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> One thing I find interesting about crypto is that you can make these whole revenue generating businesses without incorporating anything, and not incur persona
by koolba 4y ago
> One thing I find interesting about crypto is that you can make these whole revenue generating businesses without incorporating anything, and not incur personal liability.
Depending on your jurisdiction, you could have some serious criminal liability though.
There’s also the possibility of eventually being doxxed and being personally sued.
- yieldcrv 4y agoIt depends on what you do. It depends on what you're imagining to do, in order to write that. Regarding personal lawsuits: In the normal economy, the risk is quite low for being personally sued and being like "whoops, if only I made an LLC in some fool proof way". But its still pretty good advice anyway. In the crypto economy the risk is lower and everything is faster.
- headsoup 4y agoHow is risk lower?
- yieldcrv 4y agoIf your product or service isn't doing anything criminal then private citizens aren't going to be able to subpoena exchanges for your KYC information to move forward with their civil lawsuit against any specific person exchanges don't reliably have your KYC information to begin with and you also don't need to launch your product using a crypto address linked to exchanges for those reasons the risk is lower because the barrier to being served is so high if you really want to, of course you can still place all of this activity behind a LLCs and other entities to raise the bar even higher. but individuals also already understand that so many developers would already be doing this kind of thing that they would already feel discouraged in trying to create consequences in this way