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I called the SEC last year and selling a coin claiming it'll go up in value without registering as a security is illegal, even if it's a joke. Even if you don't
by everdev 9y ago
I called the SEC last year and selling a coin claiming it'll go up in value without registering as a security is illegal, even if it's a joke. Even if you don't say it'll go up in value but people believe it will, it's illegal.
I'm sure there are legal implications of running a Ponzi scheme too. I'm positive that telling someone about the illegal thing you're doing does not absolve you of responsibility.
- dragonwriter 9y ago> I'm sure there are legal implications of running a Ponzi scheme too. I'm positive that telling someone about the illegal thing you're doing does not absolve you of responsibility. In the specific case of a Ponzi scheme, which by definition is a scam where “investors” are decieved as to the nature of the operation, disclosing the mechanics make it not a Ponzi. It does seem to still be an illegal pyramid scheme, though it doesn't rely on an entrants recruiting their own downline, instead having a shared downline.
- everdev 9y agoGood catch, I guess it's theoretically impossible to announce a Ponzi scheme then. Queue someone launching PyramidCoin.