[HN Gopher] SEC asks for emergency order to freeze Binance US as...
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SEC asks for emergency order to freeze Binance US assets anywhere
in the world
Author : jb1991
Score : 90 points
Date : 2023-06-06 20:49 UTC (2 hours ago)
(HTM) web link (www.cnbc.com)
(TXT) w3m dump (www.cnbc.com)
| vkou wrote:
| As the saying goes, this is good[1] for Bitcoin... As people are
| buying it, presumably in order to be able to flee their Binance
| positions. Nothing breeds confidence in the ecosystem like the
| world's largest exchange getting its funds frozen.
|
| [1] When it'll drop in price, I'll be here to provide different
| post-hoc justification for why that market swing happened. Tune
| in tomorrow, as the SEC keeps unraveling this rat's nest.
| BrandoElFollito wrote:
| I may be missing something but where is the "world" in the
| article?
| detrites wrote:
| > The freezing order only applies Binance's two U.S. holding
| companies, not to the non-U.S. regulated international
| exchange.
|
| Yeah. I guess that's it right there. o_O
| unyttigfjelltol wrote:
| It's a rabbit hole around the word "repatriate" in the article.
| The U.S. subsidiary appears to have entrusted the funds to
| _someone else_. The SEC apparently wants the U.S. subsidiary to
| _repatriate_ those funds, the details of course being very
| important.
| thelastparadise wrote:
| 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?
| USB5 wrote:
| The same thing about housing that causes us to lose our minds.
| Under capitalism, investments (risky and otherwise) are
| commonly working people's only hope for a taste of freedom. If
| you don't like it, you have a friend in me.
| AISnakeOil wrote:
| Not your keys, not your crypto.
| adrr wrote:
| Why crypto will never be mainstream. Be dependent on storing a
| private key that can get lost or stolen. Need to store a hard
| copy at a bank in a safety deposit box. Can't even trust the
| hardware wallets you buy off Amazon since it could have been
| returned with malware loaded.
| [deleted]
| EscapeFromNY wrote:
| Not sure why this is downvoted. It's the official stated
| position of the SEC. https://youtu.be/hmPpIjfC9DY?t=178
| wsatb wrote:
| 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.
| mgbmtl wrote:
| I think the position of the SEC is that these companies
| should comply with the law. Which is what is said just a few
| seconds later. And that's the problem with slogans: we lose
| track of the wider issues.
| sdfghswe wrote:
| This is HN. Doesn't matter how correct you are - if you say
| it in form of a meme you'll get downvoted.
| mgbmtl wrote:
| And comments tend to be the same ones over and over. It's
| become like Reddit: the same reposts, with the same
| comments.
| EA-3167 wrote:
| Once again the use-case for crypto turns out to be... large scale
| criminality and fraud.
|
| Shocker.
| labster wrote:
| Crypto is also good as a form of market speculation and to make
| gaming GPUs too expensive for gamers. Don't sell it short!
| yieldcrv wrote:
| "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
| PeterisP wrote:
| It's "the" use case because of the scale. There are all kinds
| of niche use cases that constitute $0 billion of turnover,
| and thus don't contest that fraud is _the_ use case.
| EA-3167 wrote:
| 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.
| yieldcrv wrote:
| everyone goes through a disillusionment phase with crypto
|
| from my perspective, there is simply a lack of coverage of
| things that function without incident, which are very
| numerous and solve frictions for a lot of people, whether
| you're in the market for that or not
|
| like construction sites that showed "how many days since an
| incident", because people only heard about the incidents
| jvanderbot wrote:
| Where are these mystical things that function because of
| crypto that wouldn't function with regular money, and
| which also are not fraud?
| matheusmoreira wrote:
| Privacy. Censorship resistance. Monero is a great
| cryptocurrency.
| [deleted]
| SilasX wrote:
| Also good for boastful HN comments about how you were sagely
| above it all!
| phoe-krk wrote:
| Is ad personam a meaningful way of making HN responses, if
| we're at it now?
| nindalf wrote:
| You sound bitter. Were you left holding the bag at some
| point? Regardless, most of us didn't fall for this snake oil,
| so don't lump us in with those who did.
| ftxbro wrote:
| [flagged]
| [deleted]
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(page generated 2023-06-06 23:00 UTC)