Author Topic: CFSCOIN - now hiring - 150,000 sharedrop on CFSGOLD - giveaway inside :D  (Read 16449 times)

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Offline graffenwalder

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Thanks mate, looking forward to how crypto hedge works out.



Offline Frodo

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Very interesting initiative  +5%
Thank you.

Offline wesphily

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"(since most people understand that a coin does not confer any legal rights or responsibilities)."

This is not a true statement. Crypto currency is considered property. People have the right of ownership which is a legal right :P It is also a tax liability which is a responsibility :)
You also need to be very careful with the words you use. If ownership of a coin is supposed to represent ownership in a company similar to a share/security then it will be treated legally that way implicitly. Doesn't matter if there is a document or not. Really, it is worse if you don't have documents because a malicisous person could utilize this fact to black mail you.

All of this is assuming that CFS is a legal entity. (LLC/s-corp/c-corp/ect...) If it only exists in crypto technology and not on a document then I'm not sure how it will be treated since it isn't a legal company. I got road blocked on this when trying to utilize bitshares for Real Estate. A crypto company does not have the ability to own real property. (real property = real estate) There is too much red tape for a small timer like me to use bitshares for a legal company that can own real property.

I'm glad to get some input on this.

Cryptohedge is a DAC and will only ever exist on the bitshares blockchain and owning CFSCOIN does not give you anything other than owning CFSCOIN. For now, CFSCOIN is backed purely by the reputation of Riverhead and me (i.e. it will have value to people who believe we are going to do with it what we have said we plan to do with it).

My vision for how it will end up in its final decentralized "true DAC state" is where the only way it can interface with the real world is through contract-free compensation of employees (delegate style), and reputation based custodianship of client funds. The idea is to create a web of trust that starts out with me and riverhead and expands to include more employees, and could eventually potentially include trusted anonymous employees (trustable, yet untargetable by LE). The DAC should ultimately be 100% controlled by voting done by CFSCOIN holders, and the counterparty exposure that CFSGOLD and other assets get should be moved from Riverhead and me onto the CFSCOIN voters as a whole (through voting controlled smart contracts somehow :P).

You are safe for now. If bitshares fulfills what it says it wants to then this will change. You'll have to adapt. I would not be surprised if the SEC considered the act of holding shares and having decision making power makes the property a security and the investors limited partners. Although it would not be a documented company it could be seen legally as acting like one which would put it in SEC court.

Again, you are probably safe for now, BUT I would advise that you save back for a good lawyer.

Yeah, I agree that it's pretty certain that I, personally, will be targeted for illegal fundraising eventually, no matter how much I insist on it being "contract free" or "just a coin". But that will only happen if BTS gets big enough to get noticed and in that case I should be able to afford whatever fine I'm given :P

The most important thing is that people who buy our UIA's should not be at any risk of getting their funds seized if me or someone else gets targeted.

It'd be more than a fine. Do you have a good lawyer already?


Offline vegolino

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Offline Rune

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"(since most people understand that a coin does not confer any legal rights or responsibilities)."

This is not a true statement. Crypto currency is considered property. People have the right of ownership which is a legal right :P It is also a tax liability which is a responsibility :)
You also need to be very careful with the words you use. If ownership of a coin is supposed to represent ownership in a company similar to a share/security then it will be treated legally that way implicitly. Doesn't matter if there is a document or not. Really, it is worse if you don't have documents because a malicisous person could utilize this fact to black mail you.

All of this is assuming that CFS is a legal entity. (LLC/s-corp/c-corp/ect...) If it only exists in crypto technology and not on a document then I'm not sure how it will be treated since it isn't a legal company. I got road blocked on this when trying to utilize bitshares for Real Estate. A crypto company does not have the ability to own real property. (real property = real estate) There is too much red tape for a small timer like me to use bitshares for a legal company that can own real property.

I'm glad to get some input on this.

Cryptohedge is a DAC and will only ever exist on the bitshares blockchain and owning CFSCOIN does not give you anything other than owning CFSCOIN. For now, CFSCOIN is backed purely by the reputation of Riverhead and me (i.e. it will have value to people who believe we are going to do with it what we have said we plan to do with it).

My vision for how it will end up in its final decentralized "true DAC state" is where the only way it can interface with the real world is through contract-free compensation of employees (delegate style), and reputation based custodianship of client funds. The idea is to create a web of trust that starts out with me and riverhead and expands to include more employees, and could eventually potentially include trusted anonymous employees (trustable, yet untargetable by LE). The DAC should ultimately be 100% controlled by voting done by CFSCOIN holders, and the counterparty exposure that CFSGOLD and other assets get should be moved from Riverhead and me onto the CFSCOIN voters as a whole (through voting controlled smart contracts somehow :P).

You are safe for now. If bitshares fulfills what it says it wants to then this will change. You'll have to adapt. I would not be surprised if the SEC considered the act of holding shares and having decision making power makes the property a security and the investors limited partners. Although it would not be a documented company it could be seen legally as acting like one which would put it in SEC court.

Again, you are probably safe for now, BUT I would advise that you save back for a good lawyer.

Yeah, I agree that it's pretty certain that I, personally, will be targeted for illegal fundraising eventually, no matter how much I insist on it being "contract free" or "just a coin". But that will only happen if BTS gets big enough to get noticed and in that case I should be able to afford whatever fine I'm given :P

The most important thing is that people who buy our UIA's should not be at any risk of getting their funds seized if me or someone else gets targeted.

Offline Rune

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Exciting. So are you still planning sharedrops of CFSCOIN on CFSAssets besides CFSGOLD, and if so what percentages? The way I figure it, CFSCOIN can already start acting as the insurance to back CFSAssets in case of losses, correct?

BTS: arhag  :)

Yes, I want to ultimately do some amount of sharedrop on every single MPA that gets listed on a centralized exchange, as I think it can work as a good way to kickstart the liquidity of those MPA's.

I'm not sure about percentages, I think the best option is to wait until the given CFS asset is launched to determine what sharedrop amount is most useful.

I don't think it would be honest to claim that CFSGOLD was insured until CFSCOIN has a high enough, liquid market cap to cover a total default of the exchange that holds the most CFS asset funds. Perhaps this means that we should start to run the buy&burn bots a bit before we do the CFSGOLD sharedrop, so we can make sure they are actually insured when they no longer have the sharedrop bonus. (though I guess since we currently trade on 0 exchanges we can credibly claim that we are fully insured against exchange default with CFSCOIN at 0 market cap :P)

Offline wesphily

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"(since most people understand that a coin does not confer any legal rights or responsibilities)."

This is not a true statement. Crypto currency is considered property. People have the right of ownership which is a legal right :P It is also a tax liability which is a responsibility :)
You also need to be very careful with the words you use. If ownership of a coin is supposed to represent ownership in a company similar to a share/security then it will be treated legally that way implicitly. Doesn't matter if there is a document or not. Really, it is worse if you don't have documents because a malicisous person could utilize this fact to black mail you.

All of this is assuming that CFS is a legal entity. (LLC/s-corp/c-corp/ect...) If it only exists in crypto technology and not on a document then I'm not sure how it will be treated since it isn't a legal company. I got road blocked on this when trying to utilize bitshares for Real Estate. A crypto company does not have the ability to own real property. (real property = real estate) There is too much red tape for a small timer like me to use bitshares for a legal company that can own real property.

I'm glad to get some input on this.

Cryptohedge is a DAC and will only ever exist on the bitshares blockchain and owning CFSCOIN does not give you anything other than owning CFSCOIN. For now, CFSCOIN is backed purely by the reputation of Riverhead and me (i.e. it will have value to people who believe we are going to do with it what we have said we plan to do with it).

My vision for how it will end up in its final decentralized "true DAC state" is where the only way it can interface with the real world is through contract-free compensation of employees (delegate style), and reputation based custodianship of client funds. The idea is to create a web of trust that starts out with me and riverhead and expands to include more employees, and could eventually potentially include trusted anonymous employees (trustable, yet untargetable by LE). The DAC should ultimately be 100% controlled by voting done by CFSCOIN holders, and the counterparty exposure that CFSGOLD and other assets get should be moved from Riverhead and me onto the CFSCOIN voters as a whole (through voting controlled smart contracts somehow :P).

You are safe for now. If bitshares fulfills what it says it wants to then this will change. You'll have to adapt. I would not be surprised if the SEC considered the act of holding shares and having decision making power makes the property a security and the investors limited partners. Although it would not be a documented company it could be seen legally as acting like one which would put it in SEC court.

Again, you are probably safe for now, BUT I would advise that you save back for a good lawyer.

Offline House

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look forward to seeing where this goes

BTS: houseofpereira

Offline Rune

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"(since most people understand that a coin does not confer any legal rights or responsibilities)."

This is not a true statement. Crypto currency is considered property. People have the right of ownership which is a legal right :P It is also a tax liability which is a responsibility :)
You also need to be very careful with the words you use. If ownership of a coin is supposed to represent ownership in a company similar to a share/security then it will be treated legally that way implicitly. Doesn't matter if there is a document or not. Really, it is worse if you don't have documents because a malicisous person could utilize this fact to black mail you.

All of this is assuming that CFS is a legal entity. (LLC/s-corp/c-corp/ect...) If it only exists in crypto technology and not on a document then I'm not sure how it will be treated since it isn't a legal company. I got road blocked on this when trying to utilize bitshares for Real Estate. A crypto company does not have the ability to own real property. (real property = real estate) There is too much red tape for a small timer like me to use bitshares for a legal company that can own real property.

I'm glad to get some input on this.

Cryptohedge is a DAC and will only ever exist on the bitshares blockchain and owning CFSCOIN does not give you anything other than owning CFSCOIN. For now, CFSCOIN is backed purely by the reputation of Riverhead and me (i.e. it will have value to people who believe we are going to do with it what we have said we plan to do with it).

My vision for how it will end up in its final decentralized "true DAC state" is where the only way it can interface with the real world is through contract-free compensation of employees (delegate style), and reputation based custodianship of client funds. The idea is to create a web of trust that starts out with me and riverhead and expands to include more employees, and could eventually potentially include trusted anonymous employees (trustable, yet untargetable by LE). The DAC should ultimately be 100% controlled by voting done by CFSCOIN holders, and the counterparty exposure that CFSGOLD and other assets get should be moved from Riverhead and me onto the CFSCOIN voters as a whole (through voting controlled smart contracts somehow :P).

Offline arhag

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Exciting. So are you still planning sharedrops of CFSCOIN on CFSAssets besides CFSGOLD, and if so what percentages? The way I figure it, CFSCOIN can already start acting as the insurance to back CFSAssets in case of losses, correct?

BTS: arhag  :)