Quote from: Herp on October 12, 2013, 06:13:58 AM

Quote from: freedomno1 on October 12, 2013, 05:26:16 AM

Was enjoying the page 53 to 55 conversation so kept quiet now
Good conversations now and then but since it is back to normal
We will need to wait on the viewpoint of Canada from Havelocks legal team which unfortunately was unable to provide much more info on Oct 3

The key difference is that USA and Canadian Policy to finance is DIFFERENT
Since it's a different jurisdiction a legal avenue that is not available for American Exchanges such as btct and bitfunder may exist here.
But for now in regards to US traders it probably will be the same so wait till November since that seems to be a unified closing date to see why Btct and Bitfunder are shutting their doors.

The info posted in Burnside's sale of BTCT code worries me a bit. It states the following:

Quote

"...any purchaser of the code will have to agree to block US citizens from any site utilizing the code."

Quote

If you are interested in the site code, please fill out the following and submit a bid via email to ceo@btct.co:

   Name: (actual person's name)
   Company:
   Address: (street, city, province, postal code, country, etc)
   Phone: (w/ country prefix please)
   Email:

   I agree to block US citizens: YES / no

   Proposed use of the code:

   Best possible offer: XX BTC or XX LTC

So even if buyer is from Brazil,South Africa or Canada he would still have to agree not to allow US investors.

I'd say Neobee should start planning for direct shares solution asap.

Does this make any reasonable sense? You can't get in trouble for selling code can you?
I don't understand why he doesn't GPL the code if he really wants to stick it to the government. The fact that he's doing this means he just wants to make money from some sort of auction.

This is fine because what should we expect? but it also highlights the primary weakness of a centralized exchange.

Quote from: cryptocyprus on October 12, 2013, 07:44:52 AM

We are very much concerned with being legal, we are investigating every avenue available to us, including the direct handling of shares, other existing platforms, speaking with our legal team (one that doesn't try and fit us into an existing regulatory box) in relation to our own regulated exchange. All the discussions and plans we made prior to these announcements by the platforms, are being reviewed because we do not want the same problems in 4 weeks time.

Whenever there are problems, there is always an opportunity, if the perfect solution is viable, then yes we will always pursue that.
Right now there is nothing more than talk of a decentralized securities exchange, we do not have the resources or time to develop such a project as we are working to strict deadlines for the launch of Neo & Bee.

NeoBee is very important. Investors will come back to NeoBee when they can do so. NeoBee probably should get in contact with the Data Authority http://info.datauthority.org/ and see what can be done politically but in this moment of time I don't think there is any solution other than to buy time by using Havelock until Havelock shuts down. If Havelock isn't on the same shutdown time scale as the American exchanges then time may be on the side of NeoBee investors.

A long term solution for US investors will involve either changing the laws or waiting for crowd funding legislation and trying to fit NeoBee into that matrix. If NeoBee does go to direct shares couldn't NeoBee somehow reserve the shares for people who purchase for Bitcoin and convert it to real shares at some point in the future when it's legally possible?

This would mean no dividends or anything like that, just reserved status until there is a legal way to claim the shares conforming with KYC and other laws. I'm not a lawyer though and I cannot think up a workable scheme. I can think up ideas like lotteries and other mechanisms, but each one probably has some arcane esoteric regulatory law discussing it.