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Proposed SEC order to freeze, repatriate Binance.US assets

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571–580 of 598 posts

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

#571

Earlier quoted context omitted.

The paper that you linked doesn't say that 75% of crypto activity is speculation, at least as far as I can tell. Are you referring to the line that says >Starting from 2015, 75% of the real bitcoin volume has been linked to exchanges or exchange-like entities such as on-line wallets, OTC desks, and large institutional traders. Because there is certainly plenty of speculation outside of those entities. And for the tra…

> Because there is certainly plenty of speculation outside of those entities. Sure. And there's plenty of non-speculative activity outside of those entities as well. The paper explicitly looks at on-chain activity only. > Because those metrics are terrible proxies for "global financial activity" or "speculation" Maybe so. I put forward my sources, but there could be a better way of calculating it. My broader point wa…

> the data is in the paper I linked. 75% of bitcoin volume is speculation. > Sure. And there's plenty of non-speculative activity outside of those entities as well. The paper explicitly looks at on-chain activity only.

You claimed that 75% of bitcoin volume was speculation. There is nothing in the paper to support this claim. I'm not arguing that there is 0 non-speculative activity, I'm saying that it is significantly less than 25%, and you're making up bogus statistics that aren't supported by your sources in the way that you say they are.

> Say I'm subscribed to a Australian musician's patreon. I send her USD, then a middleman sells that USD and gives her AUD. I also support a French musician. I send him BTC. He (or a middleman) sells that BTC for EUR. How can you say either of those situations is more or less economically meaningful?

Yes, these are both economically meaningful. This type of transaction is much more common in the fiat world than it is in the crypto world (where speculation and wash trading drive the majority of transactions).

Currency speculators make up a tiny portion of the real-world economy, while they make up the vast majority of the crypto economy.

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

#572
Embarrassed to say, this article was wrong. The journalist had found an unsigned proposed order, which was linked in the body, and misunderstood who wrote the document and its meaning. Apologies for posting it, was not aware it was factually incorrect.

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

#573

Earlier quoted context omitted.

Until it doesn't.

The point is that, so far, BTC is objectively extremely volatile. That it might not be in some future is not an argument to rely on it today.

The volatility of it is trending down year after year.

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

#574

Embarrassed to say, this article was wrong. The journalist had found an unsigned proposed order, which was linked in the body, and misunderstood who wrote the document and its meaning. Apologies for posting it, was not aware it was factually incorrect.

Thanks! It happens. I've changed the title. Is it ok now?

(Submitted title was "SEC granted emergency restraining order to freeze, repatriate Binance.US assets")

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

#575

Earlier quoted context omitted.

> Because there is certainly plenty of speculation outside of those entities. Sure. And there's plenty of non-speculative activity outside of those entities as well. The paper explicitly looks at on-chain activity only. > Because those metrics are terrible proxies for "global financial activity" or "speculation" Maybe so. I put forward my sources, but there could be a better way of calculating it. My broader point wa…

> the data is in the paper I linked. 75% of bitcoin volume is speculation. > Sure. And there's plenty of non-speculative activity outside of those entities as well. The paper explicitly looks at on-chain activity only. You claimed that 75% of bitcoin volume was speculation. There is nothing in the paper to support this claim. I'm not arguing that there is 0 non-speculative activity, I'm saying that it is significantl…

> There is nothing in the paper to support this claim

The paper literally says, "75% of the real bitcoin volume has been linked to exchanges or exchange-like entities"

You may think the source isn't perfect, but at least I'm bringing some objective data to the conversation. If you disagree, please show me some data of your own instead of just repeating your preconceived bias (which I'm aware of already)

I repeat: If you had to calculate that same statistic, what methodology would you use?

> This type of transaction is much more common in the fiat world than it is in the crypto world

Source?

> where speculation and wash trading drive the majority of transactions

Source?

> Currency speculators make up a tiny portion of the real-world economy

Source?

> while they make up the vast majority of the crypto economy.

Source?

Those were some mighty bold claims.

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

#576

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…

> Anything, really. I tried to bring my bitcoin to the grocery store to buy some brownie mix and cheese slices but they wouldn't take any coins from my Trezor.

But this is the more nuanced argument: https://twitter.com/BitcoinPierre/status/1666865701330595840

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

#577
post #409

Earlier quoted context omitted.

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?

You give enough money to your children to afford drugs?

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

#578
post #439
post #437

Lots of things are scams in crypto, but Binance is not one of them. The allegations that they misappropriated user funds in any material way are absurd. They didn't. They have never had any serious problems meeting redemptions or withdrawals in any of their products, and despite this lawsuit dropping and the asset freeze being granted by the court, still aren't. If they were insolvent, withdrawals would have been fro…

Who's Binance's auditor ?

The fact that they are still processing withdrawals is all the audit anyone who understands these things needs.

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

#579
post #437

Lots of things are scams in crypto, but Binance is not one of them. The allegations that they misappropriated user funds in any material way are absurd. They didn't. They have never had any serious problems meeting redemptions or withdrawals in any of their products, and despite this lawsuit dropping and the asset freeze being granted by the court, still aren't. If they were insolvent, withdrawals would have been fro…

> They didn't. How would you know? How would we know without actually auditing their books?

They are still processing withdrawals as smoothly as ever, despite the lawsuits and judgment. Their tokens are trading at parity. They have seen huge outflows, and haven't faltered in the slightest.

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

#580
post #437

Lots of things are scams in crypto, but Binance is not one of them. The allegations that they misappropriated user funds in any material way are absurd. They didn't. They have never had any serious problems meeting redemptions or withdrawals in any of their products, and despite this lawsuit dropping and the asset freeze being granted by the court, still aren't. If they were insolvent, withdrawals would have been fro…

That’s what you say about every scam company lmao

Every company I've said that about is still operating smoothly to this day.
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