Here are some notes from the video.
If a platform offers trading of digital assets that are securities and operates as an "exchange," as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration
"must"?
Are we the children and you the parent? Are you our master? What authority do you have to tell us adults what we can and can not do with our own stores of value? Your authority is illegitimate backed by threats of violence against innocent people. If there is no victim, there is no crime.
and the so-called standards should not be equated to the listing standards of national securities exchanges.
Good! We don't want your "tripple-A" rated phony standards. That's why we built and use this alternate system! Your centralized control does not make you effective at regulation. It makes you a target for sociopaths to control and manipulate through threats of violent force.
That said, some of these are good suggestions. Thank you for being helpful. As adults, we'll take your helpful suggestions under advisement as we make our own decisions.
- Do you trade securities on this platform? If so, is the platform registered as a national securities exchange?
- Does the platform operate as an ATS? If so, is the ATS registered as a broker-dealer and has it filed a Form ATS with the SEC?
- Is there information in FINRA's BrokerCheck ® about any individuals or firms operating the platform?
- How does the platform select digital assets for trading?
- Who can trade on the platform?
- What are the trading protocols?
- How are prices set on the platform?
- Are platform users treated equally?
- What are the platform's fees?
- How does the platform safeguard users' trading and personally identifying information?
- What are the platform's protections against cybersecurity threats, such as hacking or intrusions?
- What other services does the platform provide? Is the platform registered with the SEC for these services?
- Does the platform hold users' assets? If so, how are these assets safeguarded?
must register
must have rules
must itself comply
an ATS must comply
Why?
Please see episode 3 of Understanding Blockchain Freedom: Safety and Security. Go ahead and watch all of them for free at understandingblockchainfreedom.com.
You can view the SEC statement here.
Details on the Binance hack can be found here Binance Hack Linked To Viacoin Pump (Official Update) and here Changpeng Zhao Traps the Binance Hackers in a First For a Crypto Exchange.
To view this on DTube, click the image at the top of this post.
To view ths on YouTube, use the player below:
Thanks for watching.
If you're on Twitter, spread the word there as well.
▶️ DTube
▶️ IPFS
This is why Poloniex sold-out to Circle. Unfortunately, any exchange in the USA is a target at this point.
It was largely expected that the regulators would go after the exchanges, but it was the mistake of the whole cryptocurrency community to rely on these centralized trading venues.
Either crypto disconnects from fiat, or crypto becomes dependent on fiat, and by extension the very system crypto was designed to replace!
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That's a good way to thin about it, for sure. We need to get serious about agorism and using a completely alternative system for exchange outside of fiat. Stuff like this will hopefully just accelerate the inevitable. At the same time, people need to level up their personal online security so they can take personal responsibility for securing their assets. People need to be adults.
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Interesting video clip. Is sad that the centralized world is rubbing off on the blockchain-CRYPTO world. Despite the all the threats, cryptocurrency has proven to have come to stay. Still baffles me that statements like this can still cause a fud.
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Man Brother, I couldn't agree more and to me it really is that obvious and simple. I know there are others out there who agree but the ones in power want control of others and freedom for them selfs.
If only more people would wake up and utilize the power they have, because in truth WE ARE THE POWER~*~
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Thank you for this wonderful post and video. You rock! This is why you are my witness. Please continue the good fight. By the way, I heard the attack was with APIs so 2FA wouldn't have helped :-(. That is why I buy and sell on exchanges but never leave value on the exchange. I get in and get out. One last point. I'm a big fan of cryptobridge (DEX) based on bitshares but has some crypto that are not on BTS like Smartcash.
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I think 2FA would have helped because they used a phishing attack to get into the account. If you think you're logging into a site but you don't get asked for 2FA, you know something isn't right. What definitely would have helped would be using a password manager browser plugin like 1Password which only fills passwords if the URL matches what is already saved.
Once they had access to the account, they used the APIs to control the heist later. People should also check their login history and verify the IPs make sense.
And yes, I'm a fan of CryptoBridge as well. My last post was about RavenCoin which is currently only trading on CryptoBridge.
Thanks for the SmartCash tip :)
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Yeah you make great recommendations. I too am a big fan of 1Password. I don't know what I would do without it. You are correct about the 2FA and the phishing attack. They broke into the accounts then enabled the APIs. Very nasty. However, I heard that Binance was able to respond fast enough to keep them from withdrawing from the 31 accounts they created ahead of time that owned the VIA coin that they sold into BTC. Binance was able to replay the transaction and restore the money back to the people that got hacked. I haven't confirmed what I just wrote but I heard this from Crypt0.
You are welcome for the SmartCash. Enjoy
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@smartbot tip @lukestokes 10
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Σ$$$ Tipped @lukestokes
Σ10 SMART! Comment@smartbot helpto claim. Currently the price of SmartCash in the market is$0.185 USDperSMART. Current value of the tip is$1.85 USD. To find out more about SmartCash, please visit https://smartcash.cc.Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
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I thought the hack and the SEC news together were more than just coincidence. What kind of hacker loses money on a hack attempt. Seems suspiciously like Gov foul play.
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Yea, it might be. I didn't want to specifically imply one way or the other, but what I think we can definitely address is the clear narrative it creates (regardless of it was a gov psyop or not). That narrative is what is powerful.
How we respond to it is even more powerful.
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Dear SEC: you will lose! YOU WILL LOSE ! Your power will diminish as the whole establishment shakes harder and harder with every passing moth. BANKS as we know them will die in this decade, governments will change sides, get smaller and less scary. Eventually , in not too far future, this whole fear-BS-scarcity-slavery will collapse entirely. So keep on talking while you can, I'll just smile. TO OUR BRIGHT FUTURE BROS AND SISTAS!
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Luke, I have not seen you that serious in a long time, glad that you ended up in a happy note :)
More seriously, I guess we need more people talking about this or they will find a way to impose their ideas and regulations.
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Pablo! Yeah man, I was fired up. :)
If we don't educate people about reality, they will continue thinking they are slaves. They will create their own cages and happily lock themselves in.
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These crypto exchangers needs to step up their online security in other to prevent investors from losing their hard earn money. We don't want to see what happen in the past to repeat itself again.
And concerning registering with the sec and other financial regulators as for me I totally disagree , because it will give the sec and government room to control the crypto market, thereby making the crypto technology revolution worthless . Because the crypto revolution is fighting against government nepotism and interference in controlling our financial life. Great and valuable post @lukestokes keep up your good work of providing quality contents for this community.
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In this case, it wasn't Binance's fault. Seems to me that did a really good job of preventing the thieves from getting away with it. This was users clicking on phishing links and not being careful. This is users not using a password manager plugin to protect against phishing. This is users who didn't configure 2FA. We all need to step up or more users will lose their value and come running to mommy and daddy government to save them from themselves. We all need to level up.
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Beautiful presentation and very informative and useful video. It's kind of like Steemit versus normal blogging. I might blog anyway, why not get rewarded? I'm going to move around the world playing an augmented reality game, why not get rewarded?
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Highly rEsteemed!
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awesome
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nice post sir..
thanks for sharing good information..
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I liked your post/posts @lukestokes. And you also have excellent knowledge of this platform and you are also a developer? Could you just take a quick look at this idea I had that I thought could improve the steemit experience for everyone?
It would be interesting to hear your opinion on it.
https://steemit.com/steemit/@friendly-fenix/proposal-of-features-for-steemit-difficulty-levels
Thank you and sorry if I am disturbing your comment section...
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I've been using Binance quite heavily recently, so I'm quite disappointed with this news. I do feel that this lends credence to the DEX. Hopefully hacks like these opens up people's eyes on the benefits of decentralization.
Oh hey man, I also gave you a recent shoutout, I just wanted to tell you ahead. Also, I just want to thank you and Brett again for giving me a shot when you did. It really changed my life, and I'm just grateful for the opportunity you guys gave me!
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Hey Jed. Thanks, I'll check it out. :)
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These people have lived on this centralized authority for decades and centuries. They are so used to having control that it panics them when they see that control going way.
Exchanges, cryptocurrency blockchain etc. make them afraid and they are doing their best to counter these threats. To no avail in a long run!
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I recommend considering the Gallatin Whiskey Rebellion in ascertaining what states, and the US in particular, reckon they should do to folks that expect their labor and possessions are theirs to dispose of as they will.
Their authority is force. Like Trump said about seizing American privately held arms, they worry about due process later. You can ask the guy from Arisebank about it.
Having run that flag up the pole in American courts myself before, I have no illusions regarding how this is gonna play out.
I could not more appreciate your sentiment, but despite your assertion that you don't recognize their authority, when the SHTF, you will recognize it. Your words won't matter when they kick down your door. Philosophy and fine words don't count when hot steel is pressed into your neck by an eager thug trembling in anticipation of pulling the trigger.
I dearly hope it never comes to that.
Edit: Thought I'd toss this link in. ...all U.S. civilians shall be subject to military justice and that the military will be able to hire non-military legal experts to help with the upcoming tribunals, according to Pentagon sources. The following clause on page 2 of Annex 2 is of particular interest, in that it describes one exercise of military jurisdiction as: "A government temporarily governing the civil population within its territory or a portion of its territory through its military forces as necessity may require. (Martial law).”
I suppose they might coordinate their agencies across multiple vectors when tackling global threats to their financial power. I would.
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King of steemit
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That tweet out to the SEC is classic, love it.
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Unfortunately we can expect the SEC to tear thier dirty claws into this mess more and more the further along we go. They can't completely regulate the internet, so... Here's to hope.
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We can watch them try and build technology to dance circles around them as they do. More and more people are waking up to the reality that we are providing value that improves peoples' lives. They are destroying lives with control, coercion, and theft.
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Beautiful presentation
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excellent your post Thanks for sharing
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Good to hear the real side of the binance Hack! Please checkout my animation videos if you have time. I'm the only one animator on dtube! Thank you.
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lets just do the smart thing and move to bitshares... then they can ask all they want, there is no one to listen
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Decentralize all the things indeed. :)
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Again, a great article!
When I was originally reading an article about this, the "must" part really sounded weird for me too. It just doesn't make a lot of sense to me...
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I love it all, if there is no victim, there is no crime.
We have full right for our own decision. Even their own decisions upon us is slavery. Thanks you said it all
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useful information ,,;) nice post ...
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Thanks for great dtube..i appreciate this cryptocurrency...
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cryptocurrencies are future...
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Thank you for your offering @lukestokes.
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As much as I agree with everything you said....that as long as we're not harming anyone, they have no authority.....there's nothing wrong from a moral point.....this is what humanity needs.
But what scares the sh*t out of me is, when did they ever care about what are the "legal" limits they can reach out to? When have they ever cared about morality? Did they ever care about humanity?
They don't like something and they can't do anything about it....fine, they'll just come up with new "rules" and "regulations" or whatever. This is what pisses me off so much about how the world is running now. If you're doing the right thing, you're more wrong than if you were doing the wrong thing.
Sorry to sound so negative, but I'm just extremely pissed at this point in time.
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Very interesting post
Good information
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Thanks for the info! I should worry about Binance now, too? Geez. Please also follow @policyofliberty and @escapeamericanow. You will find items of common interest there!
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Wow likes your post .. happy reading it .. really amazing ... thanks for sharing on a good day.
I like to read every post you .. I also learn a lot about steemit from every post you. Whether it's writing or photos. Thank you steemians ..
It's an honor for me if you visit my blog ..
@imranpase
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Wow likes your post .. happy reading it .. really amazing ... thanks for sharing on a good day.
I like to read every post you .. I also learn a lot about steemit from every post you. Whether it's writing or photos. Thank you steemians ..
It's an honor for me if you visit my blog ..
@imranpase
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Yes, it must be registered and have clear rules.
I also have read & Watch the video at the link below
("Understanding Blockchain Freedom — Episode 003: Safety and Security")
Which discusses 11 important basics to use cryptocurrency safely.
Thank you for all the information.
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very informative one :)
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This is a really helpful post. Good information for when it will be needed. Thank you!
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Stop copying replies from news articles.
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Stop copying and pasting replies. It's pathetic.
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Why are you copying replies from news articles like this?
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Stop. Just stop. You're not fooling anyone. Your comments are copied from sites elsewhere.
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Wow. Awesome catch. This guy dropped by my recent post with a comment, and I have a rule that I always research why someone is less reputation than 25 before I hit them with an upvote.
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