RE: BLOODY IMPORTANT QUESTION: should we consider STEEM-ENGINE tokens a security or utility?
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I actually suspect that lawsuits will be filed against some of the Steem-Engine token creator's but @aggroed has also setup, or is in the process of setting up, a legal team that can deal with the legal issues of token creator's in exchange for Fiat.
Whether or not that defense will be successful is another story @crypto.piotr but I personally reserved the token name "HUMANIST", and @emafe reserved the token name "PH" on Steem-Engine.
Neither of us have issued even a single token yet and we will wait until we have a legal team in place before we issue any and I'm currently planning on both of them being licensed securities.
Having said that, I will probably have to wait at least 2 to 3 years before lawsuits start getting filed against some token creator's, the moment of truth AND then the dust settling after that before every-thing is more clear and it's safe to launch a licensed security.
Dear @chrisrice
Thank you for your amazing comment.
Would you mostly expect those lawsuits to be coming from tokens users or from authorities?
Cheers
Piotr
I am guessing from authorities first but it's impossible to say since one bad apple in the batch of Steem-Engine tokens could potentially burn a lot of people and get people upset.
Having said that, I haven't seen any willful scams on Steem-Engine yet but I suspect that there will be some once there are enough success stories of token issuers via Steem-Engine.
It might be towards the peak of the next bull market when asset valuations are high since I don't think Steem-Engine tokens are big enough to attract the regulators yet, but the day of reckoning is coming, not just for Steem-Engine tokens but for many cryptos.
This is just a group of ideas though, not Truth 👍
Thanks for this amazing comment @chrisrice
Seriously appreciate