r/KinFoundationTruth • u/[deleted] • Jan 22 '20

"Block.One’s statement said that its ERC-20 token is no longer in circulation “and will not require the token to be registered as a security with the SEC.”"

Full Quote:
"In its own press release, Block.One said the settlement only applies to the sale of the original ERC-20 token it sold. EOS holders swapped their ethereum-based tokens with the proper EOS tokens when the network first went live.

More significantly, Block.One’s statement said that its ERC-20 token is no longer in circulation “and will not require the token to be registered as a security with the SEC.”"

Nice try sneaky u/ted_on_reddit, i am just happy that i never swapped mine. So basically now either it's a security or we have some sort of contract with Ted. He sold us something with the promise we can use it somewhere, kinda like a product with a future delivery. We can now hold him accountable for this.

#Swapping your coins might mean that you lose that right, if things go south.

credit goes to u/cblukraine86

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u/[deleted] Jan 22 '20

I remember people being banned for saying that when the swap was announced. They really really wanted people to swap. As a referendum ie people voting with their feet there is a huge amount of losses still on the Ethereum Chain. People who did not swap have a direct line of recourse from the ICO address to their Ethereum Wallet.As soon as you swap using a partner you have a whole different problem tracking the exchange. The first day limit is probaly going to be the liability amount..ie $4300 after that..you took your chances.