MeinCoin: Genghis Koyn warned you - the SEC clamps down on PlexCoin ICO

[chan] Bitcoin
Dec 7 13:57 [raw]

MeinCoin: Genghis Koyn warned you - the SEC clamps down on PlexCoin ICO Genghis Koyn Bitmessage broadcast BM-5oDU4A7qT6dTKoJJGRkp3bUiZcXMcG8 I warned that the Securities and Exchange Commission might eventually intervene in digital currency and ICO rackets. I was right. I also rightly called these "crypto currencies" out as "scamcoins" meant to separate people from their US Dollars. > "US Securities and Exchange Commission freezes assets of PlexCoin’s issuers, calls the ICO both a securities offering and a scam." ( I warned that the SEC would likely refer to digital currencies as securities. This is exactly what happened, because bitcoin and altcoins are not currencies. They are investment securities, designed to get real currency (dollars) for the promoters and investors. > "The SEC directly referred to PlexCoin as a security, saying: 'Lacroix and PlexCorps marketed and sold securities called PlexCoin on the internet to investors in the US and elsewhere.'" > "It’s no surprise that the SEC is taking such things seriously. This summer, the Commission ruled that infamous Ethereum-based “TheDAO” sale was actually a securities offering, though they declined to press charges." Actual currencies such as the Ithaca Hour and Berkshire Bucks have the full sanction of the IRS and other government agencies as falling within the rights and customs of the people. Some of those real currencies have been in use for decades without running afoul of the law. All real currencies are negotiable notes, not investment securities. Private people have the legal right to create private currencies. But they do not have the right to create publicly offered securities. This is subject to the police power and should be. The MeinCoin concept avoids these traps by being a real currency. Meincoin has neither ICO, nor an exchange, nor any of that profiteering and scamcoin garbage. MeinCoin is a negotiable token of exchange. You can call the SEC today and ask them if unvalued, negotiable tokens of exchange fall under their regulatory power. The answer will be "no." The difference between a currency and a security can be semantic: a currency is what someone asks for; a security is something you offer someone for a currency. If you are trying to sell your currency then it is not a currency. If someone is asking for your currency (unsolicited) as payment of debt or as tender, then you have a currency. Although merely semantic on the surface, the difference between the two is very real and solid. Asking versus offering is the litmus test. ICO is an acronym for "Intial Coin OFFERING." It's an offer, which makes it a security rather than a currency. When someone creates a "currency" that has as its primary function to exchange for another currency, at a profit, that is a security, and you don't have the right to do that without government oversight. Why? Just look at how the crooks are fleecing people with their digital currency scams. That's why. If we want a crypto currency, a real currency, it must not interfere with the ability of the state to regulate markets and administer tort claims. Nation states are not going away. I realize some of you want to see the end of nation states. Keep wishing. If you shit in one hand and wish in the other, which hand is heavier? The more the nation states are weakened by subversion, the greater is the backlash when law, order, and equity are restored. If we did not have a stong federal government, the altcoin ICO scammers would be getting away with economic murder. Here the SEC is doing the people a service by injunctively stopping a fraud in the making. A crypto currency must be designed merely as a negotiable token of exchange so holding it can't create a tort claim. Otherwise you have a security, or investment, not a currency. The ICO market is a form of social hacking. In the ICO market what we have is blackhat hackers creating "currencies" as a means of fleecing investors. Now instead of the hackers breaking into bank accounts the victims are willingly handing over their cash to the thieves. I warned the SEC would likely get involved. This is just their opening salvo. The SEC created a "Cyber Unit" and once they get on the roster for Congressional funding for this "Cyber Unit" then when all Uncle Sam has is a hammer, every ICO will look like a nail. Genghis Koyn Bitmessage broadcast BM-5oDU4A7qT6dTKoJJGRkp3bUiZcXMcG8

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