11
Tea 2.0? (The linked medium article has lots of angry comments from early adopters thinking they should receive more tokens)
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this post was submitted on 03 Mar 2024
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Programming
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It is hard to justify having yet another cryptocurrency anyways, as you will fall into the same trap everyone fell in post ethereum - running a unregistered security and living afraid of legal consequences. Lying to the community and spending a fortune on lawyers while the VCs who gave you a push end up with any real money.
It is not my idea anyways, it is something I remember from back in a day. I was interested in the cryptocurrency scene back in 2012, 2013... When things were different. The distribution method I have explained was deployed by Peercoin, the very first proof of stake coin. A brief look shows it is still being distributed in the same fashion and github is active. So clearly there is developer interest.
I’ll sincerely take your example/suggestions to heart moving forward on my own project. I had different ideas about what a fair distribution is and this really turns that on its head. This idea satisfies many of the more egalitarian instincts I have.
Thank you.
If you are interested in cryptocurrency perhaps it is worth to cooperate on an established, known to not be illegal security project rather than starting your own.
None of them do what I’m trying to do but thanks for the advice. I’m working on a DApp in the Cardano ecosystem that uses data from an Oracle on Ergo. Not sure if you consider Cardano or Ergo illegal securities but the SEC hasn’t come after them YET.
I have never heard of ergo but if they had an ICO they probably did start an illegal security. Cardano has all the elements of a security. So it is just a matter of time, SEC is taking it slow. I believe the SEC is trying to set a series of legal precidents to be able to take down the 'root of all the evil' - Ethereum. Copycats will easily fall later on.
I suppose, if it comes to that, nothing is stopping devs like me from hard-forking Cardano's open source code and launching that fork with a 100% public initial token allocation. I've honestly already been considering that option for a while now.
Hopefully you're wrong and it never comes to that.... but I'd be ready if it did, for sure.