post #87

Gary Gensler yesterday argued on live television that digital currency already exists and therefore there's no reason for crypto to exist. Moreover, in the House hearing some months back he said that it's not crypto that will change the world, but AI. I don't have any kind of facts for this but my believe is that the Biden admin feels that crypto currencies devalue the US Dollar and therefore considers them threateni…

>So I see this as a positive for the world as a whole.

Yes, scammy cryptocurrencies being called on their bullshit is a positive for the world.

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

#125

Post by cmcaleer »

Retric wrote: post #84
EscapeFromNY wrote: post #47

Earlier quoted context omitted.

The USP of cryptocurrency is the ability to self-custody. If you sent your money to a company like Voyager, instead of controlling your keys yourself, you missed the point.

Let’s be real, a large fraction of all interest in crypto is as a financial asset. The financial transaction / storage side is relatively uninteresting to people because the existing financial system generally works really well for them in terms of risks, fees, uptime etc. Which isn’t to say the existing financial system works well for everybody all the time, but in practice crypto just isn’t showing real benefits to…

One thing crypto does having going for it is the lack of moralising payment processors. I'm really baffled that sex workers and other groups who provide legal services that payment processors don't like aren't embracing crypto. Seems like a perfect environment for it and the on and off-ramps today are far better than what existed back in 2016.

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

#126

Post by jjulius »

wmf wrote: post #76
elkos wrote: post #30

Earlier quoted context omitted.

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.

... okay?

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

#127

Post by jjulius »

dmingod666 wrote: post #15

Wonder if SBF has something to do with this in the background

You mean the guy who's actively not cooperating and whose former coworkers (and girlfriend) have begun to cooperate with the government against him? That's the guy who had something to do with helping the SEC bring charges against Binance?

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

#128

Post by phire »

ac29 wrote: post #120

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.

Title appears to be correct:

"Later on Tuesday, a filing from the United States District Court for the District Of Columbia showed that the court had agreed to grant the SEC’s demands."

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

#129

Post by I_am_tiberius »

jjulius wrote: post #124
I_am_tiberius wrote: post #87

Gary Gensler yesterday argued on live television that digital currency already exists and therefore there's no reason for crypto to exist. Moreover, in the House hearing some months back he said that it's not crypto that will change the world, but AI. I don't have any kind of facts for this but my believe is that the Biden admin feels that crypto currencies devalue the US Dollar and therefore considers them threateni…

>So I see this as a positive for the world as a whole. Yes, scammy cryptocurrencies being called on their bullshit is a positive for the world.

Can you give some context? Do you mean a specific one that is a scam? Or do you refer to scammers that use cryptocurrencies as a medium of exchange?

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

#130

Post by kfarr »

nextworddev wrote: post #117

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.

I don’t think regulatory crackdown historically precedes rallies, but I’m no finance expert
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