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SEC asks for emergency order to freeze Binance US assets anywhere in the world

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Re: SEC asks for emergency order to freeze Binance US assets anywhere in the world

#41

Post by alphanullmeric »

EA-3167 wrote: post #5

Once again the use-case for crypto turns out to be... large scale criminality and fraud. Shocker.

Exactly, nobody needs encryption anyways. Cryptography is a waste of energy and is bad for the environment. All it’s used for is planning terrorist attacks and Russian military invasions. We should simply use state communication channels and require third party messengers to provide KYC documents to the government. We as a society decided on taking away communication privacy, so even if you voted against it you still consent.

Re: SEC asks for emergency order to freeze Binance US assets anywhere in the world

#42

Post by barking_biscuit »

EA-3167 wrote: post #10
yieldcrv wrote: post #9

Earlier quoted context omitted.

“a” use case that is indistinguishable and unquantifiable from use cases you respect which is a major difference from “the” use case and just a use case for that company, which in any other industry we would talk about the company’s behavior not the entire asset class and industry, I find it disingenuous to have that “use case” auto reply on any article that happens to be about crypto but is really about a company

That was an "ok" argument maybe 5-8 years ago, now there's too much evidence that no legitimate use case exists, and every alleged one turns out to be a fraud or a get-rich-quick scheme.

I'm with you on this one. It was a solid argument in 2017, but even by 2018 the writing was on the wall for crypto. John Oliver recently did another segment on crypto and he absolutely nailed it in saying that the only real currency in crypto is confidence, and that tends to attract a certain kind of individual, namely scammers/fraudsters.

Re: SEC asks for emergency order to freeze Binance US assets anywhere in the world

#43

Post by matheusmoreira »

jfghi wrote: post #39
matheusmoreira wrote: post #31

Earlier quoted context omitted.

There's some kind of bias against crypto here on HN. I've seen people here who revel in rubbing it in whenever the market crashes just because some so called "crypto bros" were smug about their profits.

There is a strong bias against scams in general, let alone multi-billion dollar scams.

I would agree if the bias was against the shitcoin casino game where you play to see who can rugpull the fastest. The truth is HN hates even proper cryptocurrencies like BTC, ETH, XMR.

Re: SEC asks for emergency order to freeze Binance US assets anywhere in the world

#44

Post by wmf »

downWidOutaFite wrote: post #30

I'm perplexed that BTC's price dropped 5% yesterday and bounced right back today. How does the market not care that the biggest exchanges keep collapsing?

It has been argued that Binance themselves manipulates the price to drive sentiment.

Re: SEC asks for emergency order to freeze Binance US assets anywhere in the world

#45

Post by joebob42 »

SilasX wrote: post #11
EA-3167 wrote: post #5

Once again the use-case for crypto turns out to be... large scale criminality and fraud. Shocker.

[flagged]

I think this may be sarcasm, but I also think it's literally true. Part of what I find interesting about the whole debacle is how many people really "told you so" well before the wheels started to come off (if that's indeed what's happening over the last year or so, will be easier to tell after the fact).

Re: SEC asks for emergency order to freeze Binance US assets anywhere in the world

#46

Post by barking_biscuit »

thelastparadise wrote: post #24

The quality of discourse at this stage of the thread (2 hours, 20 comments) is incredibly disappointing. Hn usually has high quality discussions. What is it about crypto that causes us to lose our minds?

I remember fondly participating in the hype around crypto in 2017 and going in on btc/eth and also building a mining rig etc. The discourse on HN back then is quite different from today. These days we've seen scam after scam, fraud after fraud, failure after failure. From a technology perspective it's neat, but the kinds of individuals it tends to attract make it seemingly not actually all that useful in wider society. These days I'm ultra skeptical of anything crypto.

Re: SEC asks for emergency order to freeze Binance US assets anywhere in the world

#47

Post by nradov »

matheusmoreira wrote: post #43
jfghi wrote: post #39

Earlier quoted context omitted.

There is a strong bias against scams in general, let alone multi-billion dollar scams.

I would agree if the bias was against the shitcoin casino game where you play to see who can rugpull the fastest. The truth is HN hates even proper cryptocurrencies like BTC, ETH, XMR.

No, That's misinformation. There are actually no "proper" cryptocurrencies.

Re: SEC asks for emergency order to freeze Binance US assets anywhere in the world

#48

Post by cypress66 »

downWidOutaFite wrote: post #30

I'm perplexed that BTC's price dropped 5% yesterday and bounced right back today. How does the market not care that the biggest exchanges keep collapsing?

Because BTC aren't stocks in Binance? Even if binance and many other exchanges close, there'll always be at least a few exchanges to operate, it's not like you won't be able to sell your BTC.

Also some people that had USD balances in Binance might have bought BTC so as to withdraw their funds to their wallet.

Re: SEC asks for emergency order to freeze Binance US assets anywhere in the world

#49

Post by tylersmith »

downWidOutaFite wrote: post #30

I'm perplexed that BTC's price dropped 5% yesterday and bounced right back today. How does the market not care that the biggest exchanges keep collapsing?

Neither Binance nor Coinbase collapsed. They've just been sued.

Re: SEC asks for emergency order to freeze Binance US assets anywhere in the world

#50

Post by barking_biscuit »

cypress66 wrote: post #36
wsatb wrote: post #26

Earlier quoted context omitted.

The statement cracks me up. Without these exchanges, crypto would still be a small blip on the radar. It would continue to be nothing but a hobby for techies, libertarians, and techie libertarians, forever. If it's ever going to become more than a playground for scam artists, the industry needs real leadership that doesn't just brush every scam away with a meme.

"Not your keys not your crypto" doesn't mean a world without exchanges. Exchanges should be used to exchange , not as a bank where you store your crypto.

But then how would you loan out all your customers money to your shell companies?
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