Leister

The whole point is why should you have to know how many assets I'm sitting on at any given time?

Why do you care?

They care because if you're connecting it ultimately to Fiat, they want to have oversight over the connection back to a Fiat world.

They want to have control over how much Fiat you can take from the system.

That's how I interpret it.

Whether that's true or not, that's how I interpret that in what I see.

So, two points left.

One, and this is my beef too.

When I describe the idea that everything that's blockchain essentially is a digital commodity and it starts that way, CFTC, and then goes to an ICO, becomes an investment contract, and then after it's done there, it goes back to be a commodity and it's traded on a secondary market.

Sounds good, right?

But

As written, that does not stop somebody who's at a basic level of intelligence saying, okay, I'm going to create the token.

I'm not going to advertise it yet.

I'm not going to advertise a presale per se.

I'm going to create the token.

I'm going to mint the tokens out.

I'm going to tell the people that I'm going to launch said token on a certain date.

On the date that I launch it, I make the tokens available for sale.

That's a secondary market transaction, but it's not because the owner is the one doing the sale.

It's a one level first.