Better yet, token holders should band together and demand partial returns for projects that are over funded w. rise of ETH price. Potential way to test limits of token holders rights.
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Moreover, "rights" isn't synonymous with "power." Holders of a large portion of tokens may or may not have creative ways to exert power over founders, eg, flooding the market right when founder tokens unlock
Sure, tokenholders have methods of influence. But that's not the same as "rights", let alone voting rights. The SEC could declare tokens to be securities that get minority protections (disclosure, etc.), but they aren't going to declare them to be voting shares.
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So in my hypothetical above where founders allocate themselves additional shares post-ICO, your position is existing token holders have no rights? I think this is far from clear.
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If the token is bought, and assurances are made (like future dilution), then extra dilution could be actionable. That's a right. But in the donation structure, I don't see any recourse. Under what contract or regulation do you see token holders having rights?
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The "donation" structure is just a fake name people use to avoid securities laws. That's gone. There are tons of things they could try to sue for, eg, unjust enrichment.
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Are you the seasteading guy?
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I am the seasteading guy. (Also very interested in blockchain as another way to disrupt entrenched power structures with a decentralized alternative dependent on good governance tech)
End of conversation
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Not sure how "minority protections" arent rights; which seems contrary to your original tweet.
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Minority protections would be rights. But that is a hypothetical possibility right now, based on one possible path for future SEC intervention. Currently, (most) token holders have no rights (outside the protocol).
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That's just idle speculation. If your position is rights hinge on status as a security, I don't agree. Absent being a security, token holders have other avenues in court, eg, if founders arbitrarily allocated themselves extra tokens.
End of conversation
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