You can't change the thirst for freedom inborne in every man via laws. This will only make cryptocurrency slip more easily through their fingers and galvanize efforts to avoid oversight.
SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
151–160 of 360 posts
Re: SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
#152Earlier quoted context omitted.
That's an answer to someone's question, but a non-sequitur answer to mine.
> with a link to some canonical thread about why the concept of security laws is fundamentally unjust or unwise Because not everyone agrees with that position.
I suspect tptacek is aware that not everyone thinks security laws are fundamentally unjust.
Re: SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
#153Earlier quoted context omitted.
Assuming that would be unwise. In general, US securities laws cover anything that looks or works something like a security. There have been clever attempts to get around this before. They didn't work.[1] [1] https://en.wikipedia.org/wiki/SEC_v._W._J._Howey_Co .
You're right, but in the case of things like Storj and Sia, for instance, the ICO token is used to pay for the services offered by the network. What it really is, is a tradable pre-sale. It's as if you could trade the perks offered by a Kickstarter. I'm not sure if that would make it exempt or not, but it is an interesting legal question.
[deleted]
Re: SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
#154Earlier quoted context omitted.
The regulations put in place by the SEC are not to help companies, but to protect U.S. citizens from being scammed all the time. Sure, the wild west is fun, but if you are in an economic ecosystem where a large percentage is comprised of scammers/fraudulent companies, then it will be detrimental to long term success.
>but to protect U.S. citizens from being scammed all the time. US citizens shouldn't be treated like children that need to protected from their own stupidity.
Extreme libertarian views like yours have been rejected almost everywhere in the world. Maybe it's your opinion that allowing scammers to manipulate people is their basic right, but no one seems to share that sentiment.
Re: SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
#155The SEC should show that it protects everyone's rights and not just large firms with piles of cash to pay to them and to pay expensive lawyers. Otherwise we have to assume that this is largely about trying to tax things. The way they can do this is by making a real effort to update their technical, documentation, and regulatory programs. Is there a straightforward way to do an Edgar filing that doesn't require a bunc…
Comments like this are ludicrous. Do you really think the SEC doesn't understand distributed ledgers or ethereum contracts? Second, do you think anyone has technical staff that are capable of writing safe contracts in Solidity (Parity wallet would suggest not...). In short, the idea that people must be incompetent because they're in the government is pretty ludicrous. The SEC is consistently one of the best technical…
Actually hung out with a JP Morgan Chase banker the other day. Big into crypto. He said the SEC had no clue what was going on. They leave at 5 PM, and head home to wife's and kids, and mortgages.
While the "kids" are hacking, micro-dosing, and working 100 weeks. And they are all of 17.
It's not in their world. A 55 year old banker is not hacking solidity contracts at 3 AM. No way.
Re: SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
#156The SEC should show that it protects everyone's rights and not just large firms with piles of cash to pay to them and to pay expensive lawyers. Otherwise we have to assume that this is largely about trying to tax things. The way they can do this is by making a real effort to update their technical, documentation, and regulatory programs. Is there a straightforward way to do an Edgar filing that doesn't require a bunc…
Comments like this are ludicrous. Do you really think the SEC doesn't understand distributed ledgers or ethereum contracts? Second, do you think anyone has technical staff that are capable of writing safe contracts in Solidity (Parity wallet would suggest not...). In short, the idea that people must be incompetent because they're in the government is pretty ludicrous. The SEC is consistently one of the best technical…
[deleted]
Re: SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
#157Earlier quoted context omitted.
There is simply a massive difference between the theory of democracy and its actual implementation. Your personal autonomy is restricted by the government, massively, period, generally for everyone's own good. They decide what and how much medicine you can put in your body. Whether you can gamble, and where, and on what, and how much. What drugs you can take. What speed you can drive. Whether you must go to school or…
>Your personal autonomy is restricted by the government, massively, period, generally for everyone's own good. They decide what and how much medicine you can put in your body. Whether you can gamble, and where, and on what, and how much. What drugs you can take. What speed you can drive. Whether you must go to school or not based on your age. Which food you can buy at the supermarket. These restrictions violate peopl…
Basic rights are defined by various charters, constitutions, international agreements, and that's about it. If you find that one of those restrictions contradicts the ones applicable to your country and legal system, you have a good shot at changing it. (Point in case: gay marriage, and other Supreme Court rulings.)
As for all other rights, those are determined by the government that is democratically voted in. If most people, via their elected representatives, decide that you shouldn't be allowed to speed, or smoke crack, and it's not constitutionally guaranteed, then it's not a basic right and it's not your right at all. Maybe moral right, but that depends on highly subjective morals and might therefore still get you into legal trouble.
Best course of action is probably to find a country with a legal framework that matches your morals. If there's no such country, perhaps the time for these ideas hasn't come and you want to lobby for them to be recognized as basic rights, since right now they're obviously not.
Re: SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
#158The SEC should show that it protects everyone's rights and not just large firms with piles of cash to pay to them and to pay expensive lawyers. Otherwise we have to assume that this is largely about trying to tax things. The way they can do this is by making a real effort to update their technical, documentation, and regulatory programs. Is there a straightforward way to do an Edgar filing that doesn't require a bunc…
> Because an ICO can be created at no cost Except the cost to the participants who later have wasted money because the ICO contract was exploitable... At the current rate major losses are as perceptible as all successes. Maybe the industry needs some externally imposed speed bumps from SOME authority until folks can get their acts in gear?
... and currency can be created at the cost of the future unborn generations.
Your move, KirinDave.
Re: SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
#159Earlier quoted context omitted.
Comments like this are ludicrous. Do you really think the SEC doesn't understand distributed ledgers or ethereum contracts? Second, do you think anyone has technical staff that are capable of writing safe contracts in Solidity (Parity wallet would suggest not...). In short, the idea that people must be incompetent because they're in the government is pretty ludicrous. The SEC is consistently one of the best technical…
Actually hung out with a JP Morgan Chase banker the other day. Big into crypto. He said the SEC had no clue what was going on. They leave at 5 PM, and head home to wife's and kids, and mortgages. While the "kids" are hacking, micro-dosing, and working 100 weeks. And they are all of 17. It's not in their world. A 55 year old banker is not hacking solidity contracts at 3 AM. No way.
It's not in their world. A 55 year old banker is not hacking solidity contracts at 3 AM. No way.
Fucking awesome. Nobody should be doing that.
Re: SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
#160Earlier quoted context omitted.
Comments like this are ludicrous. Do you really think the SEC doesn't understand distributed ledgers or ethereum contracts? Second, do you think anyone has technical staff that are capable of writing safe contracts in Solidity (Parity wallet would suggest not...). In short, the idea that people must be incompetent because they're in the government is pretty ludicrous. The SEC is consistently one of the best technical…
Actually hung out with a JP Morgan Chase banker the other day. Big into crypto. He said the SEC had no clue what was going on. They leave at 5 PM, and head home to wife's and kids, and mortgages. While the "kids" are hacking, micro-dosing, and working 100 weeks. And they are all of 17. It's not in their world. A 55 year old banker is not hacking solidity contracts at 3 AM. No way.
Given the source, I might take that with a grain of salt.