this post was submitted on 19 Jan 2024
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117
Coinbase tells judge that buying crypto is just like collecting Beanie Babies (finance.yahoo.com)
submitted 8 months ago by [email protected] to c/[email protected]
18 comments fedilink hide all child comments
 

Coinbase tells judge that buying crypto is just like collecting Beanie Babies::The SEC argued that unlike collectibles, when a crypto token is purchased, the owner is invested in the network or enterprise behind the token.

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[–] [email protected] 31 points 8 months ago (1 children)

Coinbase lawyer William Savitt said that when a cryptocurrency is bought, the buyer doesn't gain any rights like they do when they buy stocks or bonds.

"It's the difference between buying Beanie Babies Inc. and buying Beanie Babies," Savitt argued.

Of all the examples he could have pulled out of his ass, that was the one he used? Is he just being completely mask off about it?

[–] [email protected] 12 points 8 months ago (1 children)

And I doubt this is something he just made up off the top of his head either. This was probably some rehearsed shit.

[–] [email protected] 13 points 8 months ago

Our product’s value is 100% speculative and owning it means nothing! No, wait…

[–] [email protected] 28 points 8 months ago* (last edited 8 months ago) (1 children)

"Not your keys, not your bitcoin" has been a saying for over a decade now and for good reason.

Do not leave crypto on exchanges.

People who are shocked about Coinbase saying this, honestly, shouldn't be fucking about with crypto in the first place as they clearly do not understand what they are doing.

[–] [email protected] 7 points 8 months ago (1 children)

The original purpose of crypto was to eliminate arbitrary trust relationships in financial systems. But immediately people started using it as a speculative asset and suddenly there was desire for trust in central infrastructure to be reintroduced. I wonder if you asked any of these crypto-believers who claim governments shouldn't control currency how they feel about almost all crypto being held in exchanges.

[–] [email protected] 4 points 8 months ago* (last edited 8 months ago)

They'd give you an answer that's incoherent to their supposed beliefs. The answer would be the one that reinforced their current position. Because that's what they truly believe in. They want more wealth and power for themselves.

[–] [email protected] 21 points 8 months ago

NFTs are like buying beanie babies. Way to shoot yourself in the foot.

[–] [email protected] 7 points 8 months ago (1 children)

Wow

[–] [email protected] 1 points 8 months ago

I'd go to one of his dinner parties tho.

[–] [email protected] -1 points 8 months ago (3 children)

I don't buy Monero to collect it. I buy Monero to have freedom from being watched by banks and governments. I buy my groceries with it. I pay for things with it. I use it as a currency. Not for number go up. Bullshit.

[–] [email protected] 6 points 8 months ago (1 children)

If number go down you won't be able to use it anymore right?

[–] [email protected] -5 points 8 months ago

Sure you will. A private online money will always be needed for something. If nothing else, just look at the dark net markets. Really, the best thing would be, number go up very slowly, or number stay the same.

[–] [email protected] 2 points 8 months ago (2 children)

I'm currently thinking about what I should do with my monero. How do you pay daily stuff with it?

[–] [email protected] 2 points 8 months ago

Currently coinsbee a lot and a few of my friends will accept it as payment

[–] [email protected] 1 points 8 months ago

I find it harder to actually get more monero than it is to spend it.

Cakewallet (a wallet app for Monero and other crypto) has a giftcard service that I've used before. It works well, but it was down for a little bit because of regulatory concerns.

Monero is also pretty easy to convert to other Cryptos on non-kyc exchanges, so if a vendor accepts another crypto (USDT for example), it's usually pretty easy to swap back and forth.

[–] [email protected] -2 points 8 months ago (2 children)

I buy Monero to have freedom from being watched by banks and governments.

Boy, do I have some very, very bad news for you...

https://arstechnica.com/features/2024/01/how-a-27-year-old-busted-the-myth-of-bitcoins-anonymity/

[–] [email protected] 5 points 8 months ago* (last edited 8 months ago)

That is Bitcoin though, not Monero, and everybody should know that Bitcoin is traceable. I've certainly been aware of that for years.

[–] [email protected] 4 points 8 months ago

This was why they invented monero, and has been understood pretty much since the inception of Bitcoin. That article is a nothing burger.