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Former US SEC attorney: 'Get out of crypto platforms now'

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Re: Former US SEC attorney: 'Get out of crypto platforms now'

#451

Post by jacobwilliamroy »

BasedAnon wrote: post #223
jacobwilliamroy wrote: post #108

Earlier quoted context omitted.

I've heard that crypto transactions can be more secure but I've also heard that securing information on the blockchain is basically impossible because it is a publicly available ledger. How does bitcoin opsec work exactly?

You just send it through a mixer beforehand. Also securing information is possible on the blockchain, Monero does it.

But we already have "mixers" for normal money. It's called "money laundering". I can't imagine "mixing" remaining legal for much longer.

Re: Former US SEC attorney: 'Get out of crypto platforms now'

#452

Post by tasuki »

lordfrito wrote: post #159
nkuttler wrote: post #149

Earlier quoted context omitted.

Dunno, it seems like you started a thread with name calling.

Fair enough. Was trying to make a constructive point, but clearly my bias leaked through. Point is that it seems any discussion here is fruitless, just both sides digging in. I usually appreciate the discussions here. These are just frustrating. Sure I don't have to click, but I still do. Anyhow my 2c.

Actually what I see near the top is a good discussion with reasonable comments from both sides.

Re: Former US SEC attorney: 'Get out of crypto platforms now'

#453

Post by peteradio »

tasuki wrote: post #357
peteradio wrote: post #304

Earlier quoted context omitted.

Who the hell cares. If it's a pump and dump of fundamentally worthless stuff relying on bigger fools, it's all the same.

I care. You made a claim, were given a thoughtful explanation why your claim was wrong, and you don't care. Not cool.

I made no claim. I asked whats the difference and got a pedantic explanation of what a ponzi scheme technically is, like anyone whose been in one of these threads hasn't already heard that same pedantic explanation. Who cares? It really doesn't matter if its a ponzi scheme or a pyramid scheme or some other scheme. What is transparently obvious is there is nothing there there and eventually the music stops and leaves the bigger fools holding the bag.

Re: Former US SEC attorney: 'Get out of crypto platforms now'

#454

Post by jeremyjh »

knocte wrote: post #401
jeremyjh wrote: post #383

Earlier quoted context omitted.

I like the part where you just ignore GP's famous example of miners colluding to void a transaction, quite successfully.

First: I guess you guys are talking about mining pools, not miners. Second: so long as there's one single mining pool that is not colluding, then any censorship attempt is going to be moot. You would need to have, not just 51% of mining-pool collusion, you need 100%! Third: even if you had 100% collusion, this "problem" is actually being solved with technology, it's called Stratum V2 protocol. Stay tuned. Last but no…

What we are talking about is something that already happened: the DAO rollback. So, it’s impossible? I’m really not surprised this level of ignorance exists in crypto fandom.

Re: Former US SEC attorney: 'Get out of crypto platforms now'

#455

Post by cs702 »

codegeek wrote: post #163
cs702 wrote: post #58

Three highly speculative predictions: 1. The courts are more likely than not to rule that many crypto-assets -- but not all -- should be regulated as investments. It won't be fun for a lot of crypto traders. 2. Over time, the usual giant financial institutions are bound to become the dominant market makers in crypto-assets. In all likelihood, one of them will end up buying Coinbase. Those giant financial institutions…

"The longer Bitcoin survives, the more it will get adopted and integrated into the world's financial fabric," How long do we need to give Bitcoin a chance to gain mainstream adoption as its been 15 years already ? So far I don't see much real use except speculation, extortions, get rich quick scams and websites where you want to be anonymous. For the most part.

> How long do we need to give Bitcoin a chance to gain mainstream adoption as its been 15 years already?

"We" don't need to give it a chance. Time is giving it a chance, every new day, indefinitely. For all I know, it could take decades, not years, for Bitcoin to gain as much credibility as, say, gold, which has been around since the advent of ancient human civilizations. I don't know. Maybe it will happen much faster, like everything else online?

> So far I don't see much real use except speculation, extortions, get rich quick scams and websites where you want to be anonymous. For the most part.

The biggest use of Bitcoin today is as an alternate store of value, by a large mass of "HODLers" who, as their name suggests, will hold on to it for dear life.

Bitcoin is not the main asset used for speculation, extortion, scams, ransoms, drug deals, etc., today. The main asset used for illegal activities today, worldwide, is the US dollar. It's not a coincidence that the briefcase full of $100 bills is a prop in so many movies/TV series depicting illegal shenanigans. I suspect that more money is stolen in USD via hacked bank accounts, hacked credit cards, hacked online accounts, hacked SIMs, etc. than in BTC via difficult-and-dangerous-to-execute online ransoms.

Re: Former US SEC attorney: 'Get out of crypto platforms now'

#456

Post by HWR_14 »

AnthonyMouse wrote: post #427
HWR_14 wrote: post #417

Earlier quoted context omitted.

The people in Lebanon and Venezuela trust that the US government will continue to exist and that they will either meet with people who want to do business with it, or will meet people who assume they will meet people who will, etc. So they have value.

So if people trust that Bitcoin will continue to exist and they will meet people who want to do business with it etc...

That's the only thing that gives Bitcoin value. So, in a crisis it can become false for some people, then spread to the people they know, etc.

With dollars, all Americans need them. So do international companies that transact with Americans. If you think the US government will hold, then that belief will be true, it's only a question of the number of steps.

Re: Former US SEC attorney: 'Get out of crypto platforms now'

#457

Post by koonsolo »

martin8412 wrote: post #450
koonsolo wrote: post #440

Earlier quoted context omitted.

> Blockchains are unnecessary in a world with trusted entities and functional legal frameworks. This is such bullshit. In practice the banking system is a messed up piece of old crap. Let me illustrate my point from my experience a few weeks ago: Had to transfer 20 euro's from my account to my sons account, same European bank. In fact, my sons account is also under my supervision. It was on a Saturday, so guess what:…

That sounds like a problem with your bank, or you don't know how to do the transfer correctly. I can transfer euros from my bank to a bank in a different EU country within seconds at no cost around the clock all days of the year.

It's KBC, 15th largest bank in Europe.

> I can transfer euros from my bank to a bank in a different EU country within seconds

Yeah, I want to see you try to send it to KBC. Good luck with that. I'm sure it won't be the only bank in Europe with that issue.

Secondly, I want to see you try it with >20k euro transfers.

Re: Former US SEC attorney: 'Get out of crypto platforms now'

#458

Post by AnthonyMouse »

steveBK123 wrote: post #446
AnthonyMouse wrote: post #424

Earlier quoted context omitted.

But then you have to explain why gift cards are worth something. The answer is, because someone will give you something for them. Meanwhile there are a large number of entities that have already entered into long-term contracts denominated in cryptocurrencies and any of them would pay you something for it when they need to satisfy their obligations. That doesn't mean the value never changes, but that's also true of g…

Do gift cards go up & down 50% in a year and have large transaction costs?

Some of them do. Suppose the issuing company gets into some trouble and people fear they won't be able to make good, but then later they take care of it.

For that matter some government-issued currencies do that too.

Re: Former US SEC attorney: 'Get out of crypto platforms now'

#459

Post by HWR_14 »

bandrami wrote: post #428
HWR_14 wrote: post #420

Earlier quoted context omitted.

That's succinctly phrased. I don't know why it would bother you. It seems like it's admitting a limitation of the model he's about to teach.

It's a fundamental premise of the entire discipline and it's known to be empirically false

Does it also bother you that engineers designing bridges use Newtonian physics and discount relativistic effects?

Re: Former US SEC attorney: 'Get out of crypto platforms now'

#460

Post by lostmsu »

politician wrote: post #408
lostmsu wrote: post #126

Earlier quoted context omitted.

My inner conspiracy theorist would say that given the crypto market situation and state of ETH and Bitcoin as platforms SEC actions indicate that Bitcoin might have something in its design that US government wants vs ETH.

I'll bite: Bitcoin transaction networks are fully transparent to analysis.

So do ETH. It must be more obscure than that.
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