Too bad GetGems didn't work out. The concept had elements that remain valid and interesting. I'm certain it wasn't intended as a scam. However, once it began to fail, there was a troubling lack of transparency and very possibly a major conflict of interest.
Intended as a scam or otherwise there is clear precedence for legal action. Throughout the initial development of Paykey Daniel Pelegrín issued statements saying that Paykey was developed by GetGems. Perhaps I am jumping the gun and GetGems adopters will be rewarded on launch of Paykey. Paykey is still under development after all.
The truth is these guys knew exactly what they were doing. They made every legal point work for them. That's why they made some huge worded disclaimer about what tokens are.....and the big thing they aren't is any claim on the company. Token are a very narrow product, they knew that.
The lesson to learn of if you ever hear of a token sale....run a mile, a token doesn't mean you own anything and can move on and make your token obsolete anytime they want. That's why this Israeli guy is doing another token sale on his trading platform sale. If successful you know he will charge people or get banks seed money etc. Token holders will be frozen out.
Also don't trust coins that seek seed capital, it looks great, free money right? But it always comes at the price of handing over something to them. Ripple is bullshit, go make money trading it, but it's not crypto, it's banks using crypto to do the same shit they always do, screw everyone.
If I was king I would hang them....but I'm not.
