RE: Does the STEEM Blue Paper respond to a recent decision by the SEC to consider some Crypto-Currencies Securities?
Great write up! I agree with your perspectives, and I'm glad you linked to Dan's post as well. That's one I remember referencing often early on as people tried to say Steemit is a scam.
Another related post you might find interesting: Will We See a New Version of 1933's Executive Order 6102?
It highlights a very real concern we should have in that governments... are not rational actors. They pretend to act for the benefits of their "members" or "citizens" (or, as I prefer, "tax slaves"), but often the results of their actions show they are about maintaining monopoly control on systems of power, such as money creation and value itself.
I mention that post because whatever we come up with today for rational arguments for or against what the SEC might do in the future is, unfortunately, at the whim of those with a monopoly on the use of force. They get to change the rules whenever they want and we have, practically speaking, very little say so in the process.
they make the rules, but prohibition encourages growth of the "black market". So, it's up to them if they want to make their money by fighting crypto, or by working with it. It's not going to be entirely pretty either way. Crypto is here to stay. It will have value regardless of what the sec decides.
Mainly, it means that if the sec decides you are a security, you can't exchange your token on the american market without registering. This will add on a bunch of regulations most cryptos probably don't want to be a part of. First and foremost that you have to have detailed knowledge about everyone who invests with you, when offering a security in the united states.
However, I believe the end user would still be able to function, even if SEC names Steem a security. The problem is that it would be a lot more difficult for American investors, and for Americans who want to get their Steem exchanged.
related post: https://steemit.com/bitcoin/@mooncryption/breaking-news-sec-planning-creation-of-cyber-unit-with-ico-oversight
@lukestokes how can somebody ever said that STEEMIT could be a scam. How stupid the person needs to be, or similar as what Jamie from JP Morgan mentioned Bitcoin is a fraud. Perhaps that person wanted steemit to crash because he wanted other platforms to succeed. In any case I believe STEEMIT is one of the best cryptocurrencies and blockchain platform out there, and it is very close to climb a lot. Like @jerrybanfield mentions often, it will go 10x and then 100x and so on. Perhaps in 6 months or an year we are surprised on how big it has grown. Thansk for sharing this info about the SEC @inquiringtimes , my believe is that there are lots of other cryptos they will look at first that coming to this one. What do you think. Just upvoted your comment, and also the post. @gold84