SEC to blockchain community: You are now regulated
“federal securities laws apply to those who offer and sell securities in the United States, regardless whether the issuing entity is a traditional company or a decentralized autonomous organization, regardless whether those securities are purchased using U.S. dollars or virtual currencies, and regardless whether they are distributed in certificated form or through distributed ledger technology.”
Credit link: http://bit.ly/2vIy09c
Good evening all! This is a major blow to the emerging crypto currency. I believe the past decade may have been a trial run by several governing entities to see how people will take to the next generation of currency. I do not know if the cryptos will recover from this, be ready for massive dumps across the boards. We all know anything on a computer can be tracked, regardless of what they tell you. And we know anything can be hacked as evidenced by the numerous glitches thus far. I would be ready for the cryptos that come out from Russia and China as State run currency, which should be somewhere around 2020 give or take 5 years, tough to know how far along they are from these test runs. But we know they are close, because they are now trying a new tactic by regulating them, which I know everyone here fully expected. If your new to this stuff, do not be fooled into thinking for 1 second that this is governing attempts to actually "regulate" cryptos, this is simply them trying to beta test more and see how people will react. Also bear in mind not all cryptos are created behind dark room closets in governing facilities, but the ones that jump out the most and are making the most profit most likely are. You have to remember, if you can print endless money and then use it to by crypto currency, you still in effect are completely running the show. Big highs, big crashes, just like the stock markets in my humble opinion. Take care and feel free to comment in my new works! I truly appreciate hearing from everyone as it broadens my views, be it positive or negative!
I don't think of this as a blow at all. The ICO extravaganza has come to the point of the ridiculous. Many of the ICO's still have not got anywhere near their claimed product online yet. Many have had the money disappear along with the scammers who ran the racket.
I doubt that these ICO rackets would have worked no matter where they were domiciled. This is partly also why most of them use a cryptocurrency, and registered companies in known havens...
Note that this only directly affects ICO's, and not cryptos. Yet. But I personally don't see the problem either that schemes like Steem would be under investigation not far further down the track, because, and admitted in the words of none other than Dan, himself, devised to skirt around regulations while allowing the founders to amass a large amount of tokens then trickle out to the market to actualise their 'value'.
You don't wonder why so many promises are made by Steemit and then nothing ever happens?
I'm not saying that I consider the SEC a competent, uncorruptible investigative agency, far from it. But the sharks smell the blood in the water. They of course will line up to steal the money before the many racketeers manage to escape with the money after the half-assed 'work' they did to create the appearance of a legitimate crypto system.
This is a very bleak view, but it does have some ring of truth!
Thanks for the reply! You definitely bring out some good points!
Great article. We have to united and audit ourselves as a community or the government will step in. Not that they need a reason.
The shakedown is gonna be incredible. I'm betting on Dash having the correct answer, and probably even has the funds laid aside to get the licence already yesterday.
Hey all, do not forget to up vote each other! Great discussion
I'm following a policy of 4 100% upvotes, comment or root post, daily, so that I'm giving out maximal rewards to those who I vote for. I used to often give out 10% or so frequently, but I still find my VP not coming back every day so I am using more discipline now.
It's funny that this should come up right at this moment - I have just finished composing this post: https://steemit.com/div/@elfspice/the-div-kernel-a-weed-that-has-found-fertile-ground
Governance is the core and very serious problem in 'Blockchain' projects these days. The only chain that is taking the proper due care to govern itself is Dash.
You can bet your bottom dollar that Dash is going to respond to this quickly, and effectively, and Dash is gonna see $1000+ prices very soon, because such a ruling is going to put a LOTTA rackets in some serious hot water.
That means you, @ned @dan @sneak @blocktrades @smooth @abit, just to address those who are by their own trickery or collusion in such positions of being responsible for what happens here.
I'm pretty sure I am going to be very glad, over the next 3 months, that I am holding my surplus crypto in Dash.
The DIV network will also be very responsive to this very serious issue as well. I believe it will even outdo Dash for its effectiveness, once it gets out of alpha and has an avenue towards exchange.
Government might be a bunch of corrupt assholes, but they do know one thing, that everyone in crypto better pay attention to: Without governance, they are being handed yet another tax cash-cow to milk.
Build governance into your chain, or prepare to be Governed.
Dash is indeed looking ahead for various walls to stop before they get there, however do not forget the overall agenda of the release of all cryptos, people are completely speculating on a unproven future asset. A VERY dangerous game indeed. Stick to in hand tangible assets, only because of the current economic conditions. Grabbing onto a great white shark in the hopes it will bring you to shore from a sinking boat, is a VERY bad idea.
Dash is even looking at getting a seat on the TenX board now, in order to become part of the consortium to set up a FUCKING LEGIT BANKING LICENCE. Yes, I know, it's probably gonna be a pretty fraught process, but to have even one Fiat gateway controlled by actual crypto people... TenX and Dash clearly know thte score. It's time to stop letting the dinosaurs tell us how we do business, and, indeed, start self-regulating as well, above and beyond the standart of the banking industry.
I am quite aware of the need for tangible assets. This is why I have acquired a lot of things that would be useful and portable should I end up a bum on the street again (I'm doing my best to avoid it, also). Having spent a lot of time on the street I know what the real assets are in this situation. But I am gonna do my best to stay housed, because I am still far from a steady, symptom free health situation. Eating the food provided to street folk in Amsterdam triggered off chronic allergic asthma, and I now can barely get away with eathing anything outside of the spec that I have discovered. Even some very tasty ice cream today, and my skin rash and allergic asthma have flared up. Only the Paleo diet I have been following is not causing big problems. Even there, I am still struggling with dairy, which I think is also not helping.
wow, sounds like your getting back into things though, I have heard great things about that diet although I'm not sure I would enjoy it much. What cause you to go on the street if you don't mind my asking in public. There is no reason people of today should be in a bad spot like that. Greed is everywhere and people pay the price.
I landed on the street in the first place because my dutch passport expired as I was in the middle of job hunting. It was 7 months before I had ID. I had no help from anyone so staying fed I had to learn where you get free food and all the traps of living in Amsterdam...
I literally only just missed out by days from landing a job, and I also only missed out, not long before, landing a job working for the Ethereum branch that was set up there way back at the beginning.
The irony of where it was, is not lost on me ;)
As for the diet, it's not about enjoyment (though I am discovering many things that I may never have ever tried otherwise) - it's about evading the omnipresent threat of severe, and potentially life threatening allergic reactions that just seem to get worse the older I get. I stopped drinking alcohol and energy drinks, in particular, because they clearly both were contributing a lot towards my illness.
I am gonna have to fast today though... I don't know what's triggering this rash and asthma but I'm getting sick to fuckin death of it. It probably is milk.
Looks like the heavy hand of the Central Banks has finally recognized the threat of crypto-currencies and is taking legal action thru the long arm of the SEC. How long now before they develope a one-world Central bank crypto-currencies and declare ownership of all competitors to be terrorists?
If we enjoy the freedom of a decentralized currency, action needs to be taken now! Contact your Senators and congressmen and tell them to butt out!
As a victim of one of the least obvious and blatant crypto-funding scams, I think it's about time someone asked the question about whether half of these ICO's are legitimate or not. Who was going to do this?
I don't enjoy the freedom of decentralised cryptocurrencies that are run like absentee landlords run their rentals. That's aimed squarely at Steemit, by the way. As a former witness and having attempted to get RPC nodes up and running for more weeks of my life than such should take, I don't feel at all like this is something I will miss.
The best bit about this is not the intervention of the State, the bit I like is, now cryptocurrency developers have to really do their homework before they start spouting about what they are gonna build. They will have to fund more of their development work, with their own sweat equity, instead of having it dished out by the shovel-load by ignorant 'investors'.
They can't stop our freedom in the cryptosphere so there is no need. They tried to make digital stamps for emails too - remember? Flunk!
Tried? By the time you hear about it, its already done. They just don't let YOU see it. I.T.s know all the good secret stuff ;)
Lol, I wish....I always get their secretaries who state," Well, I have not heard anything about that.....I will be sure to pass the message on!"
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