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Comic Book Coin is Coming!
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Started by Tonic's Comics,

424 posts in this topic

1koko

1koko

Posted
Posted
Look, I understand, many of you dislike this idea and only time will discover if you are correct in your assessment. But, to think that the SEC is going to start some huge crackdown on a coin worth $5,000 is just ludicrous and hyperbolic.

 

At $5,000, it's not going to be worth their time to investigate you. But, it does put a fairly low cap on how big this can get without attracting the attention of the authorities.

 

and they have stated that they want to issue up to 88 million "coins" in the future.......

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FutureFlash

FutureFlash

Posted
Posted
just hope you looked into the legal issues - I would actually REALLY question any comics book store trying to say book a is worth XXX based on CPG.,,,, not even as part of a call for people to invest......

 

They can call this a coin or a cryptocurrency, but they're soliciting investors, investing in comics, issuing dividends, engaging in buybacks - it's an investment company as far as the SEC is concerned. I hope they have consulted a good securities lawyer because this looks flat-out illegal without complying with all the regulations in place. :eek:

 

Oh, and any dividends are absolutely going to be taxable in the eyes of the IRS. 2c

 

this.....

 

oh - and you should make sure to inform the comic shop that will be holding on to the books that they may be at significant risk. If the SEC, FTC, IRS or any of the regulatory agencies take a hard look at this - the store can/will get raided and ANY stock confiscated and potentially sold.

 

Hope you guys formed an LLC as well - or bye bye to those personal assets. Cuz if that one guy from China shows up with 50% of the coins and demands to take half of the books and is refused....... you are now in the fraud playground.

 

 

Ok, that is ridiculous both factually and regarding the law.

 

Furthermore, those agencies are well aware of crypto and what is going on and have even made some comments about it. But, even if it what you said was remotely true, they sure won't be going after some lowly coin with $5,000 in comic books before all of those coins worth hundreds of millions of dollars (in Bitcoins case, billions) in people's hard earned money. And all they are offering is promises (in most cases).

 

Look, I understand, many of you dislike this idea and only time will discover if you are correct in your assessment. But, to think that the SEC is going to start some huge crackdown on a coin worth $5,000 is just ludicrous and hyperbolic.

 

The crypto world is what it is. If you don't like it, that is understandable and you are not alone. But, for many of us, it is a fun hobby (like comic books are) and it is enjoyable as it is.

 

delekkerste, is correct in his assessment of what you are trying to do is essentially illegal. This is just not crypto, it is an investment looking for investors. You are going to need to do a whole lot of paperwork with the various regulators to get on the legal side of things.

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jaeldubyoo

jaeldubyoo

Posted
Posted
So with all the research you've done on not only creating this coin and developing the website, the best book you can come up with is Avengers Annual #7 as your initial offering. How long did it take to come up with this idea? Seems kind of half assed.

 

It was chosen as more of a gesture than anything else. It's the Avengers, Joss Whedon has mentioned it as one of his favorites and it's a high grade. CBC is meant to attract casual fans as well, and nearly everyone on the planet knows the Avengers.

 

And it provided an easy way to explain graded versus non-graded comic books to the non-collector. If you look on the website you will see that I use it almost as an educational tool for newbies.

 

Of course we are aware that the comic is not rare (and say so on the site). We are also aware that it is hardly a huge key book for collectors. However, and I know I will get disagreement on this, we do feel that the comic book will increase in value over the next few years (in that high grade) and we are happy with it.

 

However, once the coin is launched, that will probably not be indicative of the comic books we are seeking. First of all, most will probably be earlier than that one (1977) and far earlier is likely.

 

Your image, reputation, prestige, and goodwill took a hit when you chose this comic to launch your venture. If this comic "will probably not be indicative of the comic books we are seeking," then why start with it? Very poor choice IMHO.

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JTBGOOD-migration

JTBGOOD-migration

Posted
Posted
--- Dividends is a stock term, but not solely. Crypto has a habit of using investment terms for a lot of their activities. It is most definitely not illegal and furthermore happens every day in the crypto world. I (not CBC) own a few coins in a crypto right now that pays monthly dividends. However, as stated, dividends are a longer term goal and you are right if you are suggesting that future regulation could make dividends more complex. But, they most certainly will not be illegal.

 

No matter what you say, this is not a cryptocurrency - it is an investment fund. You are soliciting investors. You are buying up assets with their money. You are issuing ownership interests in these assets (and plan to buy them back when it makes sense). You intend to pay dividends. You can say it's crypto all you want, but it is indistinguishable from an investment fund except that it's wrapped up in the guise of a cryptocurrency with a really low nominal price per unit.

 

Paying dividends is not illegal. Paying dividends from an illegally organized investment fund, though, is. You can say it's not illegal, but one phone call to the SEC and you're finished. Not that it couldn't be made legal, but that would require you to form an LLC and an L.P., pay up for legal documents, restrict your buyers to qualified investors, etc. You'd probably also want/need a bunch of third-party service providers for legal/compliance/security reasons as well.

 

If what you're doing was actually legal, what would stop people from starting investment partnerships in the guise of a cryptocurrency to avoid all the SEC requirements? You keep making comparisons to actual cryptocurrencies to justify why the detractors here are wrong, but this simply won't be viewed as a cryptocurrency in the eyes of the law. 2c

 

OK, I can see we are getting nowhere, so I will leave you all for a while. But this does not make any sense. Everything you described applies to every coin ever issued. The only difference is that some coins just make promises of future value due to their programming skills or marketing, etc. But, one is essentially buying a share of their services company (to use an investment word again).

 

But, for the sake of your argument, let's say you are correct and that asset-based (well, explicit assets as opposed to implied) coins fall into a different category. Then there are lots and lots of those also (I don't know an exact number). Furthermore, there is no need to call any government agency as they are fully aware of it. You are not the first person to think this angle up. Crypto has been going on for years and these issues have been and are currently hashed out continuously. And no doubt, regulation will be forthcoming at some point (in my view).

 

But, look everyone, this is all old news and old points being made about crypto that I am not going to bandy about. A quick Google search on the topic and you could be reading for weeks. There is nothing different about CBC than many other coins that have been around without incident for years, including asset-based coins. Furthermore, there is far more shenanigans going on with blockchain coins than asset-based coins, so if the government is going to suddenly begin caring about this subject they will assuredly begin where people have lost the most money.

 

But, hey, one never knows what the future will bring regarding regulation, which I have stated repeatedly.

 

For those with an interest take a look. For those of you who are not, I completely understand.

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comix4fun

comix4fun

Posted
Posted
Meanwhile....over at the CryptoComicCoin Reimbursement Department.....**

 

 

 

 

** Full credit to Dr Chaos for posting this exchange first.

 

Really!?! This is what brings you back to the boards! ;):baiting::hi:

 

 

 

Naw, it was something else. lol This was just gravy

 

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W16227

W16227

Posted
Posted
Look, I understand, many of you dislike this idea and only time will discover if you are correct in your assessment. But, to think that the SEC is going to start some huge crackdown on a coin worth $5,000 is just ludicrous and hyperbolic.

 

At $5,000, it's not going to be worth their time to investigate you. But, it does put a fairly low cap on how big this can get without attracting the attention of the authorities.

 

 

Law takes time to catch up with technology - which is why the regulation of the phantom currency exchanges is not in place. It may be self regulating here - as more bitcoin hacks will happen - and the severity of which will potentially kill ALL of the market.

 

Napster was more of a direct legal infringement- yet they did not disappear overnight.

 

The concept you have been pushing - will have a brick and mortar establishment in the united states where the books are stored/displayed. Not only does this place this business solidly within a greater set of jurisdiction and regulatory laws, you now have more individual exposure - not just the "government" coming after you.

 

All it takes is ONE person that has a legitimate fraud claim or price fixing situation where they can prove mixed/manipulated/false valuations of comics used to entice your investors. Now you are in a world of hurt and ALL of the stores assets could be seized,. Even if the litigation was unsuccessful - does the owner of the store have the ability to stay in business with a temporary the loss of their stock (hint - lawsuits take TIME) ?

 

good luck with the imaginary money grab

 

 

 

 

 

 

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W16227

W16227

Posted
Posted

Look, I understand, many of you dislike this idea and only time will discover if you are correct in your assessment. But, to think that the SEC is going to start some huge crackdown on a coin worth $5,000 is just ludicrous and hyperbolic.

 

At $5,000, it's not going to be worth their time to investigate you. But, it does put a fairly low cap on how big this can get without attracting the attention of the authorities.

 

but issuing dividends without a 1099-DIV will get you noticed

 

 

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paul747

paul747

Posted
Posted (edited)
Tell us a little bit about yourself

How old are you?

How long have you been collecting comic books?

What is your educational/employment background?

 

 

fortuneteller_600x496.jpg

 

Younger than 35 (most likely late 20's).

 

Will claim for >15 years, but realistically has not been seriously collecting at all (doesn't own a book worth over $20).

 

State college, job jumper and unhappy with the corporate world not bowing down to his genius by making him CEO in the first 10 months of employment at each job.

 

Also.... Got a trophy for last place growing up. and loves MOS 18...... Offers you half price for your books....

 

This is the dumbest idea I have ever seen (COMIC COINS lol) ! EVER Buy the book man not the coin.

Edited by paul747
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delekkerste

delekkerste

Posted
Posted
OK, I can see we are getting nowhere, so I will leave you all for a while. But this does not make any sense. Everything you described applies to every coin ever issued. The only difference is that some coins just make promises of future value due to their programming skills or marketing, etc. But, one is essentially buying a share of their services company (to use an investment word again).

 

No, everything I described applies to every investment fund ever launched. Most coins aren't backed by anything, don't distribute any income/dividends, don't engage in buybacks, etc. You are actively managing an investment fund - this is simply not a coin or a currency or a cryptocurrency. It is an investment fund that is skirting the regulations regarding such by superficially co-opting several aspects of cryptocurrencies. All the arguments defending your position rely on arguments that defend cryptocurrencies. But, this isn't a cryptocurrency, no matter how much you want it to have that cachet. :makepoint:

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Tempus Fugit

Tempus Fugit

Posted
Posted

I will give JTB credit for being unflappable and good natured. We have all seen newbs with crazy schemes like this show up and completely meltdown by the fifth page.

 

If not for this the crypto-money thing he has a shot a being a good boardie, having survived the initial assault.

 

 

Re: crypto-cash

 

I still don't get why someone would not just buy the books themselves.

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krazy_kenny1

krazy_kenny1

Posted
Posted

This simply isn't a cryptocurrency. It's an investment fund in crypto-clothing put together by someone who obviously hasn't considered all of the legal and liability ramifications of what they're proposing, as well as not appearing knowledgable enough to make such a thing successful. I'm as Libertarian as anyone (says so on my voter registration card anyways). So, regulated or no, I'll exercise my personal responsibility by avoiding a bad idea when I see it (thumbs u

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chrisco37

chrisco37

Posted
Posted
OK, I can see we are getting nowhere, so I will leave you all for a while. But this does not make any sense. Everything you described applies to every coin ever issued. The only difference is that some coins just make promises of future value due to their programming skills or marketing, etc. But, one is essentially buying a share of their services company (to use an investment word again).

 

No, everything I described applies to every investment fund ever launched. Most coins aren't backed by anything, don't distribute any income/dividends, don't engage in buybacks, etc. You are actively managing an investment fund - this is simply not a coin or a currency or a cryptocurrency. It is an investment fund that is skirting the regulations regarding such by superficially co-opting several aspects of cryptocurrencies. All the arguments defending your position rely on arguments that defend cryptocurrencies. But, this isn't a cryptocurrency, no matter how much you want it to have that cachet. :makepoint:

 

He's done the research, Gene. Perhaps you should google up so you know what you're talking about. lol

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thunsicker

thunsicker

Posted
Posted

I think he was scared off, but if not I have a quick question on how asset backed crypto currency works. Is the idea that they invest all $5000 from the "IPO" into comics which is backing the currency? Is that $5000 backed solely by the one $300 comic? Is there some percentage that goes into more comics? Also he says you can change it into different real world currencies, but other than that can I buy things with it directly? Are there places accepting that crypto currency?

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