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RE: Arise Bank HQ raided by the alphabet gang
I just found this article dated today on the matter.
"The U.S. Securities and Exchange Commission obtained a court order freezing the assets of a Texas-based initial coin offering that claimed to have raised more than $600 million.. [...] The asset freeze is the biggest action yet for the agency trying to police a red-hot market that’s raised billions from a range of investors."
I am sorry but if you are going to raise big money, you have to do it properly. Follow the US rules if you are in the US. Else, move to a jurisdiction that allows what you want to do. And... one way or another, scammers will get punished.
official release: https://www.sec.gov/news/press-release/2018-8
Edit: Reading through the SEC documents I have to admit there is some compelling evidence. I'm still on the fence tho, as there are mighty powers at work here, and the incentives are many.
Do you think the government is doing this to protect us? I believe they're doing it because of pressure from the banking industry. From what I understand the whole point is to challenge the legislation. The government claim aCO is a security, while Arise themselves label it as a utility. The unauthorized use of the word 'bank' which is also something they kicked off on, is irrelevant if Arise in reality operates within the boundaries of what they themselves claim to be. There is a lot which is yet left to be determined in court and from what I've heard Arise is setting up a solid defence. I won't pass judgment until I've got compelling evidence.
IMO, this might be good as there are so many ICOs which are no more than a money grab. It was open season in 2017 and the shitest of projects got funding simply because they were good story tellers and made sure to use a diamond geometric background on their websites.
2018 will be the battle of the blockchains. Media will begin to realize the underlying value instead of just running with the cryptocurrency hype. Projects/Teams will compete for supremacy. Who has the better code and the real world use will rise. The pipe dreams will sink to the bottom.
True. Regulations are in order. I just hope the legislators won't go over board with to the point where it cripples the entire industry.
2018 will be a very interesting year for sure! What projects/teams do you have faith in?
Yeah I don't think it will cripple it. It was just ridiculous last year so there had to be some sensibility and stability.
There's plenty of good projects but atm I think everyone is observing. What will struggle with this intervention and what will be realized as solid.
Time will tell!