RE: Softfork 0.22.2 // The Steema Carta
[A copy-pasted comment from lower down in the comments section]
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As I've written on countless occasions, one of STEEM/Steemit's most significant problems is that it is being run by a bunch of Millennials whose knowledge about anything even tangentially business-related is limited to writing computer code. This little caper though takes the cake.
Having been a hedge fund manager for 20 years (and hence someone extremely familiar with securities law) let me assure you, @aggroed and fellow witnesses, if @justinsunsteemit decides to commence legal proceedings ... you guys are going to jail.
Let me be clear ... not fines ... prison (although you'll undoubtedly suffer enormous financial penalties as well). And, what you have just done is waived a giant red flag BEGGING the SEC to prosecute as part of its ongoing efforts to "set high-profile examples" in the cryptosphere.
Do you know what: Steemit Inc. ... a "U.S. Person" + Justin Sun ... a "U.S. Person" + thousands of U.S. Steemians + U.S.-based nodes equals?
That's right, fellas ... U.S. jurisdiction.
Obviously it did not occur to any of you luminaries to first consult with an attorney. I know this for an absolute FACT without even having to ask because any first year law student would have told you, unambiguously, that what you were proposing was MASSIVELY ILLEGAL.
Here's my recommendations:
1.) Immediately reverse the softfork;
2.) BEG Justin not to destroy your lives.
And quoting the Magna Carta ... I'd pay USD$1,000 to see you make that argument in front of a judge.
Quill
Hi Quillfire,
While I don't pretend to know whether or not anyone has broken any laws here, anyone who has been anywhere near the legal system knows NOTHING is an open and shut case certainly not perceived verbal agreements. So, the going to jail thing is so over the top it pretty much cancels out the rest of anything you said. Not saying it couldn't happen, but.. come on..
All of the legalities around crypto are mostly untested.
Typical of your style... It's a bit dramatic.
Had you said, I seriously think you have broken some laws, which put you in danger of being prosecuted this might have made sense.
Anyway, good to see you.
@whatsup,
What are the Top 20 Witnesses trying to accomplish?
They're trying to FORCE @justinsunsteemit to agree not to vote his stake: and to wit, agree to forfeit his right to vote for Witnesses thereby guaranteeing that they (and their agenda) remain in control of the blockchain.
Their manner of coercion is to hold his holdings hostage. This deprives him of his right to challenge them or even sell his stake in an effort to exit the blockchain completely. If he wants his money, he must agree to their terms ... while under duress.
That's extortion.
Law.com's Definition of Extortion:
The speculation I've read is that he paid USD $10 million to buy out Steemit Inc. USD $10 million that he can't access or control unless he cedes to their coercive demands ... and you think I'm being a bit dramatic?
When I'm not fooling around in order to earn a few of your Drama Tokens, I hope you may have noticed that LOGIC is typical of my style.
Good to chat with you too. It's been awhile.
Quill
I do not the support nor endorse the direction they have taken.
Surprisingly so far Justin seems to be taking it better than I would have.
Next steps by both parties should be interesting
This ignorant user is spreading dangerous lies in order to attempt to gain popularity and attention from the new commie overlord. Ignore the ignorant twat bag, you'll immediately feel better about your life.
This ignorant user is spreading dangerous lies in order to attempt to gain popularity and attention from the new commie overlord. Ignore the ignorant twat bag, you'll immediately feel better about your life.
Wow, I feel so important. :) Classy.