RE: US SEC Ruling on the DAO May Have Chilling Effect on ICO Investment
I think you wrote a super-informative piece here @thecryptofiend.
Here are a few of my thoughts:
"All securities offered and sold in the United States must be registered with the Commission or must qualify for an exemption from the registration requirements."
FIRST THOUGHT ... and what if they don't? Say I start a ERC-20 token crowdsale right now from NJ, USA and list the event on a .onion site.
- A: How could they prevent me from getting ETH, and distributing my tokens to US residents?
- B: How could they prevent US residents from using proxies and such to go around regional restrictions enabling access to overseas exchanges?
2ND THOUGHT
If the US Govt actually makes this a sticking point, they're going to cause the price of all digital assets to skyrocket because the cat will be out of the bag that they're afraid. This is undeniable, that they are afraid. When the people know the government takes crypto as a legitimate competitor to their legacy model, it will get mass-market adoption, but the big action will happen through private brokers and through decentralized exchanges such as https://openledger.io/
LAST THOUGHT (gotta have three, right?)
Let's all remember that decentralized systems like STEEM, BTC and others are not beholden to centralized, legacy, elite-funded-and-backed "governing entities" -- They're simply socially sanctioned monopolies of force.
Our system is going to make their system obsolete. I, for one, am dedicating the rest of my life to making this happen!
Awesome response. I think you make some great points. Ultimately they can't really stop things. What I think they can do is go after individuals that may be involved. For example they could target any people who are members of the team that reside in the US. They could also shut down any exchanges that are based in the US that don't comply.
That's the extent of their powers, it appears. I'm glad you agree they can't really totally stop ICOs if people are determined enough to skirt regulators -- somebody always is. If they come after ICOs, it could have a chilling effect. Then again, it could be the very impetus to free the cat from the bag, as it were.
Well they might just push things underground.
Actually I think this is a golden opportunity for developing and emerging markets. Crypto/Free-Market friendly legal frameworks and support can end up making the next wave of Singapores and Hong-Kongs. I hope the small developing nations wouldn't miss on this opportunity. There is always a bright side to things. USSA is trying to dig its own grave like the old British Empire.
Blockchain FTW!!!
Well said @vimukthi -- I'm following you in hope of more wise comments under my posts :)
I can't stop governments and its adherents doing what they will. I'm spreading real decentralization anyway :D
"are not beholden to centralized, legacy, PEASANT-funded-and-backed"governing entities". Fixed it for you. Please don't call these people elite. They are peasant of the lowest order.
True, it either trashes the word "elite" or it requires a re-naming of the shitlords on top of centralized, shitmountain. I see your point. Language matters.
Shit-peasants...all of them ;)
HAHAHA Yayyy! Doo-doo. Yep, shitpeasants on shittaxlord mountain :D
The problem I see is if you turn your crypto into something other than crypto. So long as you don't translate your holdings into fiat, there's really not a whole lot of anything they can practically do. However, if you're like me down here in the great state of Alabama, I can't buy a loaf of bread and school supplies for kiddo with BTC and Steem yet. At that point, there's a trail to follow and they could, if they so chose to, press the issue.
For one: You can. Have you looked into LocalBitcoins.com? If you didn't want to mess with that, I'll private broker for you. I'm sure plenty of people you ask here would be willing to private broker you fiat for crypto. I could get you cash in hand today, Moneygram for any crypto you wanted to sell. Nobody would need to know, especially governments.
I feel you on your concerns and you're right. It's going to get easier and the regulation they're proposing will only prove their fear.
Plus, before long, we won't need to leave crypto. You'll be able to scan a QR code at the local Walgreens and pay in crypto.
I am eagerly awaiting the day I can scan a QR code to buy groceries with Steem or some other currency XD I'll check out localbitcoins.com. Thank you so much for the suggestion!
Yessir!
Fiat currencies, especially those issued by the Federal Reserve, are in the most severe of SEC violations. If the Fed was an OTCBB stock, the SEC would have to regard it as stock printing press; having no intrinsic value. Turning any cryptocurrency into FRNs and having governmental hassles amounts to entrapment. FRNs have no value, except what people are willing to part with in order to receive them. The stock market is often called the greater fool market. The lack of value in fiat currency is reason why folks turn to gold, silver, cryptocurrencies, barter, etc.
I don't disagree at all. However, fiat is what most places currently operate on, so I don't have much of a choice at the moment. I'd love to develop my own merchant services to sell to merchants here locally, but I'm no engineer or developer, and I don't have the capital to pay others. I'll have to make due until then :D
@anarcho-andrei, have you looked at the Bitcoin site? They offer merchant accounts. Just add:
/merchant-solutions
to their home page. This could be one of the several temporary bridges for you.
BTW, seeing your alias, you might want to check out my profile and my introduce yourself post.
Upon a bit of thinking, you can contact Ned Scott (@certainassets, Steemit: @ned) our CEO and inquire if he and his team are or will consider offering merchant account services for Steem.