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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

#401

Post by ipv6ipv4 »

TheDong wrote: post #382
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…

> This SEC action has nothing to do with Binance being a crypto exchange The SEC press release ( https://www.sec.gov/news/press-release/2023-101 ) includes a section titled "UNREGISTERED OFFER AND SALE OF CRYPTO ASSETS". The SEC also filed https://www.sec.gov/news/press-release/2023-102 against coinbase. The coinbase one makes it much more clear that yes, in fact, just being a crypto exchange is the same as being an…

And yet, customer money seems to be consistently disappearing into scammer's pockets. The SEC doesn't seem to have been wrong so far.

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

#402

Post by codetrotter »

forgetfreeman wrote: post #355
nroets wrote: post #343

Earlier quoted context omitted.

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.

Money of account (debits and credits on ledgers) have existed for 30,000 years

https://en.wikipedia.org/wiki/History_of_money

But a system that takes the concept of ledgers, and makes it tied to pseudonymous addresses instead of persons, is distributed across the world, resilient to tampering, and which gives its users control over their money, and which has been in use for 15 years is

1. “Not innovative”, and

2. That in the span of 30,000 years that 15 years is enough time to really tell if this is something that will survive or if it’s just a dumb idea that will die out.

I think that Bitcoin is a wonderful system, and I think that more people should take time to study Bitcoin in detail. Do not let the crypto bros and the people that only care about measuring Bitcoin in dollars distract you from the real point of Bitcoin.

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

#403

Post by jhugo »

ipv6ipv4 wrote: post #401
TheDong wrote: post #382

Earlier quoted context omitted.

> This SEC action has nothing to do with Binance being a crypto exchange The SEC press release ( https://www.sec.gov/news/press-release/2023-101 ) includes a section titled "UNREGISTERED OFFER AND SALE OF CRYPTO ASSETS". The SEC also filed https://www.sec.gov/news/press-release/2023-102 against coinbase. The coinbase one makes it much more clear that yes, in fact, just being a crypto exchange is the same as being an…

And yet, customer money seems to be consistently disappearing into scammer's pockets. The SEC doesn't seem to have been wrong so far.

The person you're replying to doesn't claim that the SEC is wrong, nor that Binance isn't a scam. Maybe you meant to reply to someone else?

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

#404

Post by jhugo »

Animats wrote: post #392
TheDong wrote: post #382

Earlier quoted context omitted.

> This SEC action has nothing to do with Binance being a crypto exchange The SEC press release ( https://www.sec.gov/news/press-release/2023-101 ) includes a section titled "UNREGISTERED OFFER AND SALE OF CRYPTO ASSETS". The SEC also filed https://www.sec.gov/news/press-release/2023-102 against coinbase. The coinbase one makes it much more clear that yes, in fact, just being a crypto exchange is the same as being an…

There are legal crypto exchanges in the US. Gemini, for one.[1] They're a trust company, regulated as a bank by New York State.[2] [1] https://www.gemini.com/ [2] https://dfs.ny.gov/apps_and_licensing/banks_and_trusts/comme...

You can be regulated as a bank by New York State meanwhile also be running an unregistered securities exchange. That is in fact what Gemini is doing, as the SEC has said.

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

#405

Post by zirgs »

water554 wrote: post #274
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 dealing drugs bad? Bringing hard to obtain product to customers who want and will pay for it.

Dealers on darknet markets sell hard drugs to children. Even if drugs were legalised - selling them to minors would be illegal.

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

#406

Post by ahtihn »

siwatanejo wrote: post #373
tsimionescu wrote: post #369

Earlier quoted context omitted.

> not being affected by QE in the medium-long term (e.g. put your savings in it and forget about for 4 years[2] Sure, why care about the possibility that cashing out early might mean you lose half your money? Trust instead in the long long long history of BTC as a stable currency.

> Trust instead in the long long long history of BTC as a stable currency. You perceive it as unstable because you're using USD as a unit-of-account. As a thought exercise, if you were using BTC as the unit of account, what you would perceive unstable is the US dollar. And what you would see is that the USD value would be trending down against BTC, especially if you choose a time-frame equal or higher than 4 years. S…

Why does everyone always compare BTC to USD when it comes to "holding". That's not the only alternative! You're not supposed to hold large amounts of USD over long time periods. It loses value by design. You're supposed to put excess money to more productive uses, e.g. invest it.

No one ever suggests using some S&P500 ETF shares as money even though it also trends up vs the USD. Just like BTC it's also more volatile than money. Unlike BTC it represents something real though.

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

#407

Post by WJW »

drumhead wrote: post #389
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…

Possibly another group in the future, people trying to evade government control from a CBDC.

How is that group different than group 1, "People who don't like banks or the government's monetary policy, and ideologically believe they have to own their own wallets."?

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

#408

Post by concordDance »

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.

Paying for porn, avoiding your bank randomly freezing your accounts (happened to a friend of mine, heuristics are only right most of the time), sending money to other countries and donating to peaceful protests.

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

#409

Post by zirgs »

flangola7 wrote: post #335
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.

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

What if that person was selling drugs to children?

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

#410

Post by concordDance »

flangola7 wrote: post #336
cft wrote: post #152

Earlier quoted context omitted.

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.

The requirement on communication providers to police the speech of people using them is just insane and I am still gobsmacked it's what has happened.
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