SEC on decentralized projects | Bitcointalksearch.org

ABCbits

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Quote from: hatshepsut93 on December 31, 2020, 07:53:58 PM

If a project is really decentralized, SEC or any other regulator won't be able to shut it down - Bitcoin still works in countries that banned it is a proof to it. But they can do a lot of harm, they can close all centralized exchanges, prevent companies from using it, etc. Basically make it a thing of the deepweb and nothing more.

They also could arrest any developer/contributor of the decentralized project. It already happened with EtherDelta founder and it's possible it will happen again.

Source : https://www.coindesk.com/sec-charges-etherdelta-founder-with-running-unregistered-securities-exchange/

Claudio99

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Bitcoin is a decentralized digital currency, all the projects that SEC is after are all centralized, SEC has no business with decentralized projects and I believe that Bitcoin creator went into hidden to fulfill the decentralized purpose, think about it, bitcoin is the first and it's use case is more like a better version of Fiat, many called it another bubble in the past, some even lost everything to bitcoin due to their own stupidity and they started calling bitcoin names.

OcTradism

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A person who is smart enough to create bitcoin is wise enough to hide his/her/their identities at start. There are not many decentralized projects or decentralized exchanges. What we see in crypto and on crypto exchanges are mainly centralized. Developers and project starters try to seed their projects as decentralized but in fact they are not per protocols. Protocol is important for a decentralized project and it has to be done at the start.

SEC can make serious lawsuits on many cryptocurrencies as they are centralized. With decentralized projects, SEC won't be able to do anything on projects but they can create barriers on exchanges. As they do with bitcoin and bitcoin-accepted exchanges, KYC and AML.

akirasendo17

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Quote from: Zotak337 on December 31, 2020, 04:24:01 AM

Forgive me if my question doesn't make sense, I heard SEC only have the power to go after centralized projects, if this is right why is nakamoto hidden? This is what comes to my mind, and the only answer I can find is, past years ago bitcoin is like a threat to central bank and Fiat, might be wrong but probably way they viewed it then, if Nakamoto failed to go into hidden the government would have hunt him down? Put false claims on him? Correct me if I'm wrong

There is a lot of reason why satoshi hide if I were in his position I'll do the same although we don't know if that name means a person or a group, firstly the government might take him into custody we know they can do such thing, also there are lots of people who will be going to look for the guy, this includes good and bad people, people who will capitalize on what he knows, they might use it to get rich, or worse kidnap satoshi for might we know he might still hold a lot of cryptocurrencies or just bitcoin, whatever his/her reason he just leaves us a technology, which we can improve or use in our daily life and I'm thankful for it, another breakthrough to technology.

hatshepsut93

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SEC exists to monitor and regulate securities, it's literally in their name. They don't care if a project is centralized or decentralized, they care if its a security or not. Sec commissioner Hester Peirce warned people who make DeFis that they might get in trouble with SEC if their platforms will be used for trading securities.

If a project is really decentralized, SEC or any other regulator won't be able to shut it down - Bitcoin still works in countries that banned it is a proof to it. But they can do a lot of harm, they can close all centralized exchanges, prevent companies from using it, etc. Basically make it a thing of the deepweb and nothing more.

FaucetKING

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It's not that way but Nakamoto himself can't shut down the Bitcoin protocol after launching its nodes, if something is decentralized then it's impossible for any authority to shut it down as long as the nodes are up and running. The SEC has power to file cases against foundations and persons aka entities using the law in their favour, they can have an effect on some cryptocurrencies when forcing exchangers to delist them or things like that but they can't really stop a working protocol.

Insanerman

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Quote from: Zotak337 on December 31, 2020, 04:24:01 AM

Forgive me if my question doesn't make sense, I heard SEC only have the power to go after centralized projects, if this is right why is nakamoto hidden? This is what comes to my mind, and the only answer I can find is, past years ago bitcoin is like a threat to central bank and Fiat, might be wrong but probably way they viewed it then, if Nakamoto failed to go into hidden the government would have hunt him down? Put false claims on him? Correct me if I'm wrong

SEC is only targeting those companies that made their own crypto such as Ripple (might be Chainlink as well soon!), as they cannot provide legal files on a decentralized money that isn't being held nor created by a company. And no, Bitcoin's Decentralization isn't the reason why Nakamoto is still anonymous. Imagine if he would be known, can he be accused by SEC for any legal lawsuits? No, because first of all, BTC was made as an initial research, not intended to be invested by so many people, and not to be the money source of Nakamoto himself. Compared to the lawsuits in the centralized cryptos nowadays, they are often made as a system FOR AND BY a company.

Novatech8

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A nice thought coming from a newbie/jr member, I believe that Nakamoto goes anonymous because of security purposes, decentralized projects have nothing to do with the government, threat of life is why Nakamoto must have went into hidden and I believe that's the best thing to do

Findingnemo

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Quote from: Zotak337 on December 31, 2020, 04:24:01 AM

Forgive me if my question doesn't make sense, I heard SEC only have the power to go after centralized projects, if this is right why is nakamoto hidden? This is what comes to my mind, and the only answer I can find is, past years ago bitcoin is like a threat to central bank and Fiat, might be wrong but probably way they viewed it then, if Nakamoto failed to go into hidden the government would have hunt him down? Put false claims on him? Correct me if I'm wrong

Even with the presence of Satoshi Nakomoto still the bitcoin can remains decentralized but some reasons he choose to stay anonymous and watching the world how the world is getting adopted to his technology.If government knew who he was then anything can happen to him/them for sure so its just for his personal security more than security issues with govevernment.

Oshosondy

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Quote from: Greatdev on December 31, 2020, 05:13:47 AM

Lol, you make it sound like every decentralized coins are safe simply because they are decentralized, you even stated that 'unlike altcoins which many are centralized and shady' why did you separate decentralized altcoins that are also shady and scamming all in the name of decentralization too?

My own believe is government have warned us about bitcoin in the past, they saw it as a threat and if Nakamoto is a well known person it will be extremely hard for him, forget Decentralized for some seconds mate, bitcoin wasn't as strong as it this years ago, while the war was still tough bitcoin creator can be arrested

What makes bitcoin to be fully decentralized is the absense of Satoshi Nakamoto. What has governments done to the creator of many altcoins? If not because ripple had a shady deal, what has government done to him? So far a coin is not shady, or no evidence of shadiness, nothing can the government do. But Satoshi either he/she/they make bitcoin to be fully decentralized because he is not known unlike altcoins like I have ones said.

mk4

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1. For development to be actually decentralized. If he was still publicly working on Bitcoin, no doubt that there would be heavy biases towards Satoshi's opinions.

2. To protect himself/herself/themselves, because you know, creating a decentralized money system to overthrow central banks and all that. While we don't know what the government would do to Satoshi if he/she/they were to be caught, it's probably safe to assume that it wouldn't be anything good..

Maus0728

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Quote from: Zotak337 on December 31, 2020, 04:24:01 AM

if this is right why is nakamoto hidden?

There could a lot of reason why satoshi decides to remain hidden in public. As we all know, Satoshi Nakamoto is one of the prominent member of cypherpunk whose main purpose is to advocate privacy in today's age. Moreover, he created a technology where a disruption of cental bank is quite feasible. You are probably right and I won't be surprised if satoshi wanted to remain anonymous as there could be a potential harm from the government if he failed to do so.

Moreover, the reason why XRP is being sued by SEC is because that fidget spinner shitcoin had a record of price manipulation and has no real life use case and I don't think there is a correlation why satoshi hides just because XRP is a centralised coin while BTC is not.

See this thread for massive list of satoshi's whereabouts.
[1] https://bitcointalksearch.org/topic/i-gathered-every-satoshi-nakamoto-thread-5271796

mu_enrico

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As the name implied, they have the authority when it comes to securities.

To determine what is security, we usually use the Howey Test:

Quote

Howey Test Explained
Put simply, the Howey Test asks whether the value of a transaction for one of its participants is dependent upon the other's work. Specifically, the Howey Test determines that a transaction represents an investment contract if "a person invests his money in a common enterprise and is led to expect profits solely from the efforts of the promoter or a third party,"

https://www.investopedia.com/terms/h/howey-test.asp

There is no enterprise in Bitcoin, unlike Ripple, Block.one, and perhaps Ethereum Foundation.

Greatdev

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Quote from: Oshosondy on December 31, 2020, 04:44:51 AM

The main reason Satoshi Nakamoto have remain unknown would be because he wants bitcoin to be decentralized, unlike other cryptocurrencies. People will say bitcoin is controlled by Satoshi even if it is not controlled by him, but he just left it to make people know that he is only the creator not the owner and that it is not controlled by him.

Governments will target centralized coins because anything centralized is shady, unlike bitcoin which is decentralized with open source codes and noncustodial means of holding, this makes it known to the people that bitcoin is truly a decentralized coins unlike altcoins which many are centralized and shady. Ripple is one of them which SEC filed a lawsuit that exposed how the ripple CEO should not be trusted.

Lol, you make it sound like every decentralized coins are safe simply because they are decentralized, you even stated that 'unlike altcoins which many are centralized and shady' why did you separate decentralized altcoins that are also shady and scamming all in the name of decentralization too?

My own believe is government have warned us about bitcoin in the past, they saw it as a threat and if Nakamoto is a well known person it will be extremely hard for him, forget Decentralized for some seconds mate, bitcoin wasn't as strong as it this years ago, while the war was still tough bitcoin creator can be arrested

Oshosondy

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Gamble responsibly

The main reason Satoshi Nakamoto have remain unknown would be because he wants bitcoin to be decentralized, unlike other cryptocurrencies. People will say bitcoin is controlled by Satoshi even if it is not controlled by him, but he just left it to make people know that he is only the creator not the owner and that it is not controlled by him.

Governments will target centralized coins because anything centralized is shady, unlike bitcoin which is decentralized with open source codes and noncustodial means of holding, this makes it known to the people that bitcoin is truly a decentralized coins unlike altcoins which many are centralized and shady. Ripple is one of them which SEC filed a lawsuit that exposed how the ripple CEO should not be trusted.

Zotak337

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Forgive me if my question doesn't make sense, I heard SEC only have the power to go after centralized projects, if this is right why is nakamoto hidden? This is what comes to my mind, and the only answer I can find is, past years ago bitcoin is like a threat to central bank and Fiat, might be wrong but probably way they viewed it then, if Nakamoto failed to go into hidden the government would have hunt him down? Put false claims on him? Correct me if I'm wrong

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