RE: Explainer: Value Flows on Steem with SMTs [VIDEO]
Hey @stellabelle I responded with the following points, on a separate comment below but I believe it has some merit to your question here "The fives points are solid drivers, I just wanted to add that the contract should have lock-in periods as to safe-guard against flips of price that may occur as a result of ICO's. On the legal side, have you guys sorted out any of the legal jurisdiction technicalities that may arise? I believe its important to show from your end, that you are actively trying to regulate on your end...As a way of protecting customers interest that may participate in these ICO's, I am suggesting that the contract have lock-in periods where funds can then be release base on targets being reach....while this may sound technical I believe that the Proof of Brain concept can work here, as the population who participated in the ICO gives the go ahead to release funds base on the progress of the ICO's, this would help with accounting and would protect yourself from regulatory pressure, as funds are gradually release base on investors consensus and happiness of targets being achieved...well I hope my "two cents" make sense and if you need further clarity please let me know"
Steemit really cannot regulate. But they should allow the various companies who use the SMT technology to have the flexibility to follow regulations in doing their launch. This way if the SEC or others react then at least some of the ICOs can be properly launched and we can reduce our risk as investors by not interacting with the ICOs which are improperly launched.
Some ideas are good, but regulatory risk has to be managed and not by Steemit but at least provide the tools so companies and investors can manage these risks.
But I believe the mechanism that currently exist would help its own regulation, tools like "flag" can become instrumental in this process, its a matter of getting the codes right, probably before flag, thorough comment and must be community base rather than individual, that way we can mitigate any potential fallout. The SEC usual act base on information it receives, I believe the current administration are more concern about lifting regulatory burden rather than imposing, once the necessary legal jurisdiction has been established which can be achieved by partnering with crypto in that space it would really help pushing this SMT-ICO a long way...I believe the mention in the post companies like Aragon in a previous comment to you, did you get the chance to read up on the project
I don't really understand what Aragon is. Is it even a company? What exactly is it?
Aragon is a cryptocurrency that seeks to enact legal jurisdiction for cryptocurrency to operate in...basically they are trying to help put the necessary legal framework necessary for cryptocurrency, that why i suggested it...its token is doing quite well, its one of project that's tackling a very important issue