STEEMIT GIRL HALO ~ HELP WITH EOS
Picture Source: Google images
I was all pumped about getting some EOS Tokens , until I just read this from https://eos.io/faq.html
- Why can’t U.S. citizens, residents or entities purchase EOS Tokens?
It was decided that U.S. citizens, residents and entities should be excluded from purchasing EOS Tokens in the token distribution because of some of the logistical challenges associated with differing regulations in the many states of the United States of America. block.one does not believe that the distribution of EOS Tokens or the EOS Tokens themselves are securities, commodities, swaps on either securities or commodities, or similar financial instruments. The EOS Tokens are not designed for investment or speculative purposes and should not be considered as a type of investment. Nevertheless, U.S. citizens, residents and entities should not purchase or attempt to purchase EOS Tokens.
Is this for real?
Why would owning EOS be any different then owning bitcoin , steem , ethereum , or any other cryptocoin?
Can someone please explain to me why US citizens, residents and entities should not purchase or attempt to purchase EOS Tokens?
Some are saying it's not available here so that whales can't buy it all up. Others have said the developers are worrried about regulation over new ICOs. I'm not sure myself. Might be a combination of both factors. I can tell you this. Some here in the us are using torproject.org. You might check into that. It hides your browser Address location. Not sure if that will work or not. Good luck.
Thank you I will check it out
Your welcome.
So I'll try to ELI5:
The US acts in a funny way because while we're one country, each state has the power to make its own laws. This is also why you hear about states like California and Massachusetts legalizing marijuana but it's still illegal in other places like Texas and Tennessee.
Same idea applies to Cryptocurrency. Some states, such as New York, have passed pretty strict laws about how to deal with it and report it, while other states like Kentucky are scratching their heads asking how to pronounce the word.
As a result, some new coin offerings are taking various approaches to deal with the US. Mostly, I've seen things like "You can buy unless you're in New York or any of the following states" but this is the first one I've seen that's just like "fuck you if you're American." Pretty bold statement for an American-made currency.
Anyway, this is the official statement from EOS. At the end of the day, no one can really stop you if you want to purchase in. I think the actual token sale is just the traditional "send us ETHEREUM and we will reserve some EOS for you." which can be done directly through wallets like "My Ethereum Wallet" but you just need to find out the address associated with the token sale.
That being said, I'm not saying you do it, and if you do, it's a risk that your investment might be confiscated by the US government if they find you.
Anyway, if you found this helpful I'd appreciate a follow!
Edit: it's not that owning the crypto would be any different, but crypto is still considered a currency by some states and there are regulations that crypto practitioners must follow, not just in the case of the buyer, but also in the case of the distributor. Maybe instead of conforming to all those rules EOS said "fuck it we'll just not sell in America."
Also, it could very well be they will allow it in the near future once the hype dies down from the rest of the world, so that they can pump up another hype train.
Helps some , but I really don't see a difference in owning EOS or any other coin. The government just wants their cut , if I pay the tax on any profit, there will be no problem. My accountent taxes it same as stocks.
Yes but unfortunately crypto holders are not all as law-abiding as you :P
"You" the US citizen is a federally created entity that's bound to the jurisdiction known as the District of Columbia. "You" is not halo, "you" is an ens legis. So create a trust, in the indenture strictly state its created privately outside the jurisdiction of the United States, and use that entity to buy the damn coins.
Problem solved.
But I'm just crazy ;-)
You have info on exactly how I can do this? Like step by step guide?
There's no step by step guide since every trust is designed for a specific purpose. But there's general trust law guidelines that are to be followed.
But yes I have tons of reading material. Feel free to check these two out and if you want more I'll be more then happy to send them your way via link or google drive.
https://assistingvessels.files.wordpress.com/2010/03/those-who-mistrust.docx
http://www.mindserpent.com/American_History/reference/administration/2008_weiss_concise_trustee_handbook.pdf
You read the second one and you'll know 90% of what to do. And of course I can answer any questions you have if you choose to head down this road.
But while people in the states illegally use a vpn to buy tokens you'll simply use an entity already outside the us to buy yours doing it completely legally and lawfully. Choice is yours but I like to be proactive not reactive.
Thanks for the info , I will look at it soon as I get a chance.
No worries. Have fun.
I've seen that in almost every ICO that I've looked at.
ICOs are not the same as buying coins on an exchange and holding them, it's more like an IPO, which is more regulated in the U.S.. But just wait, your government will soon bring more regulation to exchanges too.
This is just a way to protect EOS (and the other ICOs that include that clause) from the government, if you as an American citizen do it anyway then you perjure yourself and they are not held liable. But I am not a lawyer so don't listen to me!
So really If I just go ahead and buy them they are only going to do one of two things to me , either confiscate my EOS or make me pay tax on any profit and I already do that anyway.
What if you buy and control them on behalf of a European with an atrociously bad memory?