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 10 months ago by L4s to c/technology
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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] 28 points 10 months ago* (last edited 10 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 10 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 10 months ago* (last edited 10 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.