The same thing will happen to Coinbase. Just look at the backgrounds of their CXOs. None are qualified to be leading such a large company IMO. I bet my life the same shit is going on over there.
SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
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Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#462The same thing will happen to Coinbase. Just look at the backgrounds of their CXOs. None are qualified to be leading such a large company IMO. I bet my life the same shit is going on over there.
Coinbase is a public company and has genuine audits - I'd be surprised if they failed for any reason other than Crypto being outlawed.
Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#463Earlier quoted context omitted.
> "a fine metaphor for what ails crypto as a whole. The technology is cryptographically secure, but not at all robust to much simpler betrayals, hacks, etc." I think you mean "crypto exchanges". Cryptocurrency itself is not subject to betrayals/hacks, for the most part (depending on how dumb you are at key management). And depending on how badly you selected your cryptocurrency (pro tip: just pick Bitcoin).
Bitcoin is actually a perfect example, since it's impossible to do anything with it except moving it from one account to another without requiring trust of the other party.
Sending it is kinda the main point of it.
Also, you can mine fresh bitcoin without trusting another party.
Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#464Earlier quoted context omitted.
Most Americans have a bank account: "According to the report, 81% of adult Americans are fully banked, 13% are underbanked, and 6% are unbanked. The share of Americans with each banking status in 2021 remained almost constant from 2020." https://usafacts.org/articles/who-is-the-least-likely-to-hav...
What GP is saying is that most people in the world do not have an account located in the US specifically. I seriously doubt they're saying 95% of Americans don't have a bank account, which would be absurd.
Yea, I was anchoring on the article that was US focused.
Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#465Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#466Earlier quoted context omitted.
Why would they? Have Coinbase done anything similar to what Binance is being sued by the SEC for? You could check the court filing and let us know. And don't stop there. If you've found wrongdoing at Coinbase the SEC would be interested in, feel free to submit a tip to the SEC ( https://www.sec.gov/whistleblower/submit-a-tip ). Many people have made millions off these tips. This could be your time to shine.
On a separate note, if I wanna file a compliant against a couple other fintechs regarding serious violations, how would I be rewarded? Do you have more clarity? Would appreciate some help!
This article by the Economist talks about the SEC whistleblower program and how to take advantage of it - https://archive.is/vwYXu. They mention that one of the tips was entirely based on open source information. As for reporting, you could leave a tip on the page but they get thousands of those. If you're absolutely certain about your tip, you might consider retaining legal counsel.
Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#467Earlier quoted context omitted.
It's down ~2.5% to a level last seen ... a week ago. That is not "sharply" by any stretch of the imagination.
"Sharply" is anchored on where the price was just before announcement. Not where it was a week ago... Price moved on the news...
For anyone coming across this later, here's what happened a day after BTCUSD moved "down sharply":
https://i.imgur.com/GSFU7Mu.png
Just your average market fluctuation, or at worst an overreaction and immediate correction. It's best not to try to predict long term market cycles from the 1h candles.
Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#468Earlier quoted context omitted.
I don't know how you call preventing DPRK and Russia from getting money "redistribution of consequences." That's what makes us different.
If you are consistent, then Signal should be banned and KYC should be required for encrypted messengers to prevent Russia and the DPRK from being able to organize attacks.
How is that consistent? DPRK and Russia can already use their own messaging systems. They cannot create a cryptocurrency and make Americans use it in order to steal their money.
Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#469Earlier quoted context omitted.
I already did. DPRK and Russia aren't imaginary. https://blog.chainalysis.com/reports/2022-crypto-crime-repor... https://www.nytimes.com/2022/06/30/business/north-korea-cryp...
Almost all international bogeymen are real in some capacity. The point is that they're used to invoke fear towards concession of one's right to do what they wish with their acquired capital. The US justice system is designed to protect the innocent minority, not hunt the guilty majority.
Any justice system is designed to increase the general welfare. If it unfairly target minorities, the unrest will negate any benefit. We pass laws for regulating fertilizer purchase even though it inconveniences some innocent minority because it protects the innocent majority.
Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#470Earlier quoted context omitted.
If you are consistent, then Signal should be banned and KYC should be required for encrypted messengers to prevent Russia and the DPRK from being able to organize attacks.
How is that consistent? DPRK and Russia can already use their own messaging systems. They cannot create a cryptocurrency and make Americans use it in order to steal their money.
I took your complaints about financial privacy and applied it nearly word for word to communication privacy, and you switched sides. Stop moving the goalposts. You lack both consistency and honesty which is why you are losing this argument.