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Good response. Still feel that SEC has more important things to do than fine unfunded startups in a garage with 2 people
by pjg 11y ago
Good response. Still feel that SEC has more important things to do than fine unfunded startups in a garage with 2 people
- davidgerard 11y agoEven "unfunded startups in a garage with 2 people" should be able to figure out that faking trading volume when you're dealing with trading things of value is gonna be iffy. Even on the blockchain. Realistically, "creative entrepreneurs" are going to have trouble when their operation is indistinguishable in every detail from "bucket shop scammers with fraud layered upon fraud", and a $20k fine is a super-cheap lesson. The Matt Levine piece sets out just some of the ridiculously obvious illegalities. And he did actually tell them already that this was trouble brewing: http://www.bloombergview.com/articles/2015-06-19/bitcoin-bucket-shop-kicks-bucket http://www.bloombergview.com/articles/2015-06-19/bitcoin-buc...