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Proposed SEC order to freeze, repatriate Binance.US assets
171–180 of 598 posts
Re: Proposed SEC order to freeze, repatriate Binance.US assets
#172The SEC was meeting with SBF and failed to protect US citizens who sent money to FTX. So far Binance hasn't pulled a ponzi scam (they existed before Alameda/FTX and have never stolen anyone's money).
So basically the SEC failed to protect people from that ponzi scammer boy SBF was, but they're going after the like of Binance and Coinbase, who, so far, never stole a cent from anyone?
Re: Proposed SEC order to freeze, repatriate Binance.US assets
#173I’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.
You should probably wait until you see how much damage the Feds can actually do to Binance and crypto prices. If they could actually damage Binance enough that it fails that would substantially damage crypto prices. Remains to be seen if they're going to do something toothless again or if they're actually not fucking around this time.
Re: Proposed SEC order to freeze, repatriate Binance.US assets
#174Earlier 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)
What if your house burns down with your laptop on it?
I would restore from an off-site backup.
Re: Proposed SEC order to freeze, repatriate Binance.US assets
#175Earlier quoted context omitted.
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.
If it is insurance call it insurance and regulate it as such.
But today we are the point where we’re trading each others insurances betting on whether they will be triggered or not. That is bonkers.
Re: Proposed SEC order to freeze, repatriate Binance.US assets
#176Bitcoin 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.
How did they earn the public's trust?
Was it by being trustworthy, or just their scams not yet being publicized?
Re: Proposed SEC order to freeze, repatriate Binance.US assets
#177Earlier 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.
> There's nothing in the bitcoin whitepaper about getting rich quick.
Sure there is. The capped supply is intended to cause deflation and enrich early adopters if/when Bitcoin goes mainstream. To argue otherwise is to claim that the author of the whitepaper was ignorant of how a currency with limited supply would behave. And if that's true, it's more damning of Bitcoin than the "get rich quick" stuff.
Re: Proposed SEC order to freeze, repatriate Binance.US assets
#178The SEC was meeting with SBF and failed to protect US citizens who sent money to FTX. So far Binance hasn't pulled a ponzi scam (they existed before Alameda/FTX and have never stolen anyone's money). So basically the SEC failed to protect people from that ponzi scammer boy SBF was, but they're going after the like of Binance and Coinbase, who, so far, never stole a cent from anyone?
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Re: Proposed SEC order to freeze, repatriate Binance.US assets
#179The SEC was meeting with SBF and failed to protect US citizens who sent money to FTX. So far Binance hasn't pulled a ponzi scam (they existed before Alameda/FTX and have never stolen anyone's money). So basically the SEC failed to protect people from that ponzi scammer boy SBF was, but they're going after the like of Binance and Coinbase, who, so far, never stole a cent from anyone?
I mean yeah, because there is money around to repatriate.
In the SBF case by the time anyone realizes what was happening the money was "gone."
Trying to reply why it will be that easy in this case perhaps. N.B. they were just granted an order; they need now to enforce it. That's a different "craziness."
Re: Proposed SEC order to freeze, repatriate Binance.US assets
#180Earlier 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.
It's also notable how much technological infrastructure is required to make this "self-sovereign" money possible - from specialized ASICs to constant internet connectivity. Gold is a much more self-sovereign store of value than any cryptocurrency.