If you are interested in a detailed explanation describing how Safex not a security:
This can be used a reference for Bittrex to reconsider delisting; and more importantly for any new US based exchanges to have no tough feelings when listing Safex.
Appreciate everyone’s support, and like this analysis I hope you can find support in this.
Thanks for updating us on the matter.
Thanks, man! Is there any communication between you and Bittrex regarding delisting @dandabek ?
Hey @dandabek, why not make a video explaining the situation, how this impacts the project roadmap (i.e. affiliate program canceled?), and how/if it impacts the projects future.
To be honest the article you posted isn’t sufficient, Bittrex hasn’t even confirmed it was concerns of it being a security. If that is the reason, this isn’t particularly persuasive.
Thanks Dan, great clarification for anyone with concerns!
Keep it safe!
Many would have been concerned with the possibility of Cut and Run from those above, but for the mere fact they could put the above out and respond accordingly without being able to say and answer everything ‘legitimizes the effort’. At this stage i will definitely keep building on my recently acquired albeit small coin collection. Best of luck to those who ride the wave and stay true…
@dandabek - I just posted this in the KuCoin sub on reddit.
I sincerely hope the guys from KuCoin reach out to you on this, as I see it being a great potential partnership. KuCoin is trying to make a name for itself and has done a reasonable job so far, but they need more mainstream crypto on the exchange to reach the next level.
With all the investment we’ve seen in Safex over the last few weeks, this could be a good solution to relieve some pressure related to new investors that are wondering what is going on and also let Safex trade and at lower fees to users.
I hope this helps!
I’m still keeping the faith. I think Bittrex is making a big mistake!
@dandabek Forgot to say - great job at getting this out so quick! No doubt this came out of the blue for you too, so great job on communicating so clearly and with verve!
This is a great analysis. I’ve got a feeling that the Safex team probably had to pay some securities lawyer overtime to get this pumped out so soon, which isn’t cheap.
While this is a good argument, unfortunately these types of cases (in the US at least) are decided by judges… judges who are all old grey-haired fogies who will no doubt see threads in this forum like the “avoid capital gains” and flex their decrepit legal muscles. I see a long legal battle in the future, and I’m sure Bittrex did as well, which is why they tucked tail and ran. They would rather just stay out of it than try to make a legal decision themselves and potentially end up having to pay their attorneys more than it’s worth.
In my opinion, and I’m sure the Safex team will agree, this is short-sighted on their part. Safex is just the natural progression of technology when it comes to these things. Big banks and governments may not like it, but this trail is going to be blazed by someone if not Safex. We may be better off as a community trying to work with regulators rather than against them.
Overall, this is a good thing. If we’re shaking the system to it’s core so badly… and there isn’t even a working product yet? I’d say we’re on the right track if they’re already this scared. No major innovation goes unpunished.
SonicPoet, well said however I’d like to add that we should limit working with regulators as much as is legally possible. Over the last few years, I put on my foil hat and have gone deep into the “rabbit hole” and what I have discerned is that the current world order is seeking feverishly to gain absolute eventual control over every aspect of life. The silent majority has no idea that this is the plan, they only see the chaos and wonder what went wrong.
No one wants this platform or its users to become criminalized so all I’m saying is that the more that we work with the system, the more we become part of the problem and the maintaining of the status quo. Daniel and all involved with the development of this, I believe, must walk that really fine line. It won’t be easy but I think that it is possible.
People are going to need a strong alternative to current corporate giants to acquire the things they need. This could well fit the bill if the the cards are played right. And I pray that they do.
All that said, as this gains momentum and the “system’s” fear of this grows we shouldn’t be surprised if they throw the gates of hell at it once in a while. Sorry if I rambled a bit.
Unfortunately with Senate Bill 1241 and if our lovely Senator Feinstein had her way, any sort of privacy system like this (even Monero for that matter) would be considered not just illegal, but terrorism-related money laundering.
Senators like her will try to scare the public by positioning it like that. We need to be vigilant as a community to let the public know that we are not money-laundering terrorists. Of course these people have no idea what technology we’re dealing with here, so I think at least a superficial effort is a good idea, even if it is just lip service.
Reason more why we must fight the gov interference into free trade among ordinary people. Noone said fight is gonna be easy. Its gonna be gritty, tooth and claw, and we are starting to see the fight, stepping into it with this Bittrex stuff. We are with you, Safex team! Keep up the good fight.
uhm what part of this bill has to do with Legitimate Crypto Currency? Its Fiensteins Fault that Bittrex delisted Safex and she also caused the Hurricanes in Puerto Rico and Texas! Thank goodness Trump was there to throw out rolls of paper towels (sarcasm). you should try getting your news from somewhere other than Breitbart
The Howey test is weak sauce, the SEC has already released statements suggesting it may be using criteria other than the ones in the test to determine what constitutes a “security” in the crypto world. I agree with SonicPoet, as much as it sucks we need to work with regulators. Not everyone in the government is a part of the control-it-all plot, just a portion of the highest-ranking government and corporate officials. Their desires are far more primitive too, they’re just trying to accomplish the same thing that a leader of an ancient tribe would try to do in order to prove that he/she is worthy of being leader. It’s all just a show of force, just trying to prove that they are the supreme leaders to themselves. Their supposed “leadership” and “control” are just ideas, might as well be figments of our imaginations if we consider them as such thanks to this cool new tech called blockchain. There are already organizations out there who excel at influencing governments, and those are NGO’s. What if Safex gave people an option to send their “taxes” to any single or any combination of multiple NGO’s, that could work out a little better. The blockchain could withdraw the “tax” from every dividend automatically so everyone is obliged to pay it, however none of it would go to a government, but rather you would be given a choice of who you’d want this money to go to. These NGO’s could then use this new support to help open more doors for Safex all around the world further expanding our marketplace. Then if the government(s) is still trying to shut us down we could just show that while we are over here trying to make the world a better place they’re just trying to keep the profits in the hands of the wealthy. Right now we haven’t done anything for the world so it’s very easy to label us as thieves and drug addicts who are just trying to advance our evil agenda. If we can demonstrate meaningful positive change and show that we have considerable funds that we are wielding for the good of the world then it’ll be a lot harder to just give us that label. I hope we can do something like this, but we gotta start working with other people instead of just assuming we’re somehow untouchable. Unfortunately, we are not and we gotta realize there’s a real chance we could get squashed in the torrent. Good luck everyone.
There has been talk on the senate floor lately to classify digital currency as “financial institutions”, which would make concealing a crypto wallet a crime. Privacy-based coins inherently conceal, so that could be a problem.
gotcha, we certainly need to start paying attention to what the idiots in Senate and Congress, both sides of the isle, are writing, especially once they’re almighty corporations and omnipotent banks start realizing that feudalism is ending, with every new blockchain …In the mean time we can all sleep a little better knowing that the peasants are getting smarter while these morons try to figure out how to use email, and what the interwebs is