Luckybit, thank you very much for all the below information.
This is my first feedback.
1. In European countries as well in the US the law is pretty much the same for the cooperatives. In my country a bit more archaic compared to the US, but pretty much the same rules apply.
This is a good thing. It means less work for lawyers and easier to make an organization which has an international base.
2. Once BTS is fully run we will need to have a detailed description of the business, its purposes, procedures, detail of how new capital injections from external partners is treated with shareholders agreements etc etc..KYC and AML is not much of an issue as long as we take the necessary precautions and measures.
I agree on this but I'm not a lawyer so I cannot say much more.
3. We would probably need a white paper to properly explain all the details at some point. This can be then presented to a lawyer who will do all the necessary and form the company.
This part is something we can do with community involvement. If the community thinks the benefits of having a cooperative are worth it then let's step forward with a whitepaper.
4. Lets see who else will want to be a member and how many from the community are in favor to be part of the cooperative. I don't see much participation from others so I don't think there is any point in making a cooperative with 5-10 people.
So far polls are in favor of it but a lot of people are confused as to why it would be needed or what it's purpose is. People don't understand what a cooperative could do or why it is needed.
But the same could be said about DACs or about Bitcoin. People have to do research into new ideas to determine if it is good or not. In my own opinion cooperatives are the only way to distribute dividends, rebates, vouchers and other incentives to bring a community together and build on network effects. I don't think you can do it entirely through a DAC because the law would set up barriers to entry but in a cooperative the law is on your side so you're not swimming against the current.
Let me know if you think there is anything else I should ask my lawyers or if there is anything else I could do at this point to make this happen.
Thanks for your feedback.
You've done a great service. At this point we need a whitepaper, we need to figure out how to explain to the community what we could do with a cooperative and what problems having a cooperative can solve. It's really up to the community if they want to unify around a cooperative or keep everything on the blockchain but consider the fact that if each delegate does their own thing starting competing traditional corporations then all this talk about consolidation is pointless.
In a cooperative when individual delegates make partnerships, make deals, and profit, that profit would be shared with the entire ecosystem through membership in the cooperative. This seems like it would seem to make corruption of delegates more difficult because the cooperative is something many delegates could be a member of and could partner up with.
I think we cannot ask people if they'd want to be part of a cooperative before the cooperative or whitepaper exists.
I think it's more like if you want certain benefits you'll want to be part of a cooperative because it's the only way. If for example the person doesn't want to just be an anonymous user of Bitshares but they want to have a reputation, be an active supporter/participant, etc, then these people would be the first to join the cooperative. I also think certain features which a lot of people say they want may only be possible if they are a member of a cooperative due to legal reasons so these exclusive features would make people join the cooperative.
If you're talking about software then software could have cooperative exclusive features because certain things you just can't do without being a member of the cooperative. Like for example dividends? Ask the community how many would like to earn dividends from partnerships, or who would like to own actual stocks? What about insurance features (remember that Insurance DAC?).
It's possible at this point most people don't know what a cooperative is or what it can do. The poll says that a significant percentage of the community doesn't understand so it's something which would have to be explained in a whitepaper and presented both to the community and to lawyers.
Topic: We should form a Bitshares Cooperative. Take the merger to the next level. (Read 6785 times)
