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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

#201

Post by lolinder »

TacticalCoder wrote: post #172

The 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 take it as the SEC recognizing that they screwed up in watching FTX and now they're correcting. SBF was a golden boy the month before everything collapsed—it would be a mistake for anyone to assume that either Binance or Coinbase is above board just because they have a good reputation right now.

The SEC is sending a message that the days of crypto exchanges being largely unregulated are over, and they're probably doing that because of how badly they screwed up with FTX, not in spite of it.

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

#202

Post by [deleted] »

jrmg wrote: post #182
lelandfe wrote: post #132

Earlier quoted context omitted.

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.

What other kinds of ‘crypto gaming company’ _could_ there be?

[deleted]

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

#203

Post by derefr »

LapsangGuzzler wrote: post #194
TacticalCoder wrote: post #172

The 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?

According to NYT, Binance was moving billions into accounts held in Seychelles, Lithuania and Kazakhstan etc. via two banks that failed earlier this year in patterns that resemble money laundering[0]. If Binance was laundering its funds through two banks that just went through liquidation, you can bet that auditors figured that out pretty quick. 0: https://www.nytimes.com/2023/06/07/business/binance-cash-ban...

Patterns that resemble money laundering, but more closely resemble tax sheltering.

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

#204

Post by Retric »

cmcaleer wrote: post #148
emodendroket wrote: post #135

Earlier quoted context omitted.

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

Most customers weren't willing to enter their CC information online in the late 90s and early 00s. It took horny trailblazers to get us to where we are today, to the overall benefit of e-commerce. Comparatively, putting CC info in to Coinbase and putting an address to withdraw the crypto in is far safer than what horny people did back then.

It varied by country, but in general CC had risk mitigation built into them in the late 90’s and early 00s limiting their risks vastly below what most people sending money to Coinbase take on. US: https://www.law.cornell.edu/uscode/text/15/1643

This goes beyond the question of legal risks and statutory limits, CC’s are debt which means someones money isn’t tied up during a dispute.

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

#205

Post by AlexandrB »

Etrnl_President wrote: post #189
Avshalom wrote: post #112

Earlier quoted context omitted.

>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.

@Alexander B Specialized ASIC were developed after crypto became popular.

Why does that matter? I'm pretty sure Bitcoin couldn't go back to CPU/GPU mining without killing the transaction rate or spiking the transaction cost. Using your self-sovereign money successfully (and at its current value) requires specialized ASICs to continue to be available.

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

#206

Post by derefr »

jrmg wrote: post #182
lelandfe wrote: post #132

Earlier quoted context omitted.

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.

What other kinds of ‘crypto gaming company’ _could_ there be?

Steam but where you actually own, and so can resell, your game licenses. And where other supply-side companies can take over providing the game-download-delivery logistics if the original company providing that service goes belly-up.

Or: Pokemon, but you can trade the pokemon outside the game itself; and the game can prove that your competitive mon were authentically caught and raised, rather than hacked in, because it records all the actions you took to train it.

Most obviously: in any MMO with an in-game currency you can and are encouraged to buy with real-world money (e.g. EVE Online), just tokenize the darn thing, so that people playing can easily cash back out of the game when they don't feel like playing any more.

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

#207

Post by ficklepickle »

consumer451 wrote: post #138
whatever1 wrote: post #102

Earlier 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).

> 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?

Erasing the fossil fuel industry over night would have the unfortunate effect of grinding the rest of the economy to a halt. You can't just look at it in isolation. Unless you had something like worldwide nationalization in mind. I suppose then it might be possible to transport other goods while still eliminating the speculation on and profiteering of the fossil fuel industry.

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

#208

Post by donedeals »

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.

@dang - title should be changed.

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

#209

Post by dporter »

cft wrote: post #184
raincole wrote: post #143

Earlier quoted context omitted.

Crypto's fate is bound be like those alternative Reddits and Twitters. What kind of users an alternative Reddit attracts? 1. People who don't like Reddit because of privacy concerns or other ideological reasons. 2. People who are banned by Reddit. It turns out group 2 is much larger than group 1 and the community rots. Now what kind of people who cryptos (a.k.a. alternative money) attract? 1. People who don't like ba…

Crypto has a viable micropayments for content story, see e.g. https://stacker.news . An upvote costs a minimum of 1 Satoshi (currently about 0.025¢)

Imagine paying to upvote content as a consumer. I can see this being popular with brands that are already paying for engagement, but that’s just going to result in the same media landscape we’re already in.

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

#210

Post by lolinder »

cft wrote: post #184
raincole wrote: post #143

Earlier quoted context omitted.

Crypto's fate is bound be like those alternative Reddits and Twitters. What kind of users an alternative Reddit attracts? 1. People who don't like Reddit because of privacy concerns or other ideological reasons. 2. People who are banned by Reddit. It turns out group 2 is much larger than group 1 and the community rots. Now what kind of people who cryptos (a.k.a. alternative money) attract? 1. People who don't like ba…

Crypto has a viable micropayments for content story, see e.g. https://stacker.news . An upvote costs a minimum of 1 Satoshi (currently about 0.025¢)

That pretty much falls in the same category as #1—content micropayments are a niche use case that primarily interests people who are ideologically opposed to advertising. I count myself in that group, but it's not a large enough group to drive an entire currency. Illegal activity is.
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