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Heartbreaker

Heartbreaker

Diamond Member
Apr 3, 2006
4,238
5,244
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Will CZ face the music, or just remain at some undisclosed location?
www.cftc.gov

CFTC Charges Binance and Its Founder, Changpeng Zhao, with Willful Evasion of Federal Law and Operating an Illegal Digital Asset Derivatives Exchange | CFTC

www.cftc.gov www.cftc.gov

CFTC Charges Binance and Its Founder, Changpeng Zhao, with Willful Evasion of Federal Law and Operating an Illegal Digital Asset Derivatives Exchange

“Today’s enforcement action demonstrates that there is no location, or claimed lack of location, that will prevent the CFTC from protecting American investors. I have been clear that the CFTC will continue to use all of its authority to find and stop misconduct in the volatile and risky digital asset market,” said CFTC Chairman Rostin Behnam. “For years, Binance knew they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance. This should be a warning to anyone in the digital asset world that the CFTC will not tolerate willful avoidance of U.S. law. I applaud the diligent and dedicated work of the CFTC’s Enforcement team in bringing this action, and for their hard work in addressing illegal operations in the digital asset space.”
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Fanatical Meat

Fanatical Meat

Lifer
Feb 4, 2009
34,630
15,824
136
I think @Greenman summed it up pretty simply a while ago.
He’s going to do some work for someone, they offer to pay him $10,000 USD equivalent in bitcoin. 10 days later he comes to do the work and now that same amount of bitcoin is worth $3,500 USD. What the hell does he do?
Perform the work at far under value and potentially under cost
Attempt to renegotiate the payment terms
Bitcoin has been and currently is far too unstable of a currency to use for business.

Even if he took the payment upfront which (not in Greenman’s case) the buyer has to “hope” the worker shows up to do the work. Nobody is going to do that with Bitcoin, there is no tracking of it and no established law regarding it. Way too big of a risk.
Bitcoin sucks for business transactions it’s not good for the buyer or the seller.
 
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D

darkswordsman17

Lifer
Mar 11, 2004
23,099
5,578
146
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MrSquished

MrSquished

Lifer
Jan 14, 2013
21,485
19,904
136
JEDI said:
im waiting for btc=10k b4 i go all in at micro stragey (assuming they're still in btc by that time)
Click to expand...

Why not go in now? According to our latest crypto bro here, bitcoin is very useful to use in many transactions for many company's products and services. you can use it now!
 
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Fanatical Meat

Fanatical Meat

Lifer
Feb 4, 2009
34,630
15,824
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Train said:
??? Payment contracts are enforceable by law. Doesn't matter if the payment is in ham sandwiches.
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So someone takes bitcoin payment and when the work needs to be done the value of that payment is now 1/8th the original cost.
Or
Agreed upon payment is now work 12 times what the original amount was, customer will happily pay that extra amount because “reasons”.
Have fun in court my Crypto Bro.
 
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T

Train

Lifer
Jun 22, 2000
13,861
68
91
www.bing.com
Fanatical Meat said:
So someone takes bitcoin payment and when the work needs to be done the value of that payment is now 1/8th the original cost.
Or
Agreed upon payment is now work 12 times what the original amount was, customer will happily pay that extra amount because “reasons”.
Have fun in court my Crypto Bro.
Click to expand...
The value has nothing to do with it. If the contract says X bitcoin, then X bitcoin is due. If the timeline is such that the value drops 8 times or rises 12 times, it would be a pretty long timeline and no one would put 100% payment up front or at the end.

In other words, it is safe to assume two parties who would enter into a contract using BTC would have a basic understanding of contracts, something you appear to lack.
 
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Fanatical Meat

Fanatical Meat

Lifer
Feb 4, 2009
34,630
15,824
136
Train said:
The value has nothing to do with it. If the contract says X bitcoin, then X bitcoin is due. If the timeline is such that the value drops 8 times or rises 12 times, it would be a pretty long timeline and no one would put 100% payment up front or at the end.

In other words, it is safe to assume two parties who would enter into a contract using BTC would have a basic understanding of contracts, something you appear to lack.
Click to expand...
Hence why you wouldn’t be doing business with @Greenman or I taking that work.
 
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G

Greenman

Lifer
Oct 15, 1999
20,460
5,210
136
Train said:
The value has nothing to do with it. If the contract says X bitcoin, then X bitcoin is due. If the timeline is such that the value drops 8 times or rises 12 times, it would be a pretty long timeline and no one would put 100% payment up front or at the end.

In other words, it is safe to assume two parties who would enter into a contract using BTC would have a basic understanding of contracts, something you appear to lack.
Click to expand...
That would work if the two parties have buckets of assets laying around, no small to medium sized business would take the risk at this point. If I sign a contract that pays in bitcoin and the value drops I've lost money. Most of my deals are in the $250k to $450K range, and a 20% drop in value would have me working several months for free. Why would I take such an insane risk? The only way I would do that is with 100% payment up front so I could sell off the bitcoin the day the contract was signed, or double the price of the project with 50% down payment.

Speculating on an asset that fluctuates wildly is fine if you're doing it with money you can afford to lose. Doing it with your rent check is insanity.
 
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njdevilsfan87

njdevilsfan87

Platinum Member
Apr 19, 2007
2,330
251
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Fanatical Meat said:
So someone takes bitcoin payment and when the work needs to be done the value of that payment is now 1/8th the original cost.
Or
Agreed upon payment is now work 12 times what the original amount was, customer will happily pay that extra amount because “reasons”.
Have fun in court my Crypto Bro.
Click to expand...

For years we've had the capability to program smart contracts that are capable of updating the amount of BTC or ETH required for a future payment based on a fixed or even interest accruing amount of USD thanks to price oracles.

Problem solved : https://docs.chain.link/data-feeds/price-feeds/

Years ago.
 
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Fanatical Meat

Fanatical Meat

Lifer
Feb 4, 2009
34,630
15,824
136
njdevilsfan87 said:
For years we've had the capability to program smart contracts that are capable of updating the amount of BTC or ETH required for a future payment based on a fixed or even interest accruing amount of USD thanks to price oracles.

Problem solved : https://docs.chain.link/data-feeds/price-feeds/

Years ago.
Click to expand...
Greenman won’t do it and I wouldn’t do it. Simply too unknown and god knows what a court would rule of stuff gets squirrelly
 
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IronWing

IronWing

No Lifer
Jul 20, 2001
69,197
27,183
136
njdevilsfan87 said:
For years we've had the capability to program smart contracts that are capable of updating the amount of BTC or ETH required for a future payment based on a fixed or even interest accruing amount of USD thanks to price oracles.

Problem solved : https://docs.chain.link/data-feeds/price-feeds/

Years ago.
Click to expand...
Then why not just use dollars instead of wasting all that extra energy on crypto?
 
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Fanatical Meat

Fanatical Meat

Lifer
Feb 4, 2009
34,630
15,824
136
njdevilsfan87 said:
For years we've had the capability to program smart contracts that are capable of updating the amount of BTC or ETH required for a future payment based on a fixed or even interest accruing amount of USD thanks to price oracles.

Problem solved : https://docs.chain.link/data-feeds/price-feeds/

Years ago.
Click to expand...
Wait I’m supposed to read & understand all this bullshit?
No thanks I’d use cash/credit or check.

Edit:
The page allows edits, right there you know there is a risk. Can anyone show me a bank page that allows trolls like me to edit them.
A5316971-233F-4FF5-B969-6CEBD5E645A6.jpeg
 
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Zorba

Zorba

Lifer
Oct 22, 1999
14,646
10,054
136
njdevilsfan87 said:
For years we've had the capability to program smart contracts that are capable of updating the amount of BTC or ETH required for a future payment based on a fixed or even interest accruing amount of USD thanks to price oracles.

Problem solved : https://docs.chain.link/data-feeds/price-feeds/

Years ago.
Click to expand...
And way before that we invited real money that is already fixed to the value of itself. The most popular being USD. You can also write contracts based on the time value of money with it.

Seriously WTF is the point of using Bitcoin if the contract ultimately says "I'll pay you X USD worth of BTC?" Even then just this week there were swings of 5% in a day, that could be nearly all the profit for someone like Greenman.
 
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njdevilsfan87

njdevilsfan87

Platinum Member
Apr 19, 2007
2,330
251
126
Fanatical Meat said:
Wait I’m supposed to read & understand all this bullshit?
Click to expand...

So you have no one to blame but yourself for having missed out on... $28,000 BTC even after a major crash. You either find it more fun to rip on all of it just to fit in the mob here, or lack the attention span to try to understand the technical side of what enables all of this, or you're just getting old.

And to answer the second question, it allows anyone to create fixed price listing for anything across all of web3. It's the price stability all you brought up was lacking (and a valid point), back when BTC was $200. And now that it's been here for years and you've just learned that (again, no ones fault but your own you can't be bothered to look beyond this thread) I guess the next "easy" thing to do is to revert back to the, "well I hold 100% cash and use it for everything so YTF would I do that anyway? It's too hard."
 
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D

dlerious

Golden Member
Mar 4, 2004
1,798
727
136
njdevilsfan87 said:
And to answer the second question, it allows anyone to create fixed price listing for anything across all of web3. It's the price stability all you brought up was lacking (and a valid point), back when BTC was $200. And now that it's been here for years and you've just learned that (again, no ones fault but your own you can't be bothered to look beyond this thread) I guess the next "easy" thing to do is to revert back to the, "well I hold 100% cash and use it for everything so YTF would I do that anyway? It's too hard."
Click to expand...
Price stability that's been here for years? I wouldn't call a 38% drop from 1 year ago stability.
 
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