I think best way to do this would be a separated chain for peggs to indeces like Dow, NASDAQ, DAX and others .. not only for legal reasons but also for maintenance and compliance
foo you are finally up, I can go to sleep now, knowing the forum is in good hands. Good night.
I'm not a lawyer so don't take anything I say as legal advice, these are my personal opinions.Forget about legal reasons. If you're afraid of legal reasons then perhaps you already broke the law by using BitUSD. Maybe you're already going to jail for counterfeiting. On the other hand if BitUSD is legal then so is everything else on the chain which is a BitAsset.
All BitAssets are the same. They are BTSX. All BTSX is source code, binary, reduced to speech.
The US Constitution gives the right to free speech. No software has ever been banned. Tor, Bittorrent or anything. So as long as you're not interacting with fiat, they have no authority to ban your speech.
They could go after you just out of spite and try to stretch the law to do it but why assume they will if they haven't banned Bitcoin? If they are going to ban anything it would have happened. Zerocoin would probably be banned first because Zerocoin actually scares law enforcement while these other technologies don't scare anyone.
I doubt anyone cares if you make money on digital currencies. I also don't think anyone cares if you trade fake stocks or simulations. If they do care then it's not in their jurisdiction because it's all virtual anyway so what can they regulate when there is no central trusted party?
Hi,
Some people proposed bitassets for commodities (oil and gold) as the next step for BitsharesX. I believe it would be more promising to start bitassets for major market indices, like S&P500, Dow, and Nasdaq. And possibly major Asian indices too. At least, real-time feeds for market indices are easier to get than for commodity futures, though I'm not entirely sure if there is a way to re-publish them for free. It would also potentially bring some long-term retirement investments to BitShares universe, and exiting a BTSX position to S&P500 instead of USD looks more logical if the money is used for capital gains, not just capital preservation.
I'm all for this. If you can do it decentralized, all in code, without any interaction with central authorities, why not? You can turn an index into a BitAsset and go for it. Anyone can launch a BitAsset to do this if there is enough demand for it.
I don't agree with my counterparts who say we should wait for permission from regulators (they don't understand the technology). I think if there will be regulation it will be on the Gateways which allow you to turn your BitAssets into legal assets. As long as the Gateways are regulated then the Bitshares chain and it's users don't have to worry about any regulations.
The only thing Bitshares developers should have to worry about is innovating. Ripple can worry about forming relationships with banks and the Gateways in and out should be regulated. Coinbase already is regulated and you have to buy Bitcoin through that to get Bitshares. The Ripple Gateway to turn BTSX (BitAssets) into legal securities will also be regulated. So regulation should take places on the edges.
If regulators get angry at the existence of Bitshares X and you're afraid of that then run a crippled "regulator friendly" forked version.