11–20 of 50 posts
> Ask whether the blockchain is open and public, whether the code has been published, and whether there has been an independent cybersecurity audit. That's an entirely prescient statement that suggests the SEC has done a serious bit of homework and has put careful thought into the subject.
Not prescient, real. There have been ICOs where the blockchain wasn't running yet. That's just a "send us your money" scam.
> Ask whether the blockchain is open and public, whether the code has been published, and whether there has been an independent cybersecurity audit. That's an entirely prescient statement that suggests the SEC has done a serious bit of homework and has put careful thought into the subject.
Not prescient, real. There have been ICOs where the blockchain wasn't running yet. That's just a "send us your money" scam.
> Ask whether the blockchain is open and public, whether the code has been published, and whether there has been an independent cybersecurity audit. That's an entirely prescient statement that suggests the SEC has done a serious bit of homework and has put careful thought into the subject.
Not prescient, real. There have been ICOs where the blockchain wasn't running yet. That's just a "send us your money" scam.
The easiest counterexample would be Ethereum itself, who had a teenager as its public face, and raised large amounts of funds on top of mostly just a whitepaper, yet turned out to actually deliver all the crazy stuff they promised.
It seems like Golem compute tokens would not be considered securities, but what about obvious joke coins that are only a value store, like the FUCK token?
Reminds me of Dogecoin.
Can a mod add "July 25, 2017" to the title? It's not that long ago, but I thought this might be new.
I'm seriously wondering, though... Have there really been that many ICOs? As an outsider the general impression I get (which I recognize might be completely inaccurate) from most coins is that they're "get rich quick" schemes.
A while back I was trying to read up on Ethereum, and despite their nice landing page and superficial info.... Once I tried digging in further into the actual code and actually running any stuff, it was a horribly confusing mess that made me hesitant to put my trust in them. All their docs and wikis seemed full of outdated links and information.
Earlier quoted context omitted.
Not prescient, real. There have been ICOs where the blockchain wasn't running yet. That's just a "send us your money" scam.
Annoyingly enough, that's not sufficient to make those ICOs scam. The easiest counterexample would be Ethereum itself, who had a teenager as its public face, and raised large amounts of funds on top of mostly just a whitepaper, yet turned out to actually deliver all the crazy stuff they promised.
I dunno; I'm still trying to figure out whether it's a great idea or the worst idea. I don't want to have to do a code review on my investments; at large enough scale, lawyers are way cheaper than losing money.
https://medium.com/@andrew311/thoughts-on-the-secs-initial-c...
In the post, I explore what constitutes a security by examining case law and draw comparisons to other means of raising money for companies that are typically outside the purview of securities (gift cards, Kickstarter). Hopefully this helps provide perspective.