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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

#241

Post by nroets »

raincole wrote: post #143
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'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 is used to circumvent capital controls: In other words to create a free market in foreign exchange for countries that ban it.

Crypto is also used to evade taxes. I'm not saying it's a good thing, but it's not as bad as dealing drugs or scamming people.

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

#242

Post by martinohansen »

glitchc wrote: post #218
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.

How do I get some Bitcoin? I can't afford to mine it anymore. What if I want to buy some more? Or sell some of what I have? What can I spend Bitcoin on? What does Bitcoin solve for me?

You trade it with people for something they want. You keep it or trade it yourself.

Like you would do with gold.

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

#243

Post by qzx_pierri »

drumttocs8 wrote: post #216
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…

How are you measuring which group is bigger?

There is no measurement. They’re talking out of their ass.

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

#244

Post by lolinder »

Xunxi wrote: post #238
lolinder wrote: post #225

Earlier quoted context omitted.

I can't find the original source, but a while ago I read a really compelling article (linked from here) which explained why centralization is inevitable. I think it's relevant here, because if centralization is inevitable then it's reasonable to treat crypto as interchangeable with the exchanges. Essentially, the thesis was that a decentralized protocol can never evolve and adapt as quickly as a centralized platform,…

https://moxie.org/2022/01/07/web3-first-impressions.html

Yes! That's the one!

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

#245

Post by acyou »

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?

Speaking as someone who doesn't have any skin in the game.

Just because to the best of our knowledge, Binance is fully solvent and can make all US depositors whole, doesn't mean that they won't declare bankruptcy imminently. That's a condition that could change at any time, as has been well demonstrated.

I have a feeling Binance would also look a lot more like a ponzi scheme under subpoena with their asset values gone to zero, no?

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

#246

Post by testacct22 »

lolinder wrote: post #225
testacct22 wrote: post #215

Why do so many of the comments here and journalists assert that crypto and exchanges are the same thing? Doesn't keeping coin in an exchange (as opposed to in a wallet, locally) sort of violate the ideology of crypto? Wasn't this shit invented to circumvent the banks? I don't get it, using something meant to circumvent the banks, just to invest it in a less regulated form of a bank Isn't to say I have a problem with…

I can't find the original source, but a while ago I read a really compelling article (linked from here) which explained why centralization is inevitable. I think it's relevant here, because if centralization is inevitable then it's reasonable to treat crypto as interchangeable with the exchanges. Essentially, the thesis was that a decentralized protocol can never evolve and adapt as quickly as a centralized platform,…

What about BitTorrent?

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

#248

Post by codehalo »

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.

You should look elsewhere (even google) for advice or to understand cryptocurrencies. Avoid at all costs this site (extremely uninformed negativity) and YouTube (extremely uninformed shillers).
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