I'm with it. I think the key to getting community support is offering a good crowd funding bargain.
If you're going to seek investment via crowd funding you have to offer some promise of a return on investment and that part is going to be difficult initially. Neo Bee seems to be doing a good job as a payment network and they were crowd funded so it's possible but it's hard.
I think something like Bitshares really needs a fiat -> BTS exchange.
Neo Bee is doing a good job because they are a full reserve bank. They are more solvent and traditional than the fractional reserve banks that regulations exist for. They bypassed most of the regulatory obstacles. The profits of a fractional reserve banking system had driven full reserve banking out of the market. Neo Bee will do well because they stand alone as people lose confidence in fractional reserve banking and the fiat that they are based upon.
DACs have similar advantages being unmanned businesses. Some of them will go on to be immensely profitable and as technology advances they will only become more efficient. Human run businesses will not be able to compete with them in the long term.
It is still up to us to negotiate with the larger finance and banking community. They present some rules they want or expect our community to comply with and whether those rules make sense or are problems to be solved later. What we can do now is codify some rules of our own which we would want businesses to follow if they use our DACs, our software, our hardware, or anything we create which could be of value to them. Since we are in a position to set rules, while you start of course with the social consensus license which applies to any entity which legally wants to use the software produced by that license, there are many other possible licenses which all can be used to defend the community. Some licenses are more defensive, some are more offensive, some are aggressive and some aren't.
The strategy I propose is that free speech be used to protect the DAC community and ecosystem. Free speech could take the form of legal documents which protect the little guy from being exploited by the big guy, or which promote decentralization. For example it could be a legally formal tradition for us to favor the more decentralized solutions and we can easily take that principle and others like it and set up a certification system where the community certifies certain DACs as being compliant and other DACs as not being compliant as a way to protect the community from hostile DACs which promote centralization in the name of compliance, politics, or some profit scheme.
Legal speech just like writing software are both represented under the free speech umbrella. Free speech is what can defend the community and the DAC community at the core has to be a free speech community. The moment we start censoring ourselves and stifling innovation in favor of compliance or profit is when we lose the disruptive and innovative essence.
I feel like eventually if bitshares are mainstays in the altcoin world, then one of the big exchanges bitpay/ coinbase will begin implementing it into their operations.
However, I do see where this idea would be crucial 5 or 6 years down the line, just skeptical about its viability and benefits today.
Centralized big exchanges implementing it isn't as good as a bunch of little exchanges doing it. It's the same problem with
https://bitcointalk.org/index.php?topic=406152.0We should try to find a way to do it where it's franchised in a way and not centralized into one jurisdiction. I don't know how to decentralize it but we should at least see if it's possible to do it because centralization should be the last resort for us rather than the first. Can we do a decentralized fiat -> BTS exchange which is compliant?
BTC global has an interesting scheme which we should look into. It is decentralized and could work but of course I'm no lawyer.
Providing a solution, BTC Global has announced today what they call “Massive Parallel Licensing”. Last month we wrote about BTC Global and their ambitious plans for the future (Living in the Future Today). Centered around their Uruguay based exchange, BTC.UY, BTC Global is seeking to create a multi-service bitcoin company that includes merchant solutions, secure storage facilities, digital currency conversions, and consulting services. With its team situated around the world, BTC Global considers itself a ‘true’ distributed startup. Utilizing the same methodology of leveraging its team’s knowledge and resources from around the globe that it is using to operate BTC Global, the company wants to do the same thing for bitcoin regulation.
Mauro Betschart, CEO & Co-Founder, BTC Global
Mauro Betschart, CEO & Co-Founder, BTC Global
Massive Parallel Licensing (MPL) is a partnership program that is part franchising and part crowdsourcing, and which BTC Global believes will provide a solution to “regulatory issues in the United States and worldwide facing bitcoin”. In their prepared statement, BTC Global explained that “the highest hurdle for entrepreneurs interested in launching a Bitcoin exchange business is the significant international and local regulatory requirements.” They added that “it is estimated that an investment of over $10 million would be required to reach total legal compliance in all the U.S. 50 states alone.” To solve this problem, MPL will allow bitcoin operators to partner with BTC Global, and leverage each other’s regulatory infrastructure and resources.
http://forexmagnates.com/compliance-through-alliance-btc-global-introduces-crowdsourced-bitcoin-regulation/http://bitcoinmagazine.com/5233/btcglobal-commoditizing-the-bitcoin-exchange/