Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Proposed SEC order to freeze, repatriate Binance.US assets

kitco.com

Post reply on HN
Print view View original

351–360 of 598 posts

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

#351

Post by eru »

emodendroket wrote: post #337
FpUser wrote: post #305

Earlier quoted context omitted.

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.

At least in most countries.

I think the Soviet Union, Nazi Germany, Iran since the Islamic Revolution etc went for a less legalistic and more moralistic approach.

(Of course, you should still evaluate these policies on their own merit, instead of tarring them guilty by association. To give a counter-example: Nazi Germany was one of the first places to put anti-animal cruelty laws on the books and officials were very concerned about the dangers of smoking. Two stances that are widely popular today, and rightly so.)

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

#352

Post by bboygravity »

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.

That's like saying that the days of the US dollar are numbered because Bernie Madoff got caught.

Makes no sense at all to me.

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

#353

Post by forgetfreeman »

nroets wrote: post #281
cycomanic wrote: post #260

Earlier quoted context omitted.

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.

The subject of tax evasion comes up and invariably some flathead has the gall to point at folks that actually work for a living. Like they aren't a rounding error compared to corporate interests and oligarchs in this context.

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

#354

Post by _8j50 »

Eisenstein wrote: post #286
_8j50 wrote: post #114

Earlier quoted context omitted.

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?

Useful? It's gambling, gambling on whatever system is backing the currency, like the bitcoim blockchain or usefulness of anonymity by monero, USD pegged currencies beinf used to avoid needing dollars for international trade,etc.... or maybe people just like to gamble sometimes. No one accused blackjack of being useful to society.

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

#355

Post by forgetfreeman »

nroets wrote: post #343
flangola7 wrote: post #333

Earlier quoted context omitted.

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

For millennia governments survived with cash in circulation. Crypto is no real threat to their existence. Regulating it with a heavy hand will do more harm than good. Those innovators will just move offshore.

Crypto's been a think for almost 15 years now. I think we can dispense with the narrative that there's anything innovative going on.

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

#356

Post by _8j50 »

UncleOxidant wrote: post #118
_8j50 wrote: post #114

Earlier quoted context omitted.

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

My problem with regulating it is that it will give it veneer of legitimacy. Let it all burn down.

But why? I feel like for some reason you think betting on the price of orange juice or oil is more legitimate and less scammy. It's a speculative derivative of a virtual commodity/system.

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

#357

Post by bunabhucan »

0xedd wrote: post #341
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…

The banking industry makes 25 times more profit than all other industries around the world combined. It has no competition and abuses this fact. Isn't it interesting how little awareness this issue has?

[Citation Needed]

Banking and financial services is about 1/4 of world GDP and insurance is about 1/12th of world GDP. Anything making 25x "than all other industries around the world combined" would be ~96% of the economy.

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

#358

Post by thehumanmeat »

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.

You know the SEC doesn't regulate the world, right?

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

#359

Post by [deleted] »

codehalo wrote: post #224
bugglebeetle wrote: post #142

Earlier quoted context omitted.

> I'm really baffled that sex workers and other groups who provide legal services that payment processors don't like aren't embracing crypto. These people also need to pay their bills and not have their money stolen or otherwise disappear in the “fraud all the way down” world of crypto. Cash solves most of these problems, as well as basic intermediate layers like LLCs.

>Cash solves most of these problems. Modern internet finance on hacker news. I pulled a muscle cringing.

[deleted]

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

#360

Post by jojobas »

whatever1 wrote: post #348
jojobas wrote: post #330

Earlier quoted context omitted.

A "person" can't sell a naked option, this can only be done by bigger companies with a margin account, and will be margin-called when the price approaches the strike price. The point is, should call options used for hedging regulated as insurance?

In any system you aim to stabilize you don’t want unregulated factors with exponential effects.

There's a balance between stability and progress, and we seem to be at about the right spot.

Anyway your argument to regulate hedge trading as insurance is lacking.

Post reply on HN