superduh
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August 07, 2013, 08:21:57 PM |
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Even if he is a troll, it would be nice to a get a clear answer on:
- What could push the SEC to close the exchanges - What can the exchanges do to conform to the regulations - What happens if the SEC comes down on them, do we lose our bitcoins?
United State of the World? SEC has jurisdiction in the US. What has become of this world? why are people unable to understand that there are different rules, gov agencies, policies, procedures around the world
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ok
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N_S
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August 07, 2013, 08:41:20 PM |
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United State of the World? SEC has jurisdiction in the US. What has become of this world? why are people unable to understand that there are different rules, gov agencies, policies, procedures around the world
Maybe a better way to word it would be, 'what would happen to US residents if the SEC came down on the exchanges?' Does anyone have any foresight into this? I remember back during the recent burnside scare regarding US residents, I believe he said he'd allow them to withdraw in a given time window. This would no doubt do substantial damage to prices across the board. Also, this assumes that he'd have any say in the matter.
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bob131313
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August 07, 2013, 08:48:02 PM |
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Quick note. IMHOP and limited understanding of bitfunder. The asset list: https://bitfunder.com/assetlistmeans that there isn't even a need for a site. If the site goes down as long as the asset list is current on any other clone and they are synced, maybe a private altcoin with a specific blockchain for managing the list, any site anywhere could reproduce everyone's holdings. Not sure if btct maintains a similar list, maybe they can work together to create sec-coin and open up a shared api. Of course if I am completely misunderstanding the current back-end, please enlighten me.
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somestranger
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August 07, 2013, 08:52:19 PM |
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People, stop feeding the troll. This guy has also mentioned an incoming fork to Bitcoin, converting to scrypt.
Move along folks, nothing to see here.
Even more obvious clue that he's trolling: he removed that particular post from his signature immediately after he posted.
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optimator
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August 07, 2013, 09:09:38 PM |
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Quick note. IMHOP and limited understanding of bitfunder. The asset list: https://bitfunder.com/assetlistmeans that there isn't even a need for a site. If the site goes down as long as the asset list is current on any other clone and they are synced, maybe a private altcoin with a specific blockchain for managing the list, any site anywhere could reproduce everyone's holdings. Not sure if btct maintains a similar list, maybe they can work together to create sec-coin and open up a shared api. Of course if I am completely misunderstanding the current back-end, please enlighten me. Sometimes it's hard to pick out the grains of truth on this forum... but the quoted text is one of them. If there had been a public bitcoin address ledger for GLBSE many hours of weeping and gnashing of teeth could have been avoided. It seems any other approach is putting your head in the sand and wishing the inevitable doesn't happen.
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N_S
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August 07, 2013, 09:11:31 PM |
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Quick note. IMHOP and limited understanding of bitfunder. The asset list: https://bitfunder.com/assetlistmeans that there isn't even a need for a site. If the site goes down as long as the asset list is current on any other clone and they are synced, maybe a private altcoin with a specific blockchain for managing the list, any site anywhere could reproduce everyone's holdings. Not sure if btct maintains a similar list, maybe they can work together to create sec-coin and open up a shared api. Of course if I am completely misunderstanding the current back-end, please enlighten me. Sometimes it's hard to pick out the grains of truth on this forum... but the quoted text is one of them. If there had been a public bitcoin address ledger for GLBSE many hours of weeping and gnashing of teeth could have been avoided. It seems any other approach is putting your head in the sand and wishing the inevitable doesn't happen. How can we make this happen?
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Rival
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August 07, 2013, 09:25:22 PM |
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If anyone thinks for one second that the SEC is not aware of these bitcoin security exchanges then they have not spent much time thinking about it. Of course they know, they probably monitor them and even read these forums. The question is whether they feel the need to do anything about them, and whether it will be cost effective to do so. I think at the moment they are stretched pretty thin with much bigger fish, and have little interest in spending their resources on things that are not causing anyone any real problems. But there is no doubt in my mind they are already aware.
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crumbs
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August 07, 2013, 09:32:02 PM |
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Even if he is a troll, it would be nice to a get a clear answer on:
- What could push the SEC to close the exchanges - What can the exchanges do to conform to the regulations - What happens if the SEC comes down on them, do we lose our bitcoins?
United State of the World? SEC has jurisdiction in the US. What has become of this world? why are people unable to understand that there are different rules, gov agencies, policies, procedures around the world -Burnside lives where? Belize? -The SEC, Being a US agency, has jurisdiction anywhere US clout is sufficient, which is to say just about everywhere. See: 400-pound gorilla. As for your last questions: -i don't know. -they mostly do, they just act according to how shit works IRL, not how it's described on paper. See: 400-pound gorilla. Too many backyard practitioners of international law here.
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Pale Phoenix
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August 07, 2013, 09:32:21 PM |
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Even if he is a troll, it would be nice to a get a clear answer on:
- What could push the SEC to close the exchanges - What can the exchanges do to conform to the regulations - What happens if the SEC comes down on them, do we lose our bitcoins?
United State of the World? SEC has jurisdiction in the US. What has become of this world? why are people unable to understand that there are different rules, gov agencies, policies, procedures around the world You should definitely familiarize yourself with the concept of the Mutual Legal Assistance Treaty, and how it has been used worldwide to prosecute / extradite foreigners for violation of U.S. laws. It is an incredibly big stick used by Leviathan quite regularly. Not to mention that as a practical matter, all three top exchanges host with U.S. based content delivery networks and therefore have a nexus in the U.S. market. Potentially more vulnerable than the exchanges are the asset issuers themselves. Even if they aren't U.S. based, they have offered securities to U.S. citizens, and are most likely in violation of the securities laws in their own countries as well. Even China seems to prohibit the issuance of these unregulated securities. There is no way to know what the SEC plans to do, but based on its history of prosecutions, it seems unlikely that it will take drastic action in the absence of fraud. I'm sure some analysts at the SEC are familiar with Bitcoin securities, but in a world of limited resources, enforcement actions are usually prioritized in favor of easy cases with obviously bad actors. All of that said, I'm of the opinion that the OP is trolling for cheap shares.
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Pale Phoenix
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August 07, 2013, 09:42:41 PM |
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Quick note. IMHOP and limited understanding of bitfunder. The asset list: https://bitfunder.com/assetlistmeans that there isn't even a need for a site. If the site goes down as long as the asset list is current on any other clone and they are synced, maybe a private altcoin with a specific blockchain for managing the list, any site anywhere could reproduce everyone's holdings. Not sure if btct maintains a similar list, maybe they can work together to create sec-coin and open up a shared api. Of course if I am completely misunderstanding the current back-end, please enlighten me. I believe burnside maintains a mirror of the Bitfunder list on btct.co, as well. I haven't seen a similar public list of btct shareholders, but they do mail a list to each asset issuer every 12 hours. Dooglus has implemented an interesting idea on Just Dice. Each account can specify an "emergency address" to receive Bitcoins in the event something nasty happens to dooglus or the site. This should probably be standard on all sites facing any kind of uncertainty.
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str4wm4n
Legendary
Offline
Activity: 1611
Merit: 1001
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August 07, 2013, 09:43:48 PM |
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PANIC SELL
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superduh
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August 07, 2013, 10:47:45 PM |
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OP should be investigated to see if he is spreading rumors and lies in order to manipulate the market (it's illegal)
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ok
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deltanine
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August 07, 2013, 10:52:55 PM |
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OP should be investigated to see if he is spreading rumors and lies in order to manipulate the market (it's illegal)
He is being investigated. I just got off the phone with a SEC specialist. He said that OP was indeed breaking the law and would be dealt with post haste. Oh yeah, he also said OP was a big, fat liar and to never accept a word out of his mouth as being true. If you don't believe me ask them here https://tts.sec.gov/oiea/QuestionsAndComments.html they called me back.
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Freedom is a state of mind, and then Bitcoin comes along..... -S4VV4S
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TheSwede75
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August 07, 2013, 10:57:02 PM |
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Why even pay attention to this troll? Also: Who here believes that you can just randomly call and ask about specific possible unpublished SEC investigations? Yeah..
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joele
Legendary
Offline
Activity: 1022
Merit: 1000
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August 08, 2013, 12:07:04 AM |
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Even if he is a troll, it would be nice to a get a clear answer on:
- What could push the SEC to close the exchanges - What can the exchanges do to conform to the regulations - What happens if the SEC comes down on them, do we lose our bitcoins?
All our bitcoins, bank accounts will be confiscated, we all go to jail, strip and will be brutally tortured.
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stslimited
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August 08, 2013, 12:15:58 AM |
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Why even pay attention to this troll? Also: Who here believes that you can just randomly call and ask about specific possible unpublished SEC investigations? Yeah..
well asking if "you've lost any money" doing business with the person you speak of, is pretty common, this would help them rationalize starting an investigation or at least starting a file and seeing if anyone else complains
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Ytterbium
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August 08, 2013, 12:30:20 AM |
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Seriously, though. I doubt it will be a problem for U.S. "shareholders.", on the other hand I would be skeptical of investing in any U.S. based company selling shares directly through the site. Simply running a "passthrough" company doesn't mean the SEC won't be able to mess with you if they feel like it. On the other hand, a company that's actually not run in the U.S at all probably doesn't have much to worry about. Look at the Kim Dotcom situation - the US tried to prosecute him, but the problem is he's not American, not based in the U.S and doesn't even do any business here, so how can he be prosecuted in the US? The idea with SOPA was that the US government would be able to just block sites that didn't follow U.S. law, like China. We can see how that went... OP should be investigated to see if he is spreading rumors and lies in order to manipulate the market (it's illegal)
He is being investigated. I just got off the phone with a SEC specialist. He said that OP was indeed breaking the law and would be dealt with post haste. Oh yeah, he also said OP was a big, fat liar and to never accept a word out of his mouth as being true. If you don't believe me ask them here https://tts.sec.gov/oiea/QuestionsAndComments.html they called me back. LOL.
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