Kik is Canadian technically no?
SEC Charges Kik With Conducting $100M Unregistered ICO
31–40 of 343 posts
Re: SEC Charges Kik With Conducting $100M Unregistered ICO
#32"The complaint further alleges that Kik marketed the Kin tokens as an investment opportunity. Kik allegedly told investors that rising demand would drive up the value of Kin, and that Kik would undertake crucial work to spur that demand, including by incorporating the tokens into its messaging app, creating a new Kin transaction service, and building a system to reward other companies that adopt Kin. At the time Kik…
The shmublic investors don’t have access to seed/series-A deals.
I personally feel that rando cryptocurrency vs Uber post IPO has similar alpha, but obviously quite different beta.
Re: SEC Charges Kik With Conducting $100M Unregistered ICO
#33"The complaint further alleges that Kik marketed the Kin tokens as an investment opportunity. Kik allegedly told investors that rising demand would drive up the value of Kin, and that Kik would undertake crucial work to spur that demand, including by incorporating the tokens into its messaging app, creating a new Kin transaction service, and building a system to reward other companies that adopt Kin. At the time Kik…
>Who even bought this stuff? Doesn't this throw up all the red flags of a scam ICO?
What’s amazing is they raise nearly $100M selling the token, spent $5M in legal fees and then began raising additional legal fees (over $5M to date) from the public to continue to fight the SEC and anticipation of future litigation with the SEC.
They raised $100M and can’t be bothered to use that for their own legal fees...And the public is apparently happy giving them millions more, it’s insanity.
Re: SEC Charges Kik With Conducting $100M Unregistered ICO
#34Earlier quoted context omitted.
Ethereum is an outlier in the cryptocurrency world? Ethereum is the reason there have been so many ICOs in the past 3 years.
Yes, Ethereum is an outlier in the sense its ICO wasn't a complete scam.
So it was a non-scam ICO in support of a platform for facilitating scam ICOs? Great.
Re: SEC Charges Kik With Conducting $100M Unregistered ICO
#35While I look forward to the outcome of this, it's worth noting that the SEC has claimed that "airdrops", or simply giving away tokens to others for free, should also be considered securities, as well as "pre-mines", where you mine cryptocurrency before the public receives it. The SEC has an ever expanding view of what it should be responsible for regulating. I cannot understand how issuing a digital asset without rec…
The continuous pump-and-dump activity that you see in the crypto space is a clear demonstration that they should be regulated by the SEC. Regulation is unpopular among the people inside the regulated industry, but it protects society as a whole.
>but it protects society as a whole.
Regulations may be a net positive overall but there are plenty of examples of bad regulation. The general case does not necessarily apply to any one case and even if it does there's still plenty of room to screw up the implementation. You can't just hand wave and say "well regulation is generally good so therefore this specific regulation must also be good". That's the same flawed logic as using demographic statistics as if they apply to individuals.
I can't believe I'm defending crypto here.
Re: SEC Charges Kik With Conducting $100M Unregistered ICO
#36Are there legitimate uses for Kik past NSFW uses? I only ask because that is the only context in which I've ever seen Kik used. I didn't know if it was popular in other places (not the USA) for SFW purposes.
It is/was super useful for tinder bots to make redundant contact before being banned from the tinder app.
Re: SEC Charges Kik With Conducting $100M Unregistered ICO
#37Does this mean azer can get his package back now
Re: SEC Charges Kik With Conducting $100M Unregistered ICO
#38Earlier quoted context omitted.
> scam ICO It seems like you might of repeated yourself... This is the cryptocurrency roosters coming home to roost, no?
Ethereum also had an ICO (paid in Bitcoin) and it delivered. Cosmos held an ICO and delivered. Not all ICOs are scams.
>Ethereum also had an ICO (paid in Bitcoin) and it delivered.
According to the SEC it was also an illegal offering of a security, and its receiving special treatment bc they considered it to have matured and no longer be considered a security, therefore grandfathered its grandfathered in unlike any other ICO.
No one else is going to have the good fortune of being able to offer an unregistered security then mature into a non-security with the SEC acting first.
Re: SEC Charges Kik With Conducting $100M Unregistered ICO
#39For those who didn't know (like me): 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,"
Re: SEC Charges Kik With Conducting $100M Unregistered ICO
#40Earlier quoted context omitted.
Because Bitcoin and Ethereum are not stand-ins for shares in a particular entity.
Eth and BTc are quite different and Eth is absolutely a security. Eth meets the Howey test. BTc arguably does not due to its manner of distribution and initiation.
According to the SEC chairman, ETH may have been a security at first but it's not anymore.
https://coincenter.org/link/sec-chairman-clayton-just-confir...