5 ms·

Not your keys, not your crypto.

deleted 3y ago
[deleted]
EscapeFromNY 3y ago
Not sure why this is downvoted. It's the official stated position of the SEC. https://youtu.be/hmPpIjfC9DY?t=178 https://youtu.be/hmPpIjfC9DY?t=178
- sdfghswe 3y ago
  This is HN. Doesn't matter how correct you are - if you say it in form of a meme you'll get downvoted.
  - deleted 3y ago
    [deleted]
- mgbmtl 3y ago
  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.
- wsatb 3y ago
  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.
  - cypress66 3y ago
    "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.
    - barking_biscuit 3y ago
      But then how would you loan out all your customers money to your shell companies?
    - HaZeust 3y ago
      Well that's what Bridges were intended for
adrr 3y ago
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.
- matheusmoreira 3y ago
  It's really not any different than traditional cash. "Not your cash, not your money" also holds true. Storing lots of cash at home is even more difficult and risky. Keep your money at the bank? The govern can simply turn off your money for any reason. You're literally posting in a thread about the US government seeking to freeze Binance's accounts.
  - ninepoints 3y ago
    > The govern can simply turn off your money for any reason. This obviously happens so often /s
    - matheusmoreira 3y ago
      Happened in the 90s where I live. Hyperinflation set in and government just froze everybody's accounts in a desperate attempt to stop it. It's 2023 and people are still afraid it might happen again, especially with a literal communist in power. Cryptocurrency is absolutely valuable as a defense against government idiocy. That fact cannot be denied.
      - ninepoints 3y ago
        And an easy way to lose everything because you sent tokens to the wrong address, forgot your passphrase, lost your hardware ledger, fell prey to some scam or another, house burned down, etc.
        matheusmoreira 3y ago
JetSpiegel 3y ago
Your keys, your worthless private keys.

deleted 3y ago

[deleted]

Not sure why this is downvoted. It's the official stated position of the SEC. https://youtu.be/hmPpIjfC9DY?t=178 https://youtu.be/hmPpIjfC9DY?t=178

sdfghswe 3y ago
This is HN. Doesn't matter how correct you are - if you say it in form of a meme you'll get downvoted.
- deleted 3y ago
  [deleted]
mgbmtl 3y ago
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.
wsatb 3y ago
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.
- cypress66 3y ago
  "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.
  - barking_biscuit 3y ago
    But then how would you loan out all your customers money to your shell companies?
  - HaZeust 3y ago
    Well that's what Bridges were intended for

adrr 3y ago

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.

matheusmoreira 3y ago
It's really not any different than traditional cash. "Not your cash, not your money" also holds true. Storing lots of cash at home is even more difficult and risky. Keep your money at the bank? The govern can simply turn off your money for any reason. You're literally posting in a thread about the US government seeking to freeze Binance's accounts.
- ninepoints 3y ago
  > The govern can simply turn off your money for any reason. This obviously happens so often /s
  - matheusmoreira 3y ago
    Happened in the 90s where I live. Hyperinflation set in and government just froze everybody's accounts in a desperate attempt to stop it. It's 2023 and people are still afraid it might happen again, especially with a literal communist in power. Cryptocurrency is absolutely valuable as a defense against government idiocy. That fact cannot be denied.
    - ninepoints 3y ago
      And an easy way to lose everything because you sent tokens to the wrong address, forgot your passphrase, lost your hardware ledger, fell prey to some scam or another, house burned down, etc.
      - matheusmoreira 3y ago

JetSpiegel 3y ago

Your keys, your worthless private keys.