What I'm saying is, if the SEC didn't regulate the market and require audits to be performed and disclosure documents to be filed, NASDAQ (or whatever the marketplace in your venue is) would still have to.
It's not just disclosure and audits. ASICMiner had reports, board meetings, audits, and photos and all kinds of disclosure. But the other thing that's missing with these underground user-issued asset schemes is the threat of violence (which the State provides if you pay them their protection money). With a user issued asset, all the audits and disclosure in the world can suddenly stop and someone just runs and nothing happens. Chinese take large-scale financial fraud very seriously and still execute people for 100 million dollar+ financial crimes. If ASICMiner were a stock traded in Shanghai, there would be a international manhunt for him spearheaded by China and he would be found and jailed or executed. What people don't get is that the threats of imprisonment and execution are the only things that make our contracts, shares, bylaws, and other pieces of paper mean anything. Either the DAO's shares are held by the open-source, trustless system itself (as in bitcoin) or you need the threat of violence to get people to honor their word.
I think part of the reason that people can't see this is because it's wrapped up in sexy technology. Cryptographic proofs. Hashing. Buzz words!
The reality of NXT is that you have a guy with a pizza shop. He prints out a bunch of pieces of paper that say "1/100 shares of Shady Pizza Shop" and you pay for them. And when it's time for your dividend, Shady stops answering his phone. Shady is gone. You call the police: "But..but.. I have the shares right here! He's a crook!"
COP: "So you're telling me you gave a guy money for this piece of paper and he said he was going to cut you in on his business? There's no business bank account to freeze? And there's no physical assets or physical evidence of any of this because the pizza shop is in Lithuania at an unknown address? And now you don't know his name or where he is? How fucking stupid are you?"
If you call the financial regulators, they may track him down and seize his money and get him in trouble. They're not necessarily going to give it back to you, LOL. They'll often just keep it. It's a joke. Criminals enforce their agreements with criminal violence. Non-criminals play by the rules and then get their agreements enforced with state violence. DAO shareholders and smart contract parties get their agreements enforced by code.
User-issued asset buyers get their agreements enforced by no one. It's painfully obvious to me that it's never going to catch on. But maybe I'm wrong.
my weekly coinomat dividends on the NXT asset exchange are kind of shitting all over your hypothesis right now. Need a wet wipe?
Ya, ASICMiner paid dividends from 2011 to 2015. It was a good run. One of my friends in real life had a seat on the board. Those seats were hundreds of thousands of dollars each at the share price peak. You're going to see what happens to your precious NXT assets.
