SCAM ALERT: "Mastercoin" Official Launch (Exodus address) (read first)

[john_nalpa]

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your an annoying semi-retarded cock mate

[1713307075]

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[1713307075]

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[1713307075]

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[1713307075]

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[1713307075]

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[Chang Hum]

why who r u?

[Raize]

dacoinminister can code, he's got some example scripts here:
http://userscripts.org/users/303682

We know next to nothing about him, though. I believe that he checks out as possibly being who he says he is, but I see nothing wrong with spiral alerting people to the high likelihood that coins could be taken and he could run with them. Everything else is just superfluous. People who are sending him coin at this point likely know the risks they are engaging in.

[spiral_mind]

What he's doing is almost certainly illegal.
He is selling an investment instrument without complying with any of the regulations. See this article: http://www.pcworld.com/article/2045083/sec-charges-texas-man-with-running-bitcoin-ponzi-scheme.html

Even if you disagree with that assessment he's proposing at minimum to sell a virtual currency directly to consumers without doing any know your customer regulation compliance. See: http://www.paritynews.com/2013/05/26/libertyreservecom-shuttered-founder-arrested-in-spain/

He claims to be based within the US yet follows none of the applicable laws. Even if he doesn't run with the money and actually releases some source code he's going to get a nasty visit from the law eventually.

If he's really released his true identity, I think he's screwed. He still hasn't proved he is who he says he is. Maybe he could take a picture holding a sign saying "Mastercoin is totally not a scam guys"?

Definitely stay away from this one and don't give him any money. Since even if he succeeded at his project he'd be violating the law I think it's far more likely he'll run with the money instead.

[dacoinminster]

What he's doing is almost certainly illegal.
He is selling an investment instrument without complying with any of the regulations. See this article: http://www.pcworld.com/article/2045083/sec-charges-texas-man-with-running-bitcoin-ponzi-scheme.html

Even if you disagree with that assessment he's proposing at minimum to sell a virtual currency directly to consumers without doing any know your customer regulation compliance. See: http://www.paritynews.com/2013/05/26/libertyreservecom-shuttered-founder-arrested-in-spain/

He claims to be based within the US yet follows none of the applicable laws. Even if he doesn't run with the money and actually releases some source code he's going to get a nasty visit from the law eventually.

If he's really released his true identity, I think he's screwed. He still hasn't proved he is who he says he is. Maybe he could take a picture holding a sign saying "Mastercoin is totally not a scam guys"?

Definitely stay away from this one and don't give him any money. Since even if he succeeded at his project he'd be violating the law I think it's far more likely he'll run with the money instead.

I believe all applicable laws deal with transfers into and out of U.S. Dollars, which I am not doing.

Also, my LinkedIn profile links to the MasterCoin spec, and I spoke about it on video at the bitcoin conference, so I really doubt anybody is seriously questioning my identity.

[spiral_mind]

What he's doing is almost certainly illegal.
He is selling an investment instrument without complying with any of the regulations. See this article: http://www.pcworld.com/article/2045083/sec-charges-texas-man-with-running-bitcoin-ponzi-scheme.html

Even if you disagree with that assessment he's proposing at minimum to sell a virtual currency directly to consumers without doing any know your customer regulation compliance. See: http://www.paritynews.com/2013/05/26/libertyreservecom-shuttered-founder-arrested-in-spain/

He claims to be based within the US yet follows none of the applicable laws. Even if he doesn't run with the money and actually releases some source code he's going to get a nasty visit from the law eventually.

If he's really released his true identity, I think he's screwed. He still hasn't proved he is who he says he is. Maybe he could take a picture holding a sign saying "Mastercoin is totally not a scam guys"?

Definitely stay away from this one and don't give him any money. Since even if he succeeded at his project he'd be violating the law I think it's far more likely he'll run with the money instead.

I believe all applicable laws deal with transfers into and out of U.S. Dollars, which I am not doing.

Also, my LinkedIn profile links to the MasterCoin spec, and I spoke about it on video at the bitcoin conference, so I really doubt anybody is seriously questioning my identity.

You posted a video of someone at a conference. You also posted a LinkedIn profile. That doesn't prove that your forum identity is in any way linked to that real identity.

As far as the applicability of the laws, the first link I posted the guy collected only Bitcoin just as in your proposal.

The creator of Liberty Reserve got taken down by the US govt and you will too. Decentralization and open source are the only thing keeping Bitcoin from being shutdown. Since your project has neither it will be shut down if it ever ends up existing in the first place.

(PS: Again, you can't profit from maintaining an artificial peg so the economics of your system make it a failure before it's even begun. Taking people's Bitcoins and promising them Mastercoin is certainly just as illegal as what the guy from Texas did in the first link. So whether you deliver or not you're still violating multiple US laws.)

[spiral_mind]

http://www.reuters.com/article/2013/08/06/us-court-sec-bitcoin-idUSBRE97517G20130806

The SEC will go after you for selling an unlicensed and unregistered investment instrument within the US regardless of the currency used. Here's a relevant quote:

Trendon Shavers of Bitcoin Savings & Trust had challenged the Securities and Exchange Commission's case against him, saying the regulator had no jurisdiction to sue him because the Bitcoin investments he offered are not securities or subject to any U.S. regulation.

But U.S. Magistrate Judge Amos L. Mazzant in the Eastern District of Texas ruled on Tuesday that his Bitcoin investments "meet the definition of investment contract, and as such, are securities."

[dacoinminster]

For those of you who are on the fence, you can now get some MasterCoins for free on my giveaway thread: https://bitcointalk.org/index.php?topic=272577.0

If you get them that way, the only risk is to your reputation.