Anyone vaguely familiar with basic US securities law understands that a 5% profit sharing dividend has everything to do with US SEC regulations.  When you offer a share of your profits to asset holders, that asset is a security.  This is common law and knowledge.  Below is the grossly negligent memo released by Blockpool's discount legal counsel, regarding their (painfully inaccurate) opinion:





Don't take my word for it.  Don't take Blockpool's word for it.  Do your own research.  There are competent projects out there.  Blockpool is simply not one of them.

inb4 Blockpool devs and fanboys call me a troll, instead of refuting the fact that their profit-sharing token model is an illegally created security in the United States

 

 



_{the cognitive dissonance of blockpool...}

Please reference the public statement issued yesterday by the SEC:
https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11

Whether or not you believe me, your advisers, or the flying spaghetti monster doesn't make BPL any less a security, as has been laid out in black & white.  Best of luck pleading ignorance once the inevitable day comes when you & your U.S. investors have to answer to the long dick of SEC law.

To answer your other concerns...I don't owe you an answer.  I don't answer to you, so please stop insisting I do.  We invested our money into your idea.  If we have questions/concerns, your role is to answer them.  You have no place antagonizing me, regardless your personal feelings about me.  This is called professionalism.

Your token is a security.  This is not baseless.  This fact is validated by documents that Blockpool has released, that I have posted above.  If you cannot see them, I can post them again for you.

The answer you gave previously to this topic was not sufficient, as I told you when I responded to it ^{backed by documentation} that your legal advisers are blatantly wrong.  Instead of responding to this rebuttal, you attack me with continued ad hominems.  I don't know how to engage in conversation with someone who behaves like this.

I have no issue being constructive and helping the project along.  Unfortunately, while Blockpool lives in their disillusioned world where they are incapable of having made a mistake, and paint me like a lunatic for questioning them about it, I cannot help you.  I can only help those who are open-minded enough to read the writing on the wall.

Your legal experts must be ignorant of U.S. Securities & Exchange law or simply incompetent.
A screenshot from the legal document you shared:



They confirm that BPL offers a 5% pre-tax net profit share to investors, and then go on to say that it does not constitute a security?  Just...wow.  Blockpool is receiving legal opinion on U.S. Securities law from a U.K. firm who can't spell "SEC" correctly.  Nice.

BitConnect and RegalCoin are not traded on major exchanges.  Their top volume is on BCC Exchange and Coin Exchange.  Find one revenue-sharing coin (read: a security, by definition) that is listed on a legitimate top 5 exchange (Bitfinex, Bittrex, Binance, etc.).  You can't.  Because these exchanges clearly state that they will not list security (revenue-sharing) tokens in order to maintain SEC compliance.  Do your own research here:

https://support.bittrex.com/hc/en-us/articles/115000798731-Regarding-the-recent-SEC-Digital-Asset-Investigative-Report


BPL is a security.  Full stop.  Blockpool spells this out in black & white in their "Details of Token Exchange Campaign":



There is no other way to interpret this.  Blockpool is not legally viable in the United States under SEC regulations.

I am incorrect because your accountant told you that promising investors a 5% annual dividend of company revenue does not classify itself as a security?  For your own legal sake, you should educate yourself and find a second opinion.  This is Securities & Exchange 101.  The team should be consulting securities attorneys, not their accountants.

BPL will cannot be listed on larger exchanges because the token is a revenue sharing security.  The Blockpool team has said that BPL has passed the Howey Test, but I don't see how that's possible when page 5 of Blockpool's Token Exchange Campaign Prospectus ^{https://blockpool.io/docs/BP_ICO_A.pdf} states:



Revenue share is profit that comes from an investment outside of the investor's control; a security, by definition.

So every answer reverts to "we can't tell you b/c it's closed-source".  On a decentralized blockchain.  Ironically noted.

Shame on you for putting words in my mouth, Andrew.  I suggested that the API you created for Bjork does not utilize the BPL blockchain in any fashion.  Before you continue painting people as liars, let's talk about it.

Please explain the utility BPL, the token itself, has within your Bjork API deliverable.  Were crypto payments on Bjork's website processed on Blockpool's blockchain?  Audiocoin's blockchain?  Or were they processed with a standalone proprietary API created by BPL devs, who are being paid full-time salaries on funds raised in BPL's token sale?

I could very well be wrong.  Please prove me so.

How are they rewarded using a queuing system?

Tell us how?

What are the solid business reasons?

How could they have researched information that doesn't exist?  Blockpool's whitepaper is only 8 pages, 2 of which only have images of colored circles.

@StealthCoin1 was quite thorough in structuring his question/critique with numbers, anecdotes, and technicals.  The answers given are much like the current Blockpool whitepaper: conceptual, vague, and non-technical.  Will there be a technical whitepaper any time soon to address this?  

Continue to motivate Blockpool to get their shit marketing together.  Projects with pure vaporware have better news cycles ^{(and liquidity)} than this nonsense.

Your answer is in your question.  If there is no liquidity, how can you sell?

It's not quite as simple as "just sell it" when dealing with large numbers.


We're not exaggerating when we say there is virtually zero volume/interest in Blockpool right now...and the vast majority of the volume that does exist are ^large account holders offloading.  This is not my opinion.  This is factually quantifiable by looking at trading volume.



There are only 5BTC worth of >$0.01 buy orders on the books, as I type this.  That means if you, me, or anyone wanted to take $50,000 worth of BPL profit right now ^{a small amount by crypto standards}, that market sell would crash Blockpool's price to one penny.  Literally.

That exact situation has already happened twice this week...

Look at Blockpool's 1W chart:
https://imgur.com/a/PyVHd

You see long stretches of doji candles where literally nobody is trading BPL.  The volume spikes circled in red coincide with flash crashes.  These are large account holders dumping; but since BPL is illiquid, and there weren't ^{(and still aren't)} enough buyers on the books wanting to buy BPL for more than a penny, a single whale flash crashed the market to a penny.
One penny.
And that was only a portion of his stack.

Now we're competing against each other to sell hundreds of thousands of BPL on an illiquid market.

Funny how some people spend time tossing ad hominem attacks, rather than acknowledging the talking points.

_{(I am very much invested in Blockpool, my friend)}

If speaking my mind makes me a dick, call me Cervix Crusader.


Ask yourself how you plan on cashing out any BPL or ADC when there is consistently $2,000 daily volume?  Blockpool is slowly slipping into the same altcoin graveyard of irrelevance as it's sister project, Audiocoin, both managed and marketed by the same team.
Do you not want to protect your investment?
Ask yourself why there is so little interest being drummed up for 2 projects that were just featured in Forbes and CNBC for building a blockchain payments system for a musical legend?
Hold Blockpool accountable to properly market what they have created for us.

Don't blindly believe.  Be an active investor.  Ask questions.

 

c) scroll to the top of this page to read reason already mentioned

Blockpool is not a scam.  Blockpool is a poorly managed business with more star-power partnerships than their public relations team ^{or lack thereof} can handle.  It's a shame Bjork squandered her starpower on a company that can't create proper buzz surrounding these opportunities.  

How do you expect your BPL tokens to increase in value if there is no network effect to make other's investors aware of Blockpool's success?  Absolutely nothing is operating on Blockpool's blockchain to give it intrinsic value.  Nothing.  The devs built an API for Bjork's website that does not operate on the very blockchain they created, using dollars we invested during the token sale to pay themselves to do so.

Don't take my word for it.  Do your own research.  You will be surprised how few answers exist to these questions.

Good investors know when to enter and exit their positions.  Your long term strategy is just that: your strategy.  One of many.

Then let's not compare the two.

On the contrary.  Slowly selling BPL position, alongside other large account holders, as to not cause too much slippage.  (You can see from BPL's flash crash to 0.00001 a few days ago that a particular whale was frustrated and dumped a little too violently.  This whale warned/called out the BPL team on Discord in the moments prior to dumping).

I don't view this as time wasted.  I've logged many hours listening, learning, and earning.  This is an opportunity to give back to the greater community.  There is enough wealth in these early days of crypto for everyone.  The Blockpool team has proven that BPL is not an on-ramp to said wealth. These are cautionary posts, taking minutes to type, to guide others away from BPL's sunken opportunity cost.

You're right, an initial dump from ICO investors is nothing unusual.  But BPL has been trading for several weeks now.  "ICO people dump[ed] their coins" weeks ago.  What we are seeing now is disenfranchised (large) investors connecting the dots of BPL's public relations incompetence, and off-loading their positions.  Blockpool was handed the golden goose of a headline musical artist partnership with Bjork, covered by the likes of CNBC and Forbes, and BPL value has nothing to show for it.  Numbers don't lie.  Emotions do.