Topic: Stricter management on crypto wallets (altcoins, stablecoin) is coming, possibly (Read 111 times)
January 17, 2021, 03:16:19 PM
Bitcoiners have been warning people for years that many altcoins are centralized and at some point this could be used to censor transactions or freeze someone's funds, but no, altcoin bagholders dismissed any such concerns as "Bitcoin maximalism". When Bitcoiners choose to limit the block size to prevent centralization, altcoiners were saying that Bitcoin is outdated technology and that sacrificing some decentralization for scalability is totally fine. Guess who was right in the end. The show is just starting, the government will be trying even harder to control crypto in the coming years.
January 17, 2021, 03:14:30 PM
You are not safe with centralized altcoins and centralized stable coins. Ripple with SEC lawsuit is another warning case.
Very true. The issues with XRP and USDT are the perfect examples of it. From the reports what i understand is that Ripple is trying to sort the issues with SEC but what happens in the end is unknown.
They are trying to settle it and they are becoming ready with the battle and process of it. And this article, says that they have 21 lawyers for the executives and the company itself. It's an expensive battle for them but they have the money to provide.21 Lawyers Gearing Up To Battle SEC’s Case Against Ripple and XRP
January 17, 2021, 12:38:24 PM
You are not safe with centralized altcoins and centralized stable coins. Ripple with SEC lawsuit is another warning case.
Anyone using centralized alt coins should be aware of the risk when they are using them as they have complete control over the coins, so the risks are real and we are yet to see such cases where the coins are confiscated until someone is involved in criminal proceedings.From the reports what i understand is that Ripple is trying to sort the issues with SEC but what happens in the end is unknown.
January 15, 2021, 07:34:50 AM
I'm feeling contradicted with the pros and cons owned by the centralized service. let's say about this when the tether company can freeze the amounts and let's say there will be two cases
1. tether suspecting the wallet being used by the hacker and freeze the amount that owned by the hacker i.e kucoin's hacked case
2. tether freezes the personal wallet without any reason.
What will you choose?
if tether has no access to freeze the tokens and there will be so many people losing their money and otherwise the opposite thing will happen when tether has access to freeze the fund.
So you want to go with the centralized service just because the creator can track and freeze it in case of hack instance but every user is going to stake their privacy just for very rare occasions. So if you want to traceability then better stay with the fiat itself rather than trusting a coin which was created by someone other than the rule of your country. 1. tether suspecting the wallet being used by the hacker and freeze the amount that owned by the hacker i.e kucoin's hacked case
2. tether freezes the personal wallet without any reason.
What will you choose?
if tether has no access to freeze the tokens and there will be so many people losing their money and otherwise the opposite thing will happen when tether has access to freeze the fund.
January 15, 2021, 06:15:33 AM
FinCEN Extends Comment Period for Controversial Crypto Wallet Rule
Although the article is a newest about crypto wallet management and policies, there are warnings for it years ago: PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets
You are not safe with centralized altcoins and centralized stable coins. Ripple with SEC lawsuit is another warning case.
Although the article is a newest about crypto wallet management and policies, there are warnings for it years ago: PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets
You are not safe with centralized altcoins and centralized stable coins. Ripple with SEC lawsuit is another warning case.
That's always the risk of using a centralized wallet like coinbase or Blockchain. They work like bank which are monitored constantly and information can be retrieved by the enforcement agencies as per their own will. So if someone is holding any coin of significant value, it is always advised to use core wallets! I understand there are challenges with the space requirement, but money takes precedence over space!
However, the above argument is not valid for stablecoins because these are centralized coins. Even majority of the tokens are prone to same risks. That's why it's best to avoid shitcoins and use only Bitcoin!
January 15, 2021, 03:18:07 AM
if tether has no access to freeze the tokens and there will be so many people losing their money and otherwise the opposite thing will happen when tether has access to freeze the fund.
If tether freeze the money let's say from the hacker victim did they send compensation for the money they are freezing to the victim? Until now, still can't find any information tether send replacement money from the freezing money to the victim.If the token frezee by them, should be that money not on the supply circulation right ?
January 15, 2021, 03:01:03 AM
SEC been able to hunt USDT team or organization is the reason why I even trust the project more as a stable coin, SEC can apprehend the team is they do anything and they have faced some charges before, they won't dare do anything stupid I believe, how about decentralized projects? Who would be your avenger if things go wrong? Or are you saying decentralized projects are safe too?
January 15, 2021, 02:49:00 AM
Although I beware of central stablecoins, they will not do so unless they are obliged to do so, meaning that they will not freeze an account unless a court ruling is issued to do it.
Freezing those stable currencies in wallets may lead to many losses, and those companies may be unable to continue making those currencies stable because many will cash them coins.
In general, try to distribute the continuation to many central and central currencies to reduce pain.
Freezing those stable currencies in wallets may lead to many losses, and those companies may be unable to continue making those currencies stable because many will cash them coins.
In general, try to distribute the continuation to many central and central currencies to reduce pain.
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January 15, 2021, 02:06:00 AM
I'm feeling contradicted with the pros and cons owned by the centralized service. let's say about this when the tether company can freeze the amounts and let's say there will be two cases
1. tether suspecting the wallet being used by the hacker and freeze the amount that owned by the hacker i.e kucoin's hacked case
2. tether freezes the personal wallet without any reason.
What will you choose?
if tether has no access to freeze the tokens and there will be so many people losing their money and otherwise the opposite thing will happen when tether has access to freeze the fund.
1. tether suspecting the wallet being used by the hacker and freeze the amount that owned by the hacker i.e kucoin's hacked case
2. tether freezes the personal wallet without any reason.
What will you choose?
if tether has no access to freeze the tokens and there will be so many people losing their money and otherwise the opposite thing will happen when tether has access to freeze the fund.
January 15, 2021, 01:14:50 AM
FinCEN Extends Comment Period for Controversial Crypto Wallet Rule
Although the article is a newest about crypto wallet management and policies, there are warnings for it years ago: PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets
You are not safe with centralized altcoins and centralized stable coins. Ripple with SEC lawsuit is another warning case.
Although the article is a newest about crypto wallet management and policies, there are warnings for it years ago: PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets
You are not safe with centralized altcoins and centralized stable coins. Ripple with SEC lawsuit is another warning case.
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