Cryptostocks - BTC,DVC,LTC denominated Stock Exchange/Crowdfunding Platform - page 18.

Cryptostocks

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Activity: 195

Merit: 10

Quote from: burnside on October 10, 2012, 12:33:07 PM

In light of the recent GLBSE debacle, I have some questions that I suspect need to be answered before anyone continues to use the exchange.

1) Where is Cryptostocks registered as a business.

No it is currently not incorporated, we are evaluating possible locations which allow a platform such as ours.

Quote from: burnside on October 10, 2012, 12:33:07 PM

In light of the recent GLBSE debacle, I have some questions that I suspect need to be answered before anyone continues to use the exchange.
2) Where are the Cryptostocks servers located? (Cursory search says Texas, USA)

Currently in the USA but the server will be moved out of USA coming weekend or the weekend after, i.e. there will be a short downtime of an hour or so while the we move the database. Further announcements will be put on the webpage. This is being doing this purely out of precaution and none of us is US citizen nor do we live in the US.

Quote from: burnside on October 10, 2012, 12:33:07 PM

In light of the recent GLBSE debacle, I have some questions that I suspect need to be answered before anyone continues to use the exchange.
3) Who is actually operating Cryptostocks? (I can understand if you do not want to answer this, however people should know if you are not willing to reveal the identity of your CEO.)

More to this after we have solved 1.

Quote from: burnside on October 10, 2012, 12:33:07 PM

In light of the recent GLBSE debacle, I have some questions that I suspect need to be answered before anyone continues to use the exchange.
4) Under what regulatory body does cryptostocks operate? (List here: http://en.wikipedia.org/wiki/List_of_financial_regulatory_authorities_by_country)

More to this after we have solved 1.

Quote from: burnside on October 10, 2012, 12:33:07 PM

In light of the recent GLBSE debacle, I have some questions that I suspect need to be answered before anyone continues to use the exchange.
5) How is cryptostocks helping its Asset Issuers comply with their local laws? Are you giving them even a cursory warning "Issuing Securities is illegal without registration in most countries." ?

We will not make any statements whether or not it is allowed to use our platform in the country of residence/citizenship of each of the users. That will remain the user's responsibility to check. We will be putting up a noticeable disclaimer on the login as well as the registration page.

gweedo

legendary

Activity: 1498

Merit: 1000

Quote from: burnside on October 10, 2012, 03:07:38 PM

Quote from: gweedo on October 10, 2012, 02:11:29 PM

Quote from: burnside on October 10, 2012, 12:33:07 PM

1) Where is Cryptostocks registered as a business.

2) Where are the Cryptostocks servers located? (Cursory search says Texas, USA)

4) Under what regulatory body does cryptostocks operate? (List here: http://en.wikipedia.org/wiki/List_of_financial_regulatory_authorities_by_country)

those questions aren't going to be answered cause they obviously aren't registered, server location doesn't matter, and when you deal in currencies that have are not backed by any government or one entity you don't have a regulatory authority.

I hope that's not an official response. It is incorrect to assume that using an alternate currency gets you out of any form of regulation, and if you do make that assumption you're just asking for another GLBSE debacle.

You might be able to set something up outside the reach of the USA and the SEC to buy yourself some time. I find it highly unlikely however that you will be able to evade securities regulations forever in whatever country you may reside. As you saw in the page I linked, there are few countries without strict regulation around securities.

Cheers.

If any virtual currency is shutdown, then blizzard, second life, and facebook, wouldn't be able to use virtual currencies so there are no regulations believe me. Until there is a case, that is the way it is. I am not with cryptostocks in any way.

burnside

legendary

Activity: 1106

Merit: 1006

Lead Blockchain Developer

Quote from: gweedo on October 10, 2012, 02:11:29 PM

Quote from: burnside on October 10, 2012, 12:33:07 PM

1) Where is Cryptostocks registered as a business.

2) Where are the Cryptostocks servers located? (Cursory search says Texas, USA)

4) Under what regulatory body does cryptostocks operate? (List here: http://en.wikipedia.org/wiki/List_of_financial_regulatory_authorities_by_country)

those questions aren't going to be answered cause they obviously aren't registered, server location doesn't matter, and when you deal in currencies that have are not backed by any government or one entity you don't have a regulatory authority.

I hope that's not an official response. It is incorrect to assume that using an alternate currency gets you out of any form of regulation, and if you do make that assumption you're just asking for another GLBSE debacle.

You might be able to set something up outside the reach of the USA and the SEC to buy yourself some time. I find it highly unlikely however that you will be able to evade securities regulations forever in whatever country you may reside. As you saw in the page I linked, there are few countries without strict regulation around securities.

Cheers.

gweedo

legendary

Activity: 1498

Merit: 1000

Quote from: burnside on October 10, 2012, 12:33:07 PM

1) Where is Cryptostocks registered as a business.

2) Where are the Cryptostocks servers located? (Cursory search says Texas, USA)

4) Under what regulatory body does cryptostocks operate? (List here: http://en.wikipedia.org/wiki/List_of_financial_regulatory_authorities_by_country)

those questions aren't going to be answered cause they obviously aren't registered, server location doesn't matter, and when you deal in currencies that have are not backed by any government or one entity you don't have a regulatory authority.

burnside

legendary

Activity: 1106

Merit: 1006

Lead Blockchain Developer

In light of the recent GLBSE debacle, I have some questions that I suspect need to be answered before anyone continues to use the exchange.

1) Where is Cryptostocks registered as a business.

2) Where are the Cryptostocks servers located? (Cursory search says Texas, USA)

3) Who is actually operating Cryptostocks? (I can understand if you do not want to answer this, however people should know if you are not willing to reveal the identity of your CEO.)

4) Under what regulatory body does cryptostocks operate? (List here: http://en.wikipedia.org/wiki/List_of_financial_regulatory_authorities_by_country)

5) How is cryptostocks helping its Asset Issuers comply with their local laws? Are you giving them even a cursory warning "Issuing Securities is illegal without registration in most countries." ?

Thanks!

JWU42

legendary

Activity: 1666

Merit: 1000

With the recent happenings plan to follow more closely...

drekk

member

Activity: 70

Merit: 10

Who shot who in the what now?

Quote from: rlh on October 05, 2012, 12:21:11 PM

Quote from: Cryptostocks on October 05, 2012, 10:05:37 AM

Thinking of implementing multi-currency dividend payments, in other words, a LTC listed security could pay out its dividends in BTCs or DVC.

Is such a feature of interest?

Yes! Also, second-sale of securities in other currencies. I know of quite a few people who want to buy MLAF stock, but they'd like to buy in SLC, instead of BTC.

Now before more people start stepping up with endless "Hey... what about adding , too?" posts: Why not simply mirror Vircurex and the currencies traded there? You're already dealing with them and it might drive some traffic from CS over to VCE and vice versa if implemented nicely.

Just make sure CS keeps its focus on being a stock exchange.

rlh

hero member

Activity: 804

Merit: 1004

One more thing, your shares that you own in "offsite" mode. Are they divisible, or are all your shares withdrawn as one "fund" and restored as such?

I ask because as I just mentioned, some other people would like to buy shares in SLC. I can buy shares (from my personal account) and sell them in SLC if that's the case. I don't, however, want to sell all of my shares to just one person.

rlh

hero member

Activity: 804

Merit: 1004

Quote from: Cryptostocks on October 05, 2012, 10:05:37 AM

Thinking of implementing multi-currency dividend payments, in other words, a LTC listed security could pay out its dividends in BTCs or DVC.

Is such a feature of interest?

Yes! Also, second-sale of securities in other currencies. I know of quite a few people who want to buy MLAF stock, but they'd like to buy in SLC, instead of BTC.

drekk

member

Activity: 70

Merit: 10

Who shot who in the what now?

Great to see the exchange improve and grow.
Keep up the good work!

~drekk~

Cryptostocks

member

Activity: 195

Merit: 10

Thinking of implementing multi-currency dividend payments, in other words, a LTC listed security could pay out its dividends in BTCs or DVC.

Is such a feature of interest?

Uglux

full member

Activity: 222

Merit: 100

This is awesome.

Cryptostocks

member

Activity: 195

Merit: 10

New functionality release today: Offline Shares.

Objective:
- Store your share's offline and protect them in case of a compromised account, while still receiving dividends
- In the future this feature can be integrated with other exchanges to allow movement of shares from one platform to another

MPOE-PR

hero member

Activity: 756

Merit: 522

Quote from: Bitcoin Oz on June 17, 2012, 05:37:32 AM

Its almost a direct copy of glbse....

No, actually, it's a lot better in pretty much every respect. For one, pages load within a second. For another, information is rationally & conveniently presented, there's trade history for instance.

Some day/week/month averages would probably help.

RandomQ

hero member

Activity: 826

Merit: 500

This is the time for Cryptostocks to really shine, Great work on improving the exchange.
I see alot of new business coming to the exchange soon.

Kumala

hero member

Activity: 525

Merit: 500

Its already implemented, though not free.

MPOE-PR

hero member

Activity: 756

Merit: 522

Quote from: Cryptostocks on August 28, 2012, 09:59:33 AM

My first thought is, yes, lets get it implemented, any thoughts from the community?

MPEx had free of charge transfers since day one, we never noticed a problem with it. Must have option as it were.

Kumala

hero member

Activity: 525

Merit: 500

New features released, the major ones being:

- Yubikey support
- Security issuer can make announcements
- Security issuer can initiate "Request for Vote"

Check the developer's log for the complete list: https://cryptostocks.com/developerlog

HorseRider

donator

Activity: 1120

Merit: 1001

Looking forward to the new features.

I guess we can have a further discussion on the legitimization of bitcoin equity exchanges after Nefario has tried. I don't believe that it is impossible all around the world. Even in China of dictatorship, the companies can find a way out to raise capital from the NYSE or NASDAQ market. With the help of the smart lawyers, we definitely will be able to find way out.

@Cryptostocks:

Nefario said that you're that interested in accept the GLBSE assets to list on your exchange, could you please tell us why here?

https://bitcointalksearch.org/topic/m.1219756

Kumala

hero member

Activity: 525

Merit: 500

Neither of them is incorporated at this point in time, its of rather low priority at the moment, given the current business volume we are making.

As to your question on "current legal climate offering securities": Most likely it wont be possible to open a security exchange in any of the countries in this world, we'ld probably need to rephrease it as Project Financing, Micro-Credit Facilitation, etc. But even then, I doubt Germany is an option, looks as if that kind of business requires to be registerd with the BAFIN (http://www.bafin.de), so if the day comes were we must get incorporated, an offshore loction will probably be the way to go.

The Pirate default is ofcourse a most unfortunate event. The size of the default is putting even more scrutiny on the Bitcoin economy by government agencies than we had before and might even limit or hamper the future operations for crowd funding platforms. But the beauty of electronic exchanges and the nature of Bitcoins, it won't be difficult to relocate the hosting infrastructure to another county when necessary, knowing that it doesn't necessarily solve the problem about the US Wire Act.

Topic: Cryptostocks - BTC,DVC,LTC denominated Stock Exchange/Crowdfunding Platform - page 18. (Read 46102 times)