Quote from: Admiral_Bit on July 12, 2016, 07:24:01 PM

Ok, this just came in from a legal advisor. looking really bad for IOTA:

Its not from me:

Quote

Hello there,

ok, let´s do this my way...

i strongly oppose your statement in terms of "IOTA" not beeing a financial provider. You implemented a platform to invest a certain amount of crypto coins in exchange for a certain amount of crypto coins of a different kind.

This kind of transactional structure automatically implies a financial enterprise, either in a commercial or regulative understanding. All commercial applications or services which are provided from the U.S territory fall under the regulation of the FDIC.

Again id like to point out, that nowhere on the application account form it states that your investment is actually a donation. I think my point becomes more valid if i give you a few examples:

- The "Get started" button on the mainpage directly leads you to the IOTA application form
- After filling out all mandatory fields you can directly login into your account. There is not even an email verification implemented
- On the profiles you will find a button with the label "Invest". The click on the button will return a "BTC investment Address"
- The form part "Your Investement" shows you the label "Invested BTC"
- On the lower part of the page you will find a transaction overview which first column is named "Investor"

Nowhere during the application process i was asked to confirm any terms of use. Nowhere during the application process i was informed that my "Investment" is not refundable. I did not recieve a confirmation mail with the details of my profile setup. At no time during the application process i was forwarded to an information which could have lead me to the conclusion that my investment is actually a donation.

The IOTA investment process clearly lacks the verification and transparency stipulated by your financial regulators (especially if it is supposed to be regarded as a donation process).

With regard to the points stated above i will pursuit the following actions:

1. I will perform a screencap incl. timestamp of the IOTA application procedure for further evidence - Done
2. I will file a formal FDIC complaint with the motion to investigate the extend of IOTA´s financial and legal obligations
3. I will file an action for a declaratory judgment with the motion to refund all my investments during the IOTA ICO period

The last point will lead to a cost note from my lawyer which includes: 1. Filing the motion, 2. Translating the notion 3. Forward the notion to the U.S jurisdiction. The estimated fees lie around 2000 and will forwarded to the IOTA team after it has been covered by my insurance company.

Please make no mistake; i have the money, the time and the intention to pull this through. If you are willing to resolve this without further legal implications, you know how to contact me. After proper account verification i will provide you with my BTC refund address. For your further reconsideration, no action will be filed until Monday, July the 18th end of business

Kind regards

The fact that you take the time to make an absolutely horrendous attempt at faking legal advice almost makes up for being an idiot. The fact that you apparently didn't take the time to read a single paragraph of the IOTA software sale drags you back into retard territory once again. Also worth noting that you can't even get the order of what a legal representative does right, or for that matter the entire process.

B- overall score. Still an idiot, but points for wasting your day.

reptradetoday

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