I just saw another shitcoin scam, this one was an ICO and they were exposed as taking screenshots of some mac app and photoshopping their name on it as their "product", after they said it was a screenshot of a real working version. Total complete scam shit. They got called out yet still have made over $2 million dollars in about 2 weeks, and people are still sending them ethereum as we speak, just saw a poor sap send over $30k worth. I guess youtubers are being paid to shill this shit to retards. How the fuck is this allowed to go on? Seems this entire crypto thing is 99% scammers, there should be slam dunk cases of fraud prosecuted every fucking day. I mean if I did this shit I would be expecting 20 years of prison or something but these guys are operating openly in the US with wordpress blogs as their ICO landing pages. They go after little kids running low orbit ion cannon but not these multimillion dollar frauds happening every day? Has law and order failed?
When will the SEC go after this shit?
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sec.gov
forbes.com
twitter.com
stop wishing for an end to the wild west
REEEEEEEEEEEEEEEEEEEEEEEEEEEEEE FUCKING BURGERS
i dont see a problem? natural selection. feds should fuck off
Sorry your honor, I didn't really defraud these people and steal their money it's just natural selection!
proverbs 26-11
if you keep asking for daddy to prevent you from being retarded, you will never learn
>he wants regulations
Are you talking about Centra?
republicans are generally more chill about letting rich people scam idiots
The SEC already has declared that ICOs are securities and selling them without registering with the SEC is illegal, poloniex posted an article about the DAO ICO saying that they were selling securities. Most companies bypass this by mentioning that US residents can't participate
This.
I like my volatility and self-reliance thank you very much. If niggers and boomers can't keep up and get scammed and go crying to big daddy government to take care of them, then they can kindly fuck off to their 4% annual blue chip stock markets where they belong.
if there's one thing I want, its a bunch of old baby boomers who probably don't even know what a blockchain is setting strict rules for what kind of ICO can and can't exist.
Not all ICOs, just ones that promise some form of dividends in the company, a token to access the system however is not a security.
No, unfortunately the SEC report called out all ICOs
sec.gov
dude
you aren't actually trying to justif
so, okay—
in your view, where the feds just "fuck off", these so-called developers go ahead and pull off this scam,
and the lesson that THEY learn is that you can scam people out of, collectively, millions of dollars—and, the feds will just fuck off
or, like, what
do they get taken to decentralized fucking jail
by the way EVERYONE jailcoin is the latest gypchyp to prematureretire you make SO MUCH MONEY ico STILL 1 HR HURRY!!!!!
>a token to access the system however is not a security
yes it is, because everyone buying these tokens for "access" is doing it with the hopes of selling it later for profit. that's a security.
>These requirements apply to those who offer >and sell securities in the United States, >regardless whether
>the issuing entity is a traditional company or a >decentralized autonomous organization,
>regardless whether those securities are >purchased using U.S. dollars or virtual >currencies, and
>regardless whether they are distributed in >certificated form or through distributed ledger
>technology.
They're fucked.
If you're dumb enough to dump your money into a Mac app, without knowing about the devs, or the projects roadmap, or what the crypto actually does, I don't really have any sympathy if you lose money.
>sec.gov
You do know Ethereum itself was sold as an ICO right?
If it passes the Howey test it's not a security.
OK fair enough, but where do you draw the line? If you deposited some of your crypto in an exchange to cashout and they just exit scam with no warning, saying they got hacked or some shit, you are saying you're fine with that, and it was your fault? What if you try to withdraw and it doesn't work cause of "bugs" and your transaction disappears? Say they do this to only a small % of accounts. You make a thread on the internet about it but everyone just says you are spreading fud or something.
Yeah and since law isn't applied retroactively in the US, this is irrelevant.
Use a decentralized exchange, and
>what if it doesn't work because of "bugs" and your transaction disappears
Use a different exchange, and report the issue to tech support. Bitfinex is pretty much confirmed ding insider trading and illegal trading techniques but I don't really care
>Decentralized exchange that can withdraw to USD
>Report to their own tech support that they scammed you
my favorite part about crypto is the shit like tether that's like the financial equivalent of believing an undercover cop has to admit if they're a cop
The law is most certainly retroactively applied, all the IRS guidelines concerning Bitcoin taxes apply rectroactively.
The SEC is claiming they SEEK to have jurisdiction but all it takes is one guy with money willing to take them to the Supreme Court and this is why I think they may be leery to go after ICOs right now, the DAO would have been the perfect target to prosecute due to its infamy yet they didn't, ask yourself why.
The cat is out of the bag, destroying a whole industry and ruining investors to save future investors is not good optics.
forbes.com
when the golden eggs stop they will step in and send the SWAT team after the goose
it's not about the wingnuts who invest; the vast majority of them were foolish to put money into something that probably showed signs of being a scam, but that doesn't mean—in any fair system—that the people behind the scam should EVER get anything but the purging of their profits and some additional ramifications. stuff like this damages the reputation of cryptocurrencies as a whole—and if people want this stuff to be worth anything to everyone, then conmen need to be condemned.
as far as i'm concerned, regulations on cryptocurrencies (other than adoption as currency) aren't needed—like, at all. actual criminal acts, though? like, obviously criminal ones? it would be totally unjust to let them slide.
Stealing money is stealing money, you don't need a new law to regulate that, usually what most people consider "regulations" in Wallstreet are laws designed to make the playing field fair for the little guys like insider trading laws (which of course we know is all BS and rarely enforced but that is the intent)
So this week I learned there is such a thing as being an "accredited investor." Certain securities are exempt from regulation from the SEC but you're not allowed to trade these securities unless you are an accredited investor. To be an accredited investor you need to either: make over $200,000 a year or have over $1M net worth. The reasoning goes that if you're that rich you must know about the risks and can handle these exempt securities.
The claim is you need to know what you're doing, but in reality it's an archaic law designed to keep the rich richer and prevent the little guy from rising up in life.
Opening more free market opportunities for the little guy more than makes up for those who get scammed along the way. Crypto has literally changed my life and soon I hope to not be a wage cuck anymore.
These ICOs are clearly committing fraud which is a crime. Lying about things, photoshopping screenshots of your node software running saying it exists but is private beta, deleting any comments questioning them, saying they are allocating funds to development when they are actually just running off. They are obtaining things of value and this meets all the requirements to prove wire fraud.
Agreed, it's all fraud and we have existing laws to go after them. However I don't see why shutting down the whole industry is the solution when you can already arrest them on fraud charges.
Decentralized exchanges already exist that let you conver to fiat; the logical thing to do if a transaction disappeared would be to report it. All crypto transactions are public on the blockchain so I don't see how a company could make the money disappear without anyone noticing
The guidelines don't apply retroactively, you have to pay capital gains taxes in any btc you have after the ruling when in effect if you qualify for the tax. The article you posted is confirming what I said about ICOs, how the SEC in the US regulates cryptocurrency. I don't think a decentralized cryptocurrency should be government regulated, that's sort of an oxymoron
>stuff like this damages the reputation of cryptocurrency as a whole
It's called cryptocurrency for a reason, and it's difficult to track who owns what wallet. Regulations are only going to stifle growth, and lead to ICOs being done outside of the US, which is already happening
>laws designed to make the playing field fair for the little guy
But by your own admission, regulations usually hurt the little guy, because larger companies and corporations can afford to bypass the existing regulations
The idea is that the currency is decentralized, which implies that other institutions don't step in to interfere with what happens with the currency. Obviously a lot of crypto currencies are centralized, but the industry is intended to bypass regulations
Yo—I don't think anybody's arguing to have the whole thing shut down. I hope that nobody here is making that argument! The only thing that I'm seriously against here is actual fraud. I mean, if an honest to god project starts up and doesn't do so well, then that's just how some things pan out, and nobody needs a freaking prison sentence to make up for a failed project—but, actual intentional fraudulent projects are something else entirely; they're just shitting up the whole ecosystem.
Think about it like this—generally speaking, the more people there are involved, the more money there is to be made. Stuff like this just drives people away—and, when and if they hear about it, it could be their first impression. They won't stop to take a second glance at what else there is on offer most of the time—and, that's bad for the longevity of any industry or person that has seriously put their foot forward into crypto. These are still the early days of this stuff; don't let potential pioneers who are and have been passionate about this stuff be deterred by general bad press, and a bad outlook for profits.