In any case, while doing some reasearch on Coincheck hack, I remembered that 500 million Nemcoins were hacked from the exchange.
Are there people here from the Nem community? Would you speculate that this hack has caused the slow death of Nem because 500 million coins can disturb and negatively affect the platform's proof of importance staking protocol?
Exchanges might be a danger for proof of stake coins. This was shown in the Steem versus Hive war and the Mintpal hack of 2014.
Sources https://www.coindesk.com/coincheck-confirms-crypto-hack-loss-larger-than-mt-gox
https://www.coindesk.com/binance-ceo-cz-steem-centralized-exchange-hard-fork
https://www.coindesk.com/bitcoin-protected-vericoin-stolen-mintpal-wallet-breach
Topic: The Proof of Stake Alliance, your cryptocoins, the exchanges and the SEC (Read 147 times)
June 04, 2020, 11:15:57 PM
June 02, 2020, 10:17:21 PM
I reckon that another source of information to follow if your token is safe from the SEC is the Crypto Ratings Council. This group was founded by Coinbase and other influential people in the cryptospace with political connections.
Your investment is safe if it is listed in Coinbase hehehe.
https://help.coinbase.com/en/coinbase/getting-started/general-crypto-education/supported-cryptocurrencies.html
A preliminary assessment by the Crypto Rating Council (CRC) dated mid-April found that the tokens for Tron, Nervos and Polkadot could face a higher chance of being deemed securities. However, the scores have yet to be finalized and could differ once published.
In a token rating list dated April 16 and obtained by The Block, Tron, Nervos and Polkadot were each assigned a score of 4.75 out of a possible five. According to CRC's rating framework, each coin or token is scored in a range between one and five. "A score of 1 means the Council's analysis suggests the asset has few or no characteristics consistent with treatment as an investment contract, and therefore not a security under the U.S. federal securities laws," the group's website explains. "A score of 5 means the Council’s analysis suggests that an asset has many characteristics strongly consistent with treatment as a security."
Read in full https://www.theblockcrypto.com/post/64569/crypto-ratings-preliminary-scores-trx-dot-ckb
Your investment is safe if it is listed in Coinbase hehehe.
https://help.coinbase.com/en/coinbase/getting-started/general-crypto-education/supported-cryptocurrencies.html
A preliminary assessment by the Crypto Rating Council (CRC) dated mid-April found that the tokens for Tron, Nervos and Polkadot could face a higher chance of being deemed securities. However, the scores have yet to be finalized and could differ once published.
In a token rating list dated April 16 and obtained by The Block, Tron, Nervos and Polkadot were each assigned a score of 4.75 out of a possible five. According to CRC's rating framework, each coin or token is scored in a range between one and five. "A score of 1 means the Council's analysis suggests the asset has few or no characteristics consistent with treatment as an investment contract, and therefore not a security under the U.S. federal securities laws," the group's website explains. "A score of 5 means the Council’s analysis suggests that an asset has many characteristics strongly consistent with treatment as a security."
Read in full https://www.theblockcrypto.com/post/64569/crypto-ratings-preliminary-scores-trx-dot-ckb
May 26, 2020, 11:22:28 PM
However, is education their only goal on their recommendations and future recommendations for the SEC? I am skeptical. This will also be the beginning of the legal and regulatory infrastructure for proof of stake coins in America.
I predict if the alliance is successful, it might become a big influential lobbyist for cryptospace law and bill proposals. This is very dangerous for the projects not included in the alliance hehehe.
Evan Weiss, founder of the Proof of Stake Alliance
The Proof of Stake Alliance (POSA) is a very niche trade association on Capitol Hill in the blockchain space. The alliance of Coinbase Custody, Cardano Foundation, Polychain and Tezos, and others such as Bison Trails, AVA, Binance.US, and the Web3 Foundation, among others, looks to provide regulatory clarity around how securities laws at the SEC apply to certain blockchains.
The founder of POSA spoke at Consensus Distributed, a week-long virtual conference, about their goals with the SEC as well as a white paper that was published, and also how they hope to provide standards as well.
Originally reported in CoinDesk, the group’s founder, Evan Weiss, who is also Chief of Staff at Bison Trails, stated the idea the group seeks to convey to the Securities and Exchange Commission (SEC), that entities using stake networks should be seen as service or infrastructure providers, rather than financial product providers.
Weiss noted the group shared recommendations with the SEC, including the idea that investment advice should not be provided to market participants or view staking rewards as a ‘profit opportunity’ and no guarantees on staking rewards.
Read in full https://www.forbes.com/sites/jasonbrett/2020/05/14/proof-of-stake-alliance-posa-meets-with-sec-on-blockchain-consensus-designs/#35a29ddf4ed8
https://www.proofofstakealliance.org/
I predict if the alliance is successful, it might become a big influential lobbyist for cryptospace law and bill proposals. This is very dangerous for the projects not included in the alliance hehehe.
Evan Weiss, founder of the Proof of Stake Alliance
The Proof of Stake Alliance (POSA) is a very niche trade association on Capitol Hill in the blockchain space. The alliance of Coinbase Custody, Cardano Foundation, Polychain and Tezos, and others such as Bison Trails, AVA, Binance.US, and the Web3 Foundation, among others, looks to provide regulatory clarity around how securities laws at the SEC apply to certain blockchains.
The founder of POSA spoke at Consensus Distributed, a week-long virtual conference, about their goals with the SEC as well as a white paper that was published, and also how they hope to provide standards as well.
Originally reported in CoinDesk, the group’s founder, Evan Weiss, who is also Chief of Staff at Bison Trails, stated the idea the group seeks to convey to the Securities and Exchange Commission (SEC), that entities using stake networks should be seen as service or infrastructure providers, rather than financial product providers.
Weiss noted the group shared recommendations with the SEC, including the idea that investment advice should not be provided to market participants or view staking rewards as a ‘profit opportunity’ and no guarantees on staking rewards.
Read in full https://www.forbes.com/sites/jasonbrett/2020/05/14/proof-of-stake-alliance-posa-meets-with-sec-on-blockchain-consensus-designs/#35a29ddf4ed8
https://www.proofofstakealliance.org/
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