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RE: How to Become an Accredited Investor If You Have No Money
Nice & very informative article! I'm also planning to create my own token, can you developp a bit on those aspects?:
- Do you have a "project" behind your Crypto or is it just going to be use in that contract form "forever"?
- You said your SCT is now technically called a security, does it imply now a legal binding between you and the "investors"? In other words, can they sue you if you don't pay them? How are they protected?
- Why choosing Waves? and not Bitcoin or more commonly Ethereum for token creations?
- Why choosing the Waves blockchain over the Ethereum one? Any advantages?
- Can you submit your token to trading platforms or your SCT can only be traded on Waves?
- Let's say you make 5 Million $ with your website during the year, so you distribute 1% of that (so 50K$) if I have 10000 SCT (so roughly 0.2% of the total SCT) I will get 0,2% of $50000 = $100, am I correct?
- And the $25,689,000 question is: how do you transform that potential value (your 4.99M SCT) in real $ in your pockets? you mentionned writing a letter with your lawyer to get a legal protection, was it a joke? because the whole tone of the article is written is a funny way. I mean, the classic way would be to sell the remaining coins that you own at the same rate (and of course crashing your small market) so that's obviously impossible to do, but if indeed your lawyer's letter gives you legal protection that's just makes the whole thing much more interesting!
Please give an update on those interrogations ;) Thanks!
Apologies for the delayed response.
I believe you may have taken the article a bit too literally. The concept I was trying to convey is the SEC's arbitrary interference in the ICO/Crypto world is so badly thought out that it can be turned around and used against them by following the exact rules they are laying down.
Now that being said, I am totally committed to following through on the contract that is described for the coin. If you wish to buy $50,000 worth of SCT I will happily give you $100 every year. :)
Thank you for taking the time to read the post; I hope it was at least entertaining.
I noticed the entertaining/ironical tone and that's usually my taste of writting/reading, and don't worry I know that your SCT were an example to illustrate your point.
But my point is that you brought up a very interesting information about the badly conceived SEC's arbitraty interference, you might have discovered a kind of loophole and that's why I asked you all those questions, especially my last one about having a lawyer doing all the stuffs in your favor (notably stating that the remaining tokens you hold do count for "real money") so am I just "dreaming"?
Well, I spoke to a local attorney but they felt it would be a better idea to talk to a law firm that specializes in crypto. They liked the idea, though.
I'm gonna try to find some (I'm located in europe), so it might even different for me, but i can still be very interesting if I decide to settle & invest into the US, which is planned.
If you can provide any updates (if you decide to talk to the law firm for instance) that would be appreciated
If you aren't a US citizen then the whole accredited investor limitation doesn't apply to you. If you solicit US citizens to invest with you then you would need to worry about it, however.
yeah that's the plan actually, that's why i'm really interested, it could be less than 18 months so i'm definitely excited about it,so I will be able to apply later on