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Mr Middleton sat next to me during the Ethereum launch at the TNAB in Miami in 2014. He was very excited about all the possibilities Bitcoin and cryptocurrency

Mr Middleton sat next to me during the Ethereum launch at the TNAB in Miami in 2014. He was very excited about all the possibilities Bitcoin and cryptocurrency would usher in. His pet project then was a platform to allow kids in Africa buy and sell shares reflecting the US stock market. The idea was to globalize investing by tokenizing shares. Very innocent beginnings and dreams of a better, more financially enabled world. This report sounds like a lot changed since.

gamblor956 7y ago
US stock markets are already open to global investors...
- novalis78 7y ago
  Teens in subsaharan Africa.
  - AaronFriel 7y ago
    I'm still not seeing how a blockchain or bitcoin plays a fundamental role here? Teens (edit: adults) in subsaharan Africa can own stock, so can most Americans. They don't and I don't think it's for lack of blockchains or digital wallets.
    - deleted 7y ago
      [deleted]
    - wgerard 7y ago
      > Teens in subsaharan Africa can own stock, so can most Americans is that true? I thought most states had age requirements for trading securities, usually the age of majority. Unless you're not trying to say that "most american teens can own stock".
      - arcticbull 7y ago
        Breaking the law is not a good reason to have a blockchain. If the law is bad it should be revisited. I've got me a theory the law is good here.
        wgerard 7y ago
        I'm not arguing for a blockchain solution here, fwiw. Just pointing out that people under the age of majority are, in fact, restricted from trading securities (for obvious reasons).
      - AaronFriel 7y ago
        Ah, you're probably right there. Okay, people of the age of majority in sub-Saharan Africa can own stock. I did mean "most Americans", not most teenage Americans. I think OP was probably making a point about access to resources and markets, not age related legislation.
      - gamblor956 7y ago
        The US does not have age limits on stock ownership.
        wgerard 7y ago
        while true, most brokerages have age limits on executing transactions (which effectively results in the same thing)
  - wmf 7y ago
    Why can't someone build a non-blockchain Robinhood-style brokerage allowing teens in subsaharan Africa to buy stocks?
    - wgerard 7y ago
      most brokerages i think wouldn't touch underage trading with a 10-foot pole, for obvious reasons.
Scoundreller 7y ago
TNAB?
- novalis78 7y ago
  The North American Bitcoin conference. Still a great yearly conference
LiquidSky 7y ago
Innocent beginnings? It sounds exactly like he planned to commit securities fraud by preying on one of the world's most vulnerable populations. And if what commenters below are saying is correct, that he continued to move money around even after being directly ordered not to by the SEC, he is a particularly stupid and/or arrogant con man. The only possibilities cryptocurrency has ushered in are new ways to scam people. Or rather, digital versions of old scams. Involvement in cryptocurrency should be prima facie evidence of fraud.
- darawk 7y ago
  > Innocent beginnings? It sounds exactly like he planned to commit securities fraud by preying on one of the world's most vulnerable populations What sounds like securities fraud about that original idea?
  - LiquidSky 7y ago
    >sell shares reflecting the US stock market. The idea was to globalize investing by tokenizing shares. If it's not immediately apparent that this means the sale of unregistered securities, I'm not sure what to say. The SEC would seem to agree.
    - darawk 7y ago
      Which part of that is fraud?
      - TylerE 7y ago
        All of it?
        darawk 7y ago
        You think that selling an unregistered security is fraud?
        7y ago
arcticbull 7y ago
Who can and cannot invest comes down solely to regulations. None of which would disappear just because someone sprinkled the magic of blockchain onto stocks. This is one of the common refrains, and frankly, it's myopic at best. Just because the blockchain says you own some stock or property doesn't change the fact the government ultimately regulates what you have and if the blockchain diverges from the government's view on what's permitted guess which one wins? If the blockchain says a car is registered to me and I fail to pay my bills, guess who wins, your multi-player Excel spreadsheet cell or my tow truck?

gamblor956 7y ago

US stock markets are already open to global investors...

novalis78 7y ago
Teens in subsaharan Africa.
- AaronFriel 7y ago
  I'm still not seeing how a blockchain or bitcoin plays a fundamental role here? Teens (edit: adults) in subsaharan Africa can own stock, so can most Americans. They don't and I don't think it's for lack of blockchains or digital wallets.
  - deleted 7y ago
    [deleted]
  - wgerard 7y ago
    > Teens in subsaharan Africa can own stock, so can most Americans is that true? I thought most states had age requirements for trading securities, usually the age of majority. Unless you're not trying to say that "most american teens can own stock".
    - arcticbull 7y ago
      Breaking the law is not a good reason to have a blockchain. If the law is bad it should be revisited. I've got me a theory the law is good here.
      - wgerard 7y ago
        I'm not arguing for a blockchain solution here, fwiw. Just pointing out that people under the age of majority are, in fact, restricted from trading securities (for obvious reasons).
    - AaronFriel 7y ago
      Ah, you're probably right there. Okay, people of the age of majority in sub-Saharan Africa can own stock. I did mean "most Americans", not most teenage Americans. I think OP was probably making a point about access to resources and markets, not age related legislation.
    - gamblor956 7y ago
      The US does not have age limits on stock ownership.
      - wgerard 7y ago
        while true, most brokerages have age limits on executing transactions (which effectively results in the same thing)
- wmf 7y ago
  Why can't someone build a non-blockchain Robinhood-style brokerage allowing teens in subsaharan Africa to buy stocks?
  - wgerard 7y ago
    most brokerages i think wouldn't touch underage trading with a 10-foot pole, for obvious reasons.

Scoundreller 7y ago

TNAB?

novalis78 7y ago
The North American Bitcoin conference. Still a great yearly conference

LiquidSky 7y ago

Innocent beginnings? It sounds exactly like he planned to commit securities fraud by preying on one of the world's most vulnerable populations. And if what commenters below are saying is correct, that he continued to move money around even after being directly ordered not to by the SEC, he is a particularly stupid and/or arrogant con man. The only possibilities cryptocurrency has ushered in are new ways to scam people. Or rather, digital versions of old scams. Involvement in cryptocurrency should be prima facie evidence of fraud.

darawk 7y ago
> Innocent beginnings? It sounds exactly like he planned to commit securities fraud by preying on one of the world's most vulnerable populations What sounds like securities fraud about that original idea?
- LiquidSky 7y ago
  >sell shares reflecting the US stock market. The idea was to globalize investing by tokenizing shares. If it's not immediately apparent that this means the sale of unregistered securities, I'm not sure what to say. The SEC would seem to agree.
  - darawk 7y ago
    Which part of that is fraud?
    - TylerE 7y ago
      All of it?
      - darawk 7y ago
        You think that selling an unregistered security is fraud?
        7y ago

arcticbull 7y ago

Who can and cannot invest comes down solely to regulations. None of which would disappear just because someone sprinkled the magic of blockchain onto stocks. This is one of the common refrains, and frankly, it's myopic at best. Just because the blockchain says you own some stock or property doesn't change the fact the government ultimately regulates what you have and if the blockchain diverges from the government's view on what's permitted guess which one wins? If the blockchain says a car is registered to me and I fail to pay my bills, guess who wins, your multi-player Excel spreadsheet cell or my tow truck?