See my comment right before yours ?
That is warning from years ago i posted here in the Bitcoin section right when it was released.
The SEC and FiNCEN and other US govt agencies considers this shit scammy ass bullshit.
Which is why they fined Ripple.
Why they went to court to get Coinbase to divulge mass records etc.
Topic: Should ICOs without blockchains be removed from Alternate Cryptocurrencies forum - page 2. (Read 1506 times)
July 21, 2017, 03:53:08 AM
July 21, 2017, 03:06:02 AM
Read somewhere that the SEC has stated they're illegal (no shit) and not to be used by US citizens. I think it's only a matter of time before this forum gets some heat from some sort of scam that was promoted here.
If you classify the tokens as securities, then they are definitely illegal sales.People can call them whatever they want but it doesn't change what they are. You could operate a ponzi scheme using payment in potatoes but it's still a Ponzi at the end of the day and wouldn't stop people from being prosecuted. With crypto or tokens it just seems to be an easier way of running such schemes and being able to get a way with it due to lack or regulation and the relative anonymity of it but this surely wont be the case for ever.
I wonder whether SEC would put pressure on theymos, as this forum is pretty much one of the mediums facilitating most of these sales (that is, once they start cracking down on them).
I'm sure theymos would comply with any subpoena he receives. I can't imagine his responsibility goes any further than that. I think they will issue some sort of warning or threat eventually. I don't know what makes this forum immune from essentially hosting ponzis etc but I'm surprised there hasn't been any heat from them yet (or maybe there has and from a legal standpoint the forum is safe... or we will get into trouble at one point).
July 21, 2017, 02:30:41 AM
I sort of agree but would rather see all ICO's separated from the real currencies.
And currencies vs schemes too !
This topic makes me think of ledgers.
theymos will have to comply with US govt request(s) whenever they are submitted.
And i have propose lots since 2013 loudly some of the forum hacks and down times here may have been time for the owner to back up the entire database and hand it to the fed's.
Remember this ? (it mentions "a forum")
https://www.sec.gov/investor/alerts/ia_virtualcurrencies.pdf
It begins !
And currencies vs schemes too !
This topic makes me think of ledgers.
theymos will have to comply with US govt request(s) whenever they are submitted.
And i have propose lots since 2013 loudly some of the forum hacks and down times here may have been time for the owner to back up the entire database and hand it to the fed's.
Remember this ? (it mentions "a forum")
https://www.sec.gov/investor/alerts/ia_virtualcurrencies.pdf
It begins !
July 20, 2017, 04:16:17 AM
I was thinking more in the lines of: Could or would the SEC force theymos to ban any thread regarding a token sale on the forum.
That would bring up some serious First Amendment issues. Furthermore, the SEC only has the authority to bring civil action, so this would seem very unlikely.
July 20, 2017, 03:47:16 AM
That's the one.
I was thinking more in the lines of: Could or would the SEC force theymos to ban any thread regarding a token sale on the forum.
Read somewhere that the SEC has stated they're illegal (no shit) and not to be used by US citizens. I think it's only a matter of time before this forum gets some heat from some sort of scam that was promoted here.
If you classify the tokens as securities, then they are definitely illegal sales.I wonder whether SEC would put pressure on theymos, as this forum is pretty much one of the mediums facilitating most of these sales (that is, once they start cracking down on them).
I'm sure theymos would comply with any subpoena he receives. I can't imagine his responsibility goes any further than that. July 19, 2017, 02:09:00 PM
Be removed altogether or be contained in a dedicated sub-forum? Complete removal would surely hurt the revenue stream wouldn't it?
Not that I am participating in any ICOs anyways.
Not that I am participating in any ICOs anyways.
Either is fine with me honestly. I suspect their own forum would turn into something like the altcoin announcements. Ignored. It just seems severely off topic per the current board definition. I am interested in blockchains. Ponzi ICO #219 not so much.
I suspect most people in the space feel the same. An off topic subject has flooded the forum to pump speculations that have NOTHING TO DO with blockchains. I see literally no downside to banning the ones that are not funding alternate blockchains. They've essentially hijacked alternate blockchain forum to pump shit that has nothing to do with Cryptocurrencies.
Make them their own forum or ban them all together is my preference. I don't see how their revenue stream tied to spamming off topic in a cryptocurrency forum is our problem.
July 19, 2017, 01:21:44 PM
Be removed altogether or be contained in a dedicated sub-forum? Complete removal would surely hurt the revenue stream wouldn't it?
Not that I am participating in any ICOs anyways.
Not that I am participating in any ICOs anyways.
July 19, 2017, 01:01:09 PM
I wonder whether SEC would put pressure on theymos, as this forum is pretty much one of the mediums facilitating most of these sales (that is, once they start cracking down on them).
I'm sure theymos would comply with any subpoena he receives. I can't imagine his responsibility goes any further than that.
Bitcoin Savings and Trust being a good example of how this would be handled.
July 19, 2017, 11:01:38 AM
Since bitcointalk has never been about preventing scams I would like to clarify I AM NOT advocating "doing a quick search to see if an ICO is legitimate" but more of "is this its own blockchain or will be its own blockchain? No? Spam/trash"
As a way if making alternate currencies about that vs this hoard of ICO tokens that have absolutely nothing to do with alternative blockchains.
As a way if making alternate currencies about that vs this hoard of ICO tokens that have absolutely nothing to do with alternative blockchains.
July 19, 2017, 10:13:31 AM
I would support it just for the mere fact it will get rid of shitcoin ICO spam from signature campaigns. Hundreds of users per campaign and not a single check being done about them. It's not uncommon to find 50+ users all belonging to the same person posting away one after the other or copying and pasting content. Getting tired of it.
https://bitcointalksearch.org/topic/a-suggestion-about-altcoin-announcements-section-2009415
Read somewhere that the SEC has stated they're illegal (no shit) and not to be used by US citizens. I think it's only a matter of time before this forum gets some heat from some sort of scam that was promoted here.
I think that someone had already proposed something similar recently. I can't find the link though.
https://bitcointalksearch.org/topic/a-suggestion-about-altcoin-announcements-section-2009415
99% of the ICOs are useless scams, yes. I wonder whether SEC would put pressure on theymos, as this forum is pretty much one of the mediums facilitating most of these sales (that is, once they start cracking down on them).
Read somewhere that the SEC has stated they're illegal (no shit) and not to be used by US citizens. I think it's only a matter of time before this forum gets some heat from some sort of scam that was promoted here.
July 19, 2017, 10:10:27 AM
I think that someone had already proposed something similar recently. I can't find the link though.
1.). These tokens are not blockchains.
Correct.2.). These tokens often have absolutely nothing to do with Cryptocurrency.
Technically if they are tokens issued on some currency, then they have something with cryptocurrency.3.). Tokens have essentially turned into a way to bypass the SEC.
99% of the ICOs are useless scams, yes. I wonder whether SEC would put pressure on theymos, as this forum is pretty much one of the mediums facilitating most of these sales (that is, once they start cracking down on them). July 19, 2017, 10:00:42 AM
I would like to propose that ICOs be removed from the Alternate Currencies forum.
1.). These tokens are not blockchains.
2.). These tokens often have absolutely nothing to do with Cryptocurrency. For instance one might be a company selling a third of it's start up ventures with a promise to use a third of profits to buy back tokens on exchanges.
3.). Tokens have essentially turned into a way to bypass the SEC. I am not talking about alternate blockchain presales with the intent of launching an alternate currency run thru an exchange. I'm talking about tokens that are not their own blockchain, have no intent on being their own blockchain, are not really even ICOs as they aren't a coin.
I get that alternate currency area of the forums has always been the redheaded stepchild. But I think banning ICOs that are not and have no intention of being their own chain would be consistent with the forum discussion topic guidelines.
1.). These tokens are not blockchains.
2.). These tokens often have absolutely nothing to do with Cryptocurrency. For instance one might be a company selling a third of it's start up ventures with a promise to use a third of profits to buy back tokens on exchanges.
3.). Tokens have essentially turned into a way to bypass the SEC. I am not talking about alternate blockchain presales with the intent of launching an alternate currency run thru an exchange. I'm talking about tokens that are not their own blockchain, have no intent on being their own blockchain, are not really even ICOs as they aren't a coin.
I get that alternate currency area of the forums has always been the redheaded stepchild. But I think banning ICOs that are not and have no intention of being their own chain would be consistent with the forum discussion topic guidelines.
Jump to: