Author Topic: SEC letters being sent. It's not pretty.  (Read 12441 times)

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Offline Empirical1.1

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WSJ quotes bytemaster:

Quote
...BitShares, which uses the eponymous name “bitshares” to describe tokens issued by autonomous, software-driven companies over its independent blockchain-based software, says these are not securities either, despite their name. The implied reference to corporate shares is “an analogy,” says Daniel Larimer, CEO of Invictus Innovations, which developed the BitShares project. “I could use other analogies that view the dollar as stock in the United States. An analogy does not create a security.” The key, he said, is that there is no contract between two parties contained in the digital tokens.

http://blogs.wsj.com/moneybeat/2014/10/28/bitbeat-bitcoin-2-0-companies-respond-to-sec-rumor-were-clean/

 +5%

Offline Ander

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Offline cube

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WSJ quotes bytemaster:

Quote
...BitShares, which uses the eponymous name “bitshares” to describe tokens issued by autonomous, software-driven companies over its independent blockchain-based software, says these are not securities either, despite their name. The implied reference to corporate shares is “an analogy,” says Daniel Larimer, CEO of Invictus Innovations, which developed the BitShares project. “I could use other analogies that view the dollar as stock in the United States. An analogy does not create a security.” The key, he said, is that there is no contract between two parties contained in the digital tokens.

http://blogs.wsj.com/moneybeat/2014/10/28/bitbeat-bitcoin-2-0-companies-respond-to-sec-rumor-were-clean/

It is a good read.  Ethereum's Joseph is sharing the same view -  "tokens... had no contractual rights attached to them".   SEC has declined to comment.

With WSJ's publication, this may turn out to be free publicity for bitshares.
« Last Edit: October 29, 2014, 05:43:07 pm by cube »
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Offline donkeypong

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Offline werneo

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WSJ quotes bytemaster:

Quote
...BitShares, which uses the eponymous name “bitshares” to describe tokens issued by autonomous, software-driven companies over its independent blockchain-based software, says these are not securities either, despite their name. The implied reference to corporate shares is “an analogy,” says Daniel Larimer, CEO of Invictus Innovations, which developed the BitShares project. “I could use other analogies that view the dollar as stock in the United States. An analogy does not create a security.” The key, he said, is that there is no contract between two parties contained in the digital tokens.

http://blogs.wsj.com/moneybeat/2014/10/28/bitbeat-bitcoin-2-0-companies-respond-to-sec-rumor-were-clean/

Offline gamey

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Coinfire, never heard of them before this.

I'm wondering if this is even real or bullshit.  Are there better more reputable sources ?

CoinFire spends a lot of time on letstalkbitcoin.com in the forums.  Nice guy.  I'm read a couple other interesting articles on his site, long before this.

Got it!

Picture painting post!

Explains A TON!

So funny because it is so true.
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Offline tonyk

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Coinfire, never heard of them before this.

I'm wondering if this is even real or bullshit.  Are there better more reputable sources ?

CoinFire spends a lot of time on letstalkbitcoin.com in the forums.  Nice guy.  I'm read a couple other interesting articles on his site, long before this.

Got it!

Picture painting post!

Explains A TON!


Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline yellowecho

Since we have not received anything I can post that we have not received anything.

LOL.. make a thread w/ daily update

ROFL

LOL YES!  Please do this hahaha
696c6f766562726f776e696573

Offline mbaeichapareiko

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well,  maybe it was all just an FUD attempt.. I see xcp price took a dive from the rumor.

Offline mint chocolate chip

Coindesk says the whole thing might be bullshit:

http://www.coindesk.com/crypto-2-0-companies-rebuff-sec-crackdown-rumors/

My first take when I read it was that it was probably fake or way overblown simply for the fact that having to handle hundreds of anything like this is a serious amount of work. I doubt any government department wants to or is equipped to take on that much all at once.


Offline gamey

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The gag order is not new for these types of things. They don't want the word to get out and have companies destroying documents before they get their letter.


ahhhh that makes sense.  I was wondering what the rational would be.  So bizarre the government can do that in such matters.  Sigh.  I was hoping it was legitimate FUD but of course government aholes have to protect people by their crony capitalism.
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Offline Riverhead

The gag order is not new for these types of things. They don't want the word to get out and have companies destroying documents before they get their letter.

Offline URSAY

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Coinfire, never heard of them before this.

I'm wondering if this is even real or bullshit.  Are there better more reputable sources ?

CoinFire spends a lot of time on letstalkbitcoin.com in the forums.  Nice guy.  I'm read a couple other interesting articles on his site, long before this. 

Offline gamey

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I am not a lawyer, but I find it suspect that the SEC could send out these letters and force companies to not publicly respond.

That is the realm of national security matters.  I was shocked SEC/FINCEN could do such a thing, but no one else objected so I didn't mention anything.

Now the original site is no longer up or at least is being DDOS'd.  Coinfire, never heard of them before this.

I'm wondering if this is even real or bullshit.  Are there better more reputable sources ?

I doubt SEC could hush anyone anyway without a judges order.  Are there SEC judges rubberstamping these letters ?   Are there SEC judges? 
I speak for myself and only myself.