[CRYPTOSTOCKS] Labcoin Official Thread - Self-Moderated

[SebastianJu]

Asicminer is not illegal anymore in china since they paid the investments back.

Yeah because we all know selling unregistered securities is legal when they are profitable and illegal when they are not. Thats what the law says.

Please get your facts straight before claiming to know anything. US-Law is not World-Law. Asicminer was only illegal in china as long as they didnt paid the investment back to the shareholders. They did so now are they legal.
And if its illegal to sell shares to US-Citizens doesnt care me either. Iam no US-Citizen so its a legal security. So let me see the try of the USA to threaten a chinese security run by chinese persons.
*sigh*

[crumbs]

Asicminer is not illegal anymore in china since they paid the investments back.

Yeah because we all know selling unregistered securities is legal when they are profitable and illegal when they are not. Thats what the law says.

Please get your facts straight before claiming to know anything. US-Law is not World-Law. Asicminer was only illegal in china as long as they didnt paid the investment back to the shareholders. They did so now are they legal.
And if its illegal to sell shares to US-Citizens doesnt care me either. Iam no US-Citizen so its a legal security. So let me see the try of the USA to threaten a chinese security run by chinese persons.
*sigh*

It's worth considering that these "shares" were offered on a US-based unlicensed exchange to US persons, making the entire enterprise fraud in the eyes of US regulators, and putting it under SEC jurisdiction.  Unpleasant, but that's how it is.

[Puppet]

Please get your facts straight before claiming to know anything. US-Law is not World-Law. Asicminer was only illegal in china as long as they didnt paid the investment back to the shareholders. They did so now are they legal.
And if its illegal to sell shares to US-Citizens doesnt care me either. Iam no US-Citizen so its a legal security. So let me see the try of the USA to threaten a chinese security run by chinese persons.

Oh man, how often does one have to explain this? US law applies to the US market. A chinese selling stock in a Lebanese company through an unlicensed exchange based in Malta and hosted in Belize *is* breaking US security laws if those stocks are readily available to US investors. Why do you think BSTCT closed its doors? Why do you think BF doesnt want US investors?

Now, here is the clue.  In the above sentence replace "US" with any other civilized country in the world you want, and the same applies. Didnt I just quote the relevant part that concerns Hong Kong's SFC ? You want me to dig up the same laws for EU countries? Japan? Russia? The essence is identical everywhere. Well, who knows,  maybe not in Nauru, but since these securities are offered on all other markets too, that doesnt change a bloody thing other than that the Nauru government may not care.

[superduh]

sam, we've been waiting. it's almost end of oct when you "reassured" us that labcoin was undervalued and we would be surprised. can you come back and let us know the state of affairs. it's looking worse by the day and you logging in and saying nothing DOESNT help.

[SebastianJu]

Puppet... till now no one feared the chinese government because of selling shares. btcgarden only closed because of the risks involved with chinese crowdfunding, as far as i know. And friedcat always checked out such potential legal risks to Asicminer. I mean it would be pretty stupid to risk all his income. So if you now start to generally question the legality then why not start at bitcoins? Its still a gray area and governments would have any right to forbid bitcoins. That happened with many regional currencies before often too.

So far i trust friedcat more than your legal advice in a anyway legal gray area.

[Puppet]

Puppet... till now no one feared the chinese government because of selling shares. btcgarden only closed because of the risks involved with chinese crowdfunding, as far as i know. And friedcat always checked out such potential legal risks to Asicminer. I mean it would be pretty stupid to risk all his income. So if you now start to generally question the legality then why not start at bitcoins? Its still a gray area and governments would have any right to forbid bitcoins. That happened with many regional currencies before often too.

So far i trust friedcat more than your legal advice in a anyway legal gray area.

I did not start just now, Ive warned of this when GLBSE opened its doors. Its always been just a matter of time, the laws are completely unambiguous when it comes to trading unregistered securities. At the latest I would have expected people to open their eyes when Pirate was charged for selling unregistered and fraudulent securities.

As for bitcoin itself, I dont see anything clearly illegal about that. There is some faint doubt as to whether or not mining in the US could be considered money transmission and fall under those regulations, but that seems like a stretch to me and no one expects that to be enforced.

Of course once colored coins get used, that may change, if these colored coins represent securities, that has the potential to threaten bitcoin, but the prime risk always has been and always will be issuing and selling of unregistered assets. Thats true for Asicminer just as well, if he is selling to US (EU, Japan, whatever) investors and taking no measures to prevent that, he is breaking US (EU,..)  security regulations. Clearly, exchanges will be the target of SEC and similar regulators first, so I dont expect any action against asicminer, but if you ever feel duped, you have a legal slam dunk case.


btw, for the record: buying unregistered securities is not against the law, in case you wondered.

[JohnyBigs]

in other news a dividend of 16.75BTC was paid, maybe this was due to down time, or maybe they increased hash. With Sam who knows! Still awaiting magical hash.io guest account

[SebastianJu]

Looks like we got a div today finally... though its lower than 2 days.

[bitmoon]

Looks like we got a div today finally... though its lower than 2 days.

looks like he decreased hash.  sam most likely got medical problem, some personality lackness, i bet on it.

[SebastianJu]

Looks like we got a div today finally... though its lower than 2 days.

looks like he decreased hash.  sam most likely got medical problem, some personality lackness, i bet on it.

He gave up deleting posts here (it was quite the work though) and posting images. The ghash.io public account isnt available either.
If things dont move soon, be it answers, pictures or growing hashrate ill connect with NineLive and stock up his budget for the PI.

[Squirrel Dearing]

Looks like we got a div today finally... though its lower than 2 days.

looks like he decreased hash.  sam most likely got medical problem, some personality lackness, i bet on it.

Well, if the numbers are correct, then the dividend per share went up so, in theory, LC hashed more..

[kingcrimson]

Puppet... till now no one feared the chinese government because of selling shares. btcgarden only closed because of the risks involved with chinese crowdfunding, as far as i know. And friedcat always checked out such potential legal risks to Asicminer. I mean it would be pretty stupid to risk all his income. So if you now start to generally question the legality then why not start at bitcoins? Its still a gray area and governments would have any right to forbid bitcoins. That happened with many regional currencies before often too.

So far i trust friedcat more than your legal advice in a anyway legal gray area.

Of course once colored coins get used, that may change, if these colored coins represent securities, that has the potential to threaten bitcoin

Agreed, if they use the blockchain to represent colored coins/securities, it will give them ammo to go after the entire Bitcoin protocol. Or if Ken creates an alt coin, then the exchange it's hosted on would be targeted.

These solutions are a step ahead right now, but only one step.

[SebastianJu]

Looks like we got a div today finally... though its lower than 2 days.

looks like he decreased hash.  sam most likely got medical problem, some personality lackness, i bet on it.

Well, if the numbers are correct, then the dividend per share went up so, in theory, LC hashed more..

I doubt that a bit since they paid so late. They paid 11 hours earlier the day the last days. Time to earn more bitcoins in these hours.

Puppet... till now no one feared the chinese government because of selling shares. btcgarden only closed because of the risks involved with chinese crowdfunding, as far as i know. And friedcat always checked out such potential legal risks to Asicminer. I mean it would be pretty stupid to risk all his income. So if you now start to generally question the legality then why not start at bitcoins? Its still a gray area and governments would have any right to forbid bitcoins. That happened with many regional currencies before often too.

So far i trust friedcat more than your legal advice in a anyway legal gray area.

Of course once colored coins get used, that may change, if these colored coins represent securities, that has the potential to threaten bitcoin

Agreed, if they use the blockchain to represent colored coins/securities, it will give them ammo to go after the entire Bitcoin protocol. Or if Ken creates an alt coin, then the exchange it's hosted on would be targeted.

These solutions are a step ahead right now, but only one step.

Friedcat stated something interesting:

Blockchain-based exchange out of pre-alpha (whether to migrate whole ASICMiner database is still a serious debating topic).

Though its open what that really means.

[ishkur]

This is gonna get ugly

SFC is getting involved

Sell while young still can

[Puppet]

This is gonna get ugly

SFC is getting involved

Sell while young still can

Hopefully it will get ugly for the scammers. As an investor, you have little to fear from the SFC, although in all likelihood, also little to look forward to.

Friedcat stated something interesting:

Blockchain-based exchange out of pre-alpha (whether to migrate whole ASICMiner database is still a serious debating topic).

Though its open what that really means.

It means colored coins. I dont like it, its a neat concept but if its integrated in the bitcoin blockchain, its putting bitcoin itself at risk IMO.

[superduh]

any gov involvement hurts investors at this point as well.
lose, lose, lose is the game

[Bitcycle]

any gov involvement hurts investors at this point as well.
lose, lose, lose is the game

Alternatively, Sam could act like a responsible adult and communicate.

[ishkur]

any gov involvement hurts investors at this point as well.
lose, lose, lose is the game

Alternatively, Sam could act like a responsible adult and communicate.

It's to late for that. 

[Sou]

This is gonna get ugly

SFC is getting involved

Sell while young still can

Hopefully it will get ugly for the scammers. As an investor, you have little to fear from the SFC, although in all likelihood, also little to look forward to.

Friedcat stated something interesting:

Blockchain-based exchange out of pre-alpha (whether to migrate whole ASICMiner database is still a serious debating topic).

Though its open what that really means.

It means colored coins. I dont like it, its a neat concept but if its integrated in the bitcoin blockchain, its putting bitcoin itself at risk IMO.

Putting the Blockchain at risk? Please elaborate.

[Puppet]

Putting the Blockchain at risk? Please elaborate.

essentially every bitcoin client will become part of a distributed unregulated security exchange, which might be considered illegal by regulators just about anywhere.  Now whether or not such interpretation would stand up in court, I have no idea, but Id rather not see them get the chance to try it.