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6 years ago in #crypto by bitcoinflood (79)
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thanks for the info, looks like im going to have to get a ledger nano. :(
Dear @bitcoinflood
Interesting choice of topic. I've read about Binance just yesterday and I've also very mixed feelings.
STEEM is being traded on several different exchanges with Upbit and Bithumb having currently higher volumes than Binance. So there are obviously other ways of investing into STEEM.
Personally I wonder how many people out there (especially those I got to know on Steemit platform) would be affected by US authorities banning Binance.
I wonder if Binance is here to blame, or were they "bullied/forced" by authorities to comply with their requests.
Dear readers, please share with us what do you think about this situation and would it affect you in any way?
ps. @bitcoinflood - I hope you don't mind if I share this post with wider audience. I found this topic interesting and I'm curious what others have to say.
Yours,
Piotr
Thanks Piotr I am not on Binance not effected from my point of view if I was and American it would be Bye-nance and also reflects there own future that is only adding to there loss and revenue . Good luck Bye-nance. All the best Piotr and through-out
Thanks for the head up. Have a !BEER
Sorry, out of BEER, please retry later...
I'm not using binance so this does not effect me.
I am not a crypto guru, but do you notice that some of the coins thtmat promotes security and privacy in transactions (where you cannot trace the source) is being marked for ban?
If I get it correctly, XMR for instance harp on its anonymous transfer which means once it is being transferred into XMR and back to fiat or other coins there is no "paper trail". DASH also harps on secured asset (if I got it right) and for us, STEEM has seamless transaction at the moment which favours a lot of people who could do person-to-person trade without going through exchangers (that's have been my team's encouragement promote its usability in Malaysia).
So these are just a handful that are relatively new (compared to the incumbent BTC) and has huge potential, and this is something that regulators (from the central control of you know who) do not like because they cannot control it.
Probably we should look into which are the coin that could eventually stick through the long run with its activeness being used in the market and the real world, and work towards it while play along with their "stable coin" ideas.
Unless those who takes the "blue pills" and decides to harp on it how good KYC are. (because there is no need to exercise trust from the gut with another person and let the gov do the job)
The saddest part is that US citizens are really being pushed to a corner at the moment from making their own decisions.
Just a thought.
They are adhering to the new international laws being put in place. It's more of a compliance issue for the projects in question and not Binance itself.
Binance is actually doing the right thing by being one of the larger exchanges to stay within the law and enforce said law on the coins/tokens traded on their platforms. (Coinbase is already like that for many non-US countries)
There's also rumours of a US based Binance owned entity or arm of Binance itself to cater to US citizens and Accredited Investors under their jurisdiction.
Aside from the BSV debacle, in my opinion, just like many accusations before— Binance did no wrong.
Binance and Coinbase are (by far) the safest exchanges we have to date. Both have to stay within or ahead of the regulations.
Don't blame Binance, blame the regulators... more specifically, blame the US regulators.
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Yes, but Binance use to pride themselves as being a decentralized exchange and even moved countries so they could remain as such. Now this year they are doing a total 180. The focus of that exchange and owner has changed drastically this last year.
I agree with the 180, but I believe they don't have a choice.
The bigger the entity, the greater the responsibility to stay within the regulations. Give KuCoin for example, expect them to do the same after a couple months once they are large enough for the regulators to care or put on the pressure.
It would be much worse to hear the SEC or other countries are banning Binance for allowing money laundering (ie. investing in illegal securities/coins/tokens) on their platform. That, would lead to a major sellof.
It's much wiser to stay within the regulations as the authorities (still) have the power to shut them down, decentralized or not. Binance DEX (the decentralized exchange) hasn't even launched yet and they announced it too will attempt to block US investors due to US regulators.
Money laundering is a tough case to beat, conspiracy is even worse. They have no choice but to appear regulated (like Gemini) to the authorities. Getting shut down all together is worse than anything and that's what their avoiding.
If it was truly a decentralized exchange then there would be no single entity to charge etc. Binance goal of first being decentralized is no longer decentralized.
Your comments make a lot of sense, @donald.porter.
Binance DEX has to block US investors because otherwise Binance itself will be blacklisted by the authorities.
We foresee a future where there will be a global supra-national body to regulate the nodes/witnesses. It is coming.
Indeed. IT's a 180 degree turn. Hard to understand real reason behind it.
Thank you for sharing with us @donald.porter. Seriously excellent comment.
Yours
Piotr
Any idea what it is specifically about those coins that makes it so that they won't offer them to US customers? With STEEM in particular that would be good to know.
Not that I have found out yet unfortunately. They just named the coins that where to be removed for US based customers. For sure seeing Steem on that list set up an alert for me since I am pretty heavily invested in it. As soon as I can find out more will let you know.
hi @yabapmatt, @bitcoinflood
I've been also wondering why those particular coins and why Binance? Did US authorities also banned other exchanges?
Yours
Piotr
They don't have the right connections
I still pissed at them not adding segwit yet
I expect way more exchanges to follow.
True I am sure I am sitting on plenty of bitcoin hard forks that I never got because exchanges don't support them lol
I'm hoping someday we'll be able to manage our exchange operations through a decentralized-distributed network, so as we store financial value today. I know for certain that those solutions will come, but with them also arrive new problems.
You know, those big fishes —whether the administrators of the exchanges or the gov. forcing them by laws... or even with no law— have one big goal in mind always: to control everything. We play no part in the games they create... except the part of the masses, the inevitable sheep without proper knowledge to exert our free will in these dynamics.
How could someone change that? I don't know, but at least we can further new options, alternatives that can stay closer to us. That's what the crypto world is about... at its essence, to free ourselves out of this troubling dependence.
Thank you for sharing, @crypto.piotr, your work helps a lot.
Always those few that want to keep and hold control. It's pretty sad honestly when so much good could be done with a decentralized system. Of course there will still be some bad eggs but overall I think good always wins.
Yes, that's true, in some ways good always wins. It's all about the evolution of our societies and this will be our next step. But these big changes take time!
Not just Binance that have been forced into this corner Bittrex an Poloniex among others have had to follow suit being in the cross hairs of the US regulators is not something any big business can really risk. The pragmatic decision was the right decision launching a compliant U.S. Exchange which will also serve as a fiat on ramp.
I think a lot of exchanges are trying to play safe. The US I think has the largest market when it comes to cryptocurrency, the US is also the one big government that has not categorically made a stance on it. They keep dilly dallying on the topic.
Binance is a business entity, they would not like a government policy to put their business in jeopardy so they have to be proactive in other that decisions by one government does not put them out of business.
China on the other hand has made a stand on what they think about cryptocurrencies, so you see most Chinese owned crypto based businesses setting up business to conform with what the government wants or go off shore to establish their business.
The long and short of the matter is that no business in its' right senses would want to operate illegally or in conflict with the government.
As for US citizens and their exclusion from trading some Altcoin I think there are other exchanges they can move to.
And those altcoins that are only traded on Binance, I guess the Altcoin owners will have to consider if the number of US people holding the coin are large enough to cause them to get into more exchanges.
Those are my 2 cents thought. Cheers
Thumbs upto the big boss man @crypto.piotr for bringing me to the knowledge of this post.
Thanks for the update @bitcoinflood, I don't use Binance myself, but for anyone who does it will mean that they will have a harder time trading those coins and tokens including Steem, since they will have to do so in other ways, and in that process some will fall off the wagon.
I also noted some comments that it was very likely that Binance made this move due to US regulations, so that might be the actual reason for this move.
Anyways if Steem gets less ways of trading it, that is never good, but I also think that Steem specifically have enough alternate ways for trading that this won't really matter in the long term.
Have an awesome day.
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For me is first time when i hear about binance :)
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Thanks for sharing. The trading ban ONLY affects US customers?
Well, I must say its a sad occurrence but while others are busy selling off their Pivx monero.. I'll be buying their dump and waiting for moon. I am a believer of privacy coins like Veil and Pivx and I believe they will do well in future
Binance or for that matter any other large exchange would not dare to go against the authorities in the US and also in any other country. The authorities use, among others, the AML/CFT as excuse for these regulations. These are serious offences for which almost all the countries cooperate worldwide.
I thought hot was on a few other exchanges. I'm trying to sell all my alts right now to buy bitcoin, but mostly I have hot and btt, and by selling them right now I'm going to lose out big time. But, I do believe bitcoin will go up huge so could gain in the long run. I'm in the UK so in a way it doesn't affect me, but still, when the USA goes then that's a huge chunk and binance may then become one of the smaller exchanges not worth bothering about. I don't know right now, and there's still time to figure it all out, and who knows what might happen between now and September...
Thank you for the information, @bitcoinflood and @crypto.piotr -- as I am a U.S. based Steem user, this is concerning.
Thanks for the heads up... and for the update on Binance following US regulation restrictions.
I am quite puzzled by these kind of moves and do not know what to make of it in clear certain terms.
A few days back I myself reported delisting of SBD from poloniex.
It is quite difficult to decelifer the rational behind these moves.
Are these market manipulation inducing moves or what is the the motive can only be answered by the exchange.
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Honestly, I feel binance might be shooting themselves on the foot if they continue in this trend. There are already alot of other competitors that would gladly welcome US based steem investors.
On a global scale, stopping the trading of an altcoin like IOTA would be to their own disadvantage in the long run.
Cheers
It's a weird time where bank and major tech companies are moving into crypto whale Governments are trying to restrict it..
I actually take it as a good thing... like 'the last kick' of a dying paradigm