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MCStannard
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July 25, 2013, 11:08:26 PM
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July 26, 2013, 01:38:00 AM
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Why don't you link to the actual thread where burnside discussed these issues?

https://bitcointalk.org/index.php?topic=261235

He provides the following clarification:
It's been a day or so since I've posted in here and some may be wondering where BTC-TC stands with things.

- BTC-TC will not be closing it's doors to US citizens.  US citizens using the site are not doing anything wrong and the issues around investing in assets from the various issuers is better addressed on a per-issuer basis.  For instance, a fully registered and compliant issuer should be able to have unfettered access to the entire US population, whereas an issuer that has not properly registered their company puts themselves at risk and thus we would hope would close off access to the riskier markets.  (note that this registration takes many forms depending on where you are located.)
- BTC-TC will be adapting it's ToS and wording on the site to be clearer and to avoid words that imply regulation where there is not.  For example, calling something a stock implies a share of a regulated, registered company, when in fact that may not truly be the case.  These changes will be made over time as we work things out with the help of legal representation.
- BTC-TC will be building a set of tools to assist issuers in maintaining compliance with securities law internationally.  Initially this means that we will be giving issuers the ability to solicit (or not solicit) investment on a per-country basis.  Eventually we could also facilitate validation and filtering of accredited investors versus non-accredited investors.

Cheers.


While he may have made some statements that spooked some nervous speculators, such is the tradeoff for seeking advice and sharing information with the community. Perhaps he speculated on future decisions a little too much, but I would rather be informed of burnsides every thought, than be left in the dark have no idea where things are headed.

I appreciate the discourse that these SEC charges have started, and also appreciate the efforts that burnside and Ukyo have made so far.

However, looking forward, I think its EXTREMELY important to find a solution for a viable decentralized exchange environment, and this should be our priority moving forward instead of pointing fingers at people and statements that were made.
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July 26, 2013, 02:28:18 AM
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While he may have made some statements that spooked some nervous speculators, such is the tradeoff for seeking advice and sharing information with the community. Perhaps he speculated on future decisions a little too much, but I would rather be informed of burnsides every thought, than be left in the dark have no idea where things are headed.

This is true, the community and his customers should be informed that the issue is being looked into. However, his speculating ultimately would have benefited him at the lose of traders/ customers panicked by the news. The issue wasn't dealt with professionally.

I post about a lot of things with the site.  It's part of an open discussion.  "what if we did this?  then what would happen?  what are the pros and cons?"  Running an evolving (beta) entity that is in a rapidly changing environment requires a lot of input.

I'll try to be more careful about certain discussions in the future, but please understand that things with the site are always going to be as transparent as I can reasonably make them.  Also -- When you get skittish over something related to the site please keep in mind that if you buy based on what you truly believe the asset is worth and you believe you can trust the issuer, you have little to worry about.  The site sends out asset lists such that the issuer has what they need to make you whole, regardless of the site or anything related to it.

I hope that makes sense.  I've definitely learned something here and I'll keep it in mind going forward.

Cheers.

I'm not a Coinbase fan -- I placed a buy order, they took the funds out of my account, then a week later the price went up and they canceled the buy and closed my account.  You've been warned.  Use a different exchange.
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July 26, 2013, 03:04:08 PM
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I hope that makes sense.  I've definitely learned something here and I'll keep it in mind going forward.
Cheers.

You made a clear statement after this mess and with your positive attitude among those comments (including me) makes me think that you're doing good here. It's hard to keep calm and manage the pressure when people are screaming at you.

Keep up the good work and hope to see btct become stronger in the future.

Patrick

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