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I mean yes, that's fair, I am. Broadly though, it's because they seem to be unified behind the idea of issuing unregistered securities and selling them to un-ac
by arcticbull 5y ago
I mean yes, that's fair, I am. Broadly though, it's because they seem to be unified behind the idea of issuing unregistered securities and selling them to un-accredited investors because they don't seem to think the registration of securities is valuable.
I disagree, because, the Great Depression.
They're not setting out to solve a limitation around business organization. You can do basically anything you want out of a Delaware LLC or C-corp except sell the shares to an un-accredited investor without registering them. There's even a light-weight way to do that with Reg CF and Reg A+.
You want public voting? Ok, that doesn't require a blockchain and it certainly doesn't require a whole new legal framework for organizing a business. Twitter has managed to have polls for years.
Most people actually trying to build a business of value aren't trying to reimagine the concept of a business.
By all means, go with God, find a better way to organize companies. If they land one one, I'll happily use it. But so far all I see is grift, crime and frankly, little else.
- notch656a 5y agoThose entities eligible to be accredited investors are estimated to control the better side of 3/4 of private wealth in US. I don't see how allowing (or DAO/LAO somehow illegally bypassing security laws) un-accredited investors could possibly be a deciding factor in recreating a Great Depression. Most (private) wealth can already buy whatever "toxic" stuff they want in your own words. Also, it's possible to sell these investments to non US-persons under regulation S without bothering with the accredited investors. >Most people actually trying to build a business of value aren't trying to reimagine the concept of a business. Most people actually trying to build a business fail. It would be fallacious for me to imply that means not reimagining concept of business means likely failure, even though it is technically true.