Sunday, May 28, 2017

The semantics in the sandbox

The Securities and Exchange Commission has not said much about crypto companies issuing new tokens, usually called “ICO’s”, Initial Coin Offerings. The issue has remained silent. Now SEC provided a statement on May 23, saying they want ICO’s to be fair. They want cryptocurrency startups to protect their investors. 
Now I liked the idea of saying a token was a marker for some contract, separate from whatever coins are traded.  Like, I tap on NGDP icon and my bot and the Fed bot trade in tax dollars on NGDP.  But I carry around the NGDP token in my secure element, it is a contract guarantee. Gets me a spot at a NGDP futures table where the betting limit fits my style.

I don't need to stick to my semantics, marketing will clear this up. But apps want to set up trading opportunities, and get secure elements to agree; sort of independent of the particular coin being traded. We need a separation.

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