[ANN] SuperNET NXT asset 12071612744977229797, SUPERNET KMD assetchain in summer

[cryptodevil]

I can believe that a Chinese company has fewer legal limits than an American Company.  LOL

Bottom of the page on Bter says: Address: British Virgin Islands

Regulations applicable to a company relate not to the jurisdiction it is incorporated in but, rather, the jurisdiction where 'management and control' is proven to be.

[discodancer]

After careful deliberation, we have decided to not participate in the SuperNet ICO. I understand that a large community is excited about SuperNet, and since we were initially announced as the ICO host, I wanted to take a moment to explain how we came to arrive at this decision.
 
For the past couple of days, we’ve been in discussions with our attorneys about hosting the SuperNet ICO. As several community members pointed out in this very thread, the sale of SuperNet tokens could be interpreted as the sale of unregistered securities. Our attorneys came to the same conclusion and have since advised us against taking part in the SuperNet ICO for this reason.
 
Further, one of our ICO requirements is identity verification (https://www.poloniex.com/icoRequirements); this requirement exists to protect investors and to lend credibility to the ICO. Despite several attempts to convince James the importance of revealing his identity, we were ultimately unable to reach an agreement that satisfied both parties.
 
We needed time for due diligence, to carefully assess the legal implications of taking part in SuperNet, and also the time to set up our backend systems to support it. James was very eager to get this going, however, so he chose to go with another host before we could communicate to him our findings and final decision.
 
We have since communicated with James, and we wish him the best of luck.

This is interesting. I agree with James on the identity verification part. It is strange when people ask for "anonymity" in transactions but expect dev to open up his identity for most people to see.

But I find the first part is amusing. "As several community members pointed out in this very thread, the sale of SuperNet tokens could be interpreted as the sale of unregistered securities." ie it runs afoul the JOBS ACT III which is yet to be promulgated. Now what I wonder is why are you even hosting any ICO for coins, if you think this a problem. While you are technically thinking of others as "coins" (example QUBIK), it is also a token within the decentralised system. In most case, the exchange itself is a place for many of the "tokens", now called coins, to be traded on your exchange. Now I wonder what your attorneys will have to say about that.

[devphp]

Regulations applicable to a company relate not to the jurisdiction it is incorporated in but, rather, the jurisdiction where 'management and control' is proven to be.

Why would it matter where management and control is for an Internet company? And where is management and control of Bter by the way? It could be anywhere in the world

[hellobilljoygo]

I just think the sale price is high! ! ! I think a lot of BTC will be absorbed or NXT supernet

[hellobilljoygo]

I just think the sale price is high! ! ! I think a lot of BTC will be absorbed or NXT supernet

What do you think?

[PilotofBTC]

Is it possible to transfer the tokens to a "wallet" on my own instead of leaving it there on Bter?

Why not just buy them directly on the NXT AE? This way, they will be in your wallet from the start rather than on BTER.

[sparta_cuss]

I recall reading that TOKENs bought on the Nxt AE should NOT be transferred to Bter, as this would make it impossible to credit the proper owner with the UNITY coins at exchange time. Can anyone confirm this, or am I misremembering?

Edit:
Ah, good timing. I just saw this on the other thread. It looks like you have to keep your TOKEN on whichever exchange you buy it.
https://nxtforum.org/general-discussion/supernetwork-ipopoloniex/msg96909/#msg96909

[devphp]

I recall reading that TOKENs bought on the Nxt AE should NOT be transferred to Bter, as this would make it impossible to credit the proper owner with the UNITY coins at exchange time. Can anyone confirm this, or am I misremembering?

Why transfer them to Bter if you bought at NXT AE. Buyers would just get the amount of UNITY tokens corresponding to how much they bought of TOKEN tokens. It's safer to buy on NXT AE too, we don't have to trust Bter, only trust James. If we buy on Bter, we have to trust them both, which is less reliable. In any case, I consider this a donation to the cause of crypto currency movement and don't expect any returns. If there is a return, it'll be a nice bonus.

[bilt10]

Can anybody give a link to BTER please ? And what do you mean by UNITY token(Is it this - Asset Id:  15641806960898178066)? Thanks.

[cryptodevil]

Regulations applicable to a company relate not to the jurisdiction it is incorporated in but, rather, the jurisdiction where 'management and control' is proven to be.

Why would it matter where management and control is for an Internet company? And where is management and control of Bter by the way? It could be anywhere in the world

It matters because, otherwise, you could incorporate a company in one jurisdiction and run it from another without having to obey the laws of the regulatory environment you were in. Numerous legal challenges over the last couple of decades have seen most countries around the world adopt the position that, if you are controlling/managing a company while domiciled in that country, the company is required to obey the legislative operating rules of that country, vis-a-vis taxation, kyc and due diligence, money laundering regs and correct licensing and operation of financial products and services being offered or provided.

The US, in particular, takes an extremely dim view of attempts to circumvent their laws, going so far as to require almost any company in any part of the world wishing to do business with its citizens, individual or corporate, to adhere to US rules and regs.

There is no such thing as being 'domiciled on the internet', as long as there is a centralised service being provided there is a physical presence somewhere of people working the levers and pushing the buttons. Where they are is generally where the company is considered to be operating from, even if it is incorporated in an 'offshore' jurisdiction like the B.V.I.

With regards to the classification of these cryptographic 'TOKENS', there is probably a fair amount of room to manoeuvre at this time, with "Virtual Tokens of Value" being the favoured term to describe the nature of what is being bought or sold, without needing to adhere to the strict rules imposed when something is perceived as a financial product or a currency. Saying that, though, I don't blame Poloniex for being gun-shy about the SEC in the US sticking their oar in. If they were located in a less, erm, 'reactive' country, when it comes to the strength and length of the arm of the law, they might consider it worth sticking with claiming the products their business is involved in are not legally recognised as truly financial in nature, but if they wish to have anything like a chance of staying the course as a US-based cryptocurrency exchange, the fact it has now been brought to their attention means they cannot avoid the potential ramifications of going against the legal advice they have since received.

[PilotofBTC]

Can anybody give a link to BTER please ? And what do you mean by UNITY token(Is it this - Asset Id:  15641806960898178066)? Thanks.

Yes.

http://www.jl777.org/token-asset-id-15641806960898178066/

[coininvestor]

Maybe this question has been addressed already but I am still a little confused.   Since this asset is being sold in BTC, NXT and BTCD and people who use NXT and BTCD get %5 discount as it were, how are exchange rates determined?  Or more simply how much is one token priced in NXT or BTCD?  Because right now both NXT and BTCD seem to be rising a little vs BTC. 

[btcney]

How will the revenue share work?

[McDoxy]

Maybe this question has been addressed already but I am still a little confused.   Since this asset is being sold in BTC, NXT and BTCD and people who use NXT and BTCD get %5 discount as it were, how are exchange rates determined?  Or more simply how much is one token priced in NXT or BTCD?  Because right now both NXT and BTCD seem to be rising a little vs BTC. 

The exchange rate is calculated through the 24 hours moving average ... so no real time exchange rate.

[megashira1]

Can someone give me a brief synopsis on what exactly is the supernet? I still don't fully understand.

[coininvestor]

Maybe this question has been addressed already but I am still a little confused.   Since this asset is being sold in BTC, NXT and BTCD and people who use NXT and BTCD get %5 discount as it were, how are exchange rates determined?  Or more simply how much is one token priced in NXT or BTCD?  Because right now both NXT and BTCD seem to be rising a little vs BTC. 

The exchange rate is calculated through the 24 hours moving average ... so no real time exchange rate.

So is it possible to get more bang for the buck depending on timing and currency used or is total amount donated tallied up at the end and equal unity dispersed regardless of the exchange rate at the time of the donation?  For example, if I were to get tokens on day one with NXT but on day 2 NXT rises 20%, then I have lost 20%? or are the total number of NXT I have donated equal value regardless of when I purchased the token?  That's my question.

In other words when Unity is dispersed is it based on the number of NXT I have donated or is it based on the number of tokens I have?

[open82buy]

                                 

                                                    Funds moved, now all I can do is wait.

[Hotmetal]

In other words when Unity is dispersed is it based on the number of NXT I have donated or is it based on the number of tokens I have?

Surely it will be based on the tokens that you have. New buyers might get more tokens than you though.

[PPan]

Is it possible to buy the TOKEN using the NXT AE, or is it necessary to buy it on bter?

[coininvestor]

In other words when Unity is dispersed is it based on the number of NXT I have donated or is it based on the number of tokens I have?

Surely it will be based on the tokens that you have. New buyers might get more tokens than you though.

Now see this is the confusing thing to me as I can not see the purpose of the tokens.  Why not just buy Unity shares directly?