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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

#331

Post by somenameforme »

downWidOutaFite wrote: post #231
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…

It's because bitcoin's p2p user interface is awful or nonexistant.

The Bitcoin p2p interface is quite excellent. Literally all you need to do is download a wallet, the overwhelming majority of which are open source, and then generate an ID which is also done with the press of a button. And that's it. Give that ID to somebody and they can send money to you which will momentarily show up in your account. Vice versa, for sending to somebody else.

In a world where people were using nothing but some sort of a peer-to-peer currency this system would be unbelievably amazing. The reason exchanges exist is because fiat currencies still exist, and so there's a lot of demand for exchanging between peer-to-peer currencies and fiat currencies.

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

#332

Post by qazpot »

nwiswell wrote: post #219
Apofis wrote: post #214

Earlier quoted context omitted.

[flagged]

> Anything that begins in crime never has a future. I guess the United States doesn't have much of a future either? https://en.wikipedia.org/wiki/Boston_Tea_Party

Lol, you are calling an act of rebellion a crime.

Now I am begining to understand why people like Moral Relativism, it gets them gotcha moments on internet.

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

#333

Post by flangola7 »

nroets wrote: post #324
ryan_lane wrote: post #295

Earlier quoted context omitted.

Tax evasion is people stealing from you, just in an indirect way. Just because some people already steal from us doesn't mean it's OK for other (richer) people to steal even more from us. You may believe there's a better way for the government to tax us, but that's not how the system works currently. Crypto being used for tax evasion is a good reason for it to be regulated out of existence.

You can make the same argument that governments should ban physical cash.

And many countries are moving in that direction, so what's your point?

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

#334

Post by somenameforme »

testacct22 wrote: post #228
Nursie wrote: post #221

Earlier quoted context omitted.

Without the exchanges, buying and selling for 'real' currency would be next to impossible. Without access to 'real' money, the get rich quick crowd (and probably a lot of the scam crowd, and probably a lot of the dark market crowd) move on. With them gone... there's probably not very much left of a cryptocurrency user base.

Seems like there's two ways of looking at exchanges: using it to buy/sell, then immediately transferring to a personal wallet. Or using it as some kind of investment. I'm criticizing the latter Wrt to the get rich quick crowd, things were fine before they showed up. They should go somewhere

10 years ago I used to hold the concept of 'accredited investor' in disdain. It's largely just creating a giant paywall (or at least wealthwall) preventing lower income individuals from accessing some of the most potentially lucrative ventures. But yeah, the past ten years of seeing people decide to go buy BTC on news of "BTC reaches record high! It's going to to the Moon!" and then decide to go sell it on news of "BTC is crashing! This is the end!", and then [loudly] complain about losing money, or even that it's all a scam, has really made me change my mind and, in part, my worldview.

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

#335

Post by flangola7 »

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.

What the real hell? I would report most well off people for dodging taxes, I would never report someone for drugs.

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

#336

Post by flangola7 »

cft wrote: post #152
emodendroket wrote: post #135

Earlier quoted context omitted.

Most customers are not willing to go to these lengths unless they’re doing something illegal.

Gab.com has been banned by PayPal, Visa and MasterCard: https://news.gab.com/2021/08/an-alternative-to-paypal-is-com... Free speech, no matter how disgusting, is constitutional in the US. This is a legal use case of crypto. Another is micropayments for content or for upvotes with Lightning Network, for example https://stacker.news

Other than the data outlier of the US basically no nation considers hate speech to be free speech. The US has plenty of asinine speech restrictions too that no one seems to find a 1st amendment problem with, like broadcasting a recent marvel film on my own personal website.

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

#337

Post by emodendroket »

FpUser wrote: post #305
eru wrote: post #181

Earlier quoted context omitted.

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.

The government doesn't come after you for general hypocrisy, as a rule.

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

#338

Post by sieabahlpark »

Gazoche wrote: post #322
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…

There's also group 3: people who don't give a damn about crypto's actual use cases but see the line go up and think they can make a quick buck by buying at the right time. I'd wager that group 3 is much larger than groups 1 and 2.

[dead]

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

#339

Post by [deleted] »

Animats wrote: post #318

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 o…

[deleted]

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

#340

Post by Animats »

bibabaloo wrote: post #315
Animats wrote: post #307

Earlier quoted context omitted.

> 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/

Ah. That's helpful.

It's peer to peer, but not trustless. There's a moment in the transaction at which one party can default. So they need a reputation and dispute resolution system.[1]

You'd think there would be trustless decentralized exchanges by now. Ones have been proposed.[2] Some even exist. It's possible to have a truly trustless exchange where orders are smart contracts on a blockchain, transactions are atomic swaps, and at no moment does a third party have custody of anything. This is called an "on-chain order book". It's rarely seen, because it's slow, lacks liquidity providers, and is subject to front-running. Also, nobody makes a billion dollars running one. Most so-called "decentralized exchanges" turn out not to be totally trustless inside.

[1] https://lnp2pbot.com/learn/common-problems-and-solutions.htm...

[2] https://www.smartcontractresearch.org/t/research-summary-tex...

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