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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

#251

Post by csomar »

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.

Some people overestimate the influence of the US. Maybe because the US has quite an influence over Japan and Europe. You need to realize the US is not the world and the world doesn’t care what the US institutions think or do.

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

#253

Post by LapsangGuzzler »

thepasswordis wrote: post #171

[flagged]

SBF: put your money in FTX and you'll get life-changing returns

Me: OK

SBF: * takes my money

* doesn't write it down anywhere

* puts it into a giant slush fund without any accounting controls

* loans some of it to his investment fund

* buys millions in beachfront real estate with my and other victims money

* goes around to all these interviews lying about what he's doing

* plays Dota during a fundraising meeting

* gets caught, the whole thing blows up and I lose all of my money.

Did I forget anything here?

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

#254

Post by glitchc »

siwatanejo wrote: post #237
glitchc wrote: post #218

Earlier quoted context omitted.

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?

> How do I get some Bitcoin? There are bitcoin-only exchanges, e.g. Bitaroo. There are also P2P exchanges that don't hold user's funds, like LN2bot (this one is very handy because it supports Lightning, so fees are ridiculously low, and trades very fast for not being a SPOT exchange). > I can't afford to mine it anymore. Right, it's a professional industry now; hobbyists can still do it, but at a loss. > What if I wa…

My point is that I'm relying on an exchange to perform most of the functions you say. How do I know those exchanges are any safer than Binance?

And Bitcoin absolutely tanked with rising interest rates, just like the equity markets. Can't say it's not responding to QE.

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

#255

Post by marcell »

pavlov wrote: post #188
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?

How do you know Binance hasn't stolen anyone's money? Is there a reputable auditor's statement to that effect? Seems very unlikely when Binance pretends they're not even headquartered in any jurisdiction. Nobody has any idea about Binance's actual money flows and where customer funds have actually ended up.

> How do you know Binance hasn't stolen anyone's money?

In America you are presumed innocent until proven guilty. Therefore, under our legal system, Binance.US is presumed to not have stolen anyone's money until the SEC passes the burden of proving guilt beyond a reasonable doubt.

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

#256

Post by whatever1 »

arcticbull wrote: post #217
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).

QQQ, like most ETFs, isn't a derivative. You get a share that represents a basket of all of the NASDAQ-100 companies. This tracks the price of the components through creation/redemption mechanism. Authorized participants are able to create QQQ by sending a share of the constituent companies to the trust, and they're able to redeem QQQ for the shares in the trust. In this way participants are able to arbitrage the spr…

Apologies I meant SQQQ, inverse QQQ

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

#257

Post by siwatanejo »

nroets wrote: post #241
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 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.

> Crypto is also used to evade taxes.

You know what, this narrative is funny, because 99.999% of the time in which "crypto" is used to evade taxes, it's the kind of taxes that would need to be paid because of capital gains on the crypto assets because their value increased. But most of the time, they are unrealized gains, which means that tax evasion didn't actually happen. But anyway, let's now think of the cases where the person sold the crypto back to fiat: how easy is to evade taxes at that moment? Not very, because most exchanges report trades to authorities.

And anyway, the fact that their crypto balance increased is due ultimately to politicians doing QE! So they tax us in a hidden-way via money-printing, and after the scarce assets increase in value because of this, they want to tax us again.

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

#258

Post by TX81Z »

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.

I think it was NFTs that pulled the trigger. Pure grift.

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

#259

Post by marcell »

acyou wrote: post #245
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 gon…

Do you have any reason to believe this?

There are dozens of crypto exchanges, and most of the major ones have not become insolvent. FTX and MtGox are the only major ones to become insolvent and lose user funds. The top ones like Kraken and Coinbase and Binance have been operating without issue for many years.

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

#260

Post by cycomanic »

nroets wrote: post #241
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 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.

Why is evading tax not as bad as scamming people? Isn't it really just scamming the public (i.e. everyone)?
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