3 ms·

This is good for bitcoin. CZ, Justin Sun, and all the scammers need to be in prison.

by monero-xmr 3y ago

lvass 3y ago
What scam are you referring to?
- monero-xmr 3y ago
  Comingling customer funds with their own personal and corporate funds to use for their own gain
  - vkou 3y ago
    Note: Even when nothing bad actually happened, this exposes customer funds to risk. It's fraudulent for me to promise to store your car in a garage, but then take it on a 140 mph joyride down the freeway.
    - monero-xmr 3y ago
      Even if they didn't literally use customer funds to buy yachts and mansions, I have heard about pledging customer funds as collateral or using them for an acquisition which is then paid back using funds and revenue of the acquired company. It's sketchy shit that is not allowed in the regulated world that crypto companies have played loose with. Very dangerous.
gunshai 3y ago
Seems strange to say Justin Sun an CZ are even close to one another in terms of impropriety. Justin Sun is a snake oil salesman, CZ potentially broke the law while running a legitimate service. One that worked and was actually quite successful.
- JumpCrisscross 3y ago
  > CZ potentially broke the law while running a legitimate service Intentionally broke the law, according to his own statements. Also, co-mingled personal and client assets like Bankman-Fried.
  - WinstonSmith84 3y ago
    > Intentionally broke the law... It's not like there are much laws regulating cryptocurrency markets in the US to begin with. That's the whole point why most crypto companies avoid the US: random enforcements != clarity But I'm really curious to see whether a large country (e.g. China) or countries union (e.g. EU) is going to provide enough clarity and security as to move the innovation elsewhere from the US.
    - ipaddr 3y ago
      Bitcoin mining is banned in China, exchanges are limited to government connected exchanges. Curious to hear from the EU
      - EscapeFromNY 3y ago
        https://www.cnbc.com/2023/04/20/eu-lawmakers-approve-worlds-first-comprehensive-crypto-regulation.html https://www.cnbc.com/2023/04/20/eu-lawmakers-approve-worlds-...
    - misnome 3y ago
      Bullshit. There are plenty of laws, just none specifically tailored to what the crypto companies would like. So, no _new_ laws. They still have to follow the old ones. Not outright breaking them, emailing each other about how much you are breaking them, making memes about how much you are breaking them - yeah, that tends to be pretty well covered.
      - WinstonSmith84 3y ago
        Which laws are you talking about? The way the SEC is designing some coins as security, while ignoring others is remarkably laughable. The thing is, they clearly don't have a clue. Like, tagging BUSD, a stablecoin as a security, is truly the cherry on the cake.

This is good for bitcoin. CZ, Justin Sun, and all the scammers need to be in prison.

lvass 3y ago

What scam are you referring to?

monero-xmr 3y ago
Comingling customer funds with their own personal and corporate funds to use for their own gain
- vkou 3y ago
  Note: Even when nothing bad actually happened, this exposes customer funds to risk. It's fraudulent for me to promise to store your car in a garage, but then take it on a 140 mph joyride down the freeway.
  - monero-xmr 3y ago
    Even if they didn't literally use customer funds to buy yachts and mansions, I have heard about pledging customer funds as collateral or using them for an acquisition which is then paid back using funds and revenue of the acquired company. It's sketchy shit that is not allowed in the regulated world that crypto companies have played loose with. Very dangerous.

gunshai 3y ago

Seems strange to say Justin Sun an CZ are even close to one another in terms of impropriety. Justin Sun is a snake oil salesman, CZ potentially broke the law while running a legitimate service. One that worked and was actually quite successful.

JumpCrisscross 3y ago
> CZ potentially broke the law while running a legitimate service Intentionally broke the law, according to his own statements. Also, co-mingled personal and client assets like Bankman-Fried.
- WinstonSmith84 3y ago
  > Intentionally broke the law... It's not like there are much laws regulating cryptocurrency markets in the US to begin with. That's the whole point why most crypto companies avoid the US: random enforcements != clarity But I'm really curious to see whether a large country (e.g. China) or countries union (e.g. EU) is going to provide enough clarity and security as to move the innovation elsewhere from the US.
  - ipaddr 3y ago
    Bitcoin mining is banned in China, exchanges are limited to government connected exchanges. Curious to hear from the EU
    - EscapeFromNY 3y ago
      https://www.cnbc.com/2023/04/20/eu-lawmakers-approve-worlds-first-comprehensive-crypto-regulation.html https://www.cnbc.com/2023/04/20/eu-lawmakers-approve-worlds-...
  - misnome 3y ago
    Bullshit. There are plenty of laws, just none specifically tailored to what the crypto companies would like. So, no _new_ laws. They still have to follow the old ones. Not outright breaking them, emailing each other about how much you are breaking them, making memes about how much you are breaking them - yeah, that tends to be pretty well covered.
    - WinstonSmith84 3y ago
      Which laws are you talking about? The way the SEC is designing some coins as security, while ignoring others is remarkably laughable. The thing is, they clearly don't have a clue. Like, tagging BUSD, a stablecoin as a security, is truly the cherry on the cake.