Ray Dillinger: If I'd Known What We Were Starting
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Re: Ray Dillinger: If I'd Known What We Were Starting
#2"What else ticks me off about this, is that there is absolutely nothing wrong with issuing stock in your company as tokens on a block chain instead of through brokers on a standard exchange. Just do it legally, for Pete's sake! Go to the SEC, or whoever the appropriate regulatory authority in your jurisdiction is, and get authorization to issue stock! Hire somebody to implement shareholder voting as block chain transactions. If the law in your area doesn't allow anonymous stockholders, then you need identified participants (and, inevitably, a Trusted system to assign or match IDs). It can work. It has advantages even. But after the meltdown that the scammers are bringing down on this whole form, it's going to be anathema, or even illegal."
Ironically, the first "ICO" to do it with full compliance, useful tech and good business model, will be huge. There is demand for it.
The other big opportunity is to come up with a framework that everyone can use to be compliant (e.g. An Ethereum with "compliance" mechanisms built into it will be a big "general-purpose" blockchain).
It's hard to understand why ignore compliance, when being compliant is quite simply going to be much bigger, sustainable and "good business" than all scammers put together.
Re: Ray Dillinger: If I'd Known What We Were Starting
#3"What else ticks me off about this, is that there is absolutely nothing wrong with issuing stock in your company as tokens on a block chain instead of through brokers on a standard exchange. Just do it legally, for Pete's sake! Go to the SEC, or whoever the appropriate regulatory authority in your jurisdiction is, and get authorization to issue stock! Hire somebody to implement shareholder voting as block chain trans…
The first "ICO" to do it with full compliance, useful tech and good business model, will be huge.
Yes, Filecoin raised over $200M. But their troubles are still in the future. The ICO bubble may pop before any of their investors get liquidity. It's probably illegal for Filecoin to trade on any public exchange, so they need to create a "SecondCoin" exchange for qualified investors. And blockchain-based storage has some unsolved problems like low demand.
Being compliant is quite simply going to be much bigger, sustainable and "good business" than all scammers put together.
Any evidence of this? My impression is that 90% of ICOs wouldn't survive any due diligence.
Re: Ray Dillinger: If I'd Known What We Were Starting
#4> Make sure they have the ... authority to issue stock (yes, that's what the coins on the block chain legally are, if they're selling them at launch)
I hadn't thought about a launch of e-coins as stock. This is interesting and helpful, as someone who's only been lightly following blockchain and e-coin news. I have some fear of missing out, and Ray's perspective makes me think I've worried about the wrong things.
Re: Ray Dillinger: If I'd Known What We Were Starting
#5I hate to even imagine how many billions of dollars of scams and failures and thefts have been perpetrated by abusing people's faith in and enthusiasm for that technology by now. And I have no idea how we could possibly have prevented it.
If Bitcoin had stable value instead of a built-in boom-bust cycle then we wouldn't have crypto scam mania today. Dillinger praises Satoshi's honesty, but Bitcoin's monetary policy is "a blatant bribe to early adopters". https://www.gwern.net/Bitcoin-is-Worse-is-Better
Re: Ray Dillinger: If I'd Known What We Were Starting
#6Ray is Cryddit / Bear and posted some cool stuff on the forums-
https://bitcointalk.org/index.php?topic=946236.msg10388435#m...
Semi-unrelated by Craig Wright who has (falsely) claimed to be Satoshi also claims Dillinger is his friend. Wright said Dillinger quit bitcoin due to the toxic drama. More likely Wright & his friend were early miners and not involved in the Satoshi persona.
Re: Ray Dillinger: If I'd Known What We Were Starting
#7On a more day to day level, a few years ago a lot of e-commerce pay-by-bitcoin options existed. You would not put this on the checkout next to PayPal because nobody was doing bitcoin then.
What I don't understand is why this never took off. People know bitcoin through the news, it is not new. In this time Apple Pay has come along nicely but not bitcoin.
Bitcoin has gone off on a tulips tangent. This seems at odds with what I thought the purpose was, being able to pay securely and without Visa getting their cut.
Re: Ray Dillinger: If I'd Known What We Were Starting
#8On a more day to day level, a few years ago a lot of e-commerce pay-by-bitcoin options existed. You would not put this on the checkout next to PayPal because nobody was doing bitcoin then. What I don't understand is why this never took off. People know bitcoin through the news, it is not new. In this time Apple Pay has come along nicely but not bitcoin. Bitcoin has gone off on a tulips tangent. This seems at odds wit…
Due to the limited supply of 24 million BTC, Bitcoin is deflationary meaning it will go up in value as more people adopt it. Govt print fiat currency out of thin air to encourage the population to spend on the economy. Bitcoin as the opposit affect as people use it for a store of value and a hedge against fiat currencies.
Re: Ray Dillinger: If I'd Known What We Were Starting
#9"What else ticks me off about this, is that there is absolutely nothing wrong with issuing stock in your company as tokens on a block chain instead of through brokers on a standard exchange. Just do it legally, for Pete's sake! Go to the SEC, or whoever the appropriate regulatory authority in your jurisdiction is, and get authorization to issue stock! Hire somebody to implement shareholder voting as block chain trans…
I can't imagine blockchains ever satisfying all legal requirements.
At some point I expect some court to say "X shares were illegally transferred from person A, give them back". If we don't know where they went, it's impossible on block-chain to give them back, unless we assume the existence of someone who has the rights to make arbitrary changes, at which point there is no point having a blockchain.
Re: Ray Dillinger: If I'd Known What We Were Starting
#10On a more day to day level, a few years ago a lot of e-commerce pay-by-bitcoin options existed. You would not put this on the checkout next to PayPal because nobody was doing bitcoin then. What I don't understand is why this never took off. People know bitcoin through the news, it is not new. In this time Apple Pay has come along nicely but not bitcoin. Bitcoin has gone off on a tulips tangent. This seems at odds wit…
Due to the limited supply of 24 million BTC, Bitcoin is deflationary meaning it will go up in value as more people adopt it. Govt print fiat currency out of thin air to encourage the population to spend on the economy. Bitcoin as the opposit affect as people use it for a store of value and a hedge against fiat currencies.
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