@Darker45. Do not be tricked by mainstream news media and these experts that the judge of the ruling did not say that the tokens are not by themselves a contract, transaction that embodies the howey requirements.

The ruling is very clear. Read in page 15.

https://www.dropbox.com/e/scl/fi/bk1n1qn1tgscrcrrfldr8/SEC-v.-Ripple-Ruling-on-Motions-for-Summary-Judgment.pdf?dl=0&rlkey=cjyfdw5rl58diqxyi3qfgix7s

Correct me if I am wrong. The SEC's case against Coinbase was created because according to the SEC, those tokens that were being staked in the exchange were illegal securities. I reckon this can be very much connected with Ripple's case.

Also, why approve Coinbase to have an IPO if the SEC considered it an illegal securities exchange?

In any case, after Ripple's victory Do Kwon's lawyers want to use XRP's case as precedent for their own case hehehe.



Lawyers of former Terra boss Do Kwon have cited the recent XRP victory in the SEC lawsuit in a bid to dismiss the agency’s case against Kwon and Terra.

In a supplementary document filed on July 18, the legal team highlighted the decision made by Judge Analisa Torres in the SEC v. Ripple Labs case, which ruled that the digital asset XRP was not a security.

The defendants’ lawyers assert that the SEC’s claims against the tokens UST, LUNA, wLUNA, and MIR lack merit, drawing parallels to the Ripple ruling. According to the Ripple decision, certain sales of XRP did not meet the criteria to be classified as investment contracts under the Howey test.

Source https://thecryptobasic.com/2023/07/21/do-kwon-lawyers-invoke-xrp-victory-to-dismiss-sec-case-on-terra-collapse/

Similar to you, there are also some people in the other UFC thread who predict that Tom Aspinall's knee injury and long rest from the octagon might make him perform below his real capabilities. It is a reasonable argument, however, I disagree. The UFC chose Marcin Tybura because they know that there is a more than bigger chance that the Englishman will finish this fight within 2 rounds if Tybura is the opponent.

Also, this event is in London. Uncle Dana has given the Englishman an opportunity to look very good in front of his countrymen hehehe.

Agreed. These cryptonews outlets might also have given less of a 50% chance for Brad Garlichouse and Ripple to win the lawsuit that the SEC filed against the company hehehe. When the ETF is approved, I reckon this is where disbelief is suddenly replaced by hope and optimism.

You can call them anything but they really are not contracts. They are computer code programmed to do whatever they are instructed to do.

In any case, I disagree that smart contracts are only hype. Many of these projects might presently be existing only because of hype, however, I reckon Nick Szabo had a different vision when he invented the term. We might witness a good development team create something we can consider a good smart contract platform in the future.

Also, on AI, I am not quite certain. I was shocked to see that it can generate code. I am only speculating that it can be used to audit code.

After Ripple won their case against the SEC, it appears there are presently some new questions on how can uncle Gary go after Coinbase and declare it as an illegal secutities exchange when the SEC approved the exchange to have an IPO in the Nasdaq. If it was approved to become a public company offering shares in a traditional exchange, then it should imply that the SEC considers it a legal business.

The SEC might lose another case hehehehe.

@mv1986. Hehe it is not where they draw the line. I speculate that Sam has become an informant for the government. There was this article on the Verge that had a clickbait title that asked who was snitching on the big crypto group chat? I reckon it might be the 2 Sams of Alameda Research. Sam Trabucco and later after the arrest, Sam Bankman-Fried.

We know the ending of this story already. The snitches make a deal with the government and walk out of jail, the people who were snitched on go on trial.



Who’s snitching on the big crypto group chat? / And why?

I have been somewhat unsure of what to make about The Wall Street Journal and The New York Times’ reports about text messages, sent on Signal, between rivals Changpeng “CZ” Zhao and Sam Bankman-Fried around the time FTX went up in smoke. That’s because I am not entirely sure who leaked them or who stands to benefit. But I’m pretty sure someone leaked to both of those outlets because the reports went up within hours of each other. So someone wants everyone to know about this!

Source https://www.theverge.com/2022/12/9/23502193/ftx-alameda-binance-kraken-tether-exchange-texts

In reality smart contracts is nothing similar to legal contracts. It was only a storyline created by the developers and cryptonews media irresponsibly spread the wrong idea among the naive people in the cryptospace which much of us were on 2015.

Presently the smart contracts that were hacked have vulnerabilities because of lack audit, the lack of skill by the auditor and also lack of skill by the developers. However, there might be a fix. I reckon users can be given the ability to audit the code by themselves through AI. If AI can generate code, it can be made to audit code. The next step might also be to audit these audtitors and investigate who might be scammers hehehe.

I would speculate that it is the Blackrock effect. There are presently powerful people from traditional finance who want to debunk the FUD because they have their ETF applications on uncle Gary's desk hehehe. Forbes is one of the news outlets that had a very noticeable change of stance on bitcoin. I reckon there will be more coming for the rest of this year.

Robert F. Kennedy Jr has outlined his plan to create a new public debt issuance that will be backed by bitcoin and precious metals. He also said that bitcoin trading will be exempted from capital tax gains under his administration. This will certainly create big headline news hehe.

It also appears that Bukele will also find a friendly American government towards El Salvador if papa Robert wins hehehehe. The both of them are bitcoiners.



“My plan would be to start very, very small, perhaps 1% of issued T-bills would be backed by hard currency, by gold, silver platinum or bitcoin,” Kennedy said, describing his vision for returning to a hard currency standard in the U.S.

In addition, Kennedy announced his administration “will exempt the conversion of bitcoin to the U.S. dollar from capital gains taxes.”

Source https://www.thestreet.com/cryptocurrency/rfk-jr-announces-plan-to-back-dollar-with-bitcoin-end-bitcoin-taxes

News update from uncle Jim.

If you are working in America, it might be good to have a coffee with your boss and be on his good side. It might help you avoid being in a list of employee layoffs.



Jim Cramer doesn’t see a recession on the horizon, says recent conjecture “just doesn’t hold up under close scrutiny”

Source https://www.cnbc.com/2023/07/18/jim-cramer-doesnt-see-a-recession-on-the-horizon.html

This is only for publicity to create fear, uncertainty and doubt. Similar to what you said, this is not something new. The people behind this do it to push for their real agenda whatever they may be. It would not be very surprising if the agenda involves strict regulations on self hosted wallets, required reports on wallet to CEX transactions and a required income bracket rule where if you earn less than a certain amount per year, you are not allowed to trade in a CEX.

This will certainly make it very difficult for many exchanges like Binance to survive and make it easier for traditional finance to takeover as the leading cryptocoin exchangers of the cryptospace, similar to how they are the leading exchangers of forex.

Agreed that it has only a low chance to occur, however, witnessing Justin Sun buy Poloniex and rumored to be behind the group that moved on the takeover of Huobi, I would not be shocked if he also purchased Binance.

Justin Sun is also the issuer behind the stablecoin TUSD which 90% of this is used in Binance as an unofficial replacement for BUSD.

Have we found our 12th participant?

Hello @yahoo62278, I hope your health is getting better.

Sam might not go to prison, he might be freed and might only be given a slap on the wrist hehehe. He is Gensler's pet and he might now also be his informant.

On CZ and Binance. There should not be any personal feelings for or against him and the exchange. Everyone who has traded in Binance has agreed on their terms, you paid  for the fees and they gave you their service. It is a business relationship. If they are rumored to bite the dust, you should leave the service.

However, these good and honorable people from traditional finance want to maintain their good reputation and have a clean name because they are politically connected. They do not want to appear like they are the evil men who manipulated the destruction of an industry so they can takeover. Some of them might have a future in politics, their relatives might have a future in politics and their political connections are important them. They do not want to appear dirty to the public.

Similar to the Italian mafia, they like wearing suits and make it look to you that they are honorable people.

I disagree on CZ not going to jail. He was the trigger that caused the collapse of FTX and exposed Sam Bankrupt-Fried as a fraud. The rumor is Sam is a pet of uncle Gary and the Democratic party's boy for their moneylaundering operations. I would not be shocked if there was some truth to this because Sam's parents have some connections to the Democrats, his mother is also rumored to be close to Hillary Clinton. It is not a surprise that Sam is one of the biggest donors to the Democratic party hehehe.

In any case, there might be people in the government who will use everything in the law to witness CZ go to an American jail. This might also be seen as good for their war against China storyline.

@Rikafip. My prediction, CZ will resign or be removed as CEO and Justin Sun will buy Binance and continue to operate as a small exchange similar to Poloniex.

Do not take the reply seriously, I was only making a funny comment hehe. I am quite certain Justin Jefferson will remain one of the highest ranked players during our fantasy draft. He might be there with Cooper Kupp on ranks no.3 or no.4.

However, if the hacker is not a real criminal or a member of the Lazarus Group, it would be better and less risky to take the bounty instead of having your wallet constantly followed and scanned by blockchain analytics. It would be a very similar situation as this Argentinian hacker where he had no choice but to return the most of the stolen coins because he cannot send them anywhere without exposing himself.



Jaime confirmed he gave most of the money back, but said on March 17 that he unwittingly sent $200,000 in Ether to Lazarus Group — a state-sponsored North Korean crime syndicate sanctioned by the US Treasury.

Source https://www.dlnews.com/articles/defi/argentinian-euler-hacker-explains-exploit-from-a-paris-jail/

@o_e_l_e_o. Similar to what I said to you on July 8 in this thread, before it appeared to be FUD. Presently, for certain Binance will die. The speculation is in how Binance's dominance will end. Will it be similar to FTX where we witness the imprisonment of CZ and the collapse of Binance or will Binance end like Poloniex or Bittrex and become a small exchange that everyone avoids hehehe.

Would you agree if I say that Binance will end and CZ will go to prison on 2024?

@zasad@. I am very worried what kind of storylines and doubts the SEC and the mainstream news media might create after this case. It is very important that we must not lose the idea of what the judge's ruling really implies.

From the information that I have read from the ruling, it appears the judge has clearly said that the tokens are not by themselves a contract, transaction that embodies the howey requirements. Read in page 15 of the ruling.

https://www.dropbox.com/e/scl/fi/bk1n1qn1tgscrcrrfldr8/SEC-v.-Ripple-Ruling-on-Motions-for-Summary-Judgment.pdf?dl=0&rlkey=cjyfdw5rl58diqxyi3qfgix7s