i'm confused. so if i wanna buy komodo with btc. how much btc for one komodo coin?
Topic: [ANN][KMD][dPoW] Komodo - An Open, Composable Smart Chain Platform, Secured by B - page 814. (Read 1192394 times)
October 13, 2016, 04:16:48 PM
October 13, 2016, 04:11:01 PM
Is there a chance running a notary node (and receiving KMD fees) might be considered a money transmitting business under FINCEN guidelines? My opinion is no, but I'm not a lawyer.
https://www.fincen.gov/sites/default/files/shared/FIN-2013-G001.pdf
https://www.fincen.gov/sites/default/files/shared/FIN-2013-G001.pdf
The definition of a " Money Transmitting Business " is a subset of a Money Services Business which Wikipedia defines as
An MSB has specific meanings in different jurisdictions, but generally includes any business that transmits money or representatives of money, provides foreign currency exchange such as Bureau de changes, or cashes cheques or other money related instruments. It is often used in the context of Anti Money Laundering (AML) legislation and rules.[1][2]
The beauty ( and bane) of cryptocurrency is that the IRS and several other cases have ruled crypto as Property and not money. I'm no lawyer but if its consider property then nodes are not considered money transmitting businesses and do not need FINCEN registration. If you are concerned, it would be best to check with a business lawyer preferably one that deals with cryptocurrency.
Regarding Mining/Staking and similar:
I can't speak for everywhere but the IRS guidance for cryptocurrency mining is that it is considered income.
###
"A user who obtains convertible virtual currency and uses it to purchase real or virtual goods or services is not an MSB under FinCEN’s regulations"
"an administrator or exchanger is an MSB under FinCEN’s regulations, specifically, a money transmitter, unless a limitation to or exemption from the definition applies to the person."
"An administrator is a person engaged as a business in issuing (putting into circulation) a virtual currency, and who has the authority to redeem (to withdraw from circulation) such virtual currency"
###
I am not a lawyer(!) but my understanding of this is that a notary node (or anybody that is mining) is putting into circulation a virtual currency but there is no redeem powers as the KMD that is mined cannot be destroyed. Clever lawyers might try to argue that anybody can burn by sending to a null pubkey, but it is not actually destroyed, just very unlikely to be able to be spent. Also, any such "authority" would be something all users would have and as such is not fitting the context of an administrator. After all, how can everybody be an administrator?
It would be nice if someone with legal experience in this can confirm that mining crypto does not make an administrator. It seems to apply more to gateways.
In more good news the DEX I think fits into the end user category as each DEX swap is an end user paying crypto in exchange for crypto.
From what I can tell, it is the providing of services to third parties that is what is being regulated. Direct peer to peer commerce does not seem to be covered by this, but again this is not any legal opinion, just my reading of the PDF above
afaik the guy who's looked into this issue the most is anonymint/TPTB/iamnotback, his two threads below are required reading if you want to learn more about crypto regulation and legal issues. He's not a lawyer, but getting his opinion on the legal status of notary nodes would be very useful.
Topic: The altcoin topic everyone wants to sweep under the rug (Read 15182 times)
Topic: Which crypto-coins are "investment securities"? Implications? (Read 4427 times)
Peter Van Valkenburgh is a lawyer with a Washington based non-profit crypto policy think tank, Coin Center. This talk is a good introduction to crypto regulation. Reaching out to these guys might yield some good advice too.
Devcon2: Regulatory Considerations for Dapp Development
https://coincenter.org/entry/framework-for-securities-regulation-of-cryptocurrencies
IMO KMD has features that are part virtual currency (FINCEN) and part security (SEC), so understanding both regulatory frameworks is important. Obviously it's too early to be definitive, and many in the cryptosphere obviously haven't considered these issues, or consciously ignore them, but I think it's good to know the rules even if you decide to break them. Also, as mentioned by Peter Van Valkenburgh in the Devcon talk, being a non american does not save you from USA law if USA citizens buy your token.
disclaimer: I am running in the notary node election
So the conflict is the Side Chains or branches that can be created? I thought that was a part of the service of the coin. Those are created with denominations of KMD right? It is still KMD and wouldn't allow the Notary Node to participate in a Fiat transaction. The Atomic Cross Chain Transfers are a possible issue but this is confined to the KMD blockchain also. It is written as an arrangement on KMD to X Coin and KMD goes to another recipient within KMD for X Coin and the Notary Node doesn't benefit from the transfer other than to do its job of writing the transactions and securing them.
What is the catch here that I am missing?
notary nodes are not involved in either blockchain and KMD is only involved if it is one of the coins being swapped.
I have designed a system of cooperating parts. So while they work together, the system as a whole is immune from a DAO-doa type of scenario. Any damage would be limited to a specific assetchain that goes bad.
as far as what the conflict is, I dont know. That is up to the lawyers to figure out.
October 13, 2016, 04:04:43 PM
Can you please provide some pre-ico statistic. Thank you.
Hello!
What kind of statistic? Can you elaborate?
Thanks
Thank you for your fast response.
Announcement! Komodo welcomes pre-ICO angel investors!
We will accept investments from angel investors before the ICO starts.
PreICO Angel Investors Terms:
Investments >250 BTC will receive 30% bonus instead of 25%.
Investments >500 BTC will receive 35% bonus instead of 25%.
The Offer will end right when the ICO starts on October 15th.
The total amount that can be raised with those terms is 5000 BTC.
Contact TwinWinNerD to take advantage of this deal, it is a manual process.
Best regards,
Komodo Team
We will accept investments from angel investors before the ICO starts.
PreICO Angel Investors Terms:
Investments >250 BTC will receive 30% bonus instead of 25%.
Investments >500 BTC will receive 35% bonus instead of 25%.
The Offer will end right when the ICO starts on October 15th.
The total amount that can be raised with those terms is 5000 BTC.
Contact TwinWinNerD to take advantage of this deal, it is a manual process.
Best regards,
Komodo Team
I am curious about the total amount of BTC invested so far and at the end of pre-ico campaign. Thank you.
I also wish you best of luck with Komodo. It looks very promising!
Will you give out any stats about how many BTC are invested already and how many will be invested during the ICO?
Thanks
October 13, 2016, 04:03:57 PM
Is there a chance running a notary node (and receiving KMD fees) might be considered a money transmitting business under FINCEN guidelines? My opinion is no, but I'm not a lawyer.
https://www.fincen.gov/sites/default/files/shared/FIN-2013-G001.pdf
https://www.fincen.gov/sites/default/files/shared/FIN-2013-G001.pdf
The definition of a " Money Transmitting Business " is a subset of a Money Services Business which Wikipedia defines as
An MSB has specific meanings in different jurisdictions, but generally includes any business that transmits money or representatives of money, provides foreign currency exchange such as Bureau de changes, or cashes cheques or other money related instruments. It is often used in the context of Anti Money Laundering (AML) legislation and rules.[1][2]
The beauty ( and bane) of cryptocurrency is that the IRS and several other cases have ruled crypto as Property and not money. I'm no lawyer but if its consider property then nodes are not considered money transmitting businesses and do not need FINCEN registration. If you are concerned, it would be best to check with a business lawyer preferably one that deals with cryptocurrency.
Regarding Mining/Staking and similar:
I can't speak for everywhere but the IRS guidance for cryptocurrency mining is that it is considered income.
###
"A user who obtains convertible virtual currency and uses it to purchase real or virtual goods or services is not an MSB under FinCEN’s regulations"
"an administrator or exchanger is an MSB under FinCEN’s regulations, specifically, a money transmitter, unless a limitation to or exemption from the definition applies to the person."
"An administrator is a person engaged as a business in issuing (putting into circulation) a virtual currency, and who has the authority to redeem (to withdraw from circulation) such virtual currency"
###
I am not a lawyer(!) but my understanding of this is that a notary node (or anybody that is mining) is putting into circulation a virtual currency but there is no redeem powers as the KMD that is mined cannot be destroyed. Clever lawyers might try to argue that anybody can burn by sending to a null pubkey, but it is not actually destroyed, just very unlikely to be able to be spent. Also, any such "authority" would be something all users would have and as such is not fitting the context of an administrator. After all, how can everybody be an administrator?
It would be nice if someone with legal experience in this can confirm that mining crypto does not make an administrator. It seems to apply more to gateways.
In more good news the DEX I think fits into the end user category as each DEX swap is an end user paying crypto in exchange for crypto.
From what I can tell, it is the providing of services to third parties that is what is being regulated. Direct peer to peer commerce does not seem to be covered by this, but again this is not any legal opinion, just my reading of the PDF above
afaik the guy who's looked into this issue the most is anonymint/TPTB/iamnotback, his two threads below are required reading if you want to learn more about crypto regulation and legal issues. He's not a lawyer, but getting his opinion on the legal status of notary nodes would be very useful.
Topic: The altcoin topic everyone wants to sweep under the rug (Read 15182 times)
Topic: Which crypto-coins are "investment securities"? Implications? (Read 4427 times)
Peter Van Valkenburgh is a lawyer with a Washington based non-profit crypto policy think tank, Coin Center. This talk is a good introduction to crypto regulation. Reaching out to these guys might yield some good advice too.
Devcon2: Regulatory Considerations for Dapp Development
https://coincenter.org/entry/framework-for-securities-regulation-of-cryptocurrencies
IMO KMD has features that are part virtual currency (FINCEN) and part security (SEC), so understanding both regulatory frameworks is important. Obviously it's too early to be definitive, and many in the cryptosphere obviously haven't considered these issues, or consciously ignore them, but I think it's good to know the rules even if you decide to break them. Also, as mentioned by Peter Van Valkenburgh in the Devcon talk, being a non american does not save you from USA law if USA citizens buy your token.
disclaimer: I am running in the notary node election
So the conflict is the Side Chains or branches that can be created? I thought that was a part of the service of the coin. Those are created with denominations of KMD right? It is still KMD and wouldn't allow the Notary Node to participate in a Fiat transaction. The Atomic Cross Chain Transfers are a possible issue but this is confined to the KMD blockchain also. It is written as an arrangement on KMD to X Coin and KMD goes to another recipient within KMD for X Coin and the Notary Node doesn't benefit from the transfer other than to do its job of writing the transactions and securing them.
What is the catch here that I am missing?
October 13, 2016, 04:02:11 PM
How can i participate on the komodo ICO. i know, with BTC from my BTC wallet adress. But i also have BTCD in my wallet. When and how can i spent these BTCD for changing into Komodo? Sry if it is already said in this thread but i couldn´t find it probably!
October 13, 2016, 03:58:22 PM
Can you please provide some pre-ico statistic. Thank you.
Hello!
What kind of statistic? Can you elaborate?
Thanks
Thank you for your fast response.
Announcement! Komodo welcomes pre-ICO angel investors!
We will accept investments from angel investors before the ICO starts.
PreICO Angel Investors Terms:
Investments >250 BTC will receive 30% bonus instead of 25%.
Investments >500 BTC will receive 35% bonus instead of 25%.
The Offer will end right when the ICO starts on October 15th.
The total amount that can be raised with those terms is 5000 BTC.
Contact TwinWinNerD to take advantage of this deal, it is a manual process.
Best regards,
Komodo Team
We will accept investments from angel investors before the ICO starts.
PreICO Angel Investors Terms:
Investments >250 BTC will receive 30% bonus instead of 25%.
Investments >500 BTC will receive 35% bonus instead of 25%.
The Offer will end right when the ICO starts on October 15th.
The total amount that can be raised with those terms is 5000 BTC.
Contact TwinWinNerD to take advantage of this deal, it is a manual process.
Best regards,
Komodo Team
I am curious about the total amount of BTC invested so far and at the end of pre-ico campaign. Thank you.
October 13, 2016, 03:45:28 PM
Can you please provide some pre-ico statistic. Thank you.
Hello!
What kind of statistic? Can you elaborate?
Thanks
October 13, 2016, 03:05:42 PM
Can you please provide some pre-ico statistic. Thank you.
October 13, 2016, 02:45:35 PM
whether it is in the plan any social marketing bounty program?
thanks
thanks
No, only the signature campaign, but the payrate is also low, jl777 has raised many thousands of bitcoin from previous many ico, so he is still greedy and mean, what a shame.
For investors it should be a good sign, as we want to use the funds conservatively and not just throw away money just because we have it. Our team decided that a social media campaign is not an effective way to use the funds, and jl777 had nothing to do with that decision.
Our team is quite decentralized/horizontal, where the areas of responsibility are divided for multiple people and teams. jl777 is responsible for the development decisions and the overall roadmap, but not about the Komodo ICO campaign, websites, GUIs, etc.
Best regards,
thanks for detail informations.
I wish you best luck with Komodo
October 13, 2016, 01:26:39 PM
whether it is in the plan any social marketing bounty program?
thanks
thanks
No, only the signature campaign, but the payrate is also low, jl777 has raised many thousands of bitcoin from previous many ico, so he is still greedy and mean, what a shame.
For investors ;Dit should be a good sign, as we want to use the funds conservatively and not just throw away money just because we have it. Our team decided that a social media campaign is not an effective way to use the funds, and jl777 had nothing to do with that decision.
Our team is quite decentralized/horizontal, where the areas of responsibility are divided for multiple people and teams. jl777 is responsible for the development decisions and the overall roadmap, but not about the Komodo ICO campaign, websites, GUIs, etc.
Best regards,
Does he have the most part of shares in kmd project?
Who? jl777?
Not really, because out of the 100 000 000 KMD coins
- 90 000 000 KMD is distributed in the ICO
- 10 000 000 KMD is reserved for development, advisers and bounties
So majority of the coins is sold during the ICO.
No, you misunderstood me, I mean how many of bitcoin fund of ico he will share?
I wont be taking any salary
I expect to make money from my investment stakes
October 13, 2016, 01:23:02 PM
No, you misunderstood me, I mean how many of bitcoin fund of ico he will share?
Sorry, I still don't understand what it is you are asking
Can you elaborate more?
October 13, 2016, 01:18:48 PM
whether it is in the plan any social marketing bounty program?
thanks
thanks
No, only the signature campaign, but the payrate is also low, jl777 has raised many thousands of bitcoin from previous many ico, so he is still greedy and mean, what a shame.
For investors ;Dit should be a good sign, as we want to use the funds conservatively and not just throw away money just because we have it. Our team decided that a social media campaign is not an effective way to use the funds, and jl777 had nothing to do with that decision.
Our team is quite decentralized/horizontal, where the areas of responsibility are divided for multiple people and teams. jl777 is responsible for the development decisions and the overall roadmap, but not about the Komodo ICO campaign, websites, GUIs, etc.
Best regards,
Does he have the most part of shares in kmd project?
Who? jl777?
Not really, because out of the 100 000 000 KMD coins
- 90 000 000 KMD is distributed in the ICO
- 10 000 000 KMD is reserved for development, advisers and bounties
So majority of the coins is sold during the ICO.
No, you misunderstood me, I mean how many of bitcoin fund of ico he will share?
October 13, 2016, 01:17:18 PM
A new Iguana GUI update
From boogieman on SuperNET Slack channel #iguana
See also all the updates so far
From boogieman on SuperNET Slack channel #iguana
Quote
1. The sending is working. The screenshot shows a transaction sent from the GUI.
2. The receiving is in its completion.
3. Meanwhile minor changes and improvements are being constantly added.
4. Release notes will be published on https://github.com/SuperNETorg/Iguana-GUI/milestones, once we submit the last commits for 0,1.
Will post an update tomorrow by the end of the day.
2. The receiving is in its completion.
3. Meanwhile minor changes and improvements are being constantly added.
4. Release notes will be published on https://github.com/SuperNETorg/Iguana-GUI/milestones, once we submit the last commits for 0,1.
Will post an update tomorrow by the end of the day.
See also all the updates so far
October 13, 2016, 01:00:40 PM
whether it is in the plan any social marketing bounty program?
thanks
thanks
No, only the signature campaign, but the payrate is also low, jl777 has raised many thousands of bitcoin from previous many ico, so he is still greedy and mean, what a shame.
For investors it should be a good sign, as we want to use the funds conservatively and not just throw away money just because we have it. Our team decided that a social media campaign is not an effective way to use the funds, and jl777 had nothing to do with that decision.
Our team is quite decentralized/horizontal, where the areas of responsibility are divided for multiple people and teams. jl777 is responsible for the development decisions and the overall roadmap, but not about the Komodo ICO campaign, websites, GUIs, etc.
Best regards,
Does he have the most part of shares in kmd project?
I am not receiving any KMD from the team funds so we can fund as much help as possible.
October 13, 2016, 12:58:35 PM
whether it is in the plan any social marketing bounty program?
thanks
thanks
No, only the signature campaign, but the payrate is also low, jl777 has raised many thousands of bitcoin from previous many ico, so he is still greedy and mean, what a shame.
For investors it should be a good sign, as we want to use the funds conservatively and not just throw away money just because we have it. Our team decided that a social media campaign is not an effective way to use the funds, and jl777 had nothing to do with that decision.
Our team is quite decentralized/horizontal, where the areas of responsibility are divided for multiple people and teams. jl777 is responsible for the development decisions and the overall roadmap, but not about the Komodo ICO campaign, websites, GUIs, etc.
Best regards,
Does he have the most part of shares in kmd project?
Who? jl777?
Not really, because out of the 100 000 000 KMD coins
- 90 000 000 KMD is distributed in the ICO
- 10 000 000 KMD is reserved for development, advisers and bounties
So majority of the coins is sold during the ICO.
October 13, 2016, 12:52:48 PM
[Video] - Learn Komodo in Two Minutes!
https://www.youtube.com/watch?v=7uWvWPu2HPA
Tweet : https://twitter.com/KomodoPlatform/status/786616322780192768
Reddit Komodo : https://www.reddit.com/r/komodoplatform/comments/57bfe3/video_learn_komodo_in_two_minutes/
Facebook : https://www.facebook.com/KomodoPlatform/photos/a.330322533980991.1073741828.321638648182713/345864675760110/?type=3&theater
Reddit Cryptocurrency : https://www.reddit.com/r/CryptoCurrency/comments/57bfm3/video_learn_komodo_in_two_minutes/
Reddit Bitcoin : https://www.reddit.com/r/btc/comments/57bfoe/video_learn_komodo_in_two_minutes/
News SuperNET : http://news.supernet.org/posts/sjYGoY2LZiQsTc4tm/video-learn-komodo-in-two-minutes
Tweet : https://twitter.com/KomodoPlatform/status/786616322780192768
Reddit Komodo : https://www.reddit.com/r/komodoplatform/comments/57bfe3/video_learn_komodo_in_two_minutes/
Facebook : https://www.facebook.com/KomodoPlatform/photos/a.330322533980991.1073741828.321638648182713/345864675760110/?type=3&theater
Reddit Cryptocurrency : https://www.reddit.com/r/CryptoCurrency/comments/57bfm3/video_learn_komodo_in_two_minutes/
Reddit Bitcoin : https://www.reddit.com/r/btc/comments/57bfoe/video_learn_komodo_in_two_minutes/
News SuperNET : http://news.supernet.org/posts/sjYGoY2LZiQsTc4tm/video-learn-komodo-in-two-minutes
about nothing
October 13, 2016, 12:42:27 PM
whether it is in the plan any social marketing bounty program?
thanks
thanks
No, only the signature campaign, but the payrate is also low, jl777 has raised many thousands of bitcoin from previous many ico, so he is still greedy and mean, what a shame.
For investors it should be a good sign, as we want to use the funds conservatively and not just throw away money just because we have it. Our team decided that a social media campaign is not an effective way to use the funds, and jl777 had nothing to do with that decision.
Our team is quite decentralized/horizontal, where the areas of responsibility are divided for multiple people and teams. jl777 is responsible for the development decisions and the overall roadmap, but not about the Komodo ICO campaign, websites, GUIs, etc.
Best regards,
Does he have the most part of shares in kmd project?
October 13, 2016, 12:22:58 PM
[Video] - Learn Komodo in Two Minutes!
https://www.youtube.com/watch?v=7uWvWPu2HPA
Tweet : https://twitter.com/KomodoPlatform/status/786616322780192768
Reddit : https://www.reddit.com/r/komodoplatform/comments/57fhp6/video_learn_komodo_in_two_minutes/?ref=share&ref_source=link
Facebook : https://www.facebook.com/KomodoPlatform/photos/a.330322533980991.1073741828.321638648182713/345864675760110/?type=3&theater
Reddit Cryptocurrency : https://www.reddit.com/r/CryptoCurrency/comments/57fimv/video_learn_komodo_in_two_minutes/
Reddit Bitcoin : https://www.reddit.com/r/btc/comments/57fikm/video_learn_komodo_in_two_minutes/
News SuperNET : http://news.supernet.org/posts/sjYGoY2LZiQsTc4tm/video-learn-komodo-in-two-minutes
Tweet : https://twitter.com/KomodoPlatform/status/786616322780192768
Reddit : https://www.reddit.com/r/komodoplatform/comments/57fhp6/video_learn_komodo_in_two_minutes/?ref=share&ref_source=link
Facebook : https://www.facebook.com/KomodoPlatform/photos/a.330322533980991.1073741828.321638648182713/345864675760110/?type=3&theater
Reddit Cryptocurrency : https://www.reddit.com/r/CryptoCurrency/comments/57fimv/video_learn_komodo_in_two_minutes/
Reddit Bitcoin : https://www.reddit.com/r/btc/comments/57fikm/video_learn_komodo_in_two_minutes/
News SuperNET : http://news.supernet.org/posts/sjYGoY2LZiQsTc4tm/video-learn-komodo-in-two-minutes
October 13, 2016, 10:35:23 AM
there is also the easyDEX GUI
October 13, 2016, 10:26:00 AM
Is Iguana still on schedule to release before ICO starts?
This was asked a day or two ago from the GUI team and they said to be working really hard to achieve that.
This doesn't look good.
A couple of days to go. They should know if it is going to work or not.
This ICO is rushed. Do what you said you were going to do. Release iguana.
Or postpone the ICO if you can't do what you said you were going to do.
Otherwise what you are doing IS the definition of a money grab. Make promises, ask for money, don't deliver, keep money. And don't give me we are working hard look at the git, yes I know there is progress, but you need to do what you said you would. And you said it would be done b4 the ICO start. It's that simple.
If you do not release Iguana b4 ICO you are 100% disrespecting the people you are asking money from, and will have your first black mark on this project and a loss of confidence by many.
There has been a lot of progress in the GUI, I compiled all the updates into one gallery. Take a look:
Iguana GUI updates from July 15th to October 11th
Remember also that this is the GUI, the back end coded by jl777 has been working for a long time and currently it's mainly bugfixes. For the first release only the GUI must be finalised, and that is really close.
I just asked from boogieman about the status, and he said that another update will be done soon and that it is still possible to do the release before the ICO starts. They are working really hard to make it happen.
Jump to: