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My understanding is that this was a project -- not really a company, never intended to make a lot of money. Now if that is wrong -- if they intended to generat
by chernevik 11y ago
My understanding is that this was a project -- not really a company, never intended to make a lot of money.
Now if that is wrong -- if they intended to generate real revenue and profit off this thing, and raise money -- then yes, they're idiots.
But if this was something put together as a project, something fun and interesting to do, then I understand why they didn't consult a lawyer.
- anigbrowl 11y agoIt would have been fine as long as they were running it with fantasy money, like many of the other play markets out there. When you create a mechanism for people to put real money into it, though, that's like the difference between breadboarding some electronics with a battery or DC adapter, and plugging straight into the wall socket. Once you take in money, for whatever purpose, you're operating some sort of business - and the laws surrounding issues are money transmission, transacting with bitcoin vs national currencies and other topics are discussed frequently on HN.