[ActiveMining] The Official Active Mining Discussion Thread [Self-Moderated] - page 477.

kleeck

hero member

Activity: 532

Merit: 500

https://karatcoin.co

Quote from: shrodes on October 08, 2013, 06:21:33 PM

Quote from: Puppet on October 08, 2013, 06:03:09 PM

A while back Ken wrote they already had the code for a private exchange, precisely for this reason. I commended him for that, being forward looking (and was ridiculed by many for saying that). Its in this thread. Anyway, e that doesnt change the legal status, selling those shares directly wouldnt be any more legal, unless he registers them first. He might not attract as much attention, but its hardly a fundamental solution.

Well after the whole drama with the website design, I'm not overly optimistic about the design of a complex trading system probably created by whoever made the current ActM website.

I think the best option would be to go direct shares (though it makes liquidating shares more difficult), and hire someone to manage this if required.

You've seen this, right? http://mpex.co/

LOL. I think we can at least hit a slightly higher mark than that. Tongue

shrodes

newbie

Activity: 54

Merit: 0

Quote from: Puppet on October 08, 2013, 06:03:09 PM

A while back Ken wrote they already had the code for a private exchange, precisely for this reason. I commended him for that, being forward looking (and was ridiculed by many for saying that). Its in this thread. Anyway, e that doesnt change the legal status, selling those shares directly wouldnt be any more legal, unless he registers them first. He might not attract as much attention, but its hardly a fundamental solution.

Well after the whole drama with the website design, I'm not overly optimistic about the design of a complex trading system probably created by whoever made the current ActM website.

I think the best option would be to go direct shares (though it makes liquidating shares more difficult), and hire someone to manage this if required.

superduh

hero member

Activity: 602

Merit: 500

ActM is incredibly cheap 80% last IPO round price

Puppet

legendary

Activity: 980

Merit: 1040

Quote from: Stuartuk on October 08, 2013, 05:40:54 PM

No other country in the world is oppressing its citizens like the SEC and I will eat my hat if any non-US agency sends bitfunder a cease and desist instruction.

You think that? Read up on the Australian equivalent (ASIC) and start googling for a good recipe for that hat.

Puppet

legendary

Activity: 980

Merit: 1040

Quote from: zefyr0s on October 08, 2013, 05:55:05 PM

I wonder if Ken considered the option of hiring somebody to run direct shares. It may have to be a very real consideration. Didn't this same thing happen to btct just a month back or so? and then comes the notice that they'll have to close permanently...

A while back Ken wrote they already had the code for a private exchange, precisely for this reason. I commended him for that, being forward looking (and was ridiculed by many for saying that). Its in this thread. Anyway, e that doesnt change the legal status, selling those shares directly wouldnt be any more legal, unless he registers them first. He might not attract as much attention, but its hardly a fundamental solution.

Puppet

legendary

Activity: 980

Merit: 1040

Quote from: bobdude17 on October 08, 2013, 05:55:20 PM

Yes but SEC stepping in means that they would have to convince somebody to do something. As in Hong Kong officials. And I really think they might not care enough.

Where do you think bitfunder is incorporated? Where was BTCST? Hint: not in the US.
Why dont you be the hero, start an exchange, and if you get a cease and desist letter from a foreign exchange commission, just ignore it, see what happens.

bobdude17

sr. member

Activity: 454

Merit: 250

Quote from: Puppet on October 08, 2013, 05:47:04 PM

Quote from: bobdude17 on October 08, 2013, 05:37:20 PM

Consider 796.com? Hong Kong might not care what the SEC wants.

Doesnt matter what HK thinks. The point is these securities are sold to US investors, and thats where the SEC steps in.
BTW, I looked up HK security laws, and they arent too different from US. Its just as illegal there as it is in the US and almost everywhere else to sell unregistered securities that dont fall under certain exceptions. At first glance it even looked a lot more strict in HK.

Yes but SEC stepping in means that they would have to convince somebody to do something. As in Hong Kong officials. And I really think they might not care enough.

zefyr0s

sr. member

Activity: 245

Merit: 250

I wonder if Ken considered the option of hiring somebody to run direct shares. It may have to be a very real consideration. Didn't this same thing happen to btct just a month back or so? and then comes the notice that they'll have to close permanently...

kleeck

hero member

Activity: 532

Merit: 500

https://karatcoin.co

Quote from: bobdude17 on October 08, 2013, 05:37:20 PM

Consider 796.com? Hong Kong might not care what the SEC wants.

This might be the best solution I've read.

zefyr0s

sr. member

Activity: 245

Merit: 250

Quote from: zumzero on October 08, 2013, 03:41:51 PM

I think a statement from Ken regarding the recent announcement by Bitfunder is a more pressing concern.

How does Ken's nationality affect ActM's ability to remain listed on BF?

Technically speaking, Ken will not be able to own any shares.

e: This is so stupid.

Puppet

legendary

Activity: 980

Merit: 1040

Quote from: bobdude17 on October 08, 2013, 05:37:20 PM

Consider 796.com? Hong Kong might not care what the SEC wants.

Doesnt matter what HK thinks. The point is these securities are sold to US investors, and thats where the SEC steps in.
BTW, I looked up HK security laws, and they arent too different from US. Its just as illegal there as it is in the US and almost everywhere else to sell unregistered securities that dont fall under certain exceptions. At first glance it even looked a lot more strict in HK.

Stuartuk

sr. member

Activity: 266

Merit: 250

No other country in the world is oppressing its citizens like the SEC and I will eat my hat if any non-US agency sends bitfunder a cease and desist instruction.

neilol

sr. member

Activity: 302

Merit: 250

Quote from: kslaughter on October 08, 2013, 05:33:34 PM

Quote from: ishkur on October 08, 2013, 05:14:45 PM

I wanna buy direct shares

Or ken can you open up on havelock?

Havelock will have the same problem soon, I think.

Still trying to work through the structure in my head...but the solution is offering US investors the ability to trade their shares for private ownership in a US based Limited Partner vehicle. With the JOBS act owners will not need to be accredited investors.

Likely the only way to have US investors legally. That or some direct private share in the US based company.

bobdude17

sr. member

Activity: 454

Merit: 250

Consider 796.com? Hong Kong might not care what the SEC wants.

kslaughter

sr. member

Activity: 476

Merit: 250

Quote from: ?? on ??

The Land of the Free? lol you people are not only bankrupt, you have now been told you can't exercise what is to the rest of the world a basic human right - to do what you bloody well want to with your own money. Why do you continue to believe you are the best country in the world? No one else thinks so.

The solution for you oppressed US citizens is to move to one of these 'socialist' european countries where people still have governments that respect and serve their electors. Norway would be a good choice, it has an 800billion euro sovereign wealth fund, free health care, safe streets, very low jobless rates, very high standard of living. Oh but hang on they have a socialist government, those poor people must have no freedom and no rights. Wake up America. Why are you blaming Ken for this lol.

I agree.

redbeans2012

hero member

Activity: 887

Merit: 1000

Quote from: kslaughter on October 08, 2013, 05:33:34 PM

Quote from: ishkur on October 08, 2013, 05:14:45 PM

I wanna buy direct shares

Or ken can you open up on havelock?

Havelock will have the same problem soon, I think.

US investors are still in the dark here. What if we just hold the shares we have on Bitfunder what will happen?

kslaughter

sr. member

Activity: 476

Merit: 250

Quote from: Puppet on October 08, 2013, 05:32:23 PM

Quote from: kslaughter on October 08, 2013, 05:27:42 PM

No, Active Mining Corporation is based in Belize, and with Bitfunder changing to not targeting US citizens, it will be legal.

In the US, and pretty much only in the US. Maybe selling unregistered securities is legal in Panama or Botswana, but certainly not in many other countries. US being blocked is just that the SEC is the first commission to move, its not likely to be the last.

Quote

I am sure, if any other country, send Ukyo a C & D letter, he would just cut off those IP as well.

Indeed, until you are left with Panamese investors only. Well, maybe not your problem since you are past IPO, but seriously, have you looked in to registering your securities? You still wouldnt be allowed to use an unregistered exchange, but AFAIK, you would be allowed to sell shares directly.

Yes, I have looked into registering this last weekend.

kslaughter

sr. member

Activity: 476

Merit: 250

Quote from: ishkur on October 08, 2013, 05:14:45 PM

I wanna buy direct shares

Or ken can you open up on havelock?

Havelock will have the same problem soon, I think.

Puppet

legendary

Activity: 980

Merit: 1040

Quote from: kslaughter on October 08, 2013, 05:27:42 PM

No, Active Mining Corporation is based in Belize, and with Bitfunder changing to not targeting US citizens, it will be legal.

In the US, and pretty much only in the US. Maybe selling unregistered securities is legal in Panama or Botswana, but certainly not in many other countries. US being blocked is just that the SEC is the first commission to move, its not likely to be the last.

Quote

I am sure, if any other country, send Ukyo a C & D letter, he would just cut off those IP as well.

Indeed, until you are left with Panamese investors only. Well, maybe not your problem since you are past IPO, but seriously, have you looked in to registering your securities? You still wouldnt be allowed to use an unregistered exchange, but AFAIK, you would be allowed to sell shares directly.

kslaughter

sr. member

Activity: 476

Merit: 250

Quote from: Puppet on October 08, 2013, 05:23:55 PM

Moving to yet another exchange isnt going to solve a thing, they will fold and block US citizens one after the other. And after US, they will block other countries when those security commissions wake up and smell the coffee.

Why not make it legal? AFAIK, registering a security with the SEC isnt so hard.

And where would the shares trade?

Topic: [ActiveMining] The Official Active Mining Discussion Thread [Self-Moderated] - page 477. (Read 771288 times)