Steampeak Now Includes Steem Engine Tokens On It's Wallet And a Link To the Live Market! SMT Substitute is GO!
I just viewed the wallet page for my account in @steempeak and noticed that they have already integrated the @steem-engine version of SMTs into their website, pretty cool!
I can see I have tokens from Steem Ninja and the Class Action Lawsuit against Facebook and Google.. I can also then click through and open up the market place for Steem Engine tokens to buy or sell more! This is all very useful and I expect we will be seeing a LOT more of this in the near future as more people figure out what they can use it for.
I am contemplating whether to jump in and start using this for my own site, but I need to get more answers regarding the legalities of running a token. I am a bit concerned that so many people have jumped in and created tokens as I imagine few of them will have done any due diligence research to protect themselves legally, but I guess that's their issue, not mine. Primarily, as I understand, the main issue is whether or not the token is classed as a security and I know that @aggroed and @yabapmatt have registered their Steem Monsters token as a security with the US government. Maybe you guys have a helpful comment and tip for me on this?
What have you used these tokens for so far? What do you intend to use them for? I'd love to know as I'm sure there will be many and varied use cases.
Wishing you well,
Ura Soul
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The US rules are relevant primarily for US based token issuers. You need to comply with the rules of your own country first. If you have no connection to the US, the SEC has no jurisdiction.
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Thanks Andrew, that makes sense. I don't know anything about the requirements in Britain, but it sounds like maybe starting a company in a less restrictive jurisdiction (non British) and one that is more crypto friendly might be a good idea.
You should start by checking out what the UK rules are. Maybe they are not so bad.
The US actually has the most restrictive rules of the main jurisdictions.
I know that Australia, Israel, Malta, Gibralta and even the EU is less problematic.
The SEC's position means that monopoly money is a security - its ridiculous and will likely be overturned by the Courts.
Yes, ideally, I agree - however, I know from experience that getting expert legal advice on anything crypto related in Britain is very costly - beyond my budget.. Maybe I will relocate to a cave on a remote tropical island somewhere to get started. :)
I'll try to look into it myself anyhow.
This is amazing news!!!
I’m still holding off on jumping right in until there’s more details on what I can do with these tokens.
I guess with Actifit and Partiko you can trade those points (tokens) in for upvotes on posts.
But what about the tokens on the Steem-engine sidechain?
I think this is a great move!!!!!
Posted using Partiko iOS
I don't have any details on how simple it is to integrate SE tokens into an existing website, but I imagine it should only be a case of issuing fairly standard commands to the Steem blockchain on the part of the website in question. We shall see soon what developers do with this!
Very cool review, thanks so much!
We will save you some MULA tokens ;-)
SY-
You are welcome. Much appreciated!
@urasoul
"the main issue is whether or not the token is classed as a security" - not a security if you don't list it as an ICO, so NO if it is given away in an airdrop! ;-)
I was under the impression that the deciding factor in the 'hewie' test relates to whether or not there is expectation of making a profit - I guess giving it all away in airdrops might get around that, great if you've got money to give away!
Give the folks at home a link to play with to see it live: https://steempeak.com/@ura-soul/transfers
hehe - oh yeah, i forget that not everyone uses Steempeak yet ;)
Also good job posting this... we love seeing this sort of review.
Our post was in draft and we just posted it... but we wouldn't mind lots of people doing a review because not everyone is going to read your post or our post.
No problem, you are welcome. No doubt I'll post more on it as I learn more about the fine points and as I research the possibility of creating my own token.
Btw, you could always link people inside Steempeak to their profile page on Steemocean too, so that they can get the statistical goodness from their voting on Steem: https://steemocean.com/voter/jarvie
Well maybe the real question is which of those stats are you the most interested in.
Dashboard hasn't been touched since we launched SteemPeak. Maybe it's time for an update sometime soon. Share here or in discord of course.
Steem ocean is my own site, so I personally don't have a need to see any stats inside Steempeak as I see them anyway - I was just thinking you could easily add a link that points people to Steem Ocean so that they know it exists and can see the stats.
Oh i had no clue... that's cool!
I had yet to see it, thanks for the link.
You are welcome! There's a lot of scope for improvements there, but even as it is people find it useful for a variety of reasons :)
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