Steemish And Steem That Tokens And The Howey Test Plus KYC Compliance And EPOS
When purchasing Steem That Tokens The Payment Processor Is KYC compliant. The main reason we want to use the Proof Suite Dashboard And Exchange Is So That We Are KYC compliant for the Sale Of Steemish Tokens. We are obligated to do this. Steemish Tokens Have Functionality And Can Be Transferred Between Members As A Form Of Currency For Services Performed Such As Upvotes On Steemit, Resteems, Etc. In Addition To This They Can Be Traded For Access To Tools And Resources On The Website Similar To Rewards Points. One reason we ask you to complete your profile is to help us be KYC compliant. One reason Steemit Asks Users To Take A Selfie Is To Attempt To Be KYC compliant.
KYC is an acronym for Kentucky Fried Chicken…Joking…It is an acronym for Know Your Customer. Most Countries In An Attempt To Stop Money Laundering Or Terrorism Require Companies To Know Their Customer Or Collect Basic Information On Customers. We reward members with 5 Steem That Tokens for completing your profile and will not be able to Exchange your Steem That Tokens for Steemish without a Completed profile.
The Howey Test Determines Essentially If A Company Should File With The SEC (Securities And Exchange Commission) and follow strict rules and pay exorbitant fees for filing. Companies Selling Certain Financial Products or Services Are Required To Register. The Howey Test Is A Solid Test To Determine If Your Company Should or Should Not Register.
Steem That Tokens and/or Steemish Tokens are not company stock and their value does not represent the value of SteemThat.com. They should not be used for investment purposes. Some might claim that the rewards they earn are dividends but this is not the case as they are flat rate rewards equitably distributed to members who perform tasks not distributed based on how much you already own. Both tokens pass the Howey Test and are not required to register as they are not any of the following: notes, stocks, bonds, or investment contracts. There are no express or implied guarantees. Cryptocurrency Tokens/Coins Are Risky Things To Purchase And You Should Only Purchase At Your Own Risk Knowing How They Work And How To Manage Safely and Securely Your Tokens or Coins.
Users that purchase Steemish or Steem That Tokens can use those tokens to trade for membership into the https://SteemThat.com network and purchase other good and services provided by SteemThat.com or other members. Please take care of yourself and do not spend more than you can afford to lose. Things happen and we can not guarantee any outcomes.
What Is Our Exit Strategy If Things Do Not Go As Planned. How Can We Protect Customers and Members?
This has weighed heavy on my mind since the beginning. As most crypto currency sells anonymity and what ifs. SteemThat.com wants to live in reality and be fair, honest and straightforward doing as many things transparently as possible with our hybrid centralized and decentralized platform. You might be concerned with what happens if we are not successful and fail and achieving our goals? I have asked my self and team members that same question.
What if we only raise 100,000 USD and we for whatever reason cannot scale as fast as we need to? The great thing about our currency plan is that we are investing 50% of revenue generated from The Sale Of Steemish Tokens and Steem That Tokens into Steem Power on Steemit. This Steem Power Will Be Used To Power The Community Curation Specialist Accounts And All Members Who Participate Will Be Added To The White List. The White List Will Allow The Auto Curation Accounts To Upvote Members Posts On That List As Long As They Maintain Enough Power To Upvote And As Long As The Poster Uses The Tag For Auto Upvoting.
The worst case scenario would be that we divide proportionally the Steem Power from these accounts and give that amount to the members on the list based on how much Steemish Or Steem That Tokens This Account Has Purchased. So if everyone purchases 10 USD and there are 100 people who have participated then everyone has an equal amount that can be transferred to their steemit account in the unlikely event we do not succeed. Keep in mind that to power down currently takes 13 weeks so it would be a slow process but doable and I’m committed that if this ever were to happen then this is our only realistic exit strategy that would be fair to members and holders of Steemish tokens. There would be assets held to help offset any loses in the unlikely event SteemThat.com became insolvent or burdened by legal challenges to great to bare.
What Happens In The Event That Steemit.com Collapses? We can still create a solid demand with our own blogging and social media rewards platform. Since we are Equitable Proof Of Stake Verses DPOS we stand a better chance of success because we do not have any appearance of paying dividends to users based on their Stake of Ownership. Though Equitable Proof of Stake doesn’t typically reward members as much for tasks they do help encourage positive community communications as the Value of the Steemish is directly related to the Limited Supply and the demand created by the members themselves not SteemThat.com. This makes SteemThat.com the first rewards based social media platform of its kind and it should be interesting to see free market conditional economics applied to rewards for social media activities. I’m curious to see how much a comment is truly worth and the members and economic principles will determine this.