Draft: Code of Practice for Issuing Assets



  • Ask yourself does it matter that a teenager will control an asset or that a teenager could buy any alt-coin/burst.

    Do what emails,layers and casinos do by just having text written statements at the bottom.

    Seriously too many assets like Dunkin Dougnuts.

    I went through some more assets another stands out from 1.5 years ago. Pitiful to find out first it was created by a grown man smarter and craftier. 1700 share investment costing me 18,000 coins, My dividend total to date 533. The sad part is the owner decided to invest more hardware into other new inventive assets and should of increased this current one 3-fold. It was bought on false promises. What type of penalties with the code have for an adult too.
    I will also state that a restriction should be put on an asset owner for not owning more than 2 assets because frankly it means they abandon the first one which is another sneaky way of scamming the investors .

    Who will incur the expense to do background checks? What guarantee the the person doing background checks will also adhere to European Privacy laws and USA Hippo Laws. I have seen a lot of angry threads that threaten in in some case have exposed the privacy of others in the Virtual Arena.



  • @Burstde said in Draft: Code of Practice for Issuing Assets:

    Ask yourself does it matter that a teenager will control an asset or that a teenager could buy any alt-coin/burst.

    No, however for the sake of transparency and honesty it is good that investors know this first before investing.

    Do what emails,layers and casinos do by just having text written statements at the bottom.

    Disclaimer? What has that to do with a Code of Practice for the issuance of assets?

    Seriously too many assets like Dunkin Dougnuts.

    This is just a colloquial referenced statement of your opinion, what has this to do with a Code of Practice for the issuance of assets?

    I went through some more assets another stands out from 1.5 years ago. Pitiful to find out first it was created by a grown man smarter and craftier. 1700 share investment costing me 18,000 coins, My dividend total to date 533. The sad part is the owner decided to invest more hardware into other new inventive assets and should of increased this current one 3-fold. It was bought on false promises. What type of penalties with the code have for an adult too.

    This is exactly why a Code of Practice would be useful. (Proof of Life)
    If you read the earlier posts, a "Code of Practice" is a standard nothing more.

    I will also state that a restriction should be put on an asset owner for not owning more than 2 assets because frankly it means they abandon the first one which is another sneaky way of scamming the investors .

    An asset holder issuing multiple assets is not what is being discussed here.
    I see no issue with an asset holder issuing multiple assets once they adopt the Code of Practice.for each asset.

    Who will incur the expense to do background checks?
    Where is that mentioned in the Code of Practice?

    What guarantee the the person doing background checks will also adhere to European Privacy laws and USA Hippo Laws.
    Where is that mentioned in the Code of Practice?

    I have seen a lot of angry threads that threaten in in some case have exposed the privacy of others in the Virtual Arena.

    Again here you are stating your opinion, good for you but not relevant to what we are trying to achieve here.
    If you do not understand what a Code of Practice is, please feel free ask questions and I will be happy to explain.

    Thanks for you feedback.



  • anyone seen the latest. apparently poloniex's TOS states that anyone under the age of 18 cant use there exchange.

    i think adam notified poloniex of these accounts and apparently poloniex is treating the issue very seriously.

    im wondering what happens now to the moneyz that was sent to polo for these assets run my users under the age of 18.

    technically if they cant sell the burst for $$$ how is it possible for them to issue a successful asset



  • @Lexicon interesting, why is it you think Adam notified poloniex?



  • @iKnow0
    it could be because its a clear violation of there TOS. besides from that tbh i havnt a clue its just something i read 10 minutes ago on BN whilst having a cigarette ¯_(ツ)_/¯

    however it highlights the bigger issue that all it takes is for someone to tell the exchange for things to go down hill fast.
    if it wasnt adam then it would of been someone else or them eventually finding out. and to be honest its saved poloniex from a legal nightmare. it wouldn't surprise me if they made users on the exchange now require ID in order to even access the site. theses exchanges will have this rule for a reason.

    now how are kids supposed to be able to run assets effectively when they cannot sell their burst-coins on any exchanges legally.



  • Hold on all exchanges have this including the New York Stock Exchange and etc.

    Cryptopia has this and maybe its all you need for the code and the scamming part.

    Age Restrictions
    This site contains adult content registration and participation on the Sites is restricted to those individuals over 18 years of age, and are fully able and competent to enter into the terms, conditions, obligations, affirmations, representations and warranties herein. By registering or participating in services or functions on the Sites, you hereby represent that you are over 18 years of age and have the authority to enter into the terms herein. In any case, you affirm that you are over the age of 18 as the Site is not intended for anyone under 18. If you are under 18 years of age, do not use the Site.

    Right to Use Site and Content
    You may use this site only for the purposes for which it is provided. You must not use this site for fraudulent or other unlawful activity or otherwise do anything to damage or disrupt this site.
    Multiple accounts for the purpose of defrauding, circumventing bans, soliciting or abusing Cryptopia Ltd. services will result in immediate termination of all related accounts, including seizure of all on-site digital property.



  • @Lexicon Each exchange is bound by the laws of the country it is operating in. If they fail to comply with those laws then it is the exchange that is at fault. The age of majority varies throughout the world, from 15 in Saudi Arabia to 21 in Bahrain. (Source: https://en.wikipedia.org/wiki/Age_of_majority). This is one of the reasons why the age of the asset issuer should be declared in the "Code of Practice for Asset Issuance", so as to let investors know these facts. I am glad we both agree on point 7 in the "Code of Practice for Asset Issuance".



  • As the outsider looking in.....
    Okay just revealing your is okay. A lot of fund managers do that along with years of investing.

    1. is done


  • It looks like you guys covered everything can I add that the Asset Owner deposit 50,000 coins into an account for just asset owners that if they hold true to their word for 1 year they get it back or something. Kind of like a FDIC or something



  • @iKnow0 not just country , it's bound by local and state laws as well , look at coinbase they just recently abandoned hawaii because of local laws that restricted them to much to comply.



  • @iKnow0 I have an additional proposal for the verification process.

    So once we have the age thing agreed (My vote is a simple 18 across the board)

    Steps as follows.

    1. Asset issuer get's verified.
    2. Asset issuer puts up a Pre-Announce thread. (Guidelines to be issued)
    3. Forum members / potential Investors have a Week to ask questions etc.
    4. Voting is opened for one Week to decide if Asset will be accepted.

    To be eligible to vote you need to have Reputation of 300 Plus.
    Asset is accepted if there is a net positive of 5 votes which must in include a positive from haitch.

    If Asset get's the vote Announcement thread and Asset ID are put up. If the Asset fails, further attempts may be made.

    Rich


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