Ninjastic
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Topic
Board Scam Accusations
Re: List of ongoing scams
by
tmbp
on 06/08/2013, 19:24:40 UTC
Quote from: spiral_mind on August 06, 2013, 06:53:53 PM
Quote

Because you are claiming that he make a big mistake running fraud while in the US, but obviously that is no problem because he is not facing any legal consequences.

Please explain how he's immune to SEC regulation and Know your Customer regulation (money laundering regulations) while directly selling a virtual currency as an investment.

Dacoinminister's "Mastercoin" proposal is taking Bitcoin in exchange for what he calls an "investment" without any regulatory compliance. Here's precedent for that being illegal: http://www.pcworld.com/article/2045083/sec-charges-texas-man-with-running-bitcoin-ponzi-scheme.html

Dacoinminister's "Mastercoin" proposal is taking Bitcoins in exchange for a centrally issued virtual currency. Here's precedent for that being illegal: http://www.paritynews.com/2013/05/26/libertyreservecom-shuttered-founder-arrested-in-spain/

Please refute these points rather than assuming it's legal without any reasoning.

I have reviewed J.R. Willett from Seattle (aka dacoinminster) and read the Mastercoin specifications, honestly first it sounded like a good idea but reading further into the specifications it sounds completely dumb, subjective interpretations aside, I think I will list it under low chance to be a scam, the concept of the exodus address is rather sketchy.