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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

#301

Post by School-Cotton »

derefr wrote: post #206
jrmg wrote: post #182

Earlier quoted context omitted.

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…

> Steam but where you actually own, and so can resell, your game licenses.

This is already possible and always has been. The reason steam and the game studios haven’t implemented it is because it wasn’t in their interest to do so, not because they didn’t have the technology to.

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

#302

Post by Gazoche »

unitg wrote: post #275
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.

Bitcoin has outperformed 97% of all S&P 500 companies in 2023. Bitcoin was also the best performing asset of the decade. https://imgur.com/a/7SB3MtL FINES BY SEC: Merrill Lynch – $100 million Fine in 2002, Goldman Sachs- $550 million 2010, Eli Lilly & Co. – $1.42 billion 2009, UBS AG – $1.5 billion in 2012, Abbott Laboratories – $1.6 billion in 2012, Siemens $1.9 billion in 2008, HSBC Holdings – $1.9 billion in 2003,…

Bitcoin only "outperforms" year-to-date because it massively dropped last year. You could make that table tell the opposite story by adjusting some date ranges.

It's like saying tulips outperformed every other assets for a few years in the 1600s.

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

#303

Post by lettergram »

ProjectArcturis wrote: post #86
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.

It's more the failure of the crypto community over the past 14 years to develop a use for crypto beyond speculation and crime.

Quite literally how liquidity is kept in the cash market as well. lol

You think all those people paid under the table is "legal"?

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

#304

Post by maxbond »

unitg wrote: post #275
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.

Bitcoin has outperformed 97% of all S&P 500 companies in 2023. Bitcoin was also the best performing asset of the decade. https://imgur.com/a/7SB3MtL FINES BY SEC: Merrill Lynch – $100 million Fine in 2002, Goldman Sachs- $550 million 2010, Eli Lilly & Co. – $1.42 billion 2009, UBS AG – $1.5 billion in 2012, Abbott Laboratories – $1.6 billion in 2012, Siemens $1.9 billion in 2008, HSBC Holdings – $1.9 billion in 2003,…

(Nevermind, ignore me, consider this a crank comment.)

What risk do you think the market has been handsomely compensating Bitcoin investors for over the last year?

Genuine question, I don't know the answer, but if the market were pricing in the risk of Bitcoin suddenly going to zero through regulatory action, it might make sense that the price goes up a lot as old investors compensate new investors to exit while the music slows.

I feel like people smarter about finance than me who were paying close attention to Bitcoin might gather clues about this hypothesis from watching the order book consistently, so yeah, genuinely asking.

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

#305

Post by FpUser »

eru wrote: post #181
FpUser wrote: post #166

Earlier quoted context omitted.

If they refuse business to let's say gays the government would come after them. How is refusing to serve legal sex workers different?

Which government would come after them? There are lots of different governments around the world, with different views and different laws. > How is refusing to serve legal sex workers different? As far as I can tell, in the US discrimination is forbidden against certain protected groups / along certain protected differences only. But you are free to discriminate on all other grounds. Eg a restaurant can legally discr…

I understand and am sort of aware of the laws. It seems however very hypocritical to discriminate base upon profession. IANAL but I suspect that if for example airline will not let passenger to board a plane citing that they work "shitty low paying job" as a reason said airline might get in trouble anyways.

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

#306

Post by School-Cotton »

whatever1 wrote: post #175
rzi wrote: post #123

Earlier quoted context omitted.

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.

> But today we are the point where we’re trading each others insurances betting on whether they will be triggered or not.

Who is “we” ? You don’t have to trade anything you don’t want to.

> That is bonkers.

Why?

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

#307

Post by Animats »

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…

> There are also P2P exchanges that don't hold user's funds, like LN2bot.

The only search result in Google for '"Ln2bot" crypto exchange' is this article.

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

#308

Post by consumer451 »

ficklepickle wrote: post #207
consumer451 wrote: post #138

Earlier quoted context omitted.

> 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.

I was trying to edit myself for brevity.

I do think that for both industries a multi-decade phase out would give people plenty of time to change their investment portfolios. This would do less economic damage in the short term. That’s a good thing.

In the case of fossil fuels, we still need to go all-in on alternatives for two functions: air travel and sea travel. We can do that in the time scale of 2 to 3 decades imho.

But look up synthetic derivatives as part of the global economy. It is crazy. Such a huge piece of the economy. So crazy that it makes me have crazy thoughts like maybe let it be, with a Tobin tax of sorts assigned to novel anti-poverty solution attempts.

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

#310

Post by rawoke083600 »

eru wrote: post #162
dublinben wrote: post #153

Earlier quoted context omitted.

As a compromise, let’s ban cryptocurrency exchanges in all “sane” jurisdictions, because the downsides outweighs the upsides. That seems to be where things are heading already. These companies will be free to operate everywhere else.

Different jurisdictions generally have their own lawmakers (mostly democratically elected in 'sane' places), and they can decide what they want or don't want to ban. I'm not really in favour of bans here, because just as no one forces you to enter a casino, no one forces you to trade on a cryptocurrency exchange (or hold any cryptocurrencies at all). Matt Levine's Money Stuff reported a lot on people losing money in…

Yea funny story: My bank won't allow me to buy crypto with my credit card. BUT I am allowed to gamble online with my credit card, those they let through :D
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