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

424 posts in this topic

Guardian Comics

Guardian Comics

Posted
Posted

This has to be my absolute favourite thread ever. :cloud9:

 

I am so glad that this didn't get put in the Advert and Promo threads where it actually belongs.

 

I'm starting a CryptoAntiComicCoin that goes live tomorrow based on the fact that Comic Coins do not actually go live tomorrow...anybody interested in buying in? Just for fun.

 

Jim

 

 

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comix4fun

comix4fun

Posted
Posted
A show of hands of anyone interested in this (shrug)

 

 

 

Asking for a show of fingers might get a larger response.

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jaybuck43

jaybuck43

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

JOBS act PROBABLY gets them around most of the SEC requirements but yes still taxable income.

 

*The above post does not construe legal advice. Consult an Attorney*

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Darkowl

Darkowl

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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.

 

That was my thought the whole time I was reading this thread. It sounds like they want to target people who know nothing about comics, and promise them the rewards that derive from investing in comics without truly earning it.

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DougC

DougC

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Despite this being a total scam from the OP to fund his future comic collection there is a fun idea behind it that unfortunately has been lost.

 

If this had been brought up as a community idea to promote fun as a way to exchange pennies it could have worked. Owning a thousand comic coins (worth 50 cents) and dolling some out when ever, if it became popular enough 3D printing a couple coins for a fun "manufactured" collectable to include in boxes on the sales forums. Dogecoin was a fun idea to capitalize on an image that has sense lost most value to the point that it is given for making good posts on facebook in communities. Something like that could have been the result here but it has been ruined by run around wording and sidestepping what is trying to be sold.

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zosocane

zosocane

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Posted
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

 

+1.

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