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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

#281

Post by nroets »

cycomanic wrote: post #260
nroets wrote: post #241

Earlier quoted context omitted.

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)?

Tax evasion is rife: How many tradesmen fixing stuff around your house for cash will report that income on their return ?

Governments can get most of their revenue with little economic distortion by taxing stuff where evasion is much harder: Fuel taxes and property taxes.

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

#282

Post by censless »

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.

[flagged]

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

#283

Post by whatever1 »

jojobas wrote: post #191
whatever1 wrote: post #175

Earlier quoted context omitted.

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.

Let's say you invest in green energy. But as a hedge, you buy some deep OOM oil options. Should you call that insurance as well?

You can invest in oil companies instead. Why do you need leverage? Why do you have the expectation of making 100X from a 2X price increase?

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

#284

Post by nextworddev »

lamontcg wrote: post #173
nextworddev wrote: post #117

I’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.

Yeah I always let price action speak. None of us “know”. Agreed that we might have a regime shift.

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

#285

Post by EscapeFromNY »

Eisenstein wrote: post #272
siwatanejo wrote: post #237

Earlier quoted context omitted.

> 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…

> Anything, really. I tried to bring my bitcoin to the grocery store to buy some brownie mix and cheese slices but they wouldn't take any coins from my Trezor.

I had a similar experience. I brought a gold bar to Jumbo and tried to buy a croissant, and the cashier just looked at me funny and asked for my card. That's when I realized gold is worthless

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

#286

Post by Eisenstein »

_8j50 wrote: post #114
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.

Hard disagree, why can't it exist as a properly regulated security?

For what reason? Why is it useful economically to turn computer hashes into a system of collectible numbers that exist on a common list?

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

#288

Post by [deleted] »

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.

[deleted]

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

#289

Post by predictabl3 »

EdwardDiego wrote: post #51
predictabl3 wrote: post #13

Earlier quoted context omitted.

[flagged]

"Have fun staying poor, nocoiner" is probably one reason you see such vocal dislike. The blatant criminality is likely another. But I'm just a nocoiner, so you know.

> "Have fun staying poor, nocoiner" is probably one reason you see such vocal dislike.

I literally can't name a single time I've ever, ever seen that sentiment expressed on HN. And the irony... but at least the nocoiners have at least stopped insisting that everyone in crypto is an idiot that doesn't know what they're doing. (aka, projecting). At least outwardly anyway, from what I can tell.

I love that my OG comment is flagged. Really just says everything, it wasn't even remotely combatative. Just add it to the list of things you can't really talk about on HN. Bitcoin suxors amiright?!

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

#290

Post by predictabl3 »

striking wrote: post #57
predictabl3 wrote: post #13

Earlier quoted context omitted.

[flagged]

I've actually thought about this myself, and have come to a couple of somewhat opposing conclusions: * Crypto is uniquely capitalist and to some extent uniquely exploitative technology. Given how minimally used it appears to be for actually worthwhile things and how many people are getting rugpulled, just how much damage is actually being done, I can see why there are so many people who consider it to occupy its own…

I don't think those are opposing at all, and I appreciate the food for thought!
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