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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

#131

Post by lumost »

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…

This is pretty accurate. It’s nice that I can self custody my assets in a pinch - but a huge liability that I am obliged to.

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

#132

Post by lelandfe »

ProjectArcturis wrote: post #86
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.

It's more the failure of the crypto community over the past 14 years to develop a use for crypto beyond speculation and crime.

A friend of mine that works with crypto gaming companies frequently expresses frustration that every game they see is gambling, slightly disguised gambling, or terrible.

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

#133

Post by EscapeFromNY »

fsckboy wrote: post #119
EscapeFromNY wrote: post #95

Earlier quoted context omitted.

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?

Most of my commercial transactions are still in fiat. I do use crypto when I can, and yes it's done straight from a local wallet. I use an android app called Cake Wallet and the private key stays locally on the device. I keep as much on my phone as I would paper cash in a leather wallet, under $100. The rest is on a hardware wallet.

I use an exchange occasionally, but I don't keep money parked there long-term like a bank. Deposit fiat, trade for crypto, withdraw crypto. I'm never exposed for more than an hour.

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

#134

Post by emodendroket »

EscapeFromNY wrote: post #47
silisili wrote: post #17

I'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.

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.

I’m sure if he kept it all on personal drives that were lost or destroyed people would be calling him a fool for that too.

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

#135

Post by emodendroket »

cmcaleer wrote: post #125
Retric wrote: post #84

Earlier quoted context omitted.

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.

Most customers are not willing to go to these lengths unless they’re doing something illegal.

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

#136

Post by ac29 »

phire wrote: post #128
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."

Nope, look at the filing: https://storage.courtlistener.com/recap/gov.uscourts.dcd.256...

Its a proposed order.

for those who dont want to click through, its full of stuff like this:

"IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that the Defendants show cause, if any, before the Honorable __________ of this Court, at __ o’clock _.m., on the __ day of ____, 2023, in Courtroom _____, United States Courthouse"

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

#138

Post by consumer451 »

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).

> But I would also want to see derivatives die.

My gut instinct is to agree. I also feel the same about the fossil fuel industry for the most part.

I am curious which one of those two death wishes would lead to more negative economic impact in the short term.

Based on my ignorant googling of relative values, I think erasing the fossil fuel industry would be much less devastating to investors in general, correct?

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

#139

Post by emodendroket »

this_user wrote: post #83
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.

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…

Yeah, at least the failure modes if you keep your money in specie are obvious

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

#140

Post by thaumasiotes »

emodendroket wrote: post #135
cmcaleer wrote: post #125

Earlier quoted context omitted.

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.

Most customers are not willing to go to these lengths unless they’re doing something illegal.

Many sex workers are doing something illegal.
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