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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

#311

Post by lotsofpulp »

maxbond wrote: post #304
unitg wrote: post #275

Earlier quoted context omitted.

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…

> 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 cannot make any sense of this.

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

#313

Post by cplusplusfellow »

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.

Until the last already-drilled oil well runs dry.

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

#314

Post by roywiggins »

whatever1 wrote: post #283
jojobas wrote: post #191

Earlier quoted context omitted.

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?

They're a lot cheaper than buying the actual stock, because there's every chance they'll expire worthless- and when you're hedging, you think they will probably expire worthless, too.

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

#315

Post by bibabaloo »

Animats wrote: post #307
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…

> 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.

I think this is it https://lnp2pbot.com/

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

#316

Post by [deleted] »

matrix_overload wrote: post #239
silisili wrote: post #17

I'm pretty anti-crypto, but tested the water with Voyager USDC because of the absurd APY. Took my money and ran when Celsius hinted at having issues, luckily. Funnily enough there was some amount, less than a dollar IIRC, left in Voyager when they folded. I received an email telling me it was being taken over by...Binance. Never bothered to login and even check it. Guess it really is scams all the way down.

> but tested the water with Voyager USDC because of the absurd APY Why would you see it as an investment signal, rather than a massive red flag and an indication of a Ponzi scheme?

[deleted]

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

#317

Post by [deleted] »

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¢)

[deleted]

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

#318

Post by Animats »

This SEC action has nothing to do with Binance being a crypto exchange. It has to do with it being an exchange, a broker, an asset custodian, a market maker, and a trader for its own account, all at once, with no regulation. Sam Bankman-Fried was lobbying Congress to make that legal. That plan went nowhere. Binance just assumed they could get away doing all that.

Worse, the SEC has already found large transfers out of Binance into what seem to be Zhao's private accounts. That looks an awful lot like the FTX situation. Which is why this action was taken. That's what happened with just about every crypto exchange that went bust, all the way back to Mt. Gox. The insiders dipped into customer funds. The SEC is trying to stop the leak before the money disappears.

This is not a new crypto-related problem. Stockbrokers routinely go to jail for misuse of customer funds.

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

#319

Post by consumer451 »

cplusplusfellow wrote: post #313
ficklepickle wrote: post #207

Earlier quoted context omitted.

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.

Until the last already-drilled oil well runs dry.

Yeah, I hear you.

However, no new wells sounds like a great lever to pull.

Forget CO2 for a moment, just the economic flourishi of all those very smart people released from oil exploration duties would be very interesting.

Yes, fossil fuels created the amazing world that we live in, but they are obsolete on this planet. We have alternatives now.

When I look at what oil companies have engineered, I am truly in awe. Sub-sea well heads are nuts! Rigs are gonzo engineering / operations in the coolest ways! Those people should be working on asteroid mining, or civilization scale geothermal, or 2-story-house-sized PV panel laying robots roaming the deserts. They could pull it off, and it is already 2023 ffs.

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

#320

Post by emodendroket »

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.

Real quick, how do I challenge a transaction I made with Bitcoin?
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