Isn't that funny that HK regulate crypto meanwhile US attacks Binance?

1903 sats \ 12 comments \ @mo 5 Jun 2023 bitcoin

Hong Kong’s regulatory lead sets it up to be solidifying its status as a the major crypto hub in Asia, meanwhile S.E.C. Accuses Binance of Mishandling Funds and Lying to Regulators.

Look's to me, this umpteenth contradiction is maybe one of the reason for the current market instability... maybe?

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10 sats \ 1 reply \ @OriginalSize 5 Jun 2023

Yes, it's funny in that coincidental way but I don't draw much between the two events.

I'm sure many in the establishment are happy to see that these SEC actions cause the price to dip. This is mainly because centralized exchanges are a bit too close to the sick financial system.

Instead of look at this mostly fake price, we should take this as a reminder to build up the Bitcoin economy apart from finance. Maybe find a vendor who accepts bitcoin for something you buy. Figure out how to sell your time or goods for BTC. The more that happens the less effect SEC or anything happening on CEX has on anyone in the real world.

0 sats \ 0 replies \ @mo OP 5 Jun 2023

... and many happy outside establishment too.

Price is just a reflection in a wavy lake, we do know about the value. Come out to the ocean, let's surf and watch that land, that from here look's burning hard till the sky

0 sats \ 1 reply \ @leo 6 Jun 2023

Hong Kong's regulation isn't exactly as positive as they advertise it. Until last month, Bitcoin trading didn't need a license at all, anyone could just open a Bitcoin exchange and get going, today you need millions in lawyer fees and need to follow countless little rules that change on a whim.

Hong Kong will be very strict about these licenses, and I see little chance that a licensed exchange will be allowed to offer stablecoins like Tether, or "small cap" tokens. The global branches of Binance, Huobi, OKX, Crypto,com or Bitfinex stand no chance of getting a license. They can try to get a license for local offshoots, but they won't be able to offer interesting trading pairs, and due to a lack of bank accounts and regulated stable coins won't even be able to offer USD/BTC or HKD/BTC trading pairs.

People who promote Hong Kong's new policies as "legalization" are just parroting Chinese propaganda.

0 sats \ 0 replies \ @mo OP 6 Jun 2023

Thanks for your exhaustive response and fascinating details. I was not expecting the legalization to be so restrictive and inaccessible, as a privilege for selected people.

But why not stable coins? Possible conflict with the one from the government? If not the existing exchanges, who gonna benefit from these licenses?

0 sats \ 5 replies \ @nerd2ninja 5 Jun 2023

The problem is, you don't understand the difference between shutting down scams and enabling Bitcoin trading.

21 sats \ 4 replies \ @mo OP 5 Jun 2023

Please elaborate...

0 sats \ 3 replies \ @nerd2ninja 5 Jun 2023

https://en.wikipedia.org/wiki/Company_scrip

https://www.investopedia.com/terms/f/franchise.asp

I can not find an easy to point to definition for Bitcoin. Things like shell money, salt, gold, aggi beads, tend to fall under "commodity money" but would Rai stones fall under commidity money? Community money doesn't even help because community money is defined as paper scrip that a company issues for use within the local community!

0 sats \ 2 replies \ @mo OP 5 Jun 2023

Yep ok Govs=Company, Company_script=money, franchise=?

Or you're saying that HK is deliberately regulating to define crypto as a new company_script? HK=China's franchise ?

I still not seeing a clear connection between what you're saying and the title of this post.

0 sats \ 1 reply \ @nerd2ninja 5 Jun 2023

This is another problem. You want answers told to you instead of thinking about it.

Take every shitcoin you like. What category of money do they fall under? I do not want to tell you how to think, I just want you to think.

Bitcoin has been categorized as "cryptocurrency", but cryptocurrency is not a type of money. Its as silly as saying dollars are "water mark money" and every company that issues water mark money is of the same value as government water mark money. That is not the case. Government money is Fiat, company money is company scrip. Watermarks are just the security mechanism, not the classification of money.

0 sats \ 0 replies \ @mo OP 5 Jun 2023

Well, my title question was a bit sarcastic, ok. Not looking for answers, just trying to translate your thoughts in something I can comprehend and I think I did now... maybe?

True is that I just wanted to bring the topic up for discussion, but was not imagining going that far... Anyway, Scammers trying to shut down other scammers? HK probably (like China) understand the real value of Bitcoin. US doesn't look a smart mover from oversea. But who knows, maybe it will surprise us all again.

enjoy & keep watching

🍿

0 sats \ 1 reply \ @DarthCoin 5 Jun 2023

Yeah interesting moments...

0 sats \ 0 replies \ @mo OP 5 Jun 2023