block.one – Statement Regarding the SEC’s Report on The DAO
Since we have received a number of requests to provide our reaction to the SEC’s recent report in relation to The DAO, we would like to state for the record that we are of the opinion that the SEC’s report does not affect the EOS ERC-20 compatible token (the “EOS tokens”) distribution on the Ethereum blockchain.
In fact, the SEC report was instructive because it supports the view that not all blockchain tokens are securities under U.S. federal securities laws and that each blockchain token needs separate analysis.
Debevoise & Plimpton LLP, New York, is acting as block.one’s external legal counsel in relation to the ongoing EOS token distribution. block.one is of the view that the distribution of EOS tokens or the EOS tokens themselves are not securities or similar financial instruments. Further, the EOS tokens do not have any investment interests, are not designed for investment or speculative purposes, and should not be considered as a type of investment. The SEC’s report does not change this fundamental analysis.
In addition, U.S. citizens, residents and entities have been excluded from purchasing EOS tokens in the token distribution. This decision was made because of some of the logistical challenges associated with differing regulations in the many states of the United States of America, including, without limitation, BitLicense legislation in New York State.
We trust this statement clarifies our view on this matter.
Sincerely,
block.one
this is the only positive reason that I do not live in the US :)
I've been in several conversations concerning EOS ERC-20 tokens from the distribution and whether or not they will be redeemable 1:1 for actual EOS "stake," when/around the time that the main net launches. Can you all clear this topic up so that I can refer people to this comment?
Thank you!
I'm thinking that maybe this issue can't be cleared up without the risk of turning EOS ERC-20 tokens into 'securities'. It seems that those with money to 'invest' must do so on the assumption that:
I'm looking forward to investing my time developing software for the EOS blockchain, instead of a large token purchase, as this avoids making some of these assumptions. However, I've almost just convinced myself to to buy some tokens too!
Perfect. This is the kind of response that I was looking for, thanks for chiming in!
I'm a massive advocate for EOS and I literally have lengthy conversations about it daily with people. Due to the legal atmosphere and a lot of confusion surrounding it, the necessary wording of terms, etc. send many people into conspiracy theory world immediately and it becomes hard to not just tell some folks "quit being crazy, trust them, they're doing extremely important work, and more importantly, they now HOW to do it," when some of them come at me with "did you read the terms, it's worthless, it's a scam, I'm not touching EOS!" I hate that haha. I guess I was seeking for this comment to be a silver bullet for that kind of sentiment.
I was primarily fishing for an official response to the question that I posed so that I can make several hour long debates/conversations and condense them to a few minutes by keeping this link handy and sending it over to the person that I'm having the conversation with. In other words, it would make my life a lot easier since I'm trying to advocate as much as I can for EOS.
Of course, if you reside in the USA, do not purchase tokens.
The future is lookin' good, boys and girls.
I think you hit the nail on the head. Great comment.
If you invest your time developing software for EOS, i for one will use it and if it's really good i will happily promote it for free :)
Only if you register your public key. Otherwise, no, you'll lose your EOS tokens. It's all in their initial documentation they provided that users must register an EOS key. A lot of the fears people are circulating apart from this issue of registering your key is silly stuff they have come up with from lack of understanding of what is transpiring.
My view is if a person cannot grasp the EOS agreement, why it was written that way, and reasonably understand what the outcome would be... why are they holding EOS tokens or buying them?
It would kind be like owning bitcoin without understanding what a blockchain is or what cryptocurrencies are. A lot of people just throw money at stuff these days without understanding what it is they are buying. I own some EOS, I registered my key, and I understand what is going to happen, and I fully grasp why their agreement was written as such, and I can foreseebly understand the outcome that will create. Whoever controls the eos github address, and publishes the list of EOS token holders, ultimately decides the EOS token holders. Such a publication would be verifiable against the Ethereum blockchain itself. Certainly, anyone could launch any modified version of EOS they wish, but only those running the official github version with that list of token holders would be considered the legitimate EOS by all parties: developers, exchanges, ect.
Other variant versions of EOS would not meet consensus with the official network and would be forks.
Yes, this is important information to know.
Please, we want an answer to the question Matt is asking. Whether or not the EOS ERC-20 will be redeemable 1:1 for actual EOS "stake," when/around the time that the main net launches.
Anyone can create a chain using our free software and give it any allocation they want. Block.one will not produce any blocks.
I don't usually whale-beg, but I wrote this handy step-by-step walkthrough for mapping your EOS key as a lot of people seemed intimidated and confused by the process. https://steemit.com/eos/@bulleth/mapping-your-eos-tokens-for-dummies-step-by-step-walkthrough
If you up vote it, I will buy you a ninja sword with the proceeds, because you are a fucking ninja.
Could you also include the steps for myEtherWallet?
@Dan Can you please tell us what will token holders get in return of the EOS ERC-20 tokens 48 hours after the distribution ends in the event that the EOS.IO Software is successfully completed and adopted?
I found it for you, from the official terms :
• EOS TOKENS HAVE NO RIGHTS, USES OR ATTRIBUTES. The EOS Tokens do
not have any rights, uses, purpose, attributes, functionalities or features, express or
implied, including, without limitation, any uses, purpose, attributes, functionalities or
features on the EOS Platform. Company does not guarantee and is not representing in
any way to Buyer that the EOS Tokens have any rights, uses, purpose, attributes,
functionalities or features.
• NOT A PURCHASE OF EOS PLATFORM TOKENS. EOS Tokens purchased under
this Agreement are not tokens on the EOS Platform. Buyer acknowledges, understands
and agrees that Buyer should not expect and there is no guarantee or representation
made by Company that Buyer will receive any other product, service, rights, attributes,
functionalities, features or assets of any kind whatsoever, including, without limitation,
any cryptographic tokens or digital assets now or in the future whether through receipt,
exchange, conversion, redemption or otherwise.
• EOS TOKENS MAY HAVE NO VALUE.
https://eos.io/documents/EOS%20Token%20Purchase%20Agreement%20-%20June%2022,%202017.pdf
You can read the terms to find out as it's explained in there very clearly.
OMG, I am still laughing. Yep, all the way to the FEDS! Too much, really boys.
You do realize that EOS is not an American company, right?
EOS is not a company at all.
block.one is a company, and yes, not an American company.
That was my point :-).
You realize they advertised HEAVILY in the US markets? Including Times square?
Yes. I'm the one who recorded and released the first video of that, actually. Why does the location of an advertisement matter? McDonald's advertises heavily in China, is it a Chinese entity?
:)
sad to hear that
"Further, the EOS tokens do not have any investment interests, are not designed for investment or speculative purposes, and should not be considered as a type of investment."
You are saying that EOS tokens are totally useless then ? They have no use other than a speculative use today, but if its not designed for speculation then why are the tokens being released as ERC20 tokens on the market ? What is their utility ? Wouldn't it be better to wait the release of the platform to release the tokens so they could have a use ? I'm not sure to understand why people are buying EOS tokens if it's not for speculation or investment as the token has no use yet.
It sounds like the lawyers are trying to play with words to keep the regulators off their backs.
My understanding is if you buy the tokens you have the right to run apps on EOS and because there's a limited supply they would go up in value.
They have a 5% inflation rate
Not necessarily.
Gambarnya garuda pancasila wakakakakaka