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« on: August 15, 2015, 02:53:04 am »
Read the article. It is a little bit concerning. From one person on reddit:
[–]danielravennest 5 points 5 hours ago
This ruling raises all kinds of questions:
So if I get a certificate from Starbucks for a free coffee, it that a commodity-backed (coffee) token (the certificate)? Whether the token is paper or electronic shouldn't matter.
I'm a woodworker, and formerly owned 100 acres of timber land, and occasionally saw up logs for their lumber. Say I get some friends to help cut up the wood. It's heavy work, and people have helped me in the past. I tell them they can have some of the lumber once it dries, and use a colored coin as a token to prove ownership. Then they can trade it around to other people who would get the lumber eventually.
Lumber is definitely a commodity, and the colored coin is a token. So do I need to register as a money transmitter? What if I have a commercial sawmill, and sell my future production to lumber users using colored coins? That might be a way to finance expansion without taking a big loan.