Maybe its time for bitcoin community to stop ego-tripping and stop using big words like securities, currency, corporation, IPO, bond, dividends, exchange etc.
Seriously.
I consider big words to be things like
floccinaucinihilipilification (the estimation of something that's valueless), or
hippopotomonstrosesquipedalian (of or pertaining to long words)
Seriously though, there's nothing wrong with using the words as longs as you understand them. You pointed out in
your other post:
I was talking to someone who know about the laws around here (not US) and guess what: Setting up a bazaar (market) to trade some virtual tokens (BTC is not a currency) is completely OK until legal currency is kept out of the equation.
You say BTC has value in fiat? So do all the stupid game cards that kids collect and trade in some countries. They do not call their collections Co's and themselves CEO and are not selling you a "share of ownership or debt (big bad words) in a INC, LLE, LTD etc".
American based SEC has NOTHING to do with BTC. BTC is not a security. Only reason they can get upset is if you keep calling your imaginary "what ever" a real company an keep telling to people, how you are running a business blaa blaa blaa, dividends, IPO etc. Then it can be considered as a scam and they (SEC, IRS, FSA, police etc) will get curious.
And you'd be exactly right. Keep things as a "game" and you can't be harmed. As long as you deal solely in BTC, LTC, etc there are NO REGULATIONS for you to abide by because no government (that I know of) recognizes Bitcoins as a currency. So creating a "business" and "trading" all under BTC is 100% legal. When you start bringing fiat into the equations is when you bring governments along with it. That's the challenging part.
That said, you can still create your own company, INC, LTD, LLC, etc. It's all part of the "game" here, and as long as your company doesn't stem into the 'real world' you're all set.
None (most?) of the Corporations here are actually incorporated anywhere on this planet. Copy/pasting some bull shit legalese to a web page is not making your imaginary adventure a Co. Not in this planet.
None (most?) of the CEO's and what not have probably never ever met a RL CEO or owned a small business in the real world (RL).
Most of people here have 0 experience in investing in the real world and zero experience underwriting a IPO. Damn, mots IPO issuers do not even know what those 3 letters really mean and what are the consequences.
Probably correct here as well, but there's nothing wrong with that until the tax man comes for their "company's" real-world profits
I know, most of you say that lets invent something new and do business the new way. Sad truth is that so far we have only seen scammers and thieves blowing the smoke up bitcoin community's collective ass.
If you do not know how business or markets works, you "new ways of doing stuff" are usually childish mistakes that the real world has all ready done, learned from those, fixed the problem and moved on.
Serious question: How many legitimate businesses have actually turned out to be scams on GLBSE (or elsewhere)? I'm actually curious as to the answer for this. And by "legitimate business" I mean someone actually having a background, transparency, and products/services, but actually just ran away with your money. And I swear to god if one of you retards says "Pirate" I will hunt you down and slap you across the head for thinking his business was legit in the first place.
How many of you have passed the S 7 exam? How did your S 63 go and for what state?
Quite coincidentally, this happens to be something I've been looking into
