"Rest in Peace Bounty Programs" - The Bee Token has cancelled their bounty due to SEC regulations !
The currently popular Bee Token has cancelled their Bounty program stating:
"GUYS OUR BOUNTY PROGRAM IS NOW OFFICIALLY CLOSED, DUE TO NEW REGULATIONS WE HAVE HAD TO IMMEDIATELY CEASE OUR BOUNTY. AGAIN, THIS HAS NOTHING TO DO WITH US OR HOW WE RUN OUR BUSINESS AT ALL, BUT IS IN RESPONSE TO RECENT SEC COMMENTS. THANK YOU ALL FOR YOUR RECNT PARTICIPATION!!"
They didn't provide much more detail related specifically to The Bee Token but include an article by Andrew J. Chapin:
https://hackernoon.com/rest-in-peace-ico-bounty-programs-fc1e1e04e867
Andrew says:
"Participants were happy to receive free token, ICO project managers loved the free (organic-ish) marketing, and everybody was happy. Except for the United States Securities and Exchange Commission (SEC). Now, citing the all-mighty Howey Test, the SEC is pursuing American ICO operators who offer a bounty program."
In his article, Andrew includes video/blog bounties as well as airdrops. On the other hand, his argument is based on the fact that promoted coins should qualify as Securities due to the Howey test.
Interesting news - I was never a big fan of those bounty marketing campaigns anyway. They generate so much spam, I think promotion should occur organically because people love a project, that is way more valuable than pay and spray marketing.
I did come across an ICO (sorry I've forgotten who it was in the flood of ICOs I've checked out in the past couple of months) who said they were not even go to ICO until they had a working product. Their stance was doing so was perilous by the Howey test because taking money when there isn't even a working product was clearly a speculative investment.
Keep on posting a good luck - your reputation will soon be soaring. You might also consider signing up with ICOBench as an expert. It will help increase your visibility was an ICO critic/expert/resource.
Dude thank you! And thank you for the idea for ICOBench! Appreciate your opinion on bounties and I did not know that having/not having a product changes how your token will look like in the eyes of the Howey test, I always thought it's all about whether the token behaves as stocks/shares.
#bitcoin
people talk about bitcoin but i have not understood