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patrissimo's profile
Patri Friedman
Patri Friedman
Patri Friedman
@patrissimo

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Patri Friedman

@patrissimo

On virtue, venture, family, freedom, crypto and (of course) building startup countries on the ocean.

San Jose, CA
patrifriedman.com
Joined October 2008

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    1. Dan Leary‏ @leary_dan Mar 3
      Replying to @KyleSamani

      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.

      1 reply 0 retweets 0 likes
    2. Patri Friedman‏ @patrissimo Mar 3
      Replying to @leary_dan @KyleSamani

      Token holders have no "rights", if not defined by the protocol or the purchase contract. Voting rights are not something that magically appear because you "feel" like an owner. Tokens are not stock shares. They could be, but they aren't.

      2 replies 0 retweets 1 like
    3. Dan Leary‏ @leary_dan Mar 3
      Replying to @patrissimo @KyleSamani

      Except 0% of what you say has ever been tested in court. The answer is clearly not "no rights." What if founders allocated themselves extra tokens? Or inflated the supply?

      1 reply 0 retweets 1 like
    4. Dan Leary‏ @leary_dan Mar 3
      Replying to @leary_dan @patrissimo @KyleSamani

      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

      1 reply 0 retweets 0 likes
    5. Patri Friedman‏ @patrissimo Mar 3
      Replying to @leary_dan @KyleSamani

      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.

      2 replies 0 retweets 0 likes
    6. Dan Leary‏ @leary_dan Mar 3
      Replying to @patrissimo @KyleSamani

      Not sure how "minority protections" arent rights; which seems contrary to your original tweet.

      1 reply 0 retweets 0 likes
      Patri Friedman‏ @patrissimo Mar 3
      Replying to @leary_dan @KyleSamani

      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).

      2:39 PM - 3 Mar 2018
      1 reply 0 retweets 0 likes
        1. Dan Leary‏ @leary_dan Mar 3
          Replying to @patrissimo @KyleSamani

          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.

          0 replies 0 retweets 0 likes
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